The concentric mosaic offers a quick solution to construct a virtual copy of a real environment, and to navigate in that virtual environment. However, the huge amounts of data associated with the concentric mosaic are heavy burdens for its application. A 3D wavelet based compressor has been proposed in the previous work to compress the concentric mosaic. In this paper, we greatly improve the compression efficiency of the 3D wavelet coder by a data rearrangement mechanism called “smart rebinning”. The proposed scheme first aligns the concentric mosaic image shots along the horizontal direction and then rebins the shots into multi-perspective panoramas. Smart rebinning effectively enhances the correlation in the 3D data volume, translating the data into a representation that is more suitable for 3D wavelet compression. Experimental results show that the performance of the 3D wavelet coder is improved by an average of 4.3dB with the use of the smart rebinning. The proposed coder outperforms MPEG-2 coding of the concentric mosaic by an average of 3.7dB.