Australia’s top-performing shopping centres have been recognised in the Big Guns 2026 report by Shopping Centre News, indicating continued sales growth among large-scale retail destinations.
The annual report ranks centres based on Moving Annual Turnover (MAT), MAT per square metre (MAT/sqm), and Specialty MAT/sqm. These measures provide a benchmark of retail performance across the country. This year’s results show an increase in centres recording annual retail sales of more than $1 billion, with the total reaching 16 nationally.
Growth among top-ranked centres
Chadstone continues to lead the rankings, recording MAT of $2.7 billion, up 9.7 per cent year-on-year, the largest MAT growth among the top 10. The result maintains its position as a super-regional retail centre.
Leanne Liu, managing editor of Shopping Centre News, said scale, tenant mix and sales growth contributed to the outcome. She also noted the continued role of physical retail.
Westfield Chermside follows with MAT of $1.41 billion, with Highpoint, Pacific Fair and Westfield Fountain Gate completing the top five. Westfield Bondi Junction ranked sixth and was the highest-ranked centre in NSW. Westfield Sydney, Westfield Carindale, Westfield Miranda, and Westfield Parramatta completed the top 10.
Expansion of billion-dollar centres
The number of centres exceeding $1 billion in MAT increased to 16, with three additional centres entering the group. Karrinyup Shopping Centre recorded MAT of $1.04 billion, becoming the first centre in Western Australia to exceed the threshold. Westfield Marion is the first centre in South Australia to reach the level, while Westfield Mt Gravatt becomes the fifth centre in Queensland to do so.
Liu said the milestone reflects investment in retail formats and long-term asset performance. She also noted that Scentre Group manages seven of the top 10 centres by MAT, indicating its position in capturing consumer spending.
Productivity metrics
Melbourne Central ranked first for MAT/sqm at $19,313, an increase of 6 per cent year-on-year. Broadway Sydney followed with MAT/sqm of $17,265. Stockland Green Hills and Westfield Burwood recorded the highest productivity increases within the top 20, at 13.5 per cent and 13.2 per cent, respectively.
Specialty MAT/sqm measures specialty retail performance. Chadstone ranked first with $28,525, followed by Westfield Sydney with $26,949. While both centres recorded lower figures compared with the previous year, Macquarie Centre, Cockburn Gateway and Karrinyup recorded increases.
“Productivity remains one of the clearest indicators of the strength of a centre’s retail mix,” Liu said. “Centres that combine strong anchor tenants with high-performing specialty retail continue to outperform the market and attract the highest levels of consumer spending.”
Overall, the Big Guns 2026 report indicates that centres with established locations and operating models continue to account for a share of consumer spending. The increase in billion-dollar centres and changes in productivity metrics reflect ongoing shifts in the retail sector.
- The 2026 Big Guns report is published in the latest edition of SCN magazine
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