Reassessing Westfield—Part II

Australian retail rents are unsustainably high, and any decline will impact Westfield Retail Trust. Jason Prowd assesses the fallout.

‘We said to the landlord, “we're going to shut” and our rent reduced 30%’, declared Mark McInnes, chief executive of Premier Investments. The self-appointed champion of lower rents for retailers is the bearer of very bad news for the owners of Australian shopping centres.

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