Scentre approaches pre-Covid occupancy

The news: Westfield owner Scentre has almost reached pre-COVID occupancy in its shopping centres, with total sales growth topping 2019 levels, the company's third-quarter update shows.

The numbers: Scentre's shopping centres were 99.1% leased September 2023, compared to 99.3% in September 2019. Total sales were 13.8% higher in the first nine months of 2023, compared to the corresponding period in 2019. Scentre shares were up 1.2% in early trading, fetching $2.60 during the first half hour after the bell.

The context: After the pandemic fuelled growth in ecommerce, Scentre has worked to diversify its offering in a challenging period for bricks and mortar retail. Scentre recorded a 68.9% drop in profit in the 2023 financial year, largely due to almost $400 million in property valuation write-downs, but the mall owner says it is having some success with its loyalty program and events partnerships with entertainment companies and sports groups.