London Westfields' Sales Hit Two Billion Pounds

With 66 million people visiting during 2013

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London’s two Westfield shopping centres in Shepherd's Bush and Stratford achieved almost £2 billion in sales between them last year, according to the latest report from owners, Australian mall giant The Westfield Group.

With 66 million people visiting the two centres, annual sales grew 3.1% in 2013 and generated close to £1 billion in sales each.

Both centres are virtually full with occupancy of 99.3%.

However, Stratford’s sales are growing nearly twice as quickly as Westfield London in Shepherd’s Bush, which celebrated its fifth birthday last October.

Fashion, which generates over a third of Westfield’s sales, saw sales rise 5.7% year-on-year while leisure revenue from cinemas and restaurants is booming with sales up almost 13%.

Westfield’s empire in London is soon to increase as it plans a third centre in Croydon in joint venture with retail property specialist Hammerson.

" We see the key trends of the expansion of luxury and high street brands, together with the integration of food, fashion and entertainment experiences, combined with the greater use of digital technology will be brought together in our existing centres and future redevelopments," says Westfield co-CEO Steven Lowy.

The announcement comes as work is underway adding extra floors to the existing Shepherd's Bush Westfield for the offices of fashion retailer Net-a-Porter and for the creation of a "reality theme park" for children called Kidzania, which is due to open at the end of this year.

Westfield has also applied to Hammersmith and Fulham Council for Outline Planning Permission for its planned extenion to the north of the current shopping centre on Ariel Way, which will include more shops, restaurants, offices and leisure space, including a long awaited John Lewis store.

You can see full details of the application and the associated documents on the council's website

The new extension is due to open in 2017.

 

March 3, 2014