The Observer: "Two huge mergers have brought consolidation to the world of big retail property – a sign that even the largest malls are feeling the economic chill"

Link to web site

"[Opening a £600m extension to Westfield White City] looks like madness in the current economic climate. British households are facing the biggest squeeze on living standards since records began, while the trend for online shopping is prompting many retailers to close, rather than open, stores.

This tough environment is what sowed the seeds for this month's game of shopping-centre Top Trumps, with ... British property group Hammerson buying smaller rival Intu for £3.4bn, then Australian billionaire Sir Frank Lowy pulling a rabbit out of the hat by agreeing to sell his family's Westfield shopping centre empire, including its two London malls, to France's Unibail-Rodamco for £19bn.

"... Marks & Spencer, Debenhams and Toys R Us are among the chains who have announced plans to close branches, while many former BHS premises remain empty. There is also speculation in property circles that big high street names such as House of Fraser could be among retailers considering a company voluntary arrangement – an insolvency procedure used by retailers to reduce their rent liabilities or close stores."