Vicinity (ASX:VCX) sees improvements as it struggles back to COVID-normal
The Vicinity Centres (ASX: VCX) share price is in focus this morning on the back of its latest quarterly update.
The property group was quick to point out early signs of improvements. But investors will still struggle to fully understand what COVID-normal means for the retail and office sector.
At least Vicinity’s shopping centres are showing signs of growth again in the March quarter.
Signs of life post COVID
Management said that portfolio retail sales in the month of March was only down 2.3% compared to the same month last year.
It also reported that average centre utilisation in the quarter was 77% of the previous corresponding period.
If you ignored CBD properties as these are harder hit by the pandemic, utilisation was 83%…