After serving on the Westfield Board for 27 years and 21 years respectively, Stephen Johns and Professor Fred Hilmer will not seek re-election at the company’s AGM to be held at the end of May.
Westfield Garden City at Mt Gravatt in Brisbane will be undergoing a $400 million redevelopment.
Good news for shopfitters comes as a result of the recent AMP and Westfield agreement that was made in October.
The Group will develop the Bradford Centre in northern England.
Westfield has reported a 31 per cent increase in half year earnings on the previous period of $800.1 million.
Westfield Group is expanding its gift card offering with Woolworths being the latest retailer to accept the cards.
As its update for the three months to 31 March 2012, Westfield reported that comparable specialty retail sales for the 12 months were up 1.2 per cent and up 1.1 per cent for the quarter.
In a step towards creating an omin-channel experience, Westfield Group has appointed a chief digital officer to oversee the development of the shopping centre group’s online and digital media strategy.
Westfield Group has announced an AIFRS net profit for the year of $1.53 billion, up to 37.6 per cent on prior year.
The company reported that specialty store sales for the months combined of March and April 2011, which included the Easter period, in Australia were up 4.4 per cent.
Retail sales growth 1.6 per cent in Australia through the quarter, 0.3 per cent in NZ, 5.4 per cent in the US, and 19.8 per cent in the UK, based on Westfield's London site.
According to Westfield, the centre is the highest grossing discount department store based shopping centre in Australia with retail sales over $700 million, currently valued at approximately $880 million.
Westfield executive chairman Frank Lowy will be handing his reign down to his sons, Peter Lowy and Steven Lowy, who have been appointed as joint chief executive officers.
Shopping centre giant has now fully-recovered from its $458 million loss in December 2009 after reporting a $1.1 billion profit bounce back.
Westfield Group has raised a total of approximately $2.01 billion, which falls short of its $3.5 billion target for its proposal to establish Westfield Retail Trust.
Metcash has confirmed it will still be going ahead with the acquisition of Franklins, despite the ACCC's decision to oppose against the move.
Shopping centre developer Westfield Group has proposed to restructure its business by creating a separately-listed property trust, expected to distribute $7.3 billion to securityholders.
After eight years of formal planning, 130 retail stores are now trading as part of stage one of Westfield Sydney's opening.