Westfield reveals which sectors are really doing well in the downturn

A quarterly financial report from Frank Lowy’s shopping centre giant Westfield Group has provided rare insight into which sectors of the retail industry are actually doing well in the downturn.   

Westfield has revealed sales results recorded by different retail sub-sectors in its Australian shopping centres over the 12 months to 31 March and the three months to 31 March.

The results show that sectors including food catering (that is, cafes and takeaway food outlets in Westfield centres), footwear retailers, jewellery retailers and cinemas have enjoyed a strong jump in sales since the start of 2009.

Homewares retailers and discount department stores and regular department stores have not fared as well.

Westfield group managing director Steven Lowy says the performance of their retail sectors has been “positively influenced by the effects of the Government’s stimulus packages”.

The performance of the Australian retail sector is in sharp contrast to retailers in Westfield’s US malls. Every category, with the exception of cinemas, recorded a sales drop in the 12 months to 31 March, with jewellery down 11.3% and fashion down 9.8%.

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