Westfield UK performance looks good as sales rise, vacancies fall

Westfield UK performance looks good as sales rise, vacancies fall

Unibail-Rodamco-Westfield’s latest results have shown a strengthening performance in its UK operation. The company’s FY23 figures included plenty of positive figures globally. But in the UK specifically — where it operates London’s giant Westfield malls — it said 2023 tenant sales were up 5.2% while footfall last year rose a healthy 6.1%.

Westfield London

It didn’t give monetary figures for its individual country performances, only percentages.

The company also improved its rent collection levels in Britain with the figure standing at 98% (which is better than the 97% for the company globally. On that front, the group was finally back to pre-Covid levels.

The French shopping malls giant also said that vacancy levels declined around the world and in the UK, vacancies decreased “significantly” from 9.4% in FY22 to 6.9% for FY23.

The company saw a number of key UK openings last year despite a negative start with House of Fraser exiting the Shepherd’s Bush centre.

After that, the news was all good with Primark saying in February it would double the size of its Stratford store; March seeing news of TK Maxx taking the former Debenhams space at Shepherd’s Bush; and June seeing a new Watches of Switzerland Westfield showroom complete with Rolex room at Stratford.

That was followed by Sephora’s second UK store (its two UK sites are now open at both Westfields); Lounge’s first permanent store; PdPaola’s second UK store: New Balance’s new concept shop; and a TAG Heuer store.

Plus there have been upsizings, with labels such as Whistles, Rituals, Bucherer, and Zara opting to go bigger at the Westfield malls in London.

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