There should be a late store spending surge in the next few days as Britons who’ve left Xmas shopping until the last minute make up for lost time. Westfield said Scots and Londoners will be among the heaviest shoppers.
Online shopping has its limits and physical stores will never go out of fashion, says the CEO of Unibail-Rodamco which is betting $16 billion (£12 billion) on buying Westfield to create a global mall giant.
For investors in Australia's Westfield, its $16 billion (£12 bn) sale to European property giant Unibail-Rodamco may mark a turning point for an industry under pressure to reinvent itself amid fierce online competition.
Shares of Australian shopping mall giant Westfield Corp rose as much as 15% on Wednesday, their biggest single-day gain, after the company said it would accept a $16 billion takeover offer from France’s Unibail-Rodamco.
Activist investor Land and Buildings on Tuesday reiterated that Canadian department store operator Hudson’s Bay Co’s real estate assets were worth substantially more than the company’s current market valuation.
Europe’s biggest property group has agreed to buy shopping mall owner Westfield for $16 billion, marking the biggest takeover of an Australian company and a shift in global retail property to counter online shopping.
Big news on the mall front in the UK on Wednesday as property giant Hammerson is planning to merge with major rival Intu, which means the bigger group will have stakes in or ownership of 60% of the country's supermalls.