Who is westfield

They try to be aspirational destinations that seek to entertain and include everyone. In their luxury sections there is never an aloof atmosphere which makes people feel unwelcome. It is all about keeping shoppers in a retail space because the longer they stay there the more they will spend. It owns nearly 30 shopping centres in the UK and is developing a community focused strategy, appealing to different demographics - for instance by hosting coffee mornings for older people. Speaking at a news conference in Sydney, Westfield chairman Sir Frank Lowy, the billionaire property tycoon who co-founded Westfield in the s said the sale to Unibail-Rodamco would create "the leading shopping centre company in the world".

For the assets I've spent my life building I could not imagine a better home for them than in this new company. Sir Frank will retire as chairman of Westfield following the sale.

Christophe Cuvillier, chief executive of Unibail-Rodamco, said the acquisition of Westfield "adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States". He added that the deal would allow it to cut advertising and marketing costs. The Property and Project Management segment includes primarily property management and development. It also has a global program to redevelop its shopping centers and to develop new shopping centers. Westfield Group was founded by Frank P.

The Westfield Group had origins in the western suburbs of Sydney. The centre was opened by John Saunders and Frank Lowy. The company was floated on the Australian Stock Exchange in and built another five centres in New South Wales before expanding into Victoria and Queensland in Westfield seems to form clusters of centres around particular cities or within a small number of states.

They built considerable holdings on the east coast and in California before expanding in the Mid-West. By , the company owned centres in 15 US states.

In the s, Westfield began a major expansion to New Zealand, where they mostly bought existing shopping centres of the Fletchers company, progressively rebranding them. Only in , with Westfield Albany, has the company opened a fully new centre in the country.

Lowy said it made sense to sell now because it was a "very good price" for shareholders, but acknowledged that the sale partly reflected the global trend of consolidation and the pressures on retailers. The offer price closed the gap between the underlying value of the company and its share price, Peter Lowy said.

The Lowys said they also chose to sell as they would rather be investors than executives now, after putting in a combined years at the company.

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