Retail SPECIAL REPORT Retail FEATURE Retailers seek an edge in battle back from closure EXPANSION: Post-redevelopment, Karrinyup Shopping Centre will become the state’s second largest centre. Photo: Gabriel Oliveira The pandemic has accelerated existing issues and trends facing the retail property sector. potentially bolstered by the and Scentre Group, the operator The commercial property 500 or so people returning to of Westfield, both posting huge research firm’s latest study WA each week. financial losses. % found nearly one in 10 stores “Someone described the WA Vicinity Centres reported a across WA’s largest supermar- lockdown as a product recall net loss of $1.8 billion for the 9.4 ket-based shopping centres was VACANCY RATE for people, which I thought 12 months to June 30, as well vacant. was a very apt way of describ - as $264 million worth of write- ACROSS WA’S LARGEST Mr Stone said that was due ing it,” Mr Cresp told Business downs across its 12 WA assets. SUPERMARKET-BASED to a range of existing factors News. Similarly, Scentre Group CENTRES including: weak economic con- “WA has highlighted [that] reported a half-year loss of $3.6 ditions after the mining boom; a Katie McDonald once people are out of lock- billion, following a $4.1 billion tenant bases from straight series of national retailers going
[email protected] down, they are going shopping write-down of its properties retail to hospitality and enter- into administration; and recent 8-PAGE FEATURE and using a centre as a day out. across Australia.