Morningstar | Scentre Taking the Fight to Evolving Retail Landscape. FVE Unchanged at AUD 3.85
Scentre Group's portfolio of shopping malls enjoy dominant positions in premium locations in Australia and New Zealand. This enables them to capture a high share of wallet in their catchment area, disincentivising new competition. Network benefits from the larger-format malls include established transport links and a critical mass of retailers, which both serve to drive foot traffic. Higher household indebtedness and online sales growth are expected to result in a slowing sales growth trajectory. In this context, we believe Scentre Group will face significant challenges in repeating its historical rental growth rate, given that tenants are expected to resist agreeing to traditional annual increases of CPI plus 2% without corresponding revenue growth. This is forecast to result in lower income growth, weighing on property values.Scentre Group is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its Australian and New Zealand portfolio of retail properties. Co.'s operational segment comprises the property investments and property and project management segments. The property investments segment includes existing shopping centers and completed developments. The property and project management segment includes property management and development. As of Dec 31 2015, Co. had a portfolio of 34 centers in Australia and six centers in New Zealand.
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