Westfield has always been a pioneer in the retail industry as they have demonstrated various retail innovations and developments since Frank Lowy and Jeno Schwarcz formed their partnership in the mid-1950s. Both Schwarcz and Lowy were Holocaust survivors and arrived in Australia with nothing and built an empire! Now the Australian shopping mall giant is expected to have a new set of executives in charge of Westfield Corporation as Frank Lowy is stepping down. Take a look at the plans that the new company has for Westfield.
On Wednesday, Westfield’s Chairman Frank Lowy announced that the shareholders of Westfield Corporation voted in favor of a $16 billion merger from Unibail-Rodamco which is supposed to become the biggest merger of an Australian company on record. During the annual general meeting, Unibail-Rodamco’s chief executive Christophe Cuvillier said, “today marks a new and major step forward in the acquisition of Westfield, a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation, and innovation.”
The Unibail is Europe’s biggest property firm and is looking to create a global leader in the retail sector as there are many online shopping challenges brought upon by big companies like Amazon. The newly formed company will include 104 shopping centers across 12 different countries which are worth an estimated $62 billion which will continue to carry the Westfield brand. Westfield continues to plan ahead and renovate their locations with major new store openings as well as new cafes, restaurants, and leisure outlets. The official deal will only pertain to Westfield’s estate across Europe, including the two in London, and North America, while Westfield’s Australian and New Zealand section is supposed to remain independent since Scentre purchased those sectors in 2014.