"What have we got to learn from the world's largest owner of retail property?" seems to have been the response of much of the UK shopping centre industry. Well, now we know.

For those of us who don't travel the world, all we've had to go on up until now has been the half-a-dozen existing centres which Westfield manages. And here the impression has been somewhat underwhelming: a big increase in the number of RMUs and rather less transparency if you're a rent review surveyor looking for rental evidence seems to be the sum total of it.

But now Westfield has completed its first new-build project at Derby it's possible to understand what all the hype was about. The extension and refurbishment of the old Eagle Centre has created a truly dominant city centre mall.

The scheme certainly has scale at a million sq ft, and the wide, bright and lofty malls make the older part of the centre look positively antediluvian. Westfield has even injected new life into the food court, at a time when other owners are abandoning the concept in favour of 'pit-stops', with catering units distributed throughout their malls.

And Westfield's retailers have responded enthusiastically. To achieve 98 per cent pre-lettings in the current climate is a really remarkable achievement, and such was the pace of lettings at the Eagle that Westfield was able to open the mall six months ahead of schedule.

Derby's shoppers seem to be as keen as the retailers: a remarkable 150,000 turned out on the opening day, half as many again as was expected.

Next year's opening of Westfield London - Westfield's first total new-build project in the UK - now looks like a truly mouth-watering prospect.

Graham Parker, Editor

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