The Westfield Group
Encyclopedia
The Westfield Group is an Australian shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities. The multinational company is listed
on the Australian Securities Exchange
and has interests in and operates one of the world's largest shopping centre portfolios with investment interests in 124 shopping centres across Australia
, the United States
, the United Kingdom
, New Zealand
and Brazil
, encompassing around 25,000 retail outlets and total assets under management in excess of A$59 billion.
In 2010, the Westfield Group split 50% of its Australian and New Zealand assets into the Westfield Retail Trust, trading on the Australian Stock Exchange as .
. The name Westfield is derived from "west" related to the West-Sydney location, and "field" due to having located on subdivided farmland. The centre was opened by John Saunders and Frank Lowy
.
The company was floated on the Australian Stock Exchange
The expansion into the United States began with the purchase of the Trumbull Shopping Park
in Connecticut in 1977, and was followed by three centres in California, Michigan and Connecticut in 1980 and three centres in California, New Jersey and Long Island, New York in 1986. In 1994 Westfield joined together with General Growth and Whitehall Real Estate to purchase 19 centres for US$1 billion. Westfield seems to form clusters of centres around particular cities or within a small number of states. They built considerable holdings on the east coast and in California before expanding in the Mid-West. By 2005, the com
In the 1990s, Westfield began a major expansion to New Zealand
, where they mostly bought existing shopping centres of the Fletchers company, progressively rebranding them. Only in 2007, with Westfield Albany
, has the company opened a fully new centre in the country.
58 billion, owning 119 shopping malls in four countries - Australia, New Zealand, the United Kingdom and the United States - with over 10 million square metres of retail space. It is the world's largest retail property group by equity market capitalisation. Despite the Westfield Group's asset dimensions, the Westfield Group is strongly controlled by the Lowy Family Group, including non-executive chairman, Frank Lowy
, one of its founders. Lowy's two younger sons, Steven and Peter, are joint managing directors.
including their largest development located in Albany
.
and Northern Ireland
.
By far its most significant asset is Westfield's 50% partnership in the £
1.6b Westfield London
development in Shepherd's Bush
, west London
. The development included the construction of a new railway station
for the London Overground
and Southern
services, and a new entrance for the London Underground station.
Westfield is currently developing two new shopping centres, including:
has investigated several disputes between the Westfield Group and its tenants. In 2004 the Commission found Westfield was abusing its market and commercial power in settling disputes with tenants, and forced Westfield to formally undertake to not engage in "Unconscionable conduct and intimidation" of tenants.
Also in Australia, Westfield fee structures and policies have also been criticised by retailers who operate in centres which have been taken over by the multinational company. Retailers have suggested that when centres are acquired there should be more cooperation between the new operators and existing tenants in bringing shops up to the corporate standards of The Westfield Group, and increases in rent (required to operate a shopping centre with high standards of fittings and services) should be staged with the required improvements in fittings.
Council and subsequently built. The centre would be about 3 kilometres from Westfield Liverpool. In 2003 when the second stage was built, the Westfield Group allegedly sought help from the government in forcing its closure.
Category:Shopping property management firms
Category:Companies based in Sydney
Category:Shopping centres in the United Kingdom
Category:Real estate companies of Australia
de:Westfield Group
es:Westfield Group
fr:Westfield Group
ms:Westfield Group
ja:ウェストフィールド・グループ
ru:Westfield Group
fi:Westfield Group
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
on the Australian Securities Exchange
Australian Securities Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
and has interests in and operates one of the world's largest shopping centre portfolios with investment interests in 124 shopping centres across Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
and Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, encompassing around 25,000 retail outlets and total assets under management in excess of A$59 billion.
In 2010, the Westfield Group split 50% of its Australian and New Zealand assets into the Westfield Retail Trust, trading on the Australian Stock Exchange as .
History
ile:Westfield Group named "Westfield Place", and opened in July 1959 in Blacktown, SydneySydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
. The name Westfield is derived from "west" related to the West-Sydney location, and "field" due to having located on subdivided farmland. The centre was opened by John Saunders and Frank Lowy
Frank Lowy
Frank Lowy, AC is an Australian-Israeli businessman. He is a co-founder of the Westfield Group, operator of over 100 shopping centres in Australia, New Zealand, the United States and Great Britain...
.
