Westfield Group (Sydney) reports that 80 percent of its approximately 150 retail spaces at Westfield World Trade Center — all of them underground — have been leased. The company tells the Wall Street Journal that all of the spaces will easily be filled by the time the $1.4 billion project opens next year. “We only have 365,000 square feet of space,” said Peter Lowy, co-chief executive of Westfield Group, told the Journal. “We could have leased it three or four times over.”
Located in the WTC’s transportation center, the development has the benefit of abundant traffic in the form of an expected 200,000 commuters who will pass through daily, as well as tourists and a growing residential population in lower Manhattan.
So far, Westfield has inked deals with several marquee brands including British men's clothier Turnbull & Asser (London) as well as shoe brand Stuart Weitzman (New York). Apple Inc. (Cupertino, Calif.), Michael Kors (New York), Kate Spade (New York), The Kooples (Paris), Eataly (Monticello d’Alba, Italy), MAC (New York) and Bobbi Brown (New York) are said to be close to finalizing deals.
“I think retailers in general have a skeptical approach to retailing underground,” said James Fayed, a board member of Turnbull & Asser. “But the walkway traffic is going to be phenomenal.”