Westfield Group is planning to increase its investments in both the US and UK to capitalize on the increasing retail demands in these countries. The world's biggest shopping mall operator by assets announced that it would expect about sixty percent of its total interests would be located in these two countries.
According to co-Chief Executive Officer Peter Lowy, the company is in the hunt for 'unique' markets specifically in Europe, akin to Milan where the company would be building one of its biggest malls in the region by next year. He said "You'll see a bigger increase coming out of the other markets as Australian developments slow down a little bit."
He added "What we're doing in Europe is trying to see if we can find other sites that have the characteristics of Milan, where the customer is underserved but has large amounts of disposable income and the real estate is in the right place."
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