Multinational shopping centre company, Westfield Group (WDC), has invested $US79.8 million ($82.4 million) in the upgrade of the Los Angeles International Airport (LAX), The Australian Financial Review reports.
According to the newspaper, Westfield will develop 60,000 square feet of dining and non-duty free retail services in the new portion of the international terminal, with sales estimated at $US15,000 per square metre, figures similar to shopping centres such as Westfield Sydney.
As part of their retail strategy, upscale brands such as Bvlgari and Petrossian Caviar & Champagne Bar will operate out of the main area, alongside local LA fashion houses and brands including Fred Segal and Kitson.
LA-based Westfield co-chief executive Peter Lowy told The Australian Financial Review he believes the inclusion of luxury brands will entice corporate and high-end leisure travellers out of the airline lounges and into the main shopping precinct, creating a unique LA travel experience for visitors.
The AFR reports LAX committed $US1.9 billon to the upgrade of the Tom Bradley International Terminal (TBIT) which was struggling with lengthy immigration processing times and delays.