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April 23, 2019

The World’s Second Biggest Retail Owner Is Kicking Tenants Out

Legendary GE Chief Executive Jack Welch used to fire the worst-performing 10% of his workforce, a policy that big corporates like Amazon follow to this day. The world’s second largest retail owner does the same with underperforming tenants.

At Bisnow London’s Retail: An Industry In Flux event, Unibail-Rodamco-Westfield Chief Financial Officer Jaap Tonckens explained how, as counterintuitive as it might seem in a world where retailers are closing stores at an unprecedented rate, the landlord is looking to cull retailers that don’t add anything to its centres.

The World’s Second Biggest Retail Owner Is Kicking Tenants Out

In a keynote interview with Montagu Evans Head of Planning Julian Stephenson, Tonckens explained how the Paris and Amsterdam-listed company is trying to adapt to the rapid pace of change in retail, which goes way beyond the already-cliched idea of adding more food and beverage units. After the $16B acquisition…

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