10 YEARS IN THE MAKING THE SOCIO-ECONOMIC IMPACT OF UNIBAIL-RODAMCO-WESTFIELD CENTRES IN FOREWORD 10 YEARS IN THE MAKING

30th October 2008: the date we opened the We are looking forward to realising the doors of for the first time, opportunity with our 50% joint venture marking the official arrival of the Westfield partner Hammerson. brand in the UK capital and signalling the There are good reasons why our destinations belief in its resilience, and future, despite a continue to be catalysts for the development challenging economic climate. CHRISTOPHE CUVILLIER of these areas. Westfield London and Westfield Fast forward to today and, as we celebrate our have made the areas around GROUP CHIEF 10th anniversary, that commitment holds true. White City and the Olympic legacy site more EXECUTIVE OFFICER We are proud to have pioneered retail in London attractive places to visit, work, live and enjoy. for the last 10 years – attracting more than half UNIBAIL-RODAMCO-WESTFIELD As the first part of the regeneration of a billion visitors and generating over £16.7bn in these Opportunity Areas, the centres have sales – and we are already looking forward to provided the critical mass of retail and leisure what the future has in store. space, alongside improvements in the built We have invested more than £4bn in our London environment and infrastructure. They attract centres over the past decade and have a further new occupiers and footfall for businesses £2bn+ planned. Importantly, our past, present and offer jobs and training opportunities for and future investments are synonymous residents. These future opportunities are with substantial socio-economic benefits. already being realised in Croydon, where there is a £5.4bn planned investment in the area. This report, based on research by Volterra Partners, shows that the economic contribution Today, Unibail-Rodamco-Westfield centres of our existing centres is the equivalent of support 32,000 jobs in London. A further £22bn–£30bn in Gross Value Added (GVA) over 12,000 jobs are being created through the the next 20 years, bringing substantial benefits expansion and our to the London and UK economy. new development in Croydon. With this comes INDEX an injection into the local economy, with annual The wider benefits are not limited to the sites worker expenditure of £24m–£33m, for the of our destinations themselves but reach way At Revo, we know how great and sustained benefit of local businesses, once all centres beyond the boundaries. All three of Unibail- 1. DESTINATIONS are operational. the contribution of retail property is all Rodamco-Westfield’s centres – Westfield London, over the country from supporting jobs, Westfield Stratford City and our new development Changing with the times over the past decade 2. INFRASTRUCTURE in Croydon – are in London’s Opportunity Areas: has been the key to the success of the centres skills, the development of major public the capital’s major source of brownfield land with themselves – creating retail, leisure and 3. PUBLIC REALM realm, infrastructure and the resilience significant capacity for development. entertainment destinations that span beyond of communities overall. When you look the traditional shopping centre offering. This There is currently over £32bn worth of inward 4. JOB CREATION at the numbers and the scope of Unibail- also includes enhancing the mixed-use nature investment surrounding these three London sites Rodamco-Westfield’s impact on London it of our sites, which feature approximately which will bring new jobs, homes, offices and 725,000 sq. ft. of office space. Residential also 5. EDUCATION & TRAINING is truly phenomenal and a beacon of how retail, and places as part of urban and mixed use has a valuable role to play; we have plans for retail property can be a game changer. town centre development, along with cultural and close to 4,000 new homes across the capital, 6. CONSTRUCTION learning institutions. including affordable housing. Ed Cooke, Chief Executive, Revo Our centres in their own right have also attracted This report celebrates the impact of our 7. COMMUNITY additional inward foreign investment. We thank investments on London’s economy, from our partners for sharing our vision and belief in the temporary benefits supported during 8. SUSTAINABILITY the strength of global flagship destinations in construction to the long-term permanent London, including our German 50% joint venture operational socio-economic impacts. They partner for Westfield London, Commerz Real, a 9. HOUSING include the benefits delivered to date as well as subsidiary of Commerzbank AG, and at Westfield the likely benefits of our planned future growth. Stratford City our 50% joint venture partners 10. ECONOMIC Canada Pension Plan Investment Board and Netherlands-based APG Asset Management.

