Sunday, May 19th 2019

WDC - Westfield

Westfield Group (ASX: WDC) is an Australian company and the largest retail property group in the world (by equity market capitalization). Its business is owning and operating shopping centers (malls). It currently owns and operates 41 shopping centers in Australia, New Zealand, the United States and the United Kingdom. They are worth a combined total of AUD$41 billion. Westfield was first listed on the Australian Stock Exchange in 1960.

Westfield began with a development in the western suburbs of Sydney in 1959. It followed this by expanding into other Australian states, and then in 1977, into the United States. By 2005 the company owned shopping centers in 15 US states. In the 1990s Westfield also began to expand into New Zealand, and owns and operates 12 shopping centers in the capital, Auckland, alone. It also has an interest in six shopping centers in the United Kingdom.

Because Westfield Group earns the majority of its income from its overseas operations, it is negatively affected by a stronger Australian dollar.

Westfield Group profits have been strongly and negatively impacted by the Global Financial Crisis, due to slumps in retail spending and falling property prices.

The executive chairman of the Westfield Group is Frank Lowy, one of the co-founders of the original business.

Westfield Group recorded a loss of USD$2.1 billion in 2008, and a loss of USD$458 million in 2009.

The headquarters for Westfield are located in Sydney, Australia.
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