Speaking on the mall launch, Boris Johnson, mayor of London, declared Westfield London a ‘fantastic achievement’ and a great boost to the economy of London. He said, “Westfield London will persuade people with money to come back to the shops in spite of the credit crunch.”

Westfield London, the largest city-centre shopping mall in Europe, is owned by Westfield Group and Commerzbank AG. The USD 2.8 billion property has tenants such as Marks & Spencer and House of Fraser and luxury retailers including Tiffany & Co. and Louis Vuitton, along with 47 restaurants.

Westfield is aiming at sales of USD 1.65 billion and 20 million shoppers annually at its 1.6 million square feet mall. It aims to draw customers to the west-central London site from affluent districts such as Notting Hill, Holland Park and Kensington.

Will it Succeed and How ?