In Spending Spree, European Mall Operator Bets on Westfield
- 6 years ago
In Spending Spree, European Mall Operator Bets on Westfield
For Unibail-Rodamco, which is based in France and has a bevy of glitzy shopping centers across Europe, including Le Forum Des Halles in Paris, the deal means a significant foothold in the United States — one defined by a number of trophy mall properties, including Westfield Century City on the west side of Los Angeles
and the shopping center at the World Trade Center in Lower Manhattan.
Unibail-Rodamco, whose real estate portfolio also includes office and convention space, said
that rental income from its shopping center arm was up 4.1 percent to 781 million euros, or about $920 million, in the first half of the year.
The Westfield World Trade Center has been open for more than a year and in
that short time it has dealt with delays, lawsuits and staunch competition from its next door neighbor, Brookfield Place, which is offering more luxe shopping options like Burberry, Gucci and Hermès.
Located near a PATH train hub and within the soaring Oculus structure designed by the Spanish architect Santiago
Calatrava, the Westfield World Trade Center mall was largely bereft of shoppers on Tuesday afternoon.
Westfield, analysts said, has focused its efforts on marquee properties
that can still draw shoppers, rather than regional malls that are more susceptible to online competition.
Higher-end malls — those that are in wealthier suburbs
and have attracted a blend of luxury retailers with gyms, organic grocery stores, and even urgent-care centers — will survive or even thrive.
For Unibail-Rodamco, which is based in France and has a bevy of glitzy shopping centers across Europe, including Le Forum Des Halles in Paris, the deal means a significant foothold in the United States — one defined by a number of trophy mall properties, including Westfield Century City on the west side of Los Angeles
and the shopping center at the World Trade Center in Lower Manhattan.
Unibail-Rodamco, whose real estate portfolio also includes office and convention space, said
that rental income from its shopping center arm was up 4.1 percent to 781 million euros, or about $920 million, in the first half of the year.
The Westfield World Trade Center has been open for more than a year and in
that short time it has dealt with delays, lawsuits and staunch competition from its next door neighbor, Brookfield Place, which is offering more luxe shopping options like Burberry, Gucci and Hermès.
Located near a PATH train hub and within the soaring Oculus structure designed by the Spanish architect Santiago
Calatrava, the Westfield World Trade Center mall was largely bereft of shoppers on Tuesday afternoon.
Westfield, analysts said, has focused its efforts on marquee properties
that can still draw shoppers, rather than regional malls that are more susceptible to online competition.
Higher-end malls — those that are in wealthier suburbs
and have attracted a blend of luxury retailers with gyms, organic grocery stores, and even urgent-care centers — will survive or even thrive.