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Vicinity Centres Said Robust Leasing Activity And Rebound In Centre Visitation Will Help In Recovery After Covid Bout

November 10, 2021 – Vicinity Centres reported that their are seeing “positive initial signs” on reopening in New South Wales and Victoria after significant impact of lockdowns.

The REIT said COVID-normal states – which are Queensland, Western Australia, South Australia and Tasmania –  continue to report strong sales growth; up 7.1% in three months ended September.

They also reported portfolio occupancy of 98.1% during the period.

CEO and Managing Director Mr Grant Kelley commented: “During the second half of FY21, leasing activity highlighted the underlying resilience of the retail sector and this continued into 1QFY22, especially in VIC despite the lockdown period.”

“Conversely, having been through its longest lockdown since the start of the pandemic, retailer confidence and leasing activity across NSW was negatively impacted during the quarter.”

“Feedback from our retail partners points to a strong reopening trade as shoppers return to their favourite retail destinations with the confidence and capacity to spend.”

Total portfolio visitation was 55% of pre-COVID levels (1QFY20), adversely impacted by the NSW and VIC lockdowns, where centre visitation averaged approximately 19% and 50% of pre-COVID levels, respectively.

Excluding NSW and VIC, portfolio visitation was robust, averaging 90% of pre-COVID levels.

Read more here..

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