Unibail-Rodamco-Westfield reports strong progress on re-opening of
its shopping centres
Paris, Amsterdam, June 2, 2020
Unibail-Rodamco-Westfield reports strong
progress on re-opening of its shopping centres
Unibail-Rodamco-Westfield (URW), the premier
global developer and operator of flagship destinations, today
announces that 65 of its 90 shopping centres have re-opened after
the easing of restrictions imposed because of the COVID-19 crisis.
This follows announcements by authorities in Los Angeles and France
on May 26 and 29, respectively.
With the remainder of the Group’s centres
currently planning to open by June 8 in Spain and June 15 in
London, URW expects to have at least 87% of its shopping centres
(approximately 80% by book value) open by June 15. This number is
likely to increase as further US states and counties confirm the
end of their restrictions. Five of the US centres not yet open have
been providing curbside delivery. Appendix 1 provides a detailed
overview of the Group’s re-opening status.
While trading of bars, restaurants and cinemas
is still restricted in many locations, URW’s centres have seen
footfall returning progressively following re-opening and generally
above levels the Group anticipated.
In Germany and Austria, the Group’s centres have
re-opened since late April/early May. Footfall there has grown to
at or above 80% of the prior year level. The URW assets in the
Czech Republic have also seen footfall at around 80% of the prior
year level over the past three weeks. In France, the centres which
re-opened on May 11 are now seeing footfall above 60% of the prior
year level(1), with Rennes Alma reaching 90%. As restrictions on
public transport are lifted from June 2, our well connected centres
will also start to see more of the usual “walkthrough” visitors. At
centres in the Paris region which only re-opened on May 29 or 30,
footfall on Saturday May 30 was encouraging being around 65% of
Although URW is yet to receive formal sales
reporting, tenants have generally seen higher conversion rates and
basket sizes than expected, with visitors returning for specific
shopping objectives, resulting in a better anticipated sales impact
relative to footfall. In fact, the French statistics agency, Insee,
reported it expects sales to have rebounded strongly since the
deconfinement and, according to press reports, in many sectors to
levels above last year, albeit this may be driven partly by pent-up
demand from the lock down period.
Christophe Cuvillier, Group CEO of URW,
commented: “While of course things are not yet back to normal, it
is very encouraging to see so many of the Group’s centres able to
trade again, while utilizing all appropriate and required measures
to ensure the health and safety of our visitors, tenants and
employees. Health & beauty, Sports, Home equipment and
Children’s clothing are believed to be among the best performing
segments. The recovery in footfall in markets such as Austria,
Germany and the Czech Republic to now around 80% of pre-crisis
levels, as well as the good initial performance of the recently
re-opened large French assets, provides strong reassurance,
especially considering that significant restrictions still apply on
major footfall drivers such as restaurants and cinemas, and that
most governments have encouraged companies and employees to
continue to favour homeworking.”
Notes:1. Excluding Carrousel du Louvre, since the Louvre museum
is still closed.
Appendix 1 – detailed information on the
re-opening of the Group’s centres
In addition to Sweden and The Netherlands, where
full restrictions were never applied, the Group’s centres are now
open in Austria, Czech Republic, Germany, Poland, Slovakia, and
Denmark. Following the first re-openings in France on May 11, all
of the Group’s remaining centres except Westfield Forum des Halles
and Westfield Les 4 Temps have now opened from May 29 and 30. In
the US, 13 centres have so far re-opened in Florida (4),
Connecticut (2), and California (7, in Sacramento, San Diego and
Westfield Century City in LA), while the Group’s remaining Los
Angeles centres, as well as Old Orchard in Chicago, are expected to
re-open from June 3.
In Spain, three of the Group’s centres are now
trading (Garbera, Glòries and Bonaire) while the rest are expected
to open by June 8. In the UK, the re-opening date provided by
the government is June 15. The Group’s remaining US centres are
expected to continue to re-open as allowed by local states and
May 2 for non-essential stores, May 15 for F&B. July 1 expected
May 11 for non-essential stores and cinemas (with capacity
restraint at 100) and May 15 for F&B.
May 11 including F&B. May 22 for cinemas.
May 11 for non-essential stores, excluding URW’s large Parisian
centres and La Part Dieu in Lyon. May 30 for remaining centres
except Westfield Les 4 Temps and Westfield Forum des Halles.
F&B can re-open from June 2 depending on the region, and
cinemas from June 22.
Varied by centre/state between April 20 and May 4, with F&B
open from May 11.
F&B re-opened from June 1.
May 4 for non-essential stores, May 18 for F&B.
No enforced closures, although some trading restrictions
May 20 for non-essential stores and F&B.
Phased re-opening, with Gloriès (partially) on May 20, Garbera on
May 25 and Bonaire on May 30. Other centres expected by June 8,
although F&B and cinemas will remain closed for now.
Non-essential stores are expected to open from June 15.
Progressive re-opening based on local official orders. Florida
centres re-opened between May 15 and 22, including F&B with
dine-in capacity restrictions. Connecticut and Sacramento centres
opened on May 20 and May 22, respectively, followed by San Diego /
Palm Desert on May 29, and Westfield Century City on May 30.
Remaining Los Angeles centres as well as Chicago expected to open
from June 3. With the exception of Florida and Los Angeles, F&B
is limited to take-away and delivery only.
For further information, please contact:
Investor Relations Samuel Warwood Maarten Otte
+33 1 76 77 58 02Maarten.email@example.com
Media Relations Tiphaine Bannelier-Sudérie +33
1 76 77 57 94 Tiphaine.Bannelier-Suderie@urw.com
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship destinations, with a portfolio
valued at €65.3 Bn as at December 31, 2019, of which 86% in retail,
6% in offices, 5% in convention & exhibition venues and 3% in
services. Currently, the Group owns and operates 90 shopping
centres, including 55 Flagships in the most dynamic cities in
Europe and the United States. Its centres welcome 1.2 billion
visits per year. Present on 2 continents and in 12 countries,
Unibail-Rodamco-Westfield provides a unique platform for retailers
and brand events and offers an exceptional and constantly renewed
experience for customers.With the support of its 3,600
professionals and an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects. As at December 31,
2019, the Group had a development pipeline of €8.3
Bn.Unibail-Rodamco-Westfield distinguishes itself by its Better
Places 2030 agenda, that sets its ambition to create better places
that respect the highest environmental standards and contribute to
better cities.Unibail-Rodamco-Westfield stapled shares are listed
on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW),
with a secondary listing in Australia through Chess Depositary
Interests. The Group benefits from an A- rating from Standard &
Poor’s and from an A3 rating from Moody’s.
For more information, please visit
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- Unibail-Rodamco-Westfield reports strong progress on re-opening
of its shopping centres
Grafico Azioni Wfd Unibail-rodamco (BIT:URW)
Da Lug 2020 a Ago 2020
Grafico Azioni Wfd Unibail-rodamco (BIT:URW)
Da Ago 2019 a Ago 2020