Shoppers are spending nearly a third more each time they visit Australia’s malls than they did pre-COVID and are treating themselves to new wardrobes, jewellery and luxury goods.
“We saw a steady improvement in visitation and shoppers continued to spend, on average, 30 per cent more per visit than pre-COVID.” Most retailers are willing to sign new leases with 5 per cent fixed annual increases baked in, and the mall owner leased up 374 stores vacated during the pandemic to push total occupancy above 98 per cent.
UBS analyst Grant McCasker labelled the result a “strong beat driven by minimal net COVID impact in the second half of 2022”.
simonjohanson Spending more cause everything is up in price compared to pre covid.
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