Little Guns 2011
MAT figures across the board are somewhat static and the Top 10 table is fairly representative of the whole. Increases mostly in the 2% range with the exception of Willows, which showed a 6.3% rise in sales.
Moving through the MAT ladder, the gains are around similar marks - gains between 1-4% with some exceptions that stand out in a fleet that's maintaining its position. CFS's Mount Pleasant receiving a double whammy from an expanding Mackay and an 'under-development' Canelands showed a 14% increase; Mirvac's Orion Springfield with 12%; Dexus Smithfield recorded a 7% rise. Stockland Foster showed a 61% increase, the bulk of which came from the introduction of a new supermarket. Stockland Gladstone showed a 13% rise; Centro recorded half a dozen centres with rises over 6%; best of the bunch was Centro Box Hill with a 16% hike.
So around 85% of centres maintained their position with MAT figures in the range of -3% to +3% with about 15% showing rises above 6%.
Move to the MAT/m2 level however and it's here you see the sheer power of these Little Guns. On the Big Guns table, $8,000/m2/p.a. will get you into the Top 10; on the Little Guns ladder you make it into the Top 30!
CFSGAM Mount Pleasant took the honours with a staggering 13.7% increase to $11,081 - first time any centre in the country has cracked the $11,000 mark. Congratulations and well done; a new record! Think about it; take a 250m2 there and if you trade 'on average' you'll turn over two and three quarters of a million! Simply staggering.
On this ladder (MAT/m2), 9 of the Top 10 remained the same as last year; newcomer was AMP's Ocean Keys coming in at number 7 (from 12 last year) with a 7.6% hike.
So that's the first story; move to Specialty MAT/m2 and 'maintenance of position' isn't the story; there's another one.
Nine of the Top 10 are the same - Orana Mall comes in at 8 replacing Stockland Caloundra, which moves to the Big Guns. But look at the differences with last year's figures. There are only a couple in the 2% range whilst the other 8 show Specialty MAT rises of between 6% and 20%.
Top of the table, CFS's Queens Plaza shows an 8% rise taking it over the 16,000 mark - another first and record. Same managers in the number 2 spot with Mount Pleasant record a 17% increase and the number 3 spot (last year at 6) ISPT/JLL's Southgate, shows a whopping 20% increase. Stockland Gladstone lifted its Specialty MAT/m2 level a huge 11% to $11,156 whilst Comet/Bachrach showed a 15% hike to $11,375.
16 of the Top 25 Little Guns on the Specialty MAT/m2 showed increases of greater than 6%; half of them improved by 8% or more. Is it a trend?
Most of these centres are in non-metropolitan regions; seems in those places shoppers are moving away from majors and spending more in the Specialty shops! But the sector is volatile; move out of the Top 30 and the picture changes - some big gains but also some big losses. All interesting stuff!
Shopping Centre News reveals in its latest edition that Australia’s Big Gun centres – those with a gross lettable area of over 45,000m2 had a combined turnover in 2010 of some $40.7 billion.
In a year in which retail sales came under intense pressure across the nation, the Big Guns, Australia's major shopping centres, more than held their own.
In our annual ‘Big Gun Survey', SCN singled out several centres for outstanding performances. Chadstone (Vic) achieved a 20% increase in MAT by recording sales of a massive $1.28 billion. Westfield Chermside (Qld) recorded a 9.1% increase in MAT taking it to $874 million, the third highest in the country followed in number 4 position by Westfield Doncaster at $789 million.
Australia's number 1 centre is Westfield Bondi Junction with an average square metre turnover of $10,522. Broadway in Sydney, lifted its MAT/m2 this year by 8.3% to $9,841 placing it at the number 2 spot with Chadstone number 3 at $8,918.
SCN goes into even further detail with the ‘Specialty MAT/m2' table, which records the average turnover per square metre of the specialties. Top of the table is Sydney Central Plaza with $17,438; Garden City Booragoon in WA comes second with $13,710, followed by Westfield Chermside at $12,722.
In a difficult year for retail (2010), major shopping centres fared very well. Big Guns saw their turnovers vary in the range of -3% to +3%. In other words. Big Gun centres held their position. The 89 Big Gun centres ranked accounted for $40.7 billion in turnover for 2010.
All Big Guns and Little Guns across Australia are ranked by Size (GLA); Turnover (MAT); Turnover per square metre (MAT/m2) and Specialty Turnover per square metre (Specialty MAT/m2). Mini Guns are ranked by Size (GLA); Turnover (MAT) and Turnover per square metre (MAT/m2).
SCN lists and ranks all major Australian centres, in its various publications throughout the year. ‘Big Guns’ – all centres over 45,000m2. ‘Little Guns’ – centres with a GLA of between 20,000m2 and 45,000m2 and ‘Mini Guns’ – centres with a GLA of 6,000 – 20,000m2.
Read more - The Guns - Big, Little, Mini . . .