French billionaire Xavier Niel has teamed up with Unibail-Rodamco-Westfield's former boss to oppose the shopping mall group's planned €3.5 billion ($4.10 billion) rights issue, lifting the firm's shares.
City-centre shops and malls lost their lustre during the pandemic, but as lockdowns ease across Europe many stores in and around residential areas stand to benefit as consumers remain reluctant to venture far from home.
A number of premium and upscale retailers have reported strong trading on the first day of their stores reopening after the English lockdown eased on Monday with those who turned up to shop being very willing to spend.
Debenhams isn’t the only UK retailer to opt for a so-called light touch administration filing during the lockdown and on Friday, the UK arm of Victoria’s Secret did the same, naming Deloitte to handle the process.
Shopping malls giant Unibail-Rodamco-Westfield has made “strong progress” with its mall reopenings globally with 65 of 90 now open. And indications are that footfall and trade is stronger than expected in many countries.
Luxury department store Harrods will open a new Outlet branch in Westfield London for its clearance sale, relieving pressure on its flagship and allowing it to focus on new collections in the Knightsbridge store.