Coronavirus emergency, Westfield stops at the maxi mall in Segrate: the project is “suspended”

For now, the project for the Westfield mega shopping center in Segrate is still ongoing, but funding has been cut. Literally. The fact was revealed by Unibail-Rodamco-Westfield through a note updated on March 31, 2020 and published on the company’s website on Wednesday, April 29.

The post went black on white in a few lines: “As of December 31, Urw had divided his portfolio and removed € 3.2bn from the projects. Following the Covid-19 outbreak, the group further reviewed his portfolio and announced that it will eliminate an additional € 1.6 billion from controlled projects, including Westfield Milano. “

Words that, however, have been “sweetened” by a statement to Retail and Food Westfield Milano, a joint venture between Urw and Stilo Immobiliare Finanziaria; the team specified that the project was not canceled but “suspended.”

“We are experiencing first hand the effects that the COVID-19 pandemic had in Italy, and particularly in Lombardy, where the construction of our Westfield Milan flaghsip is planned – the company explained to the online sector newspaper – Our First. Instead, our thoughts turn to all those who have been affected by this crisis. In an already difficult economic environment for global retail, the Covid-19 pandemic will have a significant additional impact on the world economy and the retail sector. , and particularly in development projects. The uncertainty that the combination of these factors has led to the decision to suspend the works for the construction of Westfield Milano until the conditions to relaunch the project are there – they stressed – We will continue working with the local authorities, retailers and stakeholders to make the most of this strategic site. He says that Westfield Milan confirms its commitment to carry out the essential works for the construction of road infrastructure, including the Cassanese Bis road, as soon as the situation improves. Cassanese’s delivery is a significant investment of € 150 million and will serve as a catalyst for future investments in eastern Milan. “

Westfield Segrate, the shopping center project

The mall, which manufacturers say would have been the largest in Europe, was designed to house 300 stores, 50 exclusive boutiques, 50 upscale restaurants and a 16-screen cinema. Its size? Titanic: 240 thousand square meters, double the Arese shopping center.

A structure with a cost of 1,400 million euros that, according to estimates, could have attracted 21 million customers each year (60,000 people a day).