Shared value drivers
Vicinity’s sustainability strategy connects our business drivers – which focus on investment, development and intensive asset management – with three shared value drivers.
Together they consider value creation more broadly across our organisation, facilitating social progress and minimising our environmental impacts to deliver better business outcomes.
A summary of our shared value drivers and strategic enablers follows. For a more detailed report refer to our 2016 Sustainability Report.
Our shopping centres are the focal points of their communities. Being hubs for economic activity, social interactions, entertainment and services that define community lifestyles and experiences, we understand the significant roles our centres play locally.
Our goal is to enhance community connection with our centres and make a meaningful difference through our operations.
We have a targeted community investment program which aims to understand and alleviate social issues within our centres and their local communities, with a primary focus on disengaged and unemployed youth. Through our extensive portfolio, we believe Vicinity is well-positioned to positively impact this issue, which is prevalent across the communities in which we operate, and influence many communities across Australia through our day-to-day business activities.
Vicinity has partnered with the Beacon Foundation to help deliver our community investment program at a corporate and centre level. See ‘Our Memberships’ in Approach and performance below to find out more about Beacon.
The business community and governments globally are making long-term commitments to address climate change. As a leading property company in Australia, we want and need to play our part in facilitating the transition to a low carbon economy.
Vicinity’s focus is on identifying the best mix of onsite renewable energy generation and energy efficiency technology to significantly reduce our carbon footprint, as well as the use of smart technology to automate our operations and create superior asset performance.
Climate change presents both direct and indirect risks for Vicinity now and increasingly over the longer term. Extreme weather events like heatwaves, bushfires and flooding increase the physical vulnerability of our centres and their communities, and can impact on operational costs, asset values and customer visitation.
We also know that our centres act as community hubs during times of extreme weather. Providing safe places for our communities and ensuring we remain open for trade are important drivers for Vicinity’s focus on climate resilience.
We understand the risks to our assets and their communities, and we focus our response to climate change through asset developments and refurbishments, as well as capital allocation and transaction decisions.