Westfield boss counting on population boom
Westfield chairman Frank Lowy is banking on a strong population increase in Australia to fuel growth at its local shopping centres.
Lowy said Westfield’s Australian and New Zealand shopping malls offshoot Scentre, which he also chairs, was well placed to benefit, after analysts last year questioned if he was more focused on the US and the United Kingdom.
“Our population today stands at about 23 million people,” he told the Scentre annual general meeting.
“And it won’t be too many years before it hits the 30 million mark.
“These people will be shoppers, and they will be shopping at Westfield shopping centres.”
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Scentre have reconfirmed guidance for higher dividends and a lift in its financial performance after what it said was strong first quarter.
Comparable specialty store sales were up 5.8 per cent for the March quarter from the previous period and the group was performing well, the company said.
Scentre owns Westfield’s Australian and New Zealand shopping centres.
The company, which formed last year, is forecasting growth in its funds from operations of 3.5 per cent and a dividend increase to 20.9 cents a share for the year, after paying 10.2 cents for the second half last year.
Its share were three cents weaker at $3.73 by 1049 AEST.
