Scentre Group, the operator of Westfield shopping centres in Australia and New Zealand, has reported strong trading and leasing activity in its latest operating update, underpinned by continued consumer engagement and retailer performance across its portfolio.
For the 18 weeks to 4 May 2025, the Group recorded 179 million customer visits to its 42 Westfield destinations – an increase of 2.3% compared to the same period last year. Retail sales by business partners totalled $6.7 billion for the March quarter, up 2.8% year-on-year. On a rolling 12-month basis to 31 March 2025, partner sales reached a record $29.1 billion.
Scentre Group CEO Elliott Rusanow highlighted ongoing tenant demand, with portfolio occupancy at 99.6% and average specialty rent increases of 4.4% in the March quarter. The Group completed 635 leasing deals over the period, achieving an average leasing spread of +2.1%.
“We continue to see strong demand from businesses to lease space in our destinations,” Rusanow said.
Key development activity includes the staged redevelopment of Westfield Bondi, with new tenants Virgin Active and rebel’s flagship rCX concept store set to open in June.
The expansion of Westfield Sydney, located at the intersection of Market and Castlereagh Streets, is progressing, with new luxury retailers scheduled to open progressively from May.
Scentre Group also noted progress on potential mixed-use opportunities. Westfield Warringah has been declared a state significant development site under NSW’s Housing Delivery Authority framework, unlocking potential for up to 1,500 new dwellings. The Group continues to engage with state and local governments to pursue similar planning outcomes across other sites.
“This is a significant opportunity for our business and gives us the option to use an accelerated planning process to deliver growth,” Rusanow said. “We continue to collaboratively participate in state and local planning processes to secure similar opportunities across many of our destinations during 2025 and beyond.”
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