The company was floated on the Australian Stock Exchange
The expansion into the United States began with the purchase of the Trumbull Shopping Park
Westfield Trumbull
Westfield Trumbull is one of two shopping malls in Trumbull, Connecticut. The mall is a two-story structure located on Main Street . Current anchor stores include JCPenney, Lord and Taylor, Macy's and Target. Built in 1964, the Trumbull Shopping Park was the first enclosed shopping mall in...
in Connecticut in 1977, and was followed by three centres in California, Michigan and Connecticut in 1980 and three centres in California, New Jersey and Long Island, New York in 1986. In 1994 Westfield joined together with General Growth and Whitehall Real Estate to purchase 19 centres for US$1 billion. Westfield seems to form clusters of centres around particular cities or within a small number of states. They built considerable holdings on the east coast and in California before expanding in the Mid-West. By 2005, the com
In the 1990s, Westfield began a major expansion to New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
, where they mostly bought existing shopping centres of the Fletchers company, progressively rebranding them. Only in 2007, with Westfield Albany
Westfield Albany
Westfield Albany is a new shopping centre of the Westfield Group in Albany, New Zealand, opposite the Albany Lakes Civic Park. Once the last sections opened in April 2008, at 7 ha of indoor space , it became the largest shopping centre in New Zealand, eclipsing even recently opened Sylvia Park,...
, has the company opened a fully new centre in the country.
Current operations
Westfield currently has interests in total assets worth A$Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
58 billion, owning 119 shopping malls in four countries - Australia, New Zealand, the United Kingdom and the United States - with over 10 million square metres of retail space. It is the world's largest retail property group by equity market capitalisation. Despite the Westfield Group's asset dimensions, the Westfield Group is strongly controlled by the Lowy Family Group, including non-executive chairman, Frank Lowy
Frank Lowy
Frank Lowy, AC is an Australian-Israeli businessman. He is a co-founder of the Westfield Group, operator of over 100 shopping centres in Australia, New Zealand, the United States and Great Britain...
, one of its founders. Lowy's two younger sons, Steven and Peter, are joint managing directors.
Australia
Having been established in Australia, with their original premises being at Blacktown, the Westfield Group continue to operate a large number of shopping centres in Australia. The largest Westfield shopping centres in Australia include:| Centre name | Location | Total retail floor area Gross leasable area Gross leasable area in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented... |
|
|---|---|---|---|
| m2 | sq ft | ||
| Westfield Chermside Westfield Chermside Westfield Chermside is the largest shopping centre in Queensland, located in Brisbane's inner northern suburbs, the second-largest in Australia, behind Chadstone Shopping Centre in Melbourne, and is operated by the Westfield Group. Entertainment facilities include an Event Cinemas 16-screen cinema... |
Chermside, Queensland Queensland Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean... |
144,351 m2 | 1,553,780 sq ft |
| Westfield Fountain Gate Westfield Fountain Gate Westfield Fountain Gate is a super regional shopping centre located in Narre Warren in the outer south-eastern suburbs of Melbourne, Australia... |
Narre Warren Narre Warren, Victoria Narre Warren is a suburb of Melbourne, Victoria, Australia, 42 km south east from Melbourne's central business district. Its Local Government Area is the City of Casey. At the 2006 Census, Narre Warren had a population of 25,667. Narre Warren has a population density of over 2000 people per square... , Victoria |
137,286 m2 | 1,477,730 sq ft |
| Westfield Parramatta Westfield Parramatta Westfield Parramatta is a shopping centre in Parramatta, a city suburb of Sydney, New South Wales, Australia. The centre is owned and managed by The Westfield Group. It has a net leasable area of approximately 137,269m² and contains 488 shops built over five levels, making it Australia's fourth... |
Parramatta Parramatta, New South Wales Parramatta is a suburb of Sydney, in the state of New South Wales, Australia. It is located in Greater Western Sydney west of the Sydney central business district on the banks of the Parramatta River. Parramatta is the administrative seat of the Local Government Area of the City of Parramatta... , New South Wales New South Wales New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales... |
137,269 m2 | 1,477,550 sq ft |
