Westfield retailers closed for business 2:09pm 28.05.08

Retailers are feeling the pinch of slow sales with shopping centre vacancy rates on the rise, according to major shopping centre landlord Westfield.

Following the group’s annual meeting, joint managing director Steven Lowy confirmed a slowing but said the group was strong enough to withstand a downturn. "There has been a slight increase in arrears amongst tenants, more so in the United States, but also in Australia. These events are expected but we are well positioned to ride out these conditions.”
 
The group has 23,000 tenants in their global operations. Lowy noted that there was enough diversity in that number to endure a further decrease in consumer expenditure.