2 3 EXECUTIVE SUMMARY

ECONOMIC ACTIVITY TOTAL CENTRE PUBLIC REALM INVESTMENT INVESTMENT GROSS VALUE ADDED (GVA) EQUIVALENT TO £6.12BN+ £22BN 10 ACRES WESTFIELD LONDON OPEN SPACE – PROVISION AND WESTFIELD SQUARE £100,000+ £2.3BN WESTFIELD STRATFORD CITY WESTFIELD LONDON £30BNOVER 20 YEARS £1.4BN CROYDON COMMUNITY £16.5M £24M–£33M INVESTMENT ANNUAL LOCAL ANNUAL £0.67BN CONSTRUCTION WORKER LOCAL WORKER LEGEND £1.75BN WESTFIELD EXPENDITURE EXPENDITURE WESTFIELD STRATFORD CITY STRATFORD CITY RESIDENTIAL TO DATE RESIDENTIAL PLANNED £58.5M EXPENDITURE £15M+ PERFORMANCE TRANSPORT HOUSING AWARDS JOBS SUPPORTED 12,000+ (2017) INVESTMENT TO DATE FURTHER JOBS ARE BEING CREATED ENVIRONMENT THROUGH WESTFIELD STRATFORD 32,000 CITY EXPANSION AND IN CROYDON 27.5M CLOSE TO 96 JOBS SUPPORTED IN LONDON VISITS AWARDS £10M+ INVESTED TO DATE IN EDUCATION 49.5M SINCE EMPLOYMENT VISITS 38,000 AND TRAINING CONTRIBUTIONS WESTFIELD ARRIVING NET ADDITIONAL DIRECT, LONDON 4,000 INDIRECT AND INDUCED JOBS HOMES INCLUDING IN THE UK, £3.6M WESTFIELD FURTHER BEING INVESTED STRATFORD CITY £200M+ AFFORDABLE HOUSING ACROSS: COMMUNITY 2,240 IN CROYDON AND STRATFORD GROSS FTE CONSTRUCTION JOBS 4 5 1. DESTINATIONS £6.12+ INVESTED IN LONDON BILLION DESTINATIONS nibail-Rodamco-Westfield has invested more than £4bn over the last 10 years in London and has announced a further £2bn+ of planned investment Uin the capital over the coming years. WESTFIELD £2+ In that time, Westfield London £2.3 BILLION and Westfield Stratford City BILLION LONDON have attracted more than 590m £1.75 shoppers and generated £16.7bn+ BILLION FURTHER INVESTMENT in retail sales. AT WESTFIELD WESTFIELD STRATFORD CITY The key to this success has been Including £600M creating destinations that span expansion STRATFORD (RESIDENTIAL) AND beyond the traditional shopping in March 2018 CITY CROYDON centre offering, with visitors enjoying retail, dining, entertainment and unique events, while attracting first- UNIBAIL-RODAMCO-WESTFIELD to-UK retailers and new concepts. CENTRES HAVE ATTRACTED MORE THAN MORE THAN 270 MILLION This includes working with other landowners, such as the BBC, MILLION IN WESTFIELD LONDON Stanhope, Berkeley St James and VISITORS SINCE 2008 Imperial College London in White 590 City, to cater for every trend. Soho House and Bluebird are among the MORE THAN 323 MILLION leisure, dining and culture brands IN WESTFIELD STRATFORD opening their doors to create a vibrant day and night-time economy. CITY SINCE 2011 At Westfield Stratford City, Unibail- £9.2BN IN WESTFIELD Rodamco-Westfield is supporting the AND HAVE GENERATED MORE THAN new Fashion District in collaboration LONDON with the British Fashion Council, BILLION £7.4BN IN WESTFIELD London College of Fashion and IN SALES STRATFORD CITY others including the local authorities. £16.7 It is part of the ’s £1.1bn vision for East Bank at Queen Elizabeth Olympic Park – a new 2017 FOOTFALL powerhouse of culture, education, WESTFIELD innovation and growth. 27.5 MILLION 49.5 STRATFORD CITY MILLION Unibail-Rodamco-Westfield is also building new homes and offices as WESTFIELD LONDON part of its developments, which has helped to attract further inward investment and continue the trend SALES of Unibail-Rodamco-Westfield IN 2017 centres acting as catalysts for wider £2.2BN regeneration, with new homes, 24% offices and universities coming soon. £1.2BN IN WESTFIELD STRATFORD CITY It is a vision shared by our joint FROM OVERSEAS venture partners: Commerz Real at £1BN IN WESTFIELD LONDON Westfield London, Canada Pension TOURISTS Plan Investment Board and APG Asset Management at Westfield Stratford City, and Hammerson at 2 the new Croydon opportunity. 440,000m OF FLOOR SPACE

6 7 2. INFRASTRUCTURE

ver the last 10 years, As part of its recent £600m services with neighbouring boroughs Unibail-Rodamco-Westfield expansion the centre contributed a including Hackney and Waltham has contributed over further £7m to support increased bus Forest, improved pedestrian and cycle £200m towards improving capacity, road and rail enhancements, routes and public parking spaces. local infrastructure and and better physical accessibility Approximately 80% of visitors arrive Oconnectivity in the areas surrounding through pedestrian zones. by sustainable modes of transport, i.e. its London destinations. public transport, foot or cycle. At Westfield Stratford City, £12m On opening in 2008, Westfield has funded the DLR extension to The Croydon development has helped London contributed over £170m Stratford International, station as a catalyst for future regeneration. towards local infrastructure, enhancements including extending Croydon council’s Growth Fund will including two new stations, one the subways to the centre and a contribute £56m in funding for the refurbished station, and multi new ticket hall, highway junction provision of public infrastructure and model transport interchange. improvement works, better bus transport measures.

WESTFIELD LONDON PLANNED/FUTURE:

NEW OVERGROUND REFURBISHMENT OF STATION AT SHEPHERD’S BUSH £5M SHEPHERD’S BUSH UNDERGROUND STATION TOWARDS LOCAL AND NEW UNDERGROUND INFRASTRUCTURE AND INCREASED BUS CAPACITY, STATION AT CONNECTIVITY IMPROVEMENTS ROAD IMPROVEMENTS AND IN CROYDON NEW PEDESTRIAN ZONES

WESTFIELD STRATFORD CITY

DLR EXTENSION £435,000 TOWARDS TO STRATFORD PEDESTRIAN AND CYCLE Westfield Stratford City played INTERNATIONAL STATION ROUTE IMPROVEMENTS an important part in the story of what was Europe’s largest 5,000 PUBLIC FUNDING TOWARDS urban regeneration project at SHORT STAY IMPROVING the time of the London 2012 PARKING SPACES CONNECTIVITY Games. The centre brings a BETWEEN WESTFIELD lot to Newham, with around a STRATFORD CITY, THE million shoppers every week, TOWN CENTRE AND jobs, tourism and investment EXISTING COMMUNITIES coming into our community. It has helped to build new infrastructure and transport links within our borough, as well as offering training and skills for our residents. The council is proud of the link it has developed with the centre since it opened in 2011 and how our residents have benefitted.

The Mayor of Newham, Rokhsana Fiaz

8 9 3. PUBLIC REALM

nibail-Rodamco-Westfield’s investments continue to INVESTMENT TO DATE: include significant public realm improvements and WESTFIELD LONDON green space provision, from Unew pedestrian routes to sustainable open space. This has created environments people want to visit, live and work in – in turn bringing 10 ACRES further economic and social benefits. OPEN SPACE PROVISION AND A TWO-ACRE Most recently, the launch of PUBLIC SQUARE – WESTFIELD SQUARE ‘Westfield Square’ – a dedicated outdoor entertainment and events IN VISITORS IN 2017 TOOK ADVANTAGE space as the focal point of Westfield 1 5 London’s expansion with a major OF THE PEDESTRIAN ROUTES AND TRAVELLED focus on dining, entertainment and TO THE CENTRE ON FOOT experience – provides space for visitors and residents to enjoy. WESTFIELD STRATFORD CITY Special occasions have already included a live screening of a Royal Wedding, Europe’s first ever Eid shopping festival, the Westfield Presents live music platform, and £100,000+ the World Premiere of The House TOWARDS FUNDING NEW LOCAL SPORTS FACILITIES AND With A Clock In Its Walls. THE PROVISION OF A TOWN CENTRE LINK BRIDGE USED BY There are also plans to bring the PEOPLE adjacent Grade II listed Dimco EVERY DAY building into public use as a 33,000 16,000 sq. ft. events space; in February 2018 it hosted ’s Fashion Week event. PLANNED/FUTURE: This follows a track record of WESTFIELD LONDON hosting major events and talent, including the likes of Rhianna, BRINGING THE GRADE II LISTED Justin Bieber and Lady Gaga, DIMCO BUILDING INTO PUBLIC USE having been the first company to create a dedicated public events space within its centres. WESTFIELD STRATFORD CITY Investment at Westfield Stratford ‘CHERRY PARK’ RESIDENTIAL DEVELOPMENT WILL INCLUDE PUBLICLY City has included public access ACCESSIBLE AND ENVIRONMENTALLY SUSTAINABLE OPEN SPACES routes connecting the centre to other parts of the Olympic legacy zone CROYDON and Queen Elizabeth Olympic Park, including the Town Centre Link Bridge PUBLIC REALM IMPROVEMENTS INCLUDING RESIDENTIAL DEVELOPMENT crossing 11 Stratford rail lines. AND A NEW COVERED 24/7 PUBLIC WALKWAY – THE EAST-WEST GALLERIA – The new Cherry Park residential TO IMPROVE CONNECTIVITY WITHIN THE TOWN CENTRE development will also feature accessible, environmentally friendly open spaces.

