One of the world's largest mall operators Westfield Group (ASX:WDC) has launched an online shopping mall, Australia's first virtual centre.
The website currently only features Australia retailers but the company says it will look into listing foreign retailers as well as non-retail tenants such as travel agencies.
Westfield's managing director Steven Lowy says the website has the potential to be a serious income stream.
Retailers on the website will establish a lease contract with Westfield that will include minimum rents and commission-based fees.
For the six months to 30 June 2010 Westfield reported a net profit of $966 million.
WDC Price at posting:
$9.20 Sentiment: None Disclosure: Held
