Sustainability strategy

Creating sustainable destinations that shape better communities

Our Sustainability strategy concentrates our efforts around three focus areas and is integrated into our Group strategy to enable the business to consider and realise value creation more broadly. Our Sustainability strategic areas represent those which are most material to Vicinity as a business and where we can have the greatest positive impact.

The Sustainability strategy is supported by a clear set of short, medium and long-term objectives that drive the delivery of a consistent and focused set of initiatives across the business to bring our purpose – enriching community experiences – to life. This ensures that the initiatives implemented on the ground are aligned with and contribute to achieving our strategy’s intention of delivering significant positive impacts for our communities and the environment that also provide benefits directly back to Vicinity, such as more efficient and lower cost assets, higher consumer visitation to drive stronger sales and rents, and enhanced ability to attract capital, generating long-term value for our investors.

Community significance

We recognise the role that our centres play in supporting local communities, both economically and socially. Our goal is to leverage our position locally and our scale nationally to help shape better communities by driving positive social change and connection with our centres through strategic and targeted community investment.

We leverage our centres and partnerships to deliver programs that address youth disengagement and unemployment, the key focus of our community investment program.  We also work with social and local enterprises where possible to meet our procurement needs and enable our people to positively contribute to our communities through volunteering and workplace giving. Furthermore, we continue to progress our reconciliation journey via our Innovate Reconciliation Action Plan, which provides a common framework through which Vicinity can create positive economic and social outcomes for Indigenous Australians in our communities. 

Find out how we are helping to shape better communities.

Low carbon smart assets

 

 

As a leading retail property company in Australia, we recognise the role we play in transitioning to a low carbon economy and ensuring the smart operation of our centres to limit unnecessary resource use. Our aim is to drive operational efficiency, reduce the environmental impact of our centres and create sustainable destinations within our communities.

We are focused on achieving Net Zero carbon emissions by 2030 for our wholly owned retail assets. We have a comprehensive Net Zero carbon emissions pathway which includes implementing innovative technologies that improve energy efficiency, increasing our uptake of onsite renewable energy such as solar, increasing our recycling rates, and automating aspects of our operations to generate superior asset performance.

Learn about our approach at low carbon smart assets

Climate resilience

A changing climate presents both direct and indirect risks for Vicinity now and increasingly over the longer term. As important community hubs, we strive to create resilient centres that are prepared for, and can recover quickly from, extreme weather events to ensure we remain open for business for our consumers and retailers.  

We respond to climate change risks by understanding and anticipating future climate projections and incorporating climate resilience measures into our key business processes and activities. 

In July 2019 our Climate Resilience approach won an Australian Business Award for Sustainability. 

Learn more about how we are building our resilience to climate-related impacts and our approach to managing climate change risk.

Market-leading destinations

Providing market leading shopping, dining and entertainment destinations requires us to understand our consumers and communities.  We respond by building partnerships with our retailers to help them succeed and continuously enhance our portfolio through developments and operational improvements.

We leverage Vicinity’s sustainability agenda to strengthen our retailer partnerships, actively working together to achieve shared sustainability goals and deliver results beyond those possible on our own.  For our consumers, we strive to make sustainable choices easy at our centres.  Through sustainable and inclusive design, we create unique destinations that are the centrepieces of their communities, and where operational efficiency and positive environmental outcomes are key to the overall experience.

Find out more about how we are creating market leading destinations by creating community hubs and partnering with our retailers.

Funds management

Our funds management platform provides access to capital and fee streams, as well as delivering sustainable returns for our fund investors.

Our Sustainability agenda is key to our approach of responsibly managing the interests of our wholesale fund investors over the long-term. It is also an important lever in gaining access to capital and positions us as a partner of choice, especially with those who share similar sustainability ambitions and demonstrates the value we bring as a leading retail property manager.

Find out more about how we work together with our wholesale fund investors.

Mixed use developments

As Australian cities become more densely populated, the need to provide housing, employment and services in convenient locations increases.  Vicinity’s mixed-use development strategy aims to unlock latent value in specific retail assets across our portfolio, broaden their usage and substantially increase site productivity, driving additional visitation to our centres and further strengthening them as destinations.

Applying our Sustainability strategy to mixed-use developments enables us to work with our partners to plan for and create urban development that has a lower impact on the environment and support productive economies and communities that are resilient, inclusive and prosperous.

To find out about our strategy, please see our 2020 Annual Report