Real estate a 'beneficiary' of the hardworking retail sector
Property developers may be a beneficiary of the volume of economic activity spurred by the retail sector.
According to findings published in a report prepared by The Right Research and PriceWaterhouseCoopers, retail is the largest private sector employer in Australia and drives $120 billion in economic activity in different sectors.
This may explain why Westfield co-chief executive Stephen Lowy expressed optimism about the future of the company in a Westfield Group earnings call earlier this month, describing it as being in ''solid shape''.
According to Margie Osmond, chief executive officer of the Australian National Retailers Association (ANRA), the retail sector is punching above its weight when it comes to job creation.
This statement is corroborated by the report, which says that the sector directly employs 1.2 million people - paying over $36 billion in wages and salaries - and supports half a million jobs in other sectors such as marketing and manufacturing.
Gary Black, CEO of the National Retailers Association (NRA), said: ''We want to see more Australians employed in [retail] and involved with the sector through skills development and the destruction of barriers that slow down productivity and growth.''