Westfield UK, which is owned by Unibail-Rodamco-Westfield, has announced impressive results for its UK operation. The company’s latest figures for FY23 demonstrate positive performance globally, with particular emphasis on the UK market. Tenant sales in 2023 saw a significant increase of 5.2%, while footfall rose by a healthy 6.1%. Although the exact monetary figures were not disclosed, the company revealed that its rent collection levels in Britain improved to an impressive 98%, surpassing the global average of 97%. This indicates a remarkable recovery to pre-pandemic levels, highlighting the resilience and strength of the company.
In addition to its financial success, Unibail-Rodamco-Westfield has also addressed concerns regarding vacancies. The company reported a noteworthy decline in vacancies worldwide, particularly in the UK. Vacancies decreased from 9.4% in FY22 to 6.9% in FY23, a significant improvement. Despite a setback with the departure of House of Fraser from the Shepherd’s Bush center, the company experienced several key store openings in the UK throughout the year.
One example of this is Primark’s announcement in February to double the size of its Stratford store, demonstrating their confidence in the market. In March, TK Maxx took over the former Debenhams space at Shepherd’s Bush, further contributing to the revitalization of the shopping center. June marked the opening of a new Watches of Switzerland showroom at Stratford, complete with a dedicated Rolex room. Sephora also inaugurated its second UK store at Westfield, joining Lounge’s first permanent store and PdPaola’s second UK store. Additionally, New Balance and TAG Heuer opened new concept shops, further diversifying the retail offerings at Westfield.
Furthermore, several prominent brands have chosen to expand their presence at Westfield malls in London. Whistles, Rituals, Bucherer, and Zara have all decided to upsize their stores to take advantage of the mall’s thriving environment, capitalizing on the increased footfall and tenant sales.
These positive developments indicate a strong and growing presence of Westfield in the UK retail market. The company’s ability to attract prestigious brands and maintain high rent collection rates showcases its appeal to both retailers and consumers. With the continued recovery of consumer confidence, Westfield is in a favorable position to achieve further success in the UK and beyond.
Useful links:
– Westfield UK Official Website
– Unibail-Rodamco-Westfield Official Website
