Repurposing for relevance: Unlocking growth and productivity through existing space

with us. In 2025, we welcomed 540 million customer visits, an increase of 14 million from the previous year and the highest level of visitation since 2019. On average, that equates to more than 10 million customer visits every week. Remaining relevant and essential to the communities we serve sits at the heart of everything we do. Staying connected to our communities’ changing needs enables us to deliver retail brands, experiences and services that not only attract more people, but also grow the operating performance of our destinations. That focus means we place a high value on our space. Last year, business partner sales reached a record $30 billion. Ten of our Westfield destinations achieved Moving Annual Turnover (MAT) of more than $1 billion in 2025, including Westfield Mt Gravatt in Queensland and Westfield Marion, which became the first destination in South Australia to reach this milestone. Strong demand for space in our destinations resulted in portfolio occupancy increasing to 99.8 per cent at 31 December 2025, representing the Group’s highest level of occupancy since 2013. This scarcity of space enables us to be highly selective and curate the most relevant mix of retail, services and experiences for our customers. This disciplined approach has underpinned the growth of our business for over 60 years, as we continue to invest in delivering the highest and best use of the space and land we own. Westfield Southland (VIC) Unlocking space to grow We have a proven track record in repurposing retail space to maximise productivity and performance for our destinations. In recent years, this has included downsizing, and in some cases replacing big-box retailers to redeploy space to deliver new brands and experiences for customers. Over the last decade, we’ve seen a shift in what drives visitation. Customers are increasingly looking for broader and more diverse experiences when they visit their local Westfield, including more specialty brands and experience-led offers. While department stores remain an important part of our retail mix, they are no longer the sole anchor they once were. In fact, about 45 per cent of consumption across our Westfield destinations is experience-based. This is an important point of difference as we compete for our customers’ time. Through a deliberate, collaborative approach, we have reshaped department-store footprint and format requirements into smaller, more tailored experiences that meet local customer needs, while delivering the same, if not greater, productivity. At Westfield Southland in Melbourne, a $72 million (SCG share: $36 million) redevelopment repurposed existing space into a family, dining and entertainment precinct, contributing to visitation growth of 6.5 per cent in 2025. At Westfield Burwood in Sydney, a $48 million (SCG share: $24 million) redevelopment introduced ALDI, JB Hi-Fi, Nike and rebel, supporting visitation growth of 9.3 per cent in 2025. At Westfield Bondi, a $28 million investment (SCG share: $28 million) repurposed Level 1 into a health, wellness and fitness precinct, featuring a global-first Virgin Active Social Wellness Club. Closely aligned with how Bondi customers choose to spend their time, the precinct contributed to visitation growth of 8.5 per cent in 2025. Following the success of Level 1, we have since commenced a further $240 million investment to transform Level 6 into a world-leading lifestyle, entertainment and dining destination. Long-term growth opportunities Repurposing for relevance extends beyond what happens inside our destinations, it also includes unlocking value from the land that surrounds them. Our 42 Westfield destinations sit on more than 670 hectares of strategically positioned land, close to major transport hubs and where millions of people live and work. Approximately 60 per cent of this land is currently used, including for car parking. We believe this is a significant and competitive advantage for our business. We are exploring a range of potential uses that can bring people to our destinations for more hours of the day and encourage them to spend more time with us, including student accommodation, health, education and residential uses, to name a few. From a residential perspective, we have received planning approval at Westfield Belconnen and Westfield Hornsby to potentially deliver up to 4100 dwellings at and around these destinations. In 2025, we also lodged planning proposals at a further six Westfield destinations, with the potential to deliver up to 16,100 dwellings over time. Looking ahead With a strong pipeline to unlock value across our destinations and the land surrounding them, repurposing for relevance remains fundamental to our strategy. We want our destinations to be places people actively choose to spend their time because they are engaging and essential to everyday life. When we align what we deliver with how communities live, work and connect, economic activity follows. We’re looking forward to all that’s ahead. This article was first published in SCN magazine – CBD Guns edition