| Westfield Southland | Cheltenham Cheltenham, Victoria Cheltenham is a suburb in Melbourne, Victoria, Australia, located 19 km south-east of Melbourne's central business district. Its Local Government Area is the City of Kingston to the eastern side of the area's metropolitan railway line and Charman Road north, while the City of Bayside resides over... , Victoria |
129,071 m2 | 1,389,310 sq ft |
| Westfield Bondi Junction Westfield Bondi Junction Westfield Bondi Junction is a large, upmarket shopping centre located in the suburb of Bondi Junction in Sydney, New South Wales, Australia.The six-level complex, notable for its modern structure and retail mix, has several anchor tenants including David Jones and Myer department stores, Coles and... |
Bondi Junction Bondi Junction, New South Wales Bondi Junction is an eastern suburb of Sydney, in the state of New South Wales, Australia. Bondi Junction is located 6 kilometres east of the Sydney central business district and is part of the local government area of the Waverley.... , New South Wales |
126,895 m2 | 1,365,890 sq ft |
| Westfield Doncaster Westfield Doncaster Westfield Doncaster is a shopping centre 50% owned by the Westfield Group and 50% owned by LaSalle Investment Management located in Doncaster, a suburb of Melbourne, Victoria, Australia... |
Donaster Doncaster, Victoria Doncaster is a suburb in Melbourne, Victoria, Australia, 15 km north-east from Melbourne's central business district. Its Local Government Area is the City of Manningham. At the 2006 Census, Doncaster had a population of 17,879.... , Victoria |
120,000 m2 | 1,300,000 sq ft |
| Westfield Miranda Westfield Miranda Westfield Miranda , owned and managed by the Westfield Group, is a large shopping centre in the suburb of Miranda in the Local Government Area of Sutherland Shire in southern Sydney in the state of New South Wales, Australia.-History:Miranda Fair was originally opened in 1964 and was purchased by... |
Miranda Miranda, New South Wales Miranda is a suburb in southern Sydney, in the state of New South Wales, Australia. Miranda is located 24 kilometres south of the Sydney central business district, in the Sutherland Shire.... , New South Wales |
108,316 m2 | 1,165,900 sq ft |
| Westfield Sydney | Sydney, New South Wales | 93,000 m2 | 1,000,000 sq ft |
New Zealand
Westfield Malls are by far the most numerous chain in New Zealand, with 9 of its 12 centres in AucklandAuckland
The Auckland metropolitan area , in the North Island of New Zealand, is the largest and most populous urban area in the country with residents, percent of the country's population. Auckland also has the largest Polynesian population of any city in the world...
including their largest development located in Albany
Albany, New Zealand
Albany is a northern suburb of Auckland, one of the several cities in northern New Zealand. The name derives from Alba and its Latinisation. It is located to the north of the Waitemata Harbour, 15 kilometres northwest of the Auckland city centre. The suburb is in the Albany ward, one of the...
.
United Kingdom
Westfield has an interest in ten shopping centres in EnglandEngland
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
and Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
.
By far its most significant asset is Westfield's 50% partnership in the £
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
1.6b Westfield London
Westfield London
Westfield London is a shopping centre in White City in the London Borough of Hammersmith and Fulham. The centre was developed by the Westfield Group at a cost of £1.6bn,...
development in Shepherd's Bush
Shepherd's Bush
-Commerce:Commercial activity in Shepherd's Bush is now focused on the Westfield shopping centre next to Shepherd's Bush Central line station and on the many small shops which run along the northern side of the Green....
, west London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. The development included the construction of a new railway station
Shepherd's Bush railway station
Shepherd's Bush station is a railway station located in the district of Shepherd's Bush in west London, England, UK. It opened in 2008 on the West London Line and is served by London Overground and Southern rail services...
for the London Overground
London Overground
London Overground is a suburban rail network in London and Hertfordshire. It has been operated by London Overground Rail Operations since 2007 as part of the National Rail network, under the franchise control and branding of Transport for London...
and Southern
Southern (train operating company)
Southern is a train operating company in the United Kingdom. Officially named Southern Railway Ltd., it is a subsidiary of Govia, a joint venture between transport groups Go-Ahead Group and Keolis, and has operated the South Central rail franchise since October 2000 and the Gatwick Express service...
services, and a new entrance for the London Underground station.
