SYDNEY: Westfield Group Chairman Frank Lowy revealed he is as optimistic as ever about the company's future as it celebrates its 50th year in business.
Speaking at the company's annual general meeting, Lowy affirmed Westfield is starting to see positive indicators emerging in “the fundamentals of the economies” in which it operates.
Specifically, Lowy said the company continues to see strong results from its Australian portfolio and retail sales are also picking up in the US and the UK.
In his address to the board and to shareholders, Lowy spent much time touching on Westfield's 50 year history.
He revealed both he and his late business partner John Saunders started out with “burning ambition” but nonetheless “worried about paying our bills next week”.
Lowy was emphatic that he could not have built the Westfield empire without the support from his wife and three sons, but also acknowledged the work of the company's board and employees over its lifespan.
“Successful relationships have been the single most important factor in Westfield's success,” Lowy said.
Looking ahead, Lowy referenced the Group's new developments including Westfield Stratford in London and Westfield Sydney City. He also touched on other future changes, including a change in the kind of businesses that Westfield leases space to.
“The Westfield story is all about change,” Lowy said.
“It is my belief that Westfield too will go on fulfilling the role it has played for the past 50 years in bringing out the best that the shopping experience can be.
“We are extremely well placed to do so, with a strong balance sheet, an experienced and stable executive team, high quality assets and the ability to move quickly when new opportunities arise.”
Westfield Group's 2009 operational earnings were $2.064 billion, up 6.2 per cent on the prior year. The company reported operational EBIT of $2.871 billion, up 8.3 per cent on 2008.
Westfield Group operates 119 shopping centres across Australia, New Zealand, the UK and US.