Retail Conditions Could Have Peaked But Vicinity Has Upside From Densifying Its Retail Sites
The portfolio of narrow moat-rated Vicinity Centres is the most diversified of the Australian Retail REITs and is investing heavily to elevate its assets over competing assets nearby, but this doesn’t immunise it from an expected further softening in retail conditions. We see a number of variables that point to a slowing of retail sales growth. At a high level, these headwinds include: many landlords are expanding their malls, which has a dilutive effect on tenant sales; the further dilutive eff...
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