The country's biggest retail landlord, Scentre Group, lifted its full-year profit 10.4 per cent to $2.99 billion on the back of strong sales, new developments and property revaluations.

Scentre, whose property portfolio has ballooned to $45.7 billion, announced it would redevelop two of its centres, the Westfield Carousel in Perth and Westfield Plenty Valley in Victoria.

The $350 million redevelopment of Westfield Carousel will include a David Jones department store, expanded fashion range with international mini-majors, new entertainment, dining and leisure areas and an upgraded Hoyts cinema.

Westfield Plenty Valley will add a nine-screen Village cinema and a dining and entertainment precinct in an $80 million redevelopment.

"Three new David Jones department stores will open in Perth at Westfield Carousel, Innaloo and Whitford City. These stores will anchor the exceptional retail mix being curated for each of these centres and underpin their redevelopment." Scentre chief executive Peter Allen said.

In Sydney, the David Jones department store at 77 Market Street, is to be redeveloped into four floors of luxury retailers with apartments on top, which Cbus Property will develop.

"We are working with Cbus to offer relevant retailers to the apartments above and that will also link to our highest performing Westfield Sydney centre and we are already talking to a number of local and overseas brands for that space," Mr Allen said.

Scentre was focusing on more relevant, on-trend and desirable retailers.

"These retailers continue to drive demand for retail space across the Scentre Group portfolio which remains more than 99.5 per cent leased," Mr Allen said.

"Operationally, Scentre will continue to focus on refining the portfolio to have a much better mix of retailers that consumers want."

Mr Allen said the growth engine of malls is to make them like the community town centre, where people can use the food courts, cinemas and also shop at retailers that are relevant to the surrounding community.

He said Scentre has watchlists of retailers that are struggling and also ones that are performing well, so at any time, the group can see where the mix needs amending.

He added that department stores are still relevant for a shopping centre, but the new anchors are food catering, the international and local apparel retailers and the leisure outlets.

The lift in speciality sales across Scentre's malls comes at a time when top Australian brands are struggling to survive cutthroat competition from fast-fashion international retailers.

This year well-known brands Marcs, David Lawrence, Rhodes & Beckett and Herringbone have been placed in administration.

Strong sales were seen across most categories, with increases in jewellery, health, beauty, food and technology categories, the retailer said.

The company has also lifted specialty sales 2.6 per cent to an average of $11,203 a square metre.

But the group's full-year revenue fell 12.1 per cent to $2.52 billion, versus $2.86 billion the previous year.

Property revaluations contributed a significant $1.6 billion portion of profits.

The revaluations reflect strong net operating income growth throughout the portfolio, the value creation from the completion of major redevelopments and the continued improvement in capitalisation rates, Scentre said.

The $355 million redevelopment at Westfield Chermside includes stores from Zara, H&M, Uniqlo and Sephora. The centre will add 33,000 sqm of retail space bringing the total size to more than 156,000 sqm on completion, the largest in Queensland.

The company is also working on the $80 million redevelopment of Westfield Whitford City with an Event cinemas complex, restaurants, cafes and family entertainment.

Over the past year, Scentre upgraded Warringah Mall in Sydney's northern beaches and is planning the second stage, while at Westfield Parramatta it has a development application in for an office tower above the centre, but won't start until it has some pre-leasing signed off.

Distributions for year ended December 31 will be 21.3 cents a share.