Highlights

  • Scentre Group owns and operates 42 Westfield destinations across Australia and New Zealand.
  • Customer visitation reached 160 million from the start of 2026 to 19 April, supporting the group’s focus on growing activity across its destinations.
  • Business partner sales across the portfolio totalled $7.0 billion in the three months to 31 March 2026.
  • Portfolio occupancy stood at 99.8% at 31 March 2026, while the group completed 636 leasing deals during the quarter.
  • The group is continuing Investment in major destinations, including the $240 million Westfield Bondi redevelopment.

Scentre Group (ASX:SCG) owns and operates 42 Westfield destinations, with 37 in Australia and five in New Zealand. Its 2026 operating focus centres on attracting more people to its destinations, increasing the economic activity generated across the portfolio and broadening the range of businesses that partner with the group. Current operating indicators point to continued emphasis on visitation, leasing activity and targeted redevelopment of major centres.

Customer Activity Supports the Westfield Strategy

Scentre Group’s strategy is built around increasing the number of people visiting its destinations and giving customers more reasons to stay longer. From the beginning of 2026 to 19 April, customer visitation reached 160 million across the portfolio. The group has linked this activity to its broader objective of increasing transactions and engagement between customers and Business partners across its Westfield platform.

The operating update for the first quarter of 2026 also showed total business partner sales of $7.0 billion for the three months to 31 March. Rather than relying only on traditional retail formats, the portfolio is increasingly designed around a broader mix of retail, dining, entertainment, wellness and services that can support repeat visitation and longer customer dwell times.

Leasing Demand Remains a Core Operational Measure

Leasing performance is another important part of Scentre Group’s operating model. Portfolio occupancy was 99.8% at 31 March 2026, while the group completed 636 leasing deals during the quarter. Average specialty rent escalations were 5.3%, and average specialty re-leasing spreads were 3.3% over the same period.

These measures help indicate how effectively the group is using customer traffic to support demand for space from retail and service partners. Maintaining high occupancy also supports the group’s ability to continually adjust the business mix within its destinations as consumer preferences change.

Redevelopment Extends the Destination Model

Scentre Group continues to invest in selected destinations where redevelopment can increase customer activity and broaden the centre offer. In 2026, work continued on the $240 million redevelopment of Westfield Bondi, which is intended to enhance the centre’s lifestyle, entertainment and dining mix.

Large-scale destination upgrades require disciplined project delivery, leasing execution and Capital management. The group also remains exposed to changes in consumer spending, tenant trading conditions, operating costs and financing conditions. These factors can influence leasing demand and the pace at which redevelopment investment translates into higher economic activity across individual centres.

Key Insights

Scentre Group’s 2026 strategy remains centred on using its Westfield platform to increase customer visitation, business partner activity and utilisation of its existing assets. High portfolio occupancy, ongoing leasing activity and selective redevelopment provide the main operational framework for this approach. Future progress will depend on maintaining customer engagement, sustaining demand for space and executing destination upgrades in line with the group’s long-term property strategy.