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After a major new investment, the Westfield London shopping centre has unveiled 740,000 sq ft of new space, increasing the total size of site to a massive 2.6 million sq ft.
Westfield bosses have recently announced that, despite market uncertainty after the Brexit vote, they remain confident that the commercial sector in London will remain strong in the coming years, and the massive extension is testament to this.
Indeed, total sales at the mall have reached £8.6 billion, and it is estimated to have played host to 250 million shoppers since it opened a decade ago.
The new development includes space for 90 new stores (taking the total number of shops and restaurants to 450), and will create 8,000 new jobs – with priority being given to local residents.
The huge project comes despite plenty of uncertainty caused by the UK’s impending exit from the EU, bringing a welcome positivity to market forecasts which suggests that the future of bricks and mortar retail in the capital may be stronger than expected. Pete Miller, Chief Operating Officer of Westfield UK & Europe, explains; “We believe in the resilience of London and with our expansion we are creating west London’s best retail, dining and leisure destination.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.