For the world’s 2nd biggest landlord, flexibility is a priority

Jack Welch, the legendary C.E.O. of General Electrics, sacked the worst-performing 10% of a workforce every year. The retail market is following this policy. At Unibail-Rodamco-Westfield (URW, asset value of €56 billion in late 2018), the business is removing underperforming tenants within its malls. Some mall owners are keen to keep tenants in place as long as possible in an environment where retailers are closing stores, going bankrupt or demanding reduced rents. URW’s goal is to proactively “