You just have to admire the British. In a classic display of; "Chin up old man," a huge new mall has opened in London's inner city. CNN.com reports that the Westfield center, now Europe's largest metro shopping complex, boasts 1.6 million square feet of retail floor space. The complex houses a whopping 265 individual retail units.
The huge new mall houses such top-end product names as Louis Vuitton, and Prada. The project construction began about five years ago, long before the specter of tight money swept across the globe.
Owners of the mammoth shopping facility state that the available retail space is already 99% leased out. The CNN report also indicates that approximately 21 million visitors shall attend the mall each year, and that the project cost $2.6 billion (US dollars) to build. Additionally, more than $272 million (US dollars) were spent on upgrading London's mass transit system. Her majesty the Queen must be very proud.
It shall only take a scant 60 days to find out if this bold move by the Brits will pay off. Perhaps our friends across the pond are still a bit looser with their wallets than we here in America have been forced to become. I hope the mall is a smashing hit, and that the shoppers arrive in droves. Anything which helps get the wheels of world commerce turning again would be considered a big plus right about now.
What recession? -- We're going to shop, old chap!