Westfield Corporation – Sponsorship Valuation
Westfield Corporation is one of the world’s leading retail companies with iconic destinations in London, New York, San Francisco and Los Angeles among its portfolio of 40 retail centers. Westfield is listed on the Australian Stock Exchange and was created in June 2014 when Westfield Group separated its Australian and New Zealand business from its international operations. The Australian and New Zealand shopping centers are now owned and managed by Scentre Group. Attracting approximately 435 million customer visits each year in the United States, Westfield’s portfolio of 40 retail centers includes 7,000 stores across 46 million square feet of retail space in the states of California, Connecticut, Florida, Illinois, Maryland, New Jersey, New York and Washington, generating $17 billion in retail sales.
In December of 2014, Legends/CSL delivered Westfield a report detailing future sponsorship opportunities and platforms at renovated Westfield malls. In addition, Legends, working with our creative design partner, developed concepts and utilization plans for each shopping center. Based on the concepts created, we developed sponsorship strategies and projected revenue. As a follow-up to the initial report, Westfield retained Legends/CSL to identify creative sponsorship opportunities within Westfield’s portfolio and develop a strategic plan for how they can be brought to life and taken to market, resulting in long-term partnerships. In this analysis, Legends focused on Westfield’s flagship properties in their current condition and developed sponsorship platforms for each major category that has sales potential. Legends/ CSL provides a sales strategy with key sponsorship categories and specific guidance as to the types of companies that would be most appropriate for this platform. We also provide a property comparison that shows Westfield versus other property categories, including sports, music/ festivals, theme parks, airports and other malls. Thereafter, Legends/CSL took an in-depth look at Westfield’s flagship properties and the competitive landscape of each local market.
The report was delivered to Westfield in 2015, while both parties are considering a long-term sales partnership.