Reassessing Westfield—Part I

Over the past few years, landlords rather than retailers have benefitted from higher gross margins. Gareth Brown explains how what should be good could be bad.

Despite our long held concerns, the severity of the downturn in the discretionary retail sector was surprising.

Since a downgrade on 3 Oct 09 (Sell – $5.77), David Jones is down 59%; Myer Holdings has fallen 50% since our 2009 float critique (Avoid – $4.10); and after panning the 2009 float of Kathmandu, it has sunk 28%.



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