Westfield’s High End Portfolio Not Immune from Sluggish Consumer Spending. FVE Cut 5% to AUD 10
Westfield’s portfolio of premium shopping centres is aligned to the affluent demographic, but recent trading performance indicates its tenants aren’t immune from global retail malaise. The annual specialty sales growth rate has been systemically slowing over the past two years to 2.1% at March 2017. There are some green shoots in parts of the U.S. economy, which could boost tenant sales, but this needs to be contrasted with the inexorable rise in the percentage of sales occurring through digital...Westfield is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its U.S. and U.K. portfolio. Co.'s operational segment comprises the property investment and the property and project management segments. Property investments segment includes activities related to existing shopping centres and completed developments. Property and project management segment includes property management and development for third parties.
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