The Westfield Group (WDC) and Costco Wholesale Corporation announced a multiple site agreement for the addition of Costco stores at Westfield centers in three U.S. markets: Los Angeles, California; Sarasota, Florida and Wheaton, Maryland.
“We are pleased to partner with Westfield and look forward to providing great value and convenience to current and future Costco members in three vibrant markets,” said Jim Sinegal, CEO of Costco. “It is specially exciting to join new communities such as Sarasota and Wheaton, as well as to join forces with Westfield in Los Angeles – right in the heart of the San Fernando Valley’s Warner Center business district. We are delighted to be welcoming Costco to Westfield,” said Peter Lowy, Westfield Group Managing Director. “The introduction of Costco illustrates Westfield’s aim to introduce new goods and services into the malls – investing in new elements, new energy, new conveniences and new choices for Westfield shoppers. The integration of Costco into our U.S. portfolio takes the shopping experience to a whole new level.”
In Los Angeles, an approximately 146,000 square foot Costco is to anchor the proposed “Village at Westfield Topanga,” sited between Westfield’s existing Topanga and Promenade centers. The Village will encompass nearly one million square feet of new retail, dining, hotel and office area along with community and cultural uses, courtyards and gathering spaces. The inclusion of Costco will allow for a particularly seamless integration with Westfield Topanga, whose own recent $350 million redevelopment and expansion featured the addition of Target and Neiman Marcus along with 300,000 square feet of new shops, restaurants and upscale dining terrace. In Sarasota, Florida, a former department store site will be redeveloped to house an approximately 145,000 square foot Costco at Westfield Sarasota Square. This would be Costco’s first location in a wide expanse along Florida’s Gulf Coast stretching across Manatee, Sarasota, and Charlotte counties. Currently, the nearest Costco warehouse clubs to Sarasota are located over 40 miles away. Westfield Sarasota Square is a 900,000+ square foot regional shopping center currently anchored by JCPenney, Macy’s, and Sears, along with a diverse mix of more than 130 shops and restaurants.
The Westfield Group (WDC) is an internally managed, vertically integrated, shopping center group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing approximately 4,000 staff worldwide. The Group has investment interests in 119 shopping centers in Australia, the United States, the United Kingdom and New Zealand, with a total value of assets under management in excess of A$59 billion and is the largest retail property group in the world by equity market capitalization. In the U.S., the Group has a portfolio of 55 shopping centers that are home to more than 9,000 specialty stores and comprise approximately 63 million square feet of leasable space in California, Connecticut, Florida, Illinois, Indiana, Maryland, Nebraska, New Jersey, New York, North Carolina, Ohio and Washington.