Unibail-Rodamco-Westfield (URW), the company responsible for managing Westfield London and Westfield Stratford City, has recently announced positive news regarding its UK shopping centers. These iconic London destinations, featuring high-end brands such as Burberry, Gucci, and Louis Vuitton, have seen a significant increase in both sales and foot traffic.
According to URW, between January and September 30, footfall at Westfield London and Westfield Stratford City rose by 3.9%, while tenant sales surged by 5.2%. In comparison, URW’s shopping centers in Continental Europe experienced a 3.1% increase in foot traffic and a 5.2% rise in tenant sales during the same timeframe.
The impressive growth in the UK market has translated into a substantial increase in gross rental income for URW’s UK portfolio, reaching 153.6 million euros on an adjusted basis and 81.7 million euros under IFRS. Overall, the company’s portfolio gross rental income saw a 22% boost, amounting to 2.3 billion euros on an adjusted basis.
These positive results come amidst challenging conditions in the UK retail sector, characterized by cautious consumer spending and Brexit-related uncertainties. Despite these headwinds, URW’s UK shopping centers have managed to outperform expectations and demonstrate resilience in the face of adversity.
As major players in the global real estate industry, URW continues to showcase its ability to thrive in volatile market environments and adapt to changing consumer preferences. The company’s success in the UK market serves as a testament to its innovative strategies and dedication to delivering exceptional shopping experiences.
To learn more about URW and its UK shopping centers, visit their official website here.
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