- Global commercial property giant Unibail-Rodamco-Westfield (URW) has reopened 65 of its 90 shopping centres
- The company is aiming to have at least 87 per cent of all stores open by June 15
- However, this number is likely to increase when more U.S. states end their restrictions
- Although URW is yet to receive a formal sales number, tenants have generally seen higher amounts of sales than expected
- URW has ended the day a strong 8.29 per cent in the green with shares trading for $4.44 each
Global commercial property giant Unibail-Rodamco-Westfield (URW) has reopened 65 of its 90 shopping centres.
These openings follow the easing of COVID-19 restrictions and announcements made by authorities in Los Angeles and France.
The company is aiming to have the remainder of its centres open by June 8 in Spain and June 15 in London, and at least 87 per cent of all stores open by June 15.
However, this number is likely to increase when more U.S. states and counties end their restrictions.
While the trading of bars, restaurants and cinemas is still restricted, URW has seen its foot traffic return following the re-opening of stores.
URW’s centres in Germany and Austria have be open since between late April and early May, and traffic has grown above 80 per cent than what was experienced last year.
Centres in the Czech Republic have seen footfall (number of people entering a shop) at around 80 per cent and footfall above 60 per cent in France.
When restrictions regarding public transport are lifted, URW believes it will start to see more ‘walkthrough’ visitors.
“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 utilising all appropriate and required measures to ensure the health and safety of our visitors, tenants and employees,” CEO Christophe Cuvillier commented.
“The recovery in footfall in markets such as Austria, Germany and the Czech Republic to now around 80 per cent 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,” he added.
Although URW is yet to receive a formal sales number, tenants have generally seen higher amounts of sales than expected.
This is due to visitors returning for specific shopping objectives, resulting in a better than anticipated sales impact.
URW has ended the day a strong 8.29 per cent in the green with shares trading for $4.44 each in a $12.24 billion market cap.