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Welcome back we're live in Beverly Hills at the Milken Institute global conference and and you know what what we did get that GDP number last week that came in.
Lighter than expected which is not a good -- -- for any of you out there who are looking to see.
Whether you should make investments before until you find out exactly how the consumers doing -- no longer.
My next guest has a billion point one customers that go through his -- 105 local malls.
Westfield group's co CEO Peter -- good to have you here.
Not to sit up billion really it's a lot of people 400 million in the US 400 million units -- -- -- be very simple question house Republicans have.
Well -- actually doing better than -- statistics show.
Even IGB can't GDP time and a little -- to this quarter what we're finding is that consumers still shopping.
-- styles are still going out but quite substantially in business is actually pretty good.
Let me just point out something to our viewers.
You guys -- the Westfield mall right by Olympic Stadium in Stratford outside a -- that because we were there reporting live.
And I kept thinking this thing's gonna go down as soon as the Olympics -- nobody's gonna go through this small it's going to be empty.
-- we had 47 million people come through the mall this year and it it almost a billion pounds of silence.
And -- the Olympics actually slips blood cells down a little bit -- since the Olympics business is actually been better.
That's his admin and now you have put your footprint of a lot of other countries as well as here the United States by the -- just down the hall they have.
The century city shopping mall which is now a Westfield mall -- -- listen I grew up shopping there and now let's let's field house that we're doing.
It's a very good -- Westfield century city does very -- -- -- -- right we talents but we're about to spend some plot 600 million dollars.
On the mall in the -- to double suns' double the signs.
That you would you accept as well where there's a light by an empty parking space in the parking spot that happen.
It certainly aren't actually that was one of the best inventions that were brought to the mall customers -- it.
It's very -- I just didn't describe the spirit I'll talk deceased parkinson's parkinson's OK let's go south at -- -- you have a partnership.
With an organization -- it which is where it's because I thought -- -- usually builds on the ground that what are you doing about partnership.
Well punish it in Brazil -- that until needed to union.
But just sold back out 50% to punchy -- -- itself and it that was not out terrorist news this news.
Learned it went just announcing that right now.
Right now since today -- -- right now OK so you are selling out of that partnership with the Brazilian outfit.
Why is that an anti Brazil play or is there something else you want to do -- aren't.
Fifty million dollars invested in Brazil at the -- -- probably gonna keep the money there what we're really doing is that joint venture that we had with giants.
Didn't really guide down the cops call the electronic multi we're investing into the -- So investing in London as you sit at Stratford at the World Trade Center in New York Amway gonna look to invest that much -- lots of malls and mark chronicles yeah.
-- -- your Fox Business exclusive at the Westfield group is getting out of that partnership for sale and can I assume you will build.
-- brand new mall there in Brazil that will be ready for the Olympics.
Not about we're looking to.
Couldn't start cracking the whip -- after he what's the what's the best area right now on the club who spent most.
The best -- -- -- -- -- here in the US.
The US senate consumer has come out of the recession is much stronger than we see in the rest of the world.
And now business here is actually quite strong any particular regions aside from what you just talked about Center City and seen off California and Florida are very strong.
Become another recession and now -- -- -- in this market prices and doing relatively well.
You know I I'd look at what you guys have done and it is so impressive your your grandfather's understand it sounded like our father your father who was a holocaust surprising to -- it.
That's right have you -- you here.
This is a survivor family what came to Australia but have done very well here in the US as well.
What -- the message to people who are a little down and out about the economy and worried about all that's happening in the world.
For most things we do a very long -- So that we -- the company started in 1960.
It's -- -- -- -- fifty years and we just ride out the cycles.
And and I think the issue for us in the EC that we are on the visit lightly on the businesses we keep plenty of equity theater alone in a fox this -- exclusive co CEO of Westfield -- thank you so much.
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