Westfield has reported a 1% hike in visitors to its London malls for the Christmas season and while that’s not a big leap, against a backdrop of lower footfall at malls, it’s actually a very strong performance.
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.
UK fashion e-tailer Missguided saw a sales surge in its latest year but that didn’t help profits and the firm, which recently moved into physical stores, swung to a pre-tax loss on investment spending.
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.
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.
Target has listened to consumers and stopped selling Mario Batali products online after he admitted to sexually assaulting coworkers. Batali stepped away from his business, including the Westfield Century City's Eataly.
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.
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.