Westfield: The retail industry is changing

Retail mall behemoth Westfield says the retail industry is at an "inflection point." The company says legacy brands are making way for cutting-edge retailers to bring experience to bricks and mortar shopping, according to its co-chief executive Steven Lowry.

“The retail industry is changing rapidly due to technological and social changes, with an elevated level of store closures, largely among underperforming brands that have lost relevance with the consumer,” Mr Lowy said.

“The very fact that we can lease to 120 new retailers and brands that Westfield has never done business with before, in three current projects, I think says it all,” he said.

Westfield has seen a surge of new brands lease its stores, including Amazon, Samsung, Bose, Adidas, Zara, H&M, Eataly and automotive companies Telsa, Ford and Citroen.

“The balance is coming really almost from three companies: Apple, Amazon and Samsung. That’s clearly this technological drive that’s taking place,” Mr Lowy said.

In London, the mall owner is looking to secure a funding partner for the 1200 rental apartments to be built at Stratford next year, Lowry stated.

Photo credit: Westfield.com