Westfield has almost entirely filled its new White City shopping mall in west London in spite of the deteriorating economic environment for retailers.
Announcing a fall in firsthalf profit after the value of its US and UK investments slumped, Westfield nonetheless said it was bullish about the prospects for its shopping developments. Overall, its UK portfolio was 99% leased at June 30 and the company was optimistic about the prospects for its London portfolio in particular. The luxury part of the White City project had attracted names such as Louis Vuitton, Dior, Gucci and Prada.
Westfield has also now started on its $3bn (£1.6bn) retail-led development of Stratford, next to the site of the 2012 London Olympics.