2020 CEO Survey: Peter Allen, Scentre Group

Acting early on capital management was critical to surviving the shock of the pandemic, says Scentre chief Peter Allen.

What are the three enduring lessons or changes to flow from COVID-19?

Acting early to address capital management was critical to surviving the shock and set us up well for the volatility that followed.

Remaining open throughout and being regarded as a safe place for our customers, retailers and people to visit has been critical to consumer confidence and their speedy return to our centres when restrictions eased. Business continuity, sustained economic activity and strong health and safety performance underpinned investor confidence and strong support from debt capital markets.

Bringing the future forward and accelerating initiatives to come out stronger on the other side.

How would you rate the shape of the Australian economy as we head into the new year?

We think the economic recovery is further down the road than originally thought which has been backed up by recent GDP figures. The economic recovery is running at different paces across the states and territories and the impact of the pandemic has been uneven.

What three reforms are needed to sustainably grow the economy?

Tax reform

Migration

Education, skills and training

What are the three best growth opportunities for your company in 2021?

Our single biggest opportunity is to grow market share by continuing to engage with our customers and develop a deeper connection with them. This includes the expansion of our first membership program called Westfield Plus. We have more than 875,000 members so far and will be expanding offers and benefits.

What impact will digital transformation have on your company?

We see digital as an enabler of the physical customer experience. COVID-19 has highlighted how important multichannels are to connect with customers and deliver what they want, yet it’s also proven that physical stores remain the most productive part of the retail ecosystem.

How would you rate business, state and federal government performance this year?

The contact tracing capabilities of each of the states and territories is something our teams have had a ringside seat on. We’ve worked with most of the states as part of their public communication efforts and NSW has been the standout on contact tracing with respect to engagement with businesses and Victoria has done a very good job on testing. We expect to see state governments draw a line under the Commercial Tenancies Code of Conduct so we can grow in 2021 given the economic recovery is well underway.