If you have ever visited a shopping mall, you have more than likely shopped with Westfield. Westfield Corporation is a world leader in shopping center management. The company manages more than 30 malls and over 6,400 retail outlets. Since its launch, Westfield has enjoyed a significant amount of financial success and its malls and retailers have appreciated consistent traffic. With the ever increasing use of technology, online shopping is becoming a trend, and trips to the mall are becoming less frequent. Co-CEO of Westfield Corporation Steven Lowy says that while at first the increase of online shopping and the ever increasing availability of online retailers was initially seen as a threat to the existence of malls, the corporation now believes that technology can be used to enhance the shopping experience.
His brother, and fellow CEO, Peter Lowy believes that just as everything else adapts and changes with time, Westfield was due for a few improvements after 57 years as well. This is coming from a member of the company who was debating leaving the family business a few years ago.
When the corporation was founded it was to help make retail spaces more affordable for business owners. Because the price of a space and lot are rather expensive, retailers began to lease spaces in one shopping community, nearly cutting the price of renting or leasing in half. He believes that this same collective mindset can help create platform for a more innovative and tech savvy shopping experience with Westfield.
The company made a recent investment in the future of Westfield shopping centers in an attempt to stay current with today’s use of technology. Westfield Corporation was proud to introduce the new “Westfield Cloud” which he says the company invested thousands in for a step toward a more innovative shopping experience. The cloud was created with the belief that user data can help optimize the in store retail shopping experience, making it more personal and efficient. By paring aspects of the digital and physical shopping experience Lowy believes that retailers will be able to deliver a more personable shopping experience and better connect with their customers. This experience will in turn produce happier, more loyal customers who won’t mind the commute to the mall over the convenience of online shopping.