Mall economics: Christchurch centre wrestles with rate rises

Foot traffic has held up at Hub Hornby, but interest rates are killing profits. (Image: The Hub)

Wed, 15 Nov 2023

The owner of a major Christchurch shopping mall says retail sales have held up surprisingly well, but interest rate increases are hitting hard. Shopping Centre Investments (SCIL) has released its annual report and in a commentary chair Michael Keyse said interest rates were the “most influential” factor on the company’s profitability. “Any substantial improvement in profitability is dependent upon a reduction in rates. “Our cash resources are limited but we continue to meet term loan repayments of $...

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