Westfield is currently developing two new shopping centres, including:
- Westfield also controls the Stratford CityStratford CityWestfield Stratford City is a shopping centre in Stratford, London, owned by the Westfield Group. The centre opened on 13 September 2011. With a total retail floor area of , it is one of the largest urban shopping centres in Europe. It is the 3rd largest shopping centre in the United Kingdom by...
redevelopment project next to 2012 Olympic2012 Summer OlympicsThe 2012 Summer Olympic Games, officially known as the "London 2012 Olympic Games", are scheduled to take place in London, England, United Kingdom from 27 July to 12 August 2012...
park in StratfordStratford, LondonStratford is a place in the London Borough of Newham, England. It is located east northeast of Charing Cross and is one of the major centres identified in the London Plan. It was historically an agrarian settlement in the ancient parish of West Ham, which transformed into an industrial suburb...
in east LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, having recently acquired the 75% of the project that it did not already own. - Westfield is currently the developer behind the troubled Broadway shopping development in BradfordBradfordBradford lies at the heart of the City of Bradford, a metropolitan borough of West Yorkshire, in Northern England. It is situated in the foothills of the Pennines, west of Leeds, and northwest of Wakefield. Bradford became a municipal borough in 1847, and received its charter as a city in 1897...
after acquiring Stannifer in 2004. - On 9 October 2007 Westfield opened the £340m extension and refurbishment of DerbyDerbyDerby , is a city and unitary authority in the East Midlands region of England. It lies upon the banks of the River Derwent and is located in the south of the ceremonial county of Derbyshire. In the 2001 census, the population of the city was 233,700, whilst that of the Derby Urban Area was 229,407...
's Eagle Centre, which saw the shopping centre rebranded "Westfield Derby", and also has a £400million plan to expand and renovate Westfield Broadmarsh shopping centre in neighbouring NottinghamNottinghamNottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
in the East MidlandsEast MidlandsThe East Midlands is one of the regions of England, consisting of most of the eastern half of the traditional region of the Midlands. It encompasses the combined area of Nottinghamshire, Derbyshire, Leicestershire, Rutland, Northamptonshire and most of Lincolnshire...
.
Relationship with tenants
The Australian Competition and Consumer CommissionAustralian Competition and Consumer Commission
The Australian Competition and Consumer Commission is an independent authority of the Australia government. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority to administer the Trade Practices Act 1974...
has investigated several disputes between the Westfield Group and its tenants. In 2004 the Commission found Westfield was abusing its market and commercial power in settling disputes with tenants, and forced Westfield to formally undertake to not engage in "Unconscionable conduct and intimidation" of tenants.
Also in Australia, Westfield fee structures and policies have also been criticised by retailers who operate in centres which have been taken over by the multinational company. Retailers have suggested that when centres are acquired there should be more cooperation between the new operators and existing tenants in bringing shops up to the corporate standards of The Westfield Group, and increases in rent (required to operate a shopping centre with high standards of fittings and services) should be staged with the required improvements in fittings.
Relationship with competition
In 2002, a competing shopping centre was lodged to LiverpoolLiverpool, New South Wales
Liverpool is a suburb in south-western Sydney, in the state of New South Wales, Australia. Liverpool is located 32 km south-west of the Sydney central business district, and is the administrative centre of the local government area of the City of Liverpool...
Council and subsequently built. The centre would be about 3 kilometres from Westfield Liverpool. In 2003 when the second stage was built, the Westfield Group allegedly sought help from the government in forcing its closure.
See also
- Australian real estate investment trust
- Centro Properties GroupCentro Properties GroupCentro Properties Group, commonly known as 'Centro', is an Australian company which provides retail property ownership and management services. It is a listed company with securities traded on the Australian Securities Exchange. The multinational company owns and operates shopping centres in...
- Lend Lease CorporationLend Lease CorporationLend Lease Group is a global property and infrastructure company headquartered in Sydney, Australia...
- List of shopping centres in Australia
- Shopping property management firms
- StocklandStockland (company)Stockland is a diversified Australian property development company.Founded in 1952 as a residential developer, it listed on the Australian Stock Exchange in 1957 and diversified into commercial developments in the 1960s.Its current activities include:...
External links
Category:Shopping property management firms
Category:Companies based in Sydney
Category:Shopping centres in the United Kingdom
Category:Real estate companies of Australia
de:Westfield Group
es:Westfield Group
fr:Westfield Group
ms:Westfield Group
ja:ウェストフィールド・グループ
ru:Westfield Group
fi:Westfield Group