Westfield Corporation is a fast expanding shopping center behemoth with international interest. According to an excerpt published on Cityam.com, the Australian based retail landlord spun off its Australian and New Zealand operations in 2014 to focus on international expansion strategy. The Australia and New Zealand entities are now owned and operated by the Scentre Group. In December 2015, the company announced a net profit of $2.3B (£1.65B). Westfield Corp owns a portfolio of over 30 shopping centers in the US and the UK, with assets under management amounting to about $30B. The company also has $10.5B worth of development in the pipeline.
Some of the recently completed projects include the $250m shopping center owned by Meyer Begman, a leading European investment group. According to the Westfield Corporation’s website, the company will continue to improve and redevelop its existing centers as well as acquire new sites to establish frontier markets. The proposed shopping centers are planned in London, Milan, San Diego, San Jose and Century City in Los Angeles. In 2015, the Westfield kick started projects worth $2.5B, among them the largest shopping center in the UK. The $600m development of Westfield London will have a total of 450 stores once it is completed in 2018.
Westfield’s co-chief executives, Peter Lowy and Steven Lowy, said: “The performance of our pre-eminent portfolio remains strong and we continue to make significant progress on our development program.”
The transformative Westfield Century City project in LA will have Nordstrom as its flagship store. When it is completed, the project will offer over 420,000 sq ft of premium retail space with entertainment spaces, 5-Star customer amenities, street side boutiques, open air cafes and chic restaurants among other enticing offerings. The Westfield Milan project in Italy, on the other hand, is projected to become one of Europe’s premier retail destinations. The mammoth development will incorporate high-end retailers and feature luxe dining facilities and leisure amenities. The project will be constructed on 60-hectare parcel of land adjacent to Linate Airport.
In terms of foot traffic, the Westfieldcorp website reveals that a total of 400 million customers visited shopping centers owned by the company in 2014, generating a total of $16 billion in sales. The centers built by Westfield aim to enhance productivity, strengthen the franchise value and create incentives that will attract world’s leading retail brands and franchises. The company also focuses on ensuring the centers play an important role in building the social and economic fabric of the host communities. To guarantee building quality and excellent shopping experience, Westfield Corp manages all aspects of its building design, construction, leasing and property management.