Scentre Group – the property company that manages Westfield shopping centres – has reported that revenue across its department store partners has remained relatively flat compared to 2019.
In the 12 months to December 31, total department store sales were up just 0.2 per cent compared to the 12 months to December 2019.
In the same timeframe, discount department stores – of which the likes of Kmart and Big W are believed to fall into – reported a 12-month, five-year sales growth of 26.7 per cent.
This data was shared as part of Scentre Group’s half-year FY25 sales results, released this week.
The data also revealed five-year growth across other retail categories. Fashion sales were up 14.3 per cent, and footwear up 8.1 per cent.
The largest category was leisure and sports, which activewear retailers like Rebel is assumed to be part of, with yearly sales over the last five years up 38.4 per cent.
Meanwhile, jewellery sales were up 17 per cent over the last five years.
Total sales growth across all categories over 2019 for the 12 months to December were 15.8 per cent higher, while specialty sales were 20.2 per cent higher.
Majors were up 17.5 per cent.
New Zealand is Scentre Group’s highest growth market, reporting a 30.1 per cent growth since 2019, with Queensland taking the top spot across Australia, reporting a 24.8 per cent growth.
The Scentre Group data also shows the growth over 2019 based on the last quarter of 2024, with department store sales improving to 1.7 per cent.
In the above timeframe, fashion sales were up 15.1 per cent, footwear at 8.1 per cent, jewellery at 17.9 per cent and discount department stores up 24.3 per cent.
In year-on-year terms, total sales across Scentre Group’s business partners were 1.9 per cent higher for the 12 months to December 2024 compared to 2023.
Scentre Group added that this total growth was impacted by the repurposing projects at Westfield Bondi, Burwood and Southland. Excluding the impact of these projects, total sales for the 12 months to December would be 2.1 per cent.
Sales growth across categories are notably flatter than five-year terms, with fashion, footwear, homewares and department stores falling into the red. Jewellery sales, however, fared well, lifting in the single digits.
Fashion sales growth dropped by 1.1 per cent for teh 12 months to December 2024 compared to 2023, with footwear down 0.9 per cent, homewares down 0.9 per cent and department stores down 2.6 per cent.
Footwear and department stores both recorded sales growth falls for both the 6 months to December and the three months to December last year.
In the three months to December 2024, fashion sales growth lifted 1.5 per cent, with footwear down just 0.2 per cent.
Discount department stores have also been challenged, with yearly growth up just 1.2 per cent, but fell 0.3 per cent and 0.6 per cent for the six months and the three months to December 2024.
Scentre Group’s New Zealand market was down notably across the board in the single digits. For the 12 months to December 2024 compared to 2023, New Zealand sales growth was down 2 per cent.
The largest year-on-year growth was recorded in South Australia (5.7 per cent), followed by Western Australia (4.3 per cent), Queensland (3.5 per cent), Victoria (2.5 per cent), Australian Capital Territory (1.4 per cent), with New South Wales relatively flat at 0.6 per cent.