t uplift to $622.7 million, reinforcing its status as the South Island’s retail powerhouse. Strong growth was also evident at The Base, Westfield Albany, Botany Town Centre, and LynnMall.
Productivity metrics tell a similar story. Westfield Riccarton leads MAT/sqm at $13,063, with LynnMall showing the strongest growth (11.2 per cent to $12,434 per sqm). Specialty performance was equally strong, with Westfield Riccarton topping the table again with $14,898 per sqm, Bayfair Shopping Centre up 5.4 per cent, and Botany Town Centre and LynnMall recording strong growth.
Overall, the 2026 results across MAT, MAT/sqm, and Specialty MAT/sqm point to a retail market that is both resilient and productive. New Zealand’s retail centres are not only retaining leadership in turnover, but are also extracting strong value from their space and specialty offerings. In an evolving retail landscape, these outcomes reinforce the enduring appeal of high-quality, well-managed assets for landlords, retailers, and consumers alike.
This report was first published in SCN magazine – Big Guns 2026
Definitions
GLA: Gross Lettable Area. Includes the trading area of all tenants located at the centre, whether currently leased or not leased. Includes non-retail such as medical suites, offices, cinemas and entertainment etc. Does not include storage areas or casual leasing sites. Note: GLA for Sylvia Park includes build-torent complex.
MAT: Moving Annual Turnover (NZ $million). Total retail sales from 1 January to 31 December 2025. Includes trade from all tenants where the manager is provided with sales data (including cinemas, restaurants, travel and entertainment venues). Excludes sales from banks, ATMs, financial institutions, health insurance, TAB/soft gambling, gaming venues, amusements (rides), professional services and suites, offices, casual mall tenants and storage tenants.
MAT/sqm: Total retail sales divided by the retail area from which the retail sales were derived. Includes trade from all tenants where the manager is provided with sales
data, excluding cinemas and entertainment venues. Excludes sales from banks, ATMs, financial institutions, health insurance, TAB/soft gambling, gaming venues, amusements (rides), professional services and suites, offices, casual mall tenants and storage tenants.
Specialty MAT/sqm: The total retail sales for all trade-reporting tenants with a GLA below 400 sqm, divided by the retail area from which the retail sales were derived. Excludes sales from cinemas, entertainment venues, banks, ATMs, financial institutions, health insurance, TAB/soft gambling, gaming venues, amusements (rides), travel agencies, professional services and suites, offices, casual mall tenants and storage tenants.
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