Westfield affected by Government Coronavirus measures
Shopping centre giant, Westfield announced on Monday that measures taken by international governments to contain the spread of Coronavirus has affected the business as well as consumer caution around the issue.
As the world continues to respond to the growing Coronavirus epidemic, several governments in the markets in which Unibail-Rodamco-Westfield (URW) operates have implemented measures to contain the spread of the virus. "These measures will impact the group’s operations,” it explained.
Currently, local authorities in these regions have required all non-essential stores to close in France, Spain, Poland, Austria, the Czech Republic and Slovakia.
The company added: “As such, the group’s shopping centres in these markets are substantially closed. Some limitations to trading hours also apply in Denmark."
Westfield group continued that at present it is “too early to determine the situation’s impact on the contractual obligations of the group’s retailers and other partners or to estimate the effect of any case-by-case support measures the group may decide on."
URW has begun “an active dialogue with its tenants on how to address these unprecedented challenges”. Furthermore, it’s “actively reducing non-staff expenses, deferring non-essential capital expenditure and will make use of any relevant facilities or arrangements provided by the various national authorities to assist companies through the crisis”.