Westfield issues retail taxes warning ahead of Budget Retail Shopping centre giant Unibail-Rodamco-Westfield has warned that higher taxes for the retail industry in tomorrow’s Autumn Budget would lead to inflation and low investment. Reeves’ second Budget is widely expected to reveal a range of tax hikes after a bruising year for productivity and GDP growth. Crucially for retail, the Chancellor is expected to unveil [...]
A New Era Begins: Visionaries Unite to Shape the Next 50 Years of Tourism at TOURISE More than 120 global leaders will convene in Riyadh for the inaugural TOURISE Summit this November, bringing together the largest cross-sector gathering covering all industries that benefit from the trillion dollar tourism sector. From sports, entertainment, media, transport and aviation; representatives from government, business and non-profits will join Expedia, Google, Amadeus, Accor, Nikki Beach, Red Sea Global, Certares and the Public Investment Fund (PIF). From headline panels and visionary keynotes to fireside chats and immersive sessions, TOURISE will spotlight the forces transforming global tourism, and the ideas shaping what comes next for the future of tourism.
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 February 8, 2024 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 November 13, 2023 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 [...]