Why Westfield doesn’t care if you spend money in its malls

The chairwoman of Westfield owner Scentre Group says it’s in the business of creating experiences that ultimately encourage shoppers to spend.

“We want it to be an appealing place to come and stay. I mean you may not even spend anything,” Ilana Atlas told Markets with Madison.

“If we encourage you to stay longer because you’re enjoying the experience, then you will spend money.

“And that has actually proven to be the case.”

More than 400 million customers have visited Scentre Group’s 42 malls in New Zealand and Australia so far this year – an average of 17 visits a person.

While total spending was up on last year in its Australian malls, it was down in New Zealand.

Watch Westfield chairwoman Ilana Atlas explain the challenges for retail right now, including crime, in today’s episode of Markets with Madison above.

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Disclaimer: The information provided in this programme is of a general nature and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.

Madison Reidy is host and executive producer of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment and has covered business and economics for television and radio broadcasters.