Westfield slashes loss ahead of huge funding boost Retail The company behind the Westfield shopping centres in London has recorded its lowest pre-tax loss since 2019 despite its turnover being slashed by over 30 per cent. Westfield Europe, which includes sites in Stratford and Croydon, has reported a pre-tax loss of £25.2m for 2023, according to accounts filed late with Companies House. The latest [...]
London Westfield owner looks to Paris Olympics for sales boost Paris Olympics Westfield mall owner Unibail-Rodamco-Westfield (URW) believes the Paris Olympics will boost sales in 2024, with a number of its Viparis convention venues hosting events during games.
Hammerson in talks to sell £1bn stake in owner of Bicester Village Retail British shopping centre giant Hammerson is reportedly in advanced talks to sell its £1bn stake in Value Retail, owner of Bicester Village, the luxury retail complex.
Westfield owner reports solid earnings as shopping centres show signs of recovery July 27, 2023 The owner of London’s Westfield shopping centres today reported a 1.6 per cent bump in earnings in the first half year, with net rental income across its property portfolio reaching €1.15bn (£989bn). Unibail-Rodamco-Westfield, which is headquartered in Paris, said EBITDA rose slightly by 1.6 per cent to €1.157bn (£993m). In its shopping centre division, which [...]
Hammerson: Paris and Croydon disposals leave £1.2m dent but revenues rise July 27, 2023 Hammerson reported a loss of £1.2m after the disposal of its stakes in Croydon and Paris shopping centre developments, while its revenue rose eight per cent. The property developer’s loss in its half-year results this morning was made against a £50.3m profit compared to last year. This comes after the shopping centre giant sold its [...]
Sadiq Khan to address ‘cost of doing business’ crisis at summit with Uber and Natwest June 20, 2023 Sadiq Khan is set to address the “cost of doing business crisis” at a crunch summit with firms including Uber, Natwest and KPMG. The mayor of London will welcome more than 200 CEOs to his annual City Hall business reception at the Crystal in east London today. He is expected to tell firms the “cost-of-doing-business [...]
Boxing Day footfall bounce for retail as West End chief calls for recovery help December 27, 2022 Retail destinations across the country reaped the rewards of a Christmas without Covid restrictions as Boxing Day sales enticed shoppers out of their houses. However, business leaders noted footfall was still below 2019 levels and called on the government to help accelerate retail’s recovery from the Covid-19 pandemic as it grapples with an economic downturn. [...]
Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Grenfell campaigners outraged over Westfield owner’s plans for ‘death trap’ apartment block January 20, 2022 A developer has faced fury after plans for an apartment block twice the height of Grenfell with just one fire escape staircase. The 35-storey building has been proposed by the owner of the Westfield shopping centres, Unibail-Rodamco-Westfield (URW), and will be part of a complex of 1,760 new homes, the Guardian first reported. The apartment [...]
Budget 2021: Retail chiefs disappointed after no decision on online sales tax October 27, 2021 Retail bosses have said the Chancellor’s silence on an online sales tax in the Budget comes as “another blow” to the beleaguered high street. While Rishi Sunak did not mention the mooted sales tax at the dispatch box, the autumn budget and spending review stated ministers will “continue to explore the arguments for and against” [...]