96 Legacy and trading
BORIS JOHNSON Mayor of London
The opening of Westfield's Stratford City has been key to the transformation of east London and was delivered many years earlier than planned because of the Games. Not only has it has set the pace for regeneration in the area, creating 10,000 jobs and bringing new businesses to this long-neglected part of the capital, it has a huge part to play in the London 2012 legacy, attracting investors who want to share in the success of the Olympic Park and the wider area.
JOHN BURTON Westfield
The real legacy has been the jobs created – so far we’ve created 3,000 jobs for the long-term
unemployed in the local area. In terms of community, that is what makes it most rewarding.
The two main metrics that a shopping centre uses are footfall and turnover. Before Westfield Stratford City opened, the target was to get 25 million visitors a year; as it stands, it is on track to attract more than 40 million a year. In terms of its popularity, it has surpassed all expectations and is on track to be one of the busiest shopping centres in the UK, if not Europe. Targets in terms of turnover have been met – over £500 million went through the tills in the first six months. Normally when a big centre like this opens, there is a two to three-year period of stabilisation while the tenants find what suits them – some leave, others move or take more space. At Westfield Stratford City this period will be longer because of the effect of the Olympics, which makes for interesting, slightly anomalous, trading conditions. There will be a real blip in visitor numbers and a lot of logistical challenges – parking and delivery restrictions before and during the
Games, for example – and trading will occur in a very abnormal way. That will all mean that the stabilisation period will be longer than usual, but the results so far are certainly pleasing. The bigger story for Westfield is what happens around it; offices must be built within the development and a lot of housing will arrive nearby. So far, the local population makes up a very large part of our footfall but, with the addition of 3,000 extra housing units, the local demographic is going to change dramatically. Looking forward five to ten years, the effect of the extra 7,000–8,000 units of housing nearby will be interesting – added to that is the effect the Olympic Park will have, which shouldn’t be underestimated. Previously, east London hasn’t had any major tourist destinations – now it will. This will see a real shift in perception about east London and a whole new customer base for Westfield. The next big challenge is dealing, physically, with the Olympic Park.
1. Shoppers flood in to Westfield over the Town Centre Link bridge
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