10 11 4. JOB CREATION 24% ith the recent opening of the Westfield London 1IN2 expansion, Unibail-Rodamco-Westfield WESTFIELD LONDON OF WESTFIELD LONDON EMPLOYEES now supports 32,000 jobs in London – 32,000 EMPLOYEES LIVE WERE PREVIOUSLY UNEMPLOYED approximately 13% of all Full Time Equivalent (FTE) jobs within both the London Borough JOBS CURRENTLY WITHIN THE SIX REPRESENTING A SOCIAL VALUE OF Wof Hammersmith and Fulham and The London Borough LOCAL WEST SUPPORTED IN LONDON of Newham. Over 12,000 jobs will be created between 13% LONDON BOROUGHS the Westfield Stratford City expansion and the new OF JOBS WITHIN THE £24M–£33M Croydon development. LONDON BOROUGH OF Initiatives with local partners such as WorkZone, HAMMERSMITH AND Skills Place and Work Place – in partnership with FULHAM (LBHF) AND THE the local authorities – have maximised local job LONDON BOROUGH OF opportunities. Westfield Stratford City has filled thousands of vacancies in partnership with Newham NEWHAM ARE PROVIDED 30% of these Council through Work Place and Skills Place since BY UNIBAIL-RODAMCO- being filled by 2007, while at Westfield London, 3,000 people have WESTFIELD 40% vulnerable and secured work through WorkZone since 2014. WESTFIELD STRATFORD CITY OF NEW JOBS AT 80% 38% disadvantaged There are now ambitious local job targets for future IN RETAIL INCREASE TO 44,000 IN EMPLOYEES LIVE IN THE LONDON CROYDON TARGETED residents of developments, including the expansion of Westfield 1 5 BOROUGH OF NEWHAM TO LOCAL RESIDENTS the borough Stratford City and the new development in Croydon. OTHERS IN FOOD AND A FURTHER 12,000+ JOBS BEVERAGE, LEISURE, THROUGH THE WESTFIELD HOTELS, OFFICES STRATFORD CITY EXPANSION £18M–£25M ANNUALLY IN LOCAL £6M–£8M MORE ONCE AND BANKING AND CROYDON DEVELOPMENT WORKER EXPENDITURE FOR THE BENEFIT OF LOCAL BUSINESSES PLANNED DEVELOPMENTS ARE OPEN

5. EDUCATION & TRAINING

£10+ MILLION INVESTED TO DATE IN EDUCATION AND TRAINING CONTRIBUTIONS

BEING FURTHER INVESTED £3.6 IN FUTURE DEVELOPMENTS MILLION IN CROYDON AND STRATFORD

WESTFIELD HAS ALSO BEEN PROACTIVE IN CREATING APPRENTICESHIP OPPORTUNITIES, PARTICULARLY IN CONSTRUCTION

12 13 6. CONSTRUCTION

hile some construction Croydon’s new £1.4bn retail and leisure centre will deliver 7,000 projects struggle to retain new jobs for local people in the construction, retail and leisure economic benefits locally industries, as well as nearly 1,000 new homes in our town centre. due to the scale of jobs and contractors involved, and We look forward to work getting under way next year and to the Wthe mobility of these jobs, Unibail- wealth of opportunities this exciting project will bring to our local Rodamco-Westfield has consistently community as part of Croydon’s overall £5.25bn regeneration. put in place initiatives to maximise the Cllr Tony Newman, local benefits of construction activity. the Leader of Croydon Council 33,300 GROSS JOB YEARS

GROSS FTE CONSTRUCTION JOBS 46% CREATED DURING THE CONSTRUCTION OF THE TOTAL VALUE OF CONTRACTS 3,030 OF EXISTING AND FUTURE CENTRES WERE TO COMPANIES BASED IN

GROSS CONSTRUCTION FTEs 2,240 BY THE END OF 2018

FURTHER GROSS FTEs SUPPORTED AT 790 CROYDON AND WESTFIELD STRATFORD CITY Increasing the number of FTES supported by construction activities by 35% 5,000+ CONSTRUCTION WORKERS EXPECTED TO SUPPORT A TOTAL OF 3,100 PEOPLE 2,049 £16.5M WESTFIELD EMPLOYED SPENDING IN THE LOCAL AREAS LONDON ON TRAINING/ WESTFIELD ONCE CONSTRUCTION IS COMPLETE APPRENTICESHIP STRATFORD Representing BASIS DURING a social value CITY 35% of circa CONSTRUCTION OF CONTRACTS WERE TO COMPANIES £7.9M BASED IN GREATER LONDON

14 15 7. COMMUNITY

long with a focus on creating also home to the £2m Shepherd’s through a variety of projects. These local jobs and training Bush community library, which include hosting a Christmas Jumper opportunities, Unibail- provides dedicated spaces for study Day and donating funds from Santa’s Rodamco-Westfield is actively and children’s activities, events for Grotto sales, along with proceeds engaged in sponsoring and all ages, and a useful link to council from events such as Style Trial – the Asupporting local community groups, services for local residents. first rental retail space. charities and schools. Investments At Westfield Stratford City, Alongside cash donations, Unibail- cover charitable work and donations, initiatives have included a donation Rodamco-Westfield’s people also the provision of grants, investments scheme which bought, collected and support the communities in which in community infrastructure, arts and donated £115,000 worth of toys that they work through volunteering. culture, and education and training were used as Christmas presents for contributions, as well as space and As well as contributing to an disadvantaged children and young media in the centres. emergency relief fund for those people in the local community. affected by the Grenfell tragedy, Throughout its recent £600m Since nominating Save the Children employees coordinated a donation expansion, Westfield London has as its official charity partner in 2012, point within Westfield London awarded more than £30,000 to Unibail-Rodamco-Westfield has been and helped to sort and distribute local groups through its community helping the charity achieve its goals donations to residents. grants initiative. The destination is 1,200 HOURS £15M + VOLUNTEERING IN TOTAL INVESTMENT 2017, EQUIVALENT TO IN THE COMMUNITY A SOCIAL VALUE OF AROUND £460,000 £10.7M CONTRIBUTION TOWARDS EMPLOYMENT AND TRAINING, SCHOOLS RETAIL ACADEMY, AND PUBLIC ART

IN 2012 NOMINATED RUNS A ‘STEMBASSADORS’ £30,000 SAVE THE CHILDREN INITIATIVE IN THE UK, IN FUNDING DELIVERED TO LOCAL GROUPS IN LBHF THROUGH AS OFFICIAL CHARITY ENCOURAGING YOUNG WOMEN WESTFIELD LONDON’S COMMUNITY GRANTS INITIATIVE PARTNERS TO TAKE STEM SUBJECTS £270,000 £2M IN CASH AND IN-KIND CONTRIBUTIONS TO LOCAL CHARITY IN FUNDING AND IN-KIND INVESTMENT AND COMMUNITY INITIATIVES IN 2016 AND 2017 AT WESTFIELD ALREADY CONTRIBUTED BY THE CROYDON LONDON AND WESTFIELD STRATFORD CITY PARTNERSHIP OVER THE PAST FOUR YEARS

