Westfield managing director Steven Lowy has this morning opened the first stage of the $1.2 billion redevelopment of Westfield Sydney located on Pitt Street Mall in Sydney’s CBD.
Westfield Sydney’s stage one redevelopment sees more than 100 fashion and food specialty stores opening in time for Christmas. Construction work will continue on the site through the middle of next year when another 130 specialty retail stores will open in the second stage of the Westfield Sydney development. Further construction work will continue on the 27 storey office tower on top of the retail precinct through to 2012 when Westfield’s and J.P Morgan’s Australian Headquarters will move to.
Westfield’s Steven Lowy was pleased the opening could take place six months earlier than initially expected, with Westfield looking to capitalise on the Christmas shopping season and buzz around the redevelopment.
Westfield Group Managing Director Australia & New Zealand Robert Jordan said the new flagship centre Westfield Sydney is of a global standard.
“Westfield Sydney will become the benchmark for downtown shopping malls in Australia. We’re developing a global centre that will offer the very best in retail, design, and services and we believe the centre will position Sydney as an international shopping destination.”
Westfield Sydney’s rents are not among the highest in the world, with a Colliers report in March showing Pitt St Mall rents of $9,000 USD per square metre.
Stores to open in Stage One in October include Gucci, Hugo Boss, Stuart Weitzman, new-to-market brands GAP, Mulberry, and DKNY Jeans, together with a host of Australian retailers including Cue, Sportsgirl, Wanted Shoes and designers including Zimmerman and Carla Zampatti. Westfield Sydney will also launch 100 Squared, a fashion incubator concept allowing clusters of young designers to have a pop-up retail space on level one.
Westfield Group also has plans to take its iconic Westfield shopping centre brand online, with a ‘virtual mall’ filled with the same tenants of its Westfield shopping centres in an overhaul of its online online retailing presence in Australia.
