Quote:
Kiwi Property today reported the December 2021 sales for its mixed-use shopping centres, announcing a 9.6% increase on the prior comparable period [Note 1].
‘Mini-majors’ [Note 2] delivered a particularly strong increase in total sales, recording a 35.1% year-on-year uplift, led by recently opened retailers such JD Sports and Culture Kings. Sales across the ‘majors’ category were also up 6.1% in December, underpinned by supermarkets and the ongoing recovery of cinemas.
Sylvia Park was Kiwi Property’s top performing asset in December, achieving sales growth of 11.7%, with the centre’s level one expansion and new athleisure precinct helping drive a 47.7% increase in ‘mini-major’ sales. Kiwi Property’s other key mixed-use shopping centres, LynnMall and Te Awa The Base, also recorded robust sales growth of 7.3% and 4.5% respectively in the final month of 2021.
Linda Trainer, Kiwi Property GM Asset Management said: “Lockdowns had a significant impact on New Zealand’s retail sector in 2021, so it’s pleasing that many of our tenants ended the year on a high-note. The overall growth in sales across our mixed-use shopping centres during December is an encouraging sign heading into 2022, despite the presence of COVID-19.”
ENDS
Notes
1. Sales information is based on data obtained from third parties or estimated by Kiwi Property where this data is unavailable. Sales information has not been independently verified. Mixed-use shopping centres comprise Sylvia Park, LynnMall, Te Awa (The Base) excluding large format retail. Northlands, The Plaza and Centre Place are excluded for consistency with Kiwi Property’s FY21 annual and FY22 interim reporting treatment.
2. Mini majors include stores over 400 square metres in size, excluding anchor tenants, such as supermarkets, department stores and cinemas, which fall under the majors category.