White Knight

Westfield Group and Commerzbank AG opened the $2.8 billion 1.6-million-square-foot Westfield London — the largest mall in the United Kingdom. It is the first of a pair of malls that Westfield is opening in the city. The second will come on-line in time for the 2012 Olympics. The 265-store project opened 99-percent occupied despite the growing economic crisis. However, Westfield officials note that London only has four major shopping centers whereas a similar-sized city in the U.S. has about 10. Ultimately, Westfield officials expect the property to draw 20 million shoppers annually and generate about $1.5 billion in retail sales.