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The owner of Westfield malls will gradually sell off 24 mall properties in the United States within the next two years.
Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship Destinations and currently operates 85 shopping centers, including 53 flagship locations in Europe and the United States.
The company announced in a recent press release they plan on initiating a “radical reduction of financial exposure to the U.S. in 2022 and 2023” and operate their European locations only.
“By 2024, we will have successfully reshaped the business to capture future growth, centered on our portfolio of Flagship destinations in the wealthiest cities and catchment areas in Europe,” said Jean-Marie Tritant, Chief Executive Officer of URW.
The Westfield South Shore in Bay Shore is the only mall Westfield owns on Long Island. Westfield sold its other Long Island location, the Sunrise Mall in Massapequa, back in 2020. That property is currently being renovated by its new owners, according to Long Island Business News.
Many brick-and-mortar retailers and malls were hit hard sales-wise because of more people shopping online during the pandemic.
This is a developing story. Continue to follow greaterlongisland.com for updates.
Editor’s note: This story has been updated for accuracy purposes.
Top: Westfield South Shore mall. Photo courtesy of their Facebook page.
