Helen Dickinson, KPMG’s head of retail comments on the opening of Westfield Stratford City:
“Europe’s largest shopping centre certainly attracted the crowds on Tuesday with more than 100,000 visitors on its opening day. But the key to its future will be how far people are prepared to travel when the fanfare of the new opening is over.”
“Westfield Stratford City has a lot to live up to, given its size and the current challenging retail environment, with consumer’s incomes being squeezed from every direction. That said, Westfield Shepherds Bush opened in 2008 at the height of the banking crisis but has since gone from strength to strength.”
“Trading over the next year will be distorted from the long term sustainable trend by the build up to the Olympics and the games themselves.”
“Stratford City’s long term future will depend on whether those living in the surrounding areas become regular visitors over the next twelve months when the experience will potentially be undermined by tourist traffic.”
-ENDS-
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff. The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
