Key Highlights

  • Customer visitations reached 452 million from the start of the year to 1 November 2026, up 3.2%.
  • Portfolio occupancy stood at 99.8%, the highest level the company has reported in more than a decade.
  • Average specialty rent escalations were 5.6% over nine months, from 2,085 leasing deals.
  • Westfield membership grew 10.8% to 5.4 million members.

Scentre Group (ASX:SCG) has issued an operating update for its Westfield destinations, in an announcement dated 4 November 2026. The update covers customer visitation, Business partner sales, occupancy, leasing outcomes and membership, and it includes progress on the redevelopment of Westfield Bondi in Sydney.

Visitation and Sales Trends

Customer visitations totalled 452 million from the beginning of the year to 1 November 2026, an increase of 14 million or 3.2% on the prior comparable period. Over the past 12 months, visitation reached 554 million, up 17 million or 3.1%.

Total annual business partner sales across the portfolio were $30.5 billion for the year to 30 September 2026, up $1 billion. For the three months to that date, business partner sales grew 3.5%, with specialty store sales up 4.6%.

The two sets of figures are presented side by side, allowing readers to compare customer flows with sales. The release shows visitation rising 3.2% in the year to date, while business partner sales for the year to September rose by $1 billion, although it does not break that sales growth down into traffic and spending per visit.

Leasing, Occupancy and Membership

Portfolio occupancy reached 99.8%. The company achieved average specialty rent escalations of 5.6% over the nine months to 30 September 2026, and completed 2,085 leasing deals with average specialty releasing spreads of 3.7%.

Westfield membership grew 10.8% to 5.4 million, which the company attributes to member benefits and experiences that drive engagement.

The leasing results show rent escalations and releasing spreads across a large number of transactions. Occupancy is described as the highest in more than a decade, and membership has grown alongside the shopping and leasing activity described in the update.

Westfield Bondi Redevelopment

Work continues on the $240 million redevelopment of Westfield Bondi. The elevated dining, entertainment and lifestyle precinct on Level 6 will be anchored by an upgraded Event Cinemas and a new Kingpin entertainment offer, which is scheduled to open in December 2026.

The remainder of the development, including the dining experiences, is scheduled to open progressively from 2027. A separate project in the update carries a total cost of $30 million, with Scentre's share stated as $15 million.

Redevelopment timelines are presented as staged, with the Level 6 precinct opening first and the remaining elements following from 2027. The release does not set out the cost phasing across those stages, so the financial effect of the timeline on the group is not disclosed in this update.

Reporting Periods Explained

The update uses several reporting periods, which can make comparisons less direct. Customer visitation is reported from the start of the year to 1 November, while business partner sales are reported for the year to 30 September. Leasing figures refer to the nine months to 30 September, and the membership figure is reported alongside the update. The company's approach is to present each measure over the period that best reflects its availability.

Final Word

The update reports higher visitation, sales, occupancy and membership across the reporting period. These are operating measures rather than financial results, so the announcement does not provide Earnings or distribution figures. The Bondi timetable and the phased opening schedule for the remaining precincts will be the next points of reference for the centre.