The Westfield Corporation was founded by John Saunders and Frank Lowy in the western suburbs of Sydney Australia. Their first development was launched back in July of 1959 in a place called Blacktown. After going public on the Australian Stock Exchange in 1960 an additional five centers were built in New South Wales and later expanded to Victoria and Queensland by 1966 and 1967. As the company began to gain momentum, they later expanded their developments into the United States launching their first center in 1977 by acquiring the Trumbull Shopping Park located in Connecticut. Their development continued throughout various areas in the United States, including developments being launched in New Jersey, California, Long Island and New York within a span of approximately 9-10 years. They later purchased an additional 19 centers by combining their efforts with General Growth and Whitehall Real Estate. They went on to create further developments in other parts of the US and New Zealand.
The Westfield Corporation has a portfolio of over 40 shopping centers throughout the United States and Europe, which equates to approximately 7500 retail outlets, with total assets in excess of $28.5 billion which is managed by the Corporation. Their total combined revenue was roughly $635.5 million at year-end in 2014.
They eventually formed Westfield Labs, a global digital lab that concentrates on linking social media and digital technology users with the physical shopping experience. Located in the Westfield San Francisco Center in the San Francisco Bay Area, Westfield Labs plans to launch new partnerships, products and services that can become commercialized on a global level. They also have plans to take emerging ideas and technologies and transfer them into viable businesses.
The Westfield Corporation is in both the real estate development and the shopping center management industry. They are a publicly traded corporation on the Australian Stock Exchange and their Chief Executive Officers are:
The Lowy Family Group (LFG) is the largest shareholder in Westfield Corporation. Some of their most prominent world’s leading shopping iconic destinations consist of London, New York, San Francisco and Los Angeles.
LFG is also a private investment group based out of their corporate offices in New York and Sydney. The LFG’s Investment Business has a great focus in the area of owning a portfolio comprised of well-managed, listed equity businesses.