The Los Angeles Times reports that "the owner of Westfield malls, familiar to passersby for decades for their bright-red logo signs, plans to sell all its properties in the U.S. as pandemic fears have sped changes to how people shop … All 24 U.S. malls are to be sold by 2023, Chief Executive Jean-Marie Tritant told investors last week. The company will become a 'focused, European pure-play,' he said."
The Times notes that "Unibail-Rodamco bought Westfield Corp. for nearly $16 billion four years ago. Unibail-Rodamco-Westfield, as the Paris company is now known, intends to bet its future on Europe, where it is the largest owner of shopping centers … Tritant didn’t elaborate on whether the Westfield malls might be sold together or individually, and company representatives declined to comment further on the planned property divestment."
- KC's View:
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The question is whether these things will be malls once they're sold. Or will they be health care facilities. Skate parks. Senior citizen housing. Amazon distribution centers. Or anything but bricks and mortar retail.
