Westfield Group's (ASX: WDC) UK plans have received a boost, with the shopping centre operator announcing that British department store John Lewis will open in a £1 billion extension at Westfield London.
The store will reportedly cover four floors and a massive 230,000 square feet, becoming one of the largest stores in the UK. The retailer was originally hesitant to open a store at Westfield London due to fears it could damage demand at its other nearby stores, but Westfield London has proven to be a raging success – hence the change of heart.
Westfield's European managing director Michael Gutman said, "John Lewis is the most requested store at Westfield London and we are delighted that we will soon be able to deliver on this for our customers."
On top of the extra 600,000 square feet of retail, the extension to Westfield London will also include 1,500 homes and is expected to create 6,700 new jobs.
Foolish takeaway
Morgan Stanley has said that the company's development story is positive and will be good for the stock price, and the company also reaffirmed its full-year guidance and distribution of 51c per security for the year.
