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Westfield: Becoming a global commercial real estate entity

Published: January 2013 · Publisher: MarketLine
Westfield operates one of the world's largest shopping center portfolios with 104 regional shopping centers situated in Australia, Brazil, New Zealand, the US and the UK. Westfield manages all aspects of shopping center development, from des ...
Report Type Case Studies
Language English
Format Electronic (PDF)
Pages21
Frequency Updated Annually
Availability Will be emailed within 1 business day
Reference No. 0109-2779
Price € 369,00
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Introduction

Westfield operates one of the world's largest shopping center portfolios with 104 regional shopping centers situated in Australia, Brazil, New Zealand, the US and the UK. Westfield manages all aspects of shopping center development, from design and construction through to leasing, management and marketing.

Features and benefits

* The publisher's Case Studies describe topics such as innovative products, business models, and significant company acquisitions.
* Fact-based and presented in an accessible style, they explain the rationale of commercial decisions and illustrate wider market and economic trends.

Highlights

In the 1950s in the US, the shopping center revolution was underway. Centers that housed a number of stores were built away from downtown areas and Lowy and Saunders saw no reason why such a concept could not take off in Australia and so established Australia’s first shopping center in Blacktown.
The company’s management, while satisfied with establishing a strong position in Australia, wanted to expand. Westfield’s first overseas center was built in Connecticut in 1977 and the company’s US operation has since grown to become its largest geographical segment. The company has also expanded in to New Zealand, the United Kingdom and Brazil.
The retail sector is highly sensitive to economic variables and a global recession could therefore severely impact Westfield. Much retail growth is being driven by e-commerce platforms. There is also increasing criticism of large, out-of-town shopping centers with opponents pointing to their negative effect on town centers and environmental issues.

Your key questions answered

* How has Westfield transformed itself from an exclusively Australian operation to a global superbrand?
* What challenges and threats to the company face?
* How is the company addressing the challenges it faces?
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O VERVIEW
Catalyst
Summary
ESTABLISHING AN AUSTRALIAN EMPIRE
Westfield’s growth has been a gradual process
Westfield goes public
Subsequent decades saw further expansion and greater brand recognition
The company is building a flagship center in Sydney
OVERSEAS EXPANSION
The promised land of the United States
The company acquired 19 US centers in 1994
Entering New Zealand
The United Kingdom
Moving from acquisition to construction
Tapping into London’s potential
Brazil: A new frontier
Proposed project in Milan
WESTFIELD FACES THREATS TO ITS SUCCESS
The threat posed by a potential economic downturn
Online and mobile shopping are gaining in popularity
Objections to shopping centers are increasing
CONCLUSIONS
Westfield has established itself as a leading global shopping center operator, but strives to move towards a more geographically diverse business model
APPENDIX
Definitions
Sources
Further Reading
Ask the analyst
About the publisher
Disclaimer
Copyright © FriedlNet. You may share using our tools Please don't cut content from FriedlNet and redistribute by email or post to the web.