Westfield postpones launch of Internet Shoppingtown

13 February 2001

Countries: Australia

Westfield Holdings Limited today announced it had postponed thelaunch of its Internet Shoppingtown.

Deputy Chairman of Westfield, Mr David Lowy, said: “Thisdecision is based on a realistic assessment of market conditions.We have decided to postpone the launch until such time as we aresatisfied that internet retailing has a reasonable chance of beingprofitable for retailers.

“We have developed what we believe is a world-class internetsite for retailers which is operationally ready and, if at somefuture date the conditions are right, we will be able to readilylaunch an aggregated internet shopping site.”

Westfield Holdings will incur an expense of approximately $5million (after-tax) specifically related to its InternetShoppingtown in its profit results for the current financial year.The effect of this expense is not material to the overall profitsof the Group and the company believes it will achieve profit growthfor the full financial year in line with its expectations.