Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Age : 57
Country of residence : Unknown
Biography : Mr. Peter S. Lowy is Joint Managing Director & Director at Westfield Holdings Ltd., Chairman-Los Ang

Under Oculus, Retail Takes a Bow

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/16/2016 | 03:47am CET
By Keiko Morris 

Retailers inside the World Trade Center's transit hub are finally going to give gawking tourists and rushing commuters another reason to make the soaring structure a destination.

The $1.4 billion shopping complex officially opens at noon Tuesday, adding an element to the emerging retail landscape in lower Manhattan and offering another milestone of recovery from the Sept. 11, 2001, terror attacks.

"It's significant to us as a company, but it's also significant to New York and America," said Frank Lowy, chairman of Westfield Corp., the developer of the project known as Westfield World Trade Center. He added, "It's a major victory of good over evil."

Westfield has high hopes. The company expects the shops to generate more than $1 billion in sales a year, said Peter Lowy, Westfield's co-chief executive.

Westfield aims to capture consumers' attention with digital technology, including product-delivery apps and 19 digital screens. One screen stretches about 280 feet along the corridor between the central hall, topped by the structure known as the Oculus, and One World Trade Center.

On Monday, stores were in varying degrees of completion. In some shops, workers were putting the finishing touches on displays, huddling for training and bringing in clothing racks. In others, contractors were still at work.

Store brands include Eataly, Apple, Kate Spade, John Varvatos, Sephora, Under Armour and Stuart Weitzman

Of about 100 stores expected to fill the space, 60 are scheduled to open Tuesday.

Westfield doesn't yet have access to retail space in the skyscraper known as 3 World Trade Center or the area still under construction near the PATH station, said Peter Lowy.

Shops planned for those spaces likely will open between 2017 and 2018, he said.

Westfield World Trade Center is expected to do well, but faces challenges such as attracting more regional, suburban visitors who might decide to shop closer to home or online, said Burt Flickinger III, managing director of Strategic Resource Group, a consulting firm.

Traffic congestion in Manhattan, for example, could dissuade driving suburban shoppers, Mr. Flickinger said.

Westfield's leaders, for their part, expect ample foot traffic. They estimated more than 300,000 commuters would pass through the hub each day.

In addition, millions of tourists are expected next year to visit the National September 11 Memorial Museum, the memorial plaza and the observatory at One World Trade Center.

The company also estimated about 50,000 office workers will fill the World Trade Center towers when all are completed.

Write to Keiko Morris at Keiko.Morris@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news about Peter Lowy 
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
03/18DJTIM COOK : Apple CEO Tim Cook Defends Globalization in China Speech
03/17 FERDINAND PIËCH : Former Volkswagen chairman Piech in talks to sell Porsche SE stake
03/16 JEN-HSUN HUANG : Car industry players diverge on timescale for self-driving cars
03/21 CHARLES SCHWAB : Goldman building robo-adviser to give investment advice to the masses
03/20 CHARLES SCHWAB : Goldman building robo-adviser to give investment advice to the masses
03/18DJCLAUDIO DESCALZI : Italy Nominates Eni CEO Descalzi for Second Term
03/17 WARREN BUFFETT : Buffett's pay rises; Berkshire urges rejection of shareholder proposals
More news

Popular Business Leaders 
William Ackman Alain Afflelou Bernard Arnault Max Azria Mary Barra Lloyd Blankfein Yannick Bolloré Warren Buffett Jean-paul Clozel Gary Cohn Tim Cook Leonardo Del Vecchio Michael Dell Jamie Dimon Klaus Engel Bill Gates Carlos Ghosn David Henry Jen-hsun Huang Carl Icahn Anshu Jain Isabelle Kocher Maurice Lévy Jack Ma Sergio Marchionne Marissa Mayer Laurent Mignon Lakshmi Mittal Luka Mucic James Murdoch Elon Musk Ferdinand Piëch Patrick Pouyanné Sumner Redstone Alexandre Ricard Wilbur Ross Charles Schwab Carlos Slim George Soros Rupert Stadler Bernard Tapie Ratan Tata François Villeroy De Galhau Axel Weber Thomas Wilson Martin Winterkorn Dieter Zetsche Mark Zuckerberg
A-Z Business Leaders