Westfield looks to reopen some of its centres

Westfield has said that while the pandemic has had a limited effect on Q1 revenue, it expects the impact of Covid-19 to be reflected in Q2. The announcement comes as the shopping giant looks to reopen some stores

Written by Georgie Dobie

Posted 01.05.2020 | Retail

Westfield looks to reopen some of its centres thumbnail

Speaking of the financial impact of the Covid-19 outbreak, Westfield shopping centre owner Unibail-Rodamco-Westfield has said the pandemic has had a “limited effect” on revenue in Q1 2020. However, it is expected to impact business heavily Q2.

URW said: “Covid-19 had only a limited effect on the group’s Q1 turnover as rents are billed and paid quarterly in advance in most of Europe and monthly in the US. 

”The impact of the pandemic will be reflected as of Q2, although at this time it is too early to reliably estimate such impact on the group’s results for 2020.” 

Turnover for the first quarter rose by 1.8 per cent to £834.2m, largely due to property development and project management revenues in the UK. 

This was partly offset by disposals completed in 2019, as well as the cancellation of events in March due to the Covid-19 pandemic. 

Meanwhile, turnover grew by 0.8 per cent to £588m during the period. 

URW said it would support its tenants throughout the pandemic through a combination of rent relief and deferral. Service charges at its shopping centres have since been reduced. 

From 20 April, Westfield centres began to reopen in Germany, and the company has said that Austria is expected to follow on 2 May, Poland on 4 May, France, the Czech Republic and Denmark on 11 May, and Spain between 24 May and 3 June. 

URW said it was ready to safely reopen its centres and comply with all applicable health and safety regulations. 


The Entertainer welcomes Geoff Sheffield thumbnail

The Entertainer welcomes Geoff Sheffield

He joins as buying director as the business targets future growth

BTHA AGM & industry Day will take place virtually thumbnail

BTHA AGM & industry Day will take place virtually

The scheduled physical event will instead take place on Zoom, on Wednesday 1 July, and is free to attend for ...

Juratoys focuses efforts on launching Lalaboom range thumbnail

Juratoys focuses efforts on launching Lalaboom range

The company has announced the availability of new marketing materials for the award-winning brand, as well as new introductions to ...

Press Releases

Radio silence broken on Novel Entertainment’s new Horrid Henry podcast thumbnail

Radio silence broken on Novel Entertainment’s new Horrid Henry podcast

The first podcast based on the award-winning Horrid Henry TV series will launch this week under new ‘Horrid Henry Unlocked’ ...

APC Kids signs trio of deals for CTC Media’s Kid-E-Cats thumbnail

APC Kids signs trio of deals for CTC Media’s Kid-E-Cats

New deals sees hit property’s footprint expand in Asia, Latin America and North America

Live the track with the Lego Technic Ducati Panigale V4 R thumbnail

Live the track with the Lego Technic Ducati Panigale V4 R

The Lego Group has revealed its latest Lego Technic model – the Ducati Panigale V4 R

Have a field day with Britains’ New Holland Tractor! thumbnail

Have a field day with Britains’ New Holland Tractor!

Tomy has revealed the latest launch from Britains – a New Holland T8.435 Tractor