RETIRING WAS A ‘FRIGHTENING THING’
WESTFIELD founder Frank Lowy says retiring from running the empire he started six decades ago with a small shopping centre in Sydney’s outskirts was a “frightening thing”.
The 87-year-old, who founded Westfield in 1960 and last year announced the sale of his global shopping centre business to Unibail-Rodamco for $35 billion, says he was always afraid of handing over responsibility. But when the day came to sell, Mr Lowy admits he felt a “great relief”.
“All my life from a young man I have worked very hard and I enjoyed it very much and I was really afraid with what I would do when I no longer had the responsibility,” Mr Lowy said at a business conference in Sydney. “And then the day came and I felt great relief instead of all those fears that I had – they all disappeared.”
The sale of Westfield’s 35 UK and US operations to European shopping centre owner Unibail-Rodamco is one of the largest corporate deals in Australia’s history and marked the end of an era. While Mr Lowy stepped down as chairman, he remains an active investor, chairing an advisