UK Sites Hit Hardest with 63.1% Decline in Turnover
- Westfield owner Unibail-Rodamco-Westfield (URW) reports a 42.8% drop in Q1 turnover due to Covid-19 restrictions
- Q1 shopping centre revenues decline by 30.1% to £313.6m
- Total turnover falls 42.8% to £393.2m
- UK sites see a 63.1% drop in revenue from £22.4m to £9.5m
- CEO Jean-Marie Tritant anticipates challenging year ahead with ongoing impacts on full year results
- Overall vacancy rate increases due to pandemic’s lagged impact on retailers
- Strong return of UK footfall reaches 75% of 2019 levels in first week after reopening
Unibail-Rodamco-Westfield, the owner of Westfield shopping centers, reported a 30.1% year-on-year decline to £313.6m for its Q1 revenues and a 42.8% drop in total turnover to £393.2m due to ongoing Covid-19 restrictions. The company’s operations faced an average of 42 days closure, compared to 13 days last year. UK sites were the hardest hit, with revenues dropping 63.1% and £14.2m from £22.4m in Q1 2020 to £9.5m this year. CEO Jean-Marie Tritant expects a challenging year ahead with tougher restrictions impacting the group beyond Q1, but notes encouraging leasing activity and a strong return of footfall reaching 75% of 2019 levels in the first week after reopening. Despite indoor F&B and entertainment closures, this signals an appetite for recovery across all markets.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Unibail-Rodamco-Westfield’s financial performance in Q1 2021 and includes quotes from the CEO of the company. It also mentions the impact of Covid-19 restrictions on their operations and offers a positive outlook for the future.
Noise Level: 3
Noise Justification: The article provides relevant information about the financial impact of Covid-19 restrictions on Unibail-Rodamco-Westfield’s performance and offers some insights into the company’s outlook for the future. However, it could benefit from more analysis or context to make it a higher quality piece.
Financial Relevance: Yes
Financial Markets Impacted: UK retail and commercial real estate sector
Financial Rating Justification: The article discusses the financial performance of Unibail-Rodamco-Westfield, a company in the retail and commercial real estate sector, and its impact on their revenues due to Covid-19 restrictions. This has implications for the UK retail market and other companies in the same industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, and the impact of Covid-19 pandemic on the company’s performance is not considered as an extreme event.
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