10 YEARS IN THE MAKING THE SOCIO-ECONOMIC IMPACT OF UNIBAIL-RODAMCO-WESTFIELD CENTRES IN LONDON FOREWORD 10 YEARS IN THE MAKING 30th October 2008: the date we opened the We are looking forward to realising the Croydon doors of Westfield London 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 Stratford City 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 Westfield Stratford City 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 Mayor of London’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