DOCSLIB.ORG

Risk Management

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Risk Management Principal risks and uncertainties RISK MANAGEMENT Our approach to risk management Our businesses perform risk assessments group. The key risks, mitigating controls The delivery of our strategic objectives which consider materiality, risk controls and relevant policies are summarised and the sustainable growth (or long-term and specific local risks relevant to the and the Board confirms the group’s shareholder value) of our business, is markets in which they operate. The principal risks. These are the risks which dependent on effective risk management. collated risks from each business are could prevent Associated British Foods We regularly face business uncertainties shared with the respective divisional from delivering its strategic objectives. and it is through a structured approach to chief executives who present their This report also details when formal risk management that we are able to divisional risks to the group executive. updates relating to the key risks will mitigate and manage these risks and be provided to the Board throughout The group’s Director of Financial Control embrace opportunities when they arise. the year. receives the risk assessments on an These disciplines have proved to be annual basis and, with the Finance Key areas of focus this year effective as we navigate our way Director, reviews and challenges them Effective risk management through the challenges resulting from with the divisional chief executives, on processes and internal controls the COVID-19 pandemic. an individual basis. We continued to seek improvements The diversified nature of our operations, in our risk management processes to These discussions are wide ranging and geographical reach, assets and ensure the quality and integrity of consider operational, environmental and currencies are important factors in information and the ability to respond other external risks. These risks and their mitigating the risk of a material threat swiftly to direct risks. During the year, impact on business performance are to the group’s sustainable growth and the Audit Committee on behalf of the reported during the year and are long-term shareholder value. However, Board conducted reviews on the considered as part of the monthly as with any business, risks and effectiveness of the group’s risk management review process. uncertainties are inherent in our management processes and internal business activities. These risks may Group functional heads including controls in accordance with the 2018 have a financial, operational or Legal, Treasury, Tax, IT, Pensions, HR, UK Corporate Governance Code. Our reputational impact. Procurement and Insurance also provide approach to risk management and input to this process, sharing with the systems of internal control is in line with The Board is accountable for effective Director of Financial Control their view the recommendations in the Financial risk management, for agreeing the of key risks and what activities are in Reporting Council’s (FRC) revised principal, including emerging, risks place or planned to mitigate them. guidance ‘Risk management, internal facing the group and ensuring they are A combination of these perspectives control and related financial and business successfully managed. The Board with the business risk assessments reporting’ (the Risk Guidance). undertakes a robust annual assessment creates a consolidated view of the of the principal risks, including emerging The Board is satisfied that internal group’s risk profile. A summary of risks, that would threaten the business controls were properly reviewed and key these risk assessments is then model, future performance, solvency or risks are being appropriately identified shared and discussed with the liquidity. The Board also monitors the and managed. Finance Director and Chief Executive group’s exposure to risks as part of at least annually. COVID-19 the performance reviews conducted The COVID-19 pandemic continues to at each Board meeting. Financial risks The Director of Financial Control holds be a worldwide crisis and the situation are specifically reviewed by the meetings with each of the non-executive is still uncertain. Authorities continue to Audit Committee. directors seeking their feedback on the impose restrictions on both a regional reviews performed and discussing the Our decentralised business model and local basis. Since March, when the key risks, which include emerging risks, empowers the management of our pandemic became apparent, the Audit and mitigating activities identified businesses to identify, evaluate and Committee, on behalf of the Board through the risk assessment exercise. manage the risks they face, on a timely have provided ongoing support and Once all non-executive directors have basis, to ensure compliance with challenge of management’s processes been consulted, a Board report is relevant legislation, our business and internal controls. prepared summarising the full process principles and group policies. and providing an assessment of the status of risk management across the 84 Associated British Foods plc Annual Report and Accounts 2020 Strategic report Whilst our businesses had not planned We have raised the level of monitoring • Disruption to EU-UK logistics – for a global pandemic, under extraordinary for phishing attempts and other security The businesses that could be circumstances, our teams reacted with threats. In addition, we have issued impacted by this have reviewed immediacy to adapt to the evolving security awareness advice on secure their exposure and where appropriate situation. Effective communication both home-working best practices. have plans to increase inventory within the divisions and across the group levels to partially mitigate the risk. We have also increased disciplines to has ensured that appropriate actions The ability to do this is constrained ensure that user devices are regularly were taken to enable our food by warehouse availability and the shelf patched and upgraded to reflect businesses to operate fully, providing life of the goods. changing IT security threats. Revised safe, nutritious, affordable food to guidance for laptop and desktop • Data – Where necessary, the customers and meeting increased patching has been issued to all businesses have agreed Standard demand. Primark stores were able to businesses to ensure that systems Contractual Terms to enable certain reopen safely as restrictions were lifted. are up to date and secure. personal data to be transferred from Many lessons have been learnt over the EU to the UK. EU Exit the past six months and we have Following the UK’s referendum decision • People – The businesses have developed a flexible set of possible to leave the EU in 2016, the group publicised the UK government’s responses that are ready to be deployed established an EU Exit Steering Settled Status Scheme and where in the event of further restrictions being Committee which consists of a small appropriate have assisted employees imposed, whether that be locally, dedicated team. This steering with the application process. regionally or globally. committee worked with all the Our principal risks and uncertainties When this virus was first identified, our businesses to assess the risks and The directors have carried out an initial concern was the supply of goods opportunities arising from the UK’s assessment of the principal risks facing for Primark and, to a lesser extent, some decision to leave the EU. Primark Associated British Foods, including food ingredients sourced from China. As operates largely discrete supply chains emerging risks, that would threaten its the pandemic progressed, the most for its stores in each of the UK, US and business model, future performance, significant challenges we faced were Europe and the group’s food production solvency or liquidity. Outlined below maintaining the production of essential is largely aligned with the end market. are the group’s principal risks and food and food ingredients and the cash As a result, there is relatively little group uncertainties and the key mitigating flow impact arising from the closure of cross-border trading between the UK activities in place to address them. all Primark stores between March and and the EU. We therefore quickly These are the principal risks of the their reopening, in line with local market concluded that the overall impact of EU group as a whole and are not in any regulations, throughout May, June and exit on the group was relatively minor. order of priority. July. We took immediate steps to ensure We recognise that the outcome of adequate cash liquidity. Associated British Foods is exposed the negotiations between the UK and to a variety of other risks related to a Whilst Primark stores were closed, the EU remains uncertain. While we range of issues such as human we paid for in full, and took delivery of, would prefer a negotiated free trade resources and talent, community very large amounts of completed stock. agreement, we are prepared for any of relations, the regulatory environment A fund was established to ensure the potential outcomes. and competition. These are managed everyone in a vulnerable country who Over the last year the group and the as part of the risk process and a number worked on a Primark garment, whether individual businesses have taken steps of these are referred to in our 2020 completed or not, is paid for that to mitigate possible impacts of the Responsibility Update. Here, we report work. In July, we committed to pay transitional period ending without a the principal risks which we believe are our garment suppliers in full for all negotiated free trade agreement. The likely to have the greatest current or outstanding finished garments key risks identified, and the actions near-term impact on our strategic and and to utilise or pay for any finished taken are as follows: operational plans and reputation. fabric liabilities. • Imports to the UK – The UK They are grouped into external risks, A significant number of our employees government has indicated the tariffs which may occur in the markets or continue to work from home. To on imports in the absence of a free environment in which we operate, and support seamless homeworking trade agreement.
Load more

Recommended publications
  • Cresa Represents Primark in Lease Acquisition in Poznań
    Contact: Luiza Jurgiel-Żyła, tel. +48 695 795 121, [email protected] Cresa represents Primark in lease acquisition in Poznań Warsaw (17 February 2020) – Cresa represented Primark, a leading international fashion retailer, in the lease acquisition of its store in Poznań. The unit of 3,500 sqm of retail space will be located in Posnania, the largest regional shopping centre in Greater Poland. “We are delighted to have this opportunity to support Primark in their entry into the Polish market. The arrival of such a strong and well-known brand is evidence of the enormous potential of our country. Polish people have been waiting for Primark for quite some time and are enthusiastic about its coming here. Posnania is a multifunctional shopping centre of the latest generation with high footfall and a wide catchment area. I am confident that Primark will be a huge success in Poland,” said Szymon Łukasik, Head of Retail at Cresa Poland. The Dublin-headquartered fashion retailer, owned by Associated British Foods, currently trades from more than 370 stores in 12 countries including the Republic of Ireland, the UK, Spain, Portugal, Germany, the Netherlands, Belgium, Austria, France, the US, Italy and Slovenia. It employs over 79,000 people. Primark offers the latest trends in women’s, men’s and children’s fashions, including footwear and accessories, as well as lingerie, beauty and homeware, in addition to the latest sustainable ranges, including denim, nightwear and bedding, all made from 100% sustainable cotton. Cresa is the world's largest commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions.
    [Show full text]
  • CASE STUDY: PRIMARK the Corporate Impact of Human Rights Abuse and Effective Due Diligence
    CASE STUDY: PRIMARK The Corporate Impact of Human Rights Abuse and Effective Due Diligence Abstract Primark has refocused its corporate social responsibility in response to the deadly Rana Plaza tragedy, implementing key ethical initiatives to ensure supplier compliance with ethical standards and increased transparency surrounding employment practices. Human rights PR scandals have had a lasting impact on consumer perception of the Primark brand, illustrating the necessity of acting pre-emptively to mitigate latent risks within the supply chain. Primark’s prioritisation of worker rights through the reformation of their auditing process and application of meaningful due diligence has been largely successful in addressing supply chain human rights abuses, particularly where workers have been personally engaged to provide authentic testimony about working conditions. Primark has contributed significant resources to promoting sustainable sourcing, in a wider attempt to destigmatise the consumer notion that ‘fast fashion’ perpetuates unethical practices, and to make amends for historically poor labour practices. Introduction Jack Cohen, founder of Tesco’s, famously claimed that success in business is simple; “pile it high, sell it cheap”. Few companies reflect this philosophy more astutely than Primark. The high street fashion retailer, owned by Associated British Foods, has seen impressive increases in revenue over the last decade: from £1.6 billion in 2007 to £7.1 billion in 2017. Primark’s business model is responsible for the company’s rapid expansion. The ‘fast fashion’ trend popularised by the retailer has won over consumers through wholesale undercutting of high street competitors. Primark has become a driving force in the fashion industry. Where consumers are increasingly conscious of their spending, Primark’s universal appeal and accessibility have driven its UK fashion industry market share to 7%, second only to Marks and Spencer’s at 7.5%.
    [Show full text]
  • Primark – Terms and Conditions for Purchase of Goods and Services Not for Resale (Europe)
    Primark – Terms and Conditions for Purchase of Goods and Services Not for Resale (Europe) 1. DEFINITIONS 4.1 The Seller represents, warrants and undertakes that all Products shall: (a) be of the best available design and durability, of the best quality, material and In these terms and conditions and the PO (as defined below) the following workmanship, and be without fault (whether in design, material words and expressions shall have the following meanings except where the context otherwise requires: “Applicable Laws” means each law, statute, order, regulation, and and/or workmanship); (b) conform in all respects with the PO and any Special mandatory or generally recognised industry code of conduct applicable to Conditions; (c) in all respects with all Applicable Laws; (d) comply with the the supply, distribution and/or sale of the Products from time to time in Code; (e) be provided or performed by or using appropriately qualified and force. trained personnel; (f) be fit for any purpose for which they are supplied and/or of which Primark makes the Seller aware; and (g) in the case of work or “Primark” means such affiliate of Primark (registered in Ireland under no. services, be provided with the skill and care to be expected of a professional 47371) as specified in the PO. and competent specialist supplier of those services. “Primark’s Group” means Primark and its affiliates. 4.2 The Seller shall be solely responsible for obtaining any authorisations, licenses and permits required in connection with its performance hereunder and “Code” means Primark’s Supplier Code of Conduct (at represents that all such licenses and permits have been obtained.
    [Show full text]
  • Pre Close Period Trading Update
    7 September 2020 Associated British Foods plc Pre Close Period Trading Update Associated British Foods plc issues the following update prior to entering the close period for its full year results for the 52 weeks to 12 September 2020, which are scheduled to be announced on 3 November 2020. Trading performance Trading in the fourth quarter in both our food businesses and Primark exceeded our expectations. Grocery benefited from a continuation of increased retail sales volumes in our key markets of the US, Europe and Australia. Increased demand for yeast and bakery ingredients, particularly across the Americas and China, delivered higher sales for Ingredients. As expected Sugar will deliver a much improved profit year on year. All Primark stores reopened during May, June and July and trading during the fourth quarter has been strong. In the latest four-week UK market data for sales in all channels Primark achieved our highest ever value and volume shares for this time of year. For the full year we expect a very strong increase in the aggregate adjusted operating profit for our Sugar, Grocery, Agriculture and Ingredients businesses over last year. This will be driven by increases in each division with particularly strong increases in Sugar and Grocery. Adjusted operating profit for Primark on an IFRS16 basis, excluding exceptional charges, is now expected to be at least at the top end of the £300-350m range previously advised compared to £913m reported for the last financial year. Net interest expense and lease interest will be in line with last year, on an IFRS16 pro forma basis, and other financial income will be lower than in 2019 as previously explained.
    [Show full text]
  • The Penney Does Not Drop
    COVID19 PRIMARK STRATEGY TACKLING / ANGELINA DIMITROVA SHUTTERSTOCK THE PENNEY DOES NOT DROP One of the largest fashion chains in Europe and the largest clothing, footwear and accessories retailer by volume in the UK, Irish fashion giant Primark reached the shores of the United States after consolidating itself in Western Europe. An analysis. FIBRE2FASHION 46% Till FY19, the sale numbers were growing steadily but 2020’s pandemic phase pulled them back to FY16 status while Primark’s contribution averaged at 46 per cent (FY16–20). 78% During Q1 this year, the retail space increased by 0.2 million sq ft with addition of five new stores. As of January 14, 2021, 78 per cent of all stores occupying 76 per cent of total retail space remained closed. By Sanjay Bakshi rimark’s founder Arthur Ryan opened the first store in the city of Dublin, Ireland on behalf of the Weston family which founded Associated British P Foods (ABF) in 1935. This etched Primark’s existence in ABF. Today, ABF is a diversified international group with sales of £13.9 billion. The group has operations in 53 countries across Europe, Africa, the Americas, Asia and Australia; an employee force of 133,000 people; and owns more than 40 consumer brands, some of which sell in more than 100 countries. The group businesses are organised into five segments: grocery, sugar, agriculture, ingredients and retail backed by common industry expertise, operational capability and market knowledge. The group’s business model entrusts local heads and teams to take operational decisions with the corporate centre only providing a framework in which they FIBRE2FASHION COVID19 PRIMARK STRATEGY TACKLING / ALLARD ONE SHUTTERSTOCK have the freedom and decisionmaking TABLE 1 Primark Group: An Overview authority to pursue opportunities with ABF Group FY16 FY17 FY18 FY19 FY20 entrepreneurial flair.
    [Show full text]
  • Primark Ltd. Modern Slavery Statement 2020 OUR COMMITMENT to ADDRESSING MODERN SLAVERY
    Primark Ltd. Modern Slavery Statement 2020 OUR COMMITMENT TO ADDRESSING MODERN SLAVERY We are pleased to share our fifth Modern Slavery statement which covers our activities for the financial year ending 2020, in respect of the requirements under the UK Modern SlaveryAct 2015. Modern slavery is a zero-tolerance issue at Primark, and we are committed to preventing and addressing it in line with the United Nations Guiding Principles on Business and Human Rights and the OECD Due Diligence Guidance for Responsible Supply Chains. In this statement we outline how our commitment is put into practice through our policies, due diligence processes and training programmes. We highlight areas of risk we have identified and the steps we are taking to address these risks directly ourselves, with our partners and with stakeholders across the industry. We consider modern slavery to be one of the most salient risks within global supply chains, and we acknowledge the increased risk of modern slavery due to the impacts of the COVID-19 pandemic. This statement and our previous statements can be found on the Primark website and we welcome feedback on our efforts from stakeholders, our customers and other interested parties. Our statement has been reviewed by the boards of Associated British Foods Plc and Primark Limited. Paul Marchant, Chief Executive Officer of Primark December 2020 Primark Ltd. Modern Slavery Statement 2020 2 Primark Ltd. Modern Slavery Statement 2020 Table of Contents 4 Our Company; Our Response to COVID-19 5 Accountability for our Programme;
    [Show full text]
  • CZECH REPUBLIC Retail Q1 2020
    M A R K E T B E AT CZECH REPUBLIC Retail Q1 2020 ECONOMY: The Czech economy has a good starting position for difficult times YoY 12-Mo. Chg Forecast The COVID-19 pandemic hit the Czech Republic at the beginning of March, proving a slight delay as compared to the rest of Western Europe. For this reason, January and February still showed positive performance. Most government restrictive measures came in the €42,406 second half of March. In Q4 2019, the economy continued to slow down and grew at 2.0% y/y, while Q1 2020 is expected to grow at Average HH Income 1.0%, which is a positive outcome compared to the Eurozone average of 1.0% in Q4 2019 and Q1 2020 forecast -1.6%. The Czech government managed to stop and prevent further spreading of Covid-19 in a timely matter. The bill for this success will be issued in the coming quarters when in addition to hospitality, retail will be one of the most affected sectors. The Czech Republic has the advantage of €235.00 long-term low unemployment and the level of public debt, which gives space to mitigate the negative impact on the economy. Prime Rent, Sq m/month SUPPLY AND DEMAND: E-commerce benefits from increased interest in online shopping 4.50% Some of the upcoming retail projects are likely to be delayed because of the slowdown in construction. We will get more accurate figures Prime Yield in the coming quarters. At the beginning of the year, SC Opatovska (6,000 sq m) opened, which was created by the refurbishment of the Prime rent and yield for High Street units original building from the late 70s.
    [Show full text]
  • ABF Q3 Trading Statement 2 July 2020
    2 July 2020 Associated British Foods plc Trading update Associated British Foods plc today issues a trading update for the 40 weeks to 20 June 2020 which summarises the significant trading developments since the interim results announcement on 21 April and further updates on developments since our statement issued on 1 June, COVID-19 Update, Reopening of Primark Stores and Improved Group Cash Flow. Trading performance Group revenue from continuing businesses for the 40 weeks ended 20 June 2020 was 13% lower than the same period last year at constant currency and 14% lower at actual exchange rates. The following table sets out revenue on a segmental basis for the third quarter, the period from 1 March 2020 to 20 June 2020, and for the cumulative 40 weeks to 20 June 2020 and changes at constant currency to consistent periods in the prior year. Third constant fx Year to date constant fx quarter £m £m Grocery 941 +9% 2,630 +3% Sugar 344 -1% 1,147 +3% Agriculture 361 in line 1,053 -1% Ingredients 385 +3% 1,127 +3% Retail 582 -75% 4,292 -27% Total 2,613 -39% 10,249 -13% Grocery benefited in the third quarter from increased sales volumes through the retail channel which more than offset weaker foodservice demand. Sugar revenues were held back by lower Illovo export volumes in the quarter due to COVID-19-related logistical constraints at borders and ports in Africa. Primark stores were closed for most of the third quarter. Primark revenues for this quarter relate to the short period of trading before the stores closed in mid-March and the sales at the end of this quarter as stores have progressively reopened.
    [Show full text]
  • MADRID Cushman & Wakefield Global Cities Retail Guide
    MADRID Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Madrid | 2019 0 The retail market in Madrid has two major hubs (Centro and Salamanca districts) where the greatest concentration of both national and international retailers can be found. There are also a number of key secondary locations including Princesa, Orense and Alcala Streets. The City of Madrid continues to renew itself and adapt to changing trading environments, such as the recent refurbishment along Serrano Street with improved pedestrian mobility. At the Centro district many streets have also seen the refurbishment of buildings and changing uses in order to accommodate new brands in the city centre, where in the past it has been difficult to find good quality retail space as well as suitable hospitality spaces. Barrio de Salamanca is one of the two most important commercial areas of Madrid. A considerable number of international retailers are located in this area. As a result, the diversity of the retail offer in this area makes it an ideal destination for tourists and customers seeking the many brands that trade here. Within the district there are key luxury streets, such as Ortega y Gasset, and also streets geared towards mass market, including Goya and Velázquez. Along the secondary streets, such as Claudio MADRID Coello, Lagasca, Jorge Juan and Ayala, a large number of premium brands also have a strong presence. Serrano acts as the main commercial artery of the neighbourhood OVERVIEW with the important luxury, premium and mass market brands concentrated along its two sidewalks. Barrio de Salamanca offers a wide mixture of commercial, cultural and gastronomic supply.
    [Show full text]
  • Eastern Capitals (04 Nights / 05 Days)
    (Approved By Ministry of Tourism, Govt. of India) Eastern Capitals (04 Nights / 05 Days) Routing : Budapest – Bratislava - Prague Day 01 SAT : Budapest TODAY’S HIGHLIGHTS: Arrival Reception. Transfer to hotel and free time. You will receive information about the start of the circuit during the afternoon, or you can check the informative panels in the hotel reception area. Day 02 SUN : Budapest TODAY’S HIGHLIGHTS: Boat tour on the Danube River. In the morning, we will include a boat tour along the Danube River; the views of the city and parliament are impressive. Leisure time after the tour. At the end of the afternoon, there will be time to enjoy dinner in the city and travellers can select their preferred restaurant. Day 03 MON : Budapest - Bratislava - Prague TODAY’S HIGHLIGHTS: Time to explore Bratislava. Czech landscapes. We will leave Budapest for BRATISLAVA, the capital of Slovakia and a city alongside the Danube with an attractive historic centre. Time to see the city and have lunch. After lunch we will continue on our way to the Czech Republic. PRAGUE - At the end of the afternoon, we provide transport to take you to the Old Town Square. This central location is full of energy and touristic activities. It’s a marvellous place to acquaint ourselves with Prague. Several restaurants offering cuisines from around the world will be waiting to delight your taste buds, including Czech, Chinese, Indian and Italian. Return to hotel. Helplines : + 91-83-5599-2000 | 83-5599-3000 | Mail: [email protected] | Website: www.primarktravelhouse.com (Approved By Ministry of Tourism, Govt.
    [Show full text]
  • Macerich to Add Primark Stores to Retail Lineups at Tysons Corner Center and Green Acres Mall
    Macerich To Add Primark Stores To Retail Lineups At Tysons Corner Center And Green Acres Mall May 10, 2021 -New Deals Further Solidify Macerich's Relationship with Primark- SANTA MONICA, Calif., May 10, 2021 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, today announced new deals to bring Primark stores to two additional centers, Tysons Corner Center and Green Acres Mall. These new leases further solidify Macerich's relationship with Primark, as landlord to six of the brand's U.S. stores. The four other Primark stores in Macerich's portfolio include Danbury Fair Mall (open), Freehold Raceway Mall (open), Kings Plaza (open), and Fashion District Philadelphia (a two-level flagship store on Market Street now under construction and expected to open later this year). Leasing demand across the Macerich portfolio is on pace with pre-COVID 2019 levels, in large part due to the strength of the Company's high-quality town centers. In 2021, shopper traffic and sales are continuing to steadily rise with the loosening of restrictions within Macerich's major markets. The two new, two-level Primark stores are set for Tysons Corner Center, Macerich's powerhouse mixed-use property in Northern Virginia just outside Washington, D.C., and Green Acres Mall, the Company's well-positioned property located where New York City meets upmarket Long Island suburbs, replacing the recently closed JCPenney. Primark is a highly regarded international retailer known for its "Amazing Fashion at Amazing Prices," featuring clothing and accessories for women, men and kids, as well as beauty and homewares.
    [Show full text]
  • European Shopping Centre Awards 2018
    Finalists European Shopping Centre Awards 2018 2018 FINALISTS Congratulations to the fifteen finalists of the ICSC European Shopping Centre Awards. The prestigious awards are granted to the shopping centres at the forefront of the European retail real estate industry. Our select jury will announce the winners at the ICSC European Conference on 26 April 2018. And the finalists are…… 3 ESTABLISHED CENTRES (EXTRA LARGE) Westfield Stratford City - London, United Kingdom www.westfield.com/stratfordcity DEVELOPER: Westfield Europe Ltd ARCHITECT: Westfield Europe Ltd Design & Construction TOTAL RETAIL SPACE: 175,000 sq. m. NUMBER OF STORES: 250 MAJOR TENANTS: John Lewis, Marks & Spencer, Waitrose, Vue Cinema, Aspers Casino, Primark, H&M and Zara First opened in September 2011, Westfield Stratford City is the largest urban shopping centre in Europe and is located at the prestigious gateway to the Queen Elizabeth Olympic Park. The 175,000 sq. m. development represented a €2 billion investment in East London as part of the largest urban regeneration project ever undertaken in the U.K. Since opening, the centre has exceeded its targets every year. It also set a British record in September 2016 by welcoming over 220 million visitors in its first five years and achieving retail sales of €5.6 billion. The centre is home to more than 250 stores, 80 places to eat and drink, three hotels and world-class leisure and entertainment, including Aspers Casino, Vue Cinema and an All Star Lanes bowling alley. As the U.K.’s most popular retail destination by footfall, Westfield Stratford City claims some 30 U.K.-first stores and concepts for local and international retailers such as Victoria’s Secret, Stradivarius, Smiggle, IKEA, NYX and Missguided, as well as Europe’s largest H&M store, which opened in May 2017.
    [Show full text]