Industry comment, updates and news from the Websters team.

Westfield Shopping Centre reduces service charge 7%

Tuesday, June 2nd, 2009 in Service Charge

It has been reported in Property Week and Retail Week that Westfield Shopping Centre has dropped its service charges for tenants.

The top weighted rate for 2009 of £12.98/sq ft – compared to the original budget projection of £13.94/sq ft that was given to retailers around Christmas 2008.

Driven by ‘unhappy retailers’ who campaigned for a reduction in overheads, it seems this has been achieved by a mixture of cost cutting and streamlining services.

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