westfield says it can survive slowdown

008-11-02

The executive chairman of shopping centre developer Westfield Group, Frank Lowy, says he is confident that a new $4 billion-plus shopping centre in London can survive a global economic slowdown.

Westfield London, the largest in-town retail complex in Europe, at 18 hectares, opened last week.

Britain's economy contracted in the last quarter and experts have warned it is headed for recession.

Mr Lowy told Sky News' Sunday Business it wasn't the first time Westfield had opened a major project in a downturn.

"We have opened shopping centres in the `70s when times were bad, in the `80s when times were bad," Mr Lowy said.

"Economic cycles come and go, but the shopping centre stays, and the shoppers come to shop."

Westfield is targeting annual sales of around $2.5 billion, and 21 million shoppers each year.

Westfield managing director Steven Lowy said there were still opportunities around the world for shopping centre developers.

"I think we're well positioned to look at these opportunities whether they're in the United States, whether they're in the United Kingdom, whether further in Australia or other countries for that matter," he said.