Westfield has backed down in a dispute with tenants over service charges amid signs that it is suffering in the economic downturn.
Europe’s biggest urban shopping mall was drawn into a dispute with 23 retailers over the charges it levied for shared facilities at the 43-acre centre in West London.
Michael Gutman, the managing director of the £1.6bn centre, conceded that the charge would be adjusted. 'Yes, there’ll be a reduction,' he said. 'This is what we’ve been doing at our other seven buildings in the UK, where we recently reduced service charges by 10%.'