You're watching...
Westfield Group Co-CEO Steven Lowy on Europe’s largest indoor shopping mall by Olympic Park and the outlook for retail in the U.K. and globally.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- may be tough in London but London is hoping to get a big economic boost eventually from the Olympics one company Westfield group.
Has even -- Europe's largest indoor shopping mall right outside Olympic park in East London.
But here is that saying it was planned before the Olympics -- -- across the condos claimant joins us from there now with an exclusive interview.
With Westfield group's co CEO -- taken away.
While that's really taking a risk isn't it you even know that -- Olympics are coming and you took the chance to build it right where at the arena would be built on the left some -- -- guys that.
You've got the Olympic -- -- -- hamper track and field you wanna get into the stadium you -- to walk through the Westfield mall that's.
Million square feet of retail space.
300 different stores.
Talk about seventy different restaurants bowling alleys that casino and for -- -- -- the coast CEO of Westfield group that also represents.
A new crown jewel in their empire which he hopes will continue to sparkle and shine.
Long after it -- accent.
It's amazing thing.
We are averaging something like 400000 people a day through the mall here -- losing your expectations.
We have high expectations any -- we average give me 700000.
People -- at his home.
So on any given the end we would be in their answers that you thought my customers.
There will be around two and a half million more customers and specifically because the Olympics and we expect most of those that come throughout -- -- yeah.
Well -- that's -- rather clever.
You have to exit that you've stopped that subway stop -- at 70%.
Of the traffic as I understand it going to Olympic park.
-- to go through the small yes.
By design that would about him well -- -- -- by design I think.
That we worked very closely with the with the authorities and putting a distraction to getting here we actually -- decide before -- Olympic Games.
Was announced and before London -- -- -- they want to be.
We really built this small and not the Olympics we've built this small for the three million people who live in and around the strait area and them in the Olympics okay.
It really fast tracked the -- Construction infrastructure and we work very closely with the authorities -- that what made you believe that this was going to work.
With or without feel like this if people that had that view of Islam being oppressed area.
-- -- This three million -- believe is enormous trade area.
The east side of Rodman has had a price on the supply of real excitement people we had to go to the west side.
Travel along Lam trying to get there and added that since the day we as those that we've been averaging seven -- -- -- thousand people away.
We expect this small to do about a billion pounds as sales.
Found this to get -- without a mall in West London -- -- two highest grossing companies and is now in Europe so.
We were really confident about the -- area of.
Let's get to the economy needless to say it is challenging globally but the UK isn't it -- -- perception.
Your entire business Australian based but overall here global here in the US it's up -- up what's life.
It would -- this strong points where these well I think strong points -- them.
Is a strong point modernism might just -- the United Kingdom economy.
And London has improved since that level financial brought this to be an incredibly resilient global city.
It has influences from the Middle East from my Asia from Europe from you it's not -- the United States and it's really want us special global cities.
And -- your annual results indicated that coming up February even that actually -- properties.
Weren't doing to Portland where's the weakest area on the -- for him.
Well I've been that we can -- it really changes from -- -- -- through the global financial crisis the United States but seriously it.
And that of course it has rebounded but what well particularly -- east and West -- the night cities Los -- you know Miami so that the combat strongly.
Australia which actually sailed through the global financial crisis.
You've probably -- -- -- In this environment right now this was slow growth even now we've got an economy.
That is going tradable Hussein is -- results -- And the rest of the country an accident itself right now the UK Europe.
Wolf as well nine that the eurozone crisis is is very problematic for all of us the night to cities of London Paris.
Milan -- very strong right now.
Life after the Olympics.
The last -- leaves the games are over.
How do you keep these crowds at a level that is helping these businesses all around best sustained.
Their businesses will ever really confident about that I -- not mentioned before that this building was not built the Olympics.
This building was built because those -- really -- on the supply on the east side of -- The first Saturday we have and we had a quarter of a million people come -- this building we -- really confident.
That this is now the largest.
Inflation -- -- -- in Europe.
We expect it to be a manager drove going forward because of people are already living in and around the -- area.
We'll see 181000.
Jobs were created in building this small and of course we will wait a look at watch and follow up to see that.
After the Olympic crowds leave whether these businesses can be sustained but you know what that's Westfield is already looking ahead to its next project another mega -- this time.
In South London I'll send it back -- -- lot.