16 17 8. SUSTAINABILITY 10. ECONOMIC

ustainability is a priority for them, including Westfield companies worldwide. In 2016 it n 2017, Westfield London Unibail-Rodamco-Westfield, Stratford City being the first embarked on a long-term challenge generated sales of £1bn and with measures actively UK shopping centre to receive a with its Better Places 2030 Westfield Stratford City supported monitored and reported in BREEAM Excellent design rating. strategy, which sets out a roadmap £1.2bn – a record year for both all destinations. Zero waste Further accolades have included for reducing its carbon footprint by sites. These destinations are a Sis sent to landfill at both existing being the first UK shopping 50% in 2030 (vs 2015). Isignificant generator of economic flagship centres – Westfield London centre group to be awarded the activity and attract a significant Unibail-Rodamco-Westfield’s and Westfield Stratford City – with Carbon Triple Trust Standard. amount of international spend. investment in excellent public 87% of waste recycled and 13% Unibail-Rodamco-Westfield has transport connections also means Crucially, this brings benefits recovered for energy. also been ranked first by GRESB that approximately 80% of visitors closer to home. Unibail-Rodamco- The two destinations have won – the global environmental, social arrive by sustainable modes of Westfield centres drive valuable over 20 sustainability awards and governance benchmark for transport, i.e. by public transport, social and economic support for local and commendations between real assets – among all listed retail foot or cycle. communities, surrounding areas, and across London. RANKED #1 BY GRESB AMONG ALL LISTED RETAIL COMPANIES WORLDWIDE £1.5BN–£2BN 7% 35% IN GVA PER ANNUM, RISING TO REDUCTION IN WATER REDUCTION IN CONSUMPTION GREENHOUSE GAS £2BN–£2.7BN 100% IN 2017 EMISSIONS IN 2017 IN THE FUTURE DIVERSION OF SOLID EQUIVALENT TO WASTE FROM LANDFILL VISITORS ARRIVE BY SUSTAINABLE OUT OF MODES OF TRANSPORT RECYCLING OF 4 5 NON-HAZARDOUS WASTE 78% IN WESTFIELD LONDON AND 82% IN WESTFIELD STRATFORD CITY 9–12% OF THE GVA PRODUCED BY LBHF AND LBN COMBINED

EQUIVALENT OVER 20 YEARS TO 9. HOUSING £22BN nibail-Rodamco-Westfield is 2015/2016 London Plan annual perhaps not really known as housing target; in LBHF the CLOSE TO – a residential company – but development will provide over it has permission for almost 100% of the residential target. 4,000 units across the The first affordable housing block £30BN Ucapital. Investments will deliver with 89 new homes at Westfield new homes of a range of sizes and London is almost complete. 4,000 FUTURE DEVELOPMENTS EXPECTED tenures, along with affordable NEW HOMES TO BE DEVELOPED In addition, the new Cherry Park TO CONTRIBUTE A FURTHER housing. This will contribute development at Westfield Stratford significantly to the housing supply City will bring 1,200 new homes £500M–£600M across London and in line with THESE NEW HOMES CAN BE EXPECTED to the area, and the residential OF GVA EVERY YEAR borough targets. TO SUPPORT AN ESTIMATED development in Croydon will bring In the up to 1,000 new homes. and London Borough of Croydon, UNIBAIL-RODAMCO-WESTFIELD The residents of these future Unibail-Rodamco-Westfield’s £58.5M CENTRES ARE EXPECTED TO SUPPORT residential developments will also OF GROSS RESIDENTIAL developments would help to contribute significantly to the level of EXPENDITURE PER YEAR achieve a large proportion of the 38,000 economic activity in the local area*. NET ADDITIONAL DIRECT,

*According to the household expenditure survey (2015-2017), a person living in one of these three areas in London will spend on average £175-£180 a week. INDIRECT AND INDUCED JOBS 18 TO DATE 19 Westfield London has brought jobs, genuinely affordable homes and economic vitality. More recently, it's become central to our industrial strategy which seeks to build Hammersmith & Fulham into a global leader in the bio-tech, digital and arts sectors, and bring the best possible start-up and career opportunities for all our residents.

Cllr Stephen Cowan, the Leader of Hammersmith & Fulham Council

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