- Retail turnovers have risen 0.5% since December 2020
- Year on year figures are up 10.6%
- Suburban and regional centres faring better than CBD counterparts
It’s a mixed scene for the retail sector with variety providing for some riveting reading.
The retail sector hurt hard during the pandemic, with the big players’ Vicinity Centres and Scentre Group (Westfield) posting big hits in profit and value across their half-yearly results.
The Property Tribune earlier reported on Vicinity Centres large value declines in late January and a nearly $400M loss in their half-yearly results.
What was interesting was that suburban through to regional and super-regional centres experienced minimal losses, indeed Aventus Group, a player in the large format retail sector, saw big gains in their latest results, the Aventus portfolio mainly positioned in suburban and regional centres.
The latest ABS statistics released today state from December 2020 to January 2021, retail turnovers rose 0.5%. It’s a steady rise and with considerable changes to the way we shop as previously reported, including merging car sales and retail, the parallels between the hare and tortoise could perhaps start to be drawn.
Looking back to January of last year, that steady rise is definitely something to keep an eye on, the ABS reporting a 10.6% rise year on year between January 2020, and January 2021.
Across the various states, Western Australia fared the best, with turnover figures double any other state or territory, Queensland the only state to see numbers in the red.
Food retailing was up, not including cafes and restaurants which saw predictable drops, clothing also so large drops in turnover.
