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Our retail assets are made up of six major shopping centres which together represent 65% (as at 31 March 2013) of our total portfolio of properties. The centres, in Auckland, Hamilton, Palmerston North, Porirua and Christchurch, are well established and extremely popular regional shopping destinations.
You can visit our individual retail shopping centre websites by using the link at the bottom of each Centre's information page.
Retail development philosophy
The retail assets of the Trust's portfolio have been consistent performers in one of the strongest sectors of the New Zealand property market. The continued expansion and development of shopping centres in the portfolio is an important element of the Trust's retail investment strategy because of the relatively small number of large established shopping centres in New Zealand, and the limited number of opportunities for new investment. As the New Zealand retail scene develops in line with international trends, customers are demonstrating a preference for shopping centres that offer an increasingly varied choice of retailers and recreational shopping experiences. Owners of established shopping centres must meet this challenge and ensure their retail offering meets the expectations of the market, or risk losing the support of their customers.
The ongoing refurbishment and expansion of the Trust's existing assets, and the careful development of new retail assets and tenancy remixes are essential to the Trust's continued performance. These activities:
- keep the Trust's shopping centres relevant and dominant in their respective catchments or markets
- add value and enhance the returns to unit holders, and
- improve the quality of the Trust's income.