Economic value generated and distributed
At 31 December 2012, Westfield Group’s portfolio of 105 centres under management was valued at $64.4 billion. More than 1.1 billion visits were made to these centres, generating more than $40 billion in retail sales.
During the year $2.02 billion worth of redevelopments were completed while a further $1.4 billion worth of redevelopment work commenced. The Group’s development pipeline of future projects is currently more than $12 billion. These statistics highlight the different ways Westfield Group generates economic value. Each shopping centre is a powerful generator or economic activity, producing investment opportunities, direct and indirect employment and innovation. They are community hubs visited by millions of people every week who work, shop, do business and have fun.
In 2012 the Group provided $6.6 million in community support around the world. As in the past this support was a combination of cash contributions as well as in-kind provisions through strategic partnerships encompassing employee volunteering programs, mall space and other activities.
Westfield Group’s Corporate Governance Statement can be found here