London was yesterday, the official home of Britain’s largest shopping mall with the launch of the $2.8 billion Westfield London Shopping Centre in Shepherd’s Bush , a massive 265-store, glass-roofed shopping center.
The centre’s owners, Westfield and Commerzbank AG are confident that the looming British recession, the worst since 1991 will not negatively affect the potential profits of the centre’s future.
Steven Lowy, managing director of Australian based Westfield said that the project was built with the future in mind. The new mall is targeted to serve 20 million shoppers per year and Westfield aims for sales of £1 billion ($2 billion).
One reason why Westfield managers are so confident about the success of their new mall is the fact that London’s 7.5 million residents were only served by four regional shopping centres.