Westfield shopping centres 'stabilising'
Published: 2009-08-28 09:33:09
Westfield, the Australian property group, said today that trade was "stabilising" at its UK shopping centres, which include the vast £1.7bn complex at London's Shepherd's Bush. (Sourced from the Guardian.)
The retail sector has been in the frontline of the consumer downturn, and over the past year shopping centre operators have been forced to sweeten rental terms for their retailers amid falling sales and heavy discounting. Westfield said income from its UK centres, which include Derby and Merry Hill in the West Midlands, had fallen 4.1% in the six months to 30 June.
Peter Lowy, Westfield's group managing director, said: "Conditions are stabilising, albeit at lower levels, in the more challenging environments in the United States, United Kingdom and New Zealand.
"We're not projecting those better performances to stay during the year, because the world is volatile out there."
