Unibail-Rodamco-Westfield (AO) | Buy | Nimble move in the US

研报英文原文证据摘录

Unibail-Rodamco-Westfield (AO) | Buy | Nimble move in the US

Unibail-Rodamco-Westfield Buy | Target Price: EUR118.00

Strong homewares representation: A notable concentration of home-focused tenants (e.g. Restoration Hardware, Room & Board,

Arhaus) reflects an organic evolution in the centre’s mix. While not footfall drivers, these retailers contribute significantly to sales

productivity.

City dominance: UTC has overtaken Fashion Valley to become the highest-footfall mall in San Diego, making it the most dominant retail

destination in the southern part of the city.

F&B leader: Home to the highest-grossing restaurant in all of San Diego – Din Tai Fung, which consistently draws long queues despite its

large footprint.

Strategic Potential

UTC benefits from a recent Community Plan approval, effectively zoning the site for greater densification and mixed-use

development. This opens the door to transformative densification potential — all that remains is a build permit. The site also

features a second level, which is largely dedicated to offices. This elevated space could see better utilisation through future

zoning flexibility.

Operational Notes

Transport: The vast majority of visitors arrive by car, though around 15% come from nearby office buildings.

F&B limitations: The mall’s food court and broader dining offer are currently considered underwhelming. However, local management

is aware and has plans underway to enhance this component.

Tenant performance:

Din Tai Fung stands out with the highest restaurant sales in the city, aided by the limited competition in food.

Uniqlo (its first store in San Diego) is trading exceptionally well, with early indications suggesting its annualised sales may exceed those

of its Valley Fair counterpart.