Westfield London Innovation
To understand how Westfield London manages innovation: Do they have a specific strategy or practices? What are key metrics they are trying to achieve? What are their innovation activities? Do they have a specific department? How is the governance structure? What does the decision-making process look like? Do they have a specific budget? How do they collaborate with external entities? in order to inform a meeting.
Our background research on Westfield London innovation revealed insights. Here are some key pieces of information we found:
Westfield London Innovation Lab Overview
- Unibail-Rodamco purchased Westfield approximately two years ago, with Westfield London included in their portfolio.
- As part of this transaction, the PropTech division set up by Westfield in 2012 was spun off into a separate listed company that was previously called Westfield Labs and is now called OneMarket.
- OneMarket had a network agreement to become the combined Unibail and Westfield to own 104 centers in the U.S., U.K. and Europe.
- OneMarket planned to "not just develop an individual PropTech product or series of products — it is looking to create a network of every retail scheme and physical retailer in the U.S. and Europe, connecting them and helping them share data and information. The goal is to give the physical retail world even more data and information than has been gathered by online giants like Amazon and allow the sector to compete on a more level playing field and fight back against the e-commerce wave."
- The innovation strategy of OneMarket is to "create a global retailer, brand, shopping venue and technology company network that shares technology, strategic relationships and data-driven consumer insights to improve the businesses of its network participants."
- The key metrics they are trying to achieve are to: Increase access to innovation to drive customer engagement; Enhance access to technology in a cost effective manner; Bridge the data gap.
- However, just a couple of months ago, OneMarket decided to proceed with an “orderly winding-up" of the business due to losing Nordstrom, a key customer, and losing over $50 million dollars. A full range of options that could enhance value for shareholders were assessed that included the sale of OneMarket’s assets and the introduction of a new business partner or equity investor. The board has proposed that OneMarket assets be distributed to its shareholders but has not ruled out a sale of the business.
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