Westfield owner says UK centres enjoy sales and footfall growth
today Oct 29, 2019
Unibail-Rodamco-Westfield (URW), the commercial property firm behind Westfield London and Westfield Stratford City, has posted strong results across its UK malls.
Westfield London and Westfield Stratford City, which are two of London’s leading shopping destinations with an impressive line-up of tenants that includes the likes of Burberry, Gucci and Louis Vuitton, experienced a 3.9% increase in footfall in the nine months to September 30, URW said.
Tenants at this malls also reported a 5.2% increase in retail sales during the same period.
This compares with a 3.1% increase in footfall across the company’s Continental European shopping centres, and a 5.2% uplift in tenant sales.
Gross rental income for the UK portfolio was up 112.2% to 153.6 million euros on an adjusted basis and up 112.2% to 81.7 million euros on an IFRS basis.
This contributed to URW achieving a 22% increase in gross rental income to 2.3 billion euros across its whole portfolio on an adjusted basis.
The group’s UK shopping centres performed particularly well against a backdrop of difficult market conditions underpinned by continued consumer caution and heightened Brexit uncertainty.
According to CBI, a business organisation, UK retail sales have been falling for the past six months - the longest period of decline since the financial crisis. Many national chains, including New Look, Mothercare, Marks & Spencer and Boots are closing shops across the nation in a bid to cut their losses.
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