Westfield reports slight fall in first quarter UK sales

  Australian developer Westfield has announced a 0.7% decline in like-for-like retail sales in its UK portfolio over the first three months of 2009.     The drop in sales, revealed in its first quarter results published today, compares with a 2.7% decline in like-for-like retail sales in the December quarter. Over the course of 12 months, sales were down 1.1% on a comparable basis.   About 97% of Westfield’s UK portfolio is currently leased with 47 lettings totalling 123.000 sq ft, completed during Q1.   Westfield said it experienced an increase in retail failures in the UK primarily in January and a small number in February and March.   Westfield London, which opened in October 2008, has received just under 12m visitors and the group anticipates a total of 20m in its first year of opening.   Steven Lowy, joint managing director, said the result was “particularly encouraging given West London is a totally new centre in the London market.”   The company said that it was making progress on its development in Stratford and that it is currently leasing its major shops.   The shopping centre giant currently has seven major projects under construction around the world with an estimated total cost of AU$4.7bn (£2.3bn), including Westfield Stratford in the UK.   The group said that while the retail environment remains challenging, UK sentiment was at the best level in nine months.   annabel.dixon@rbi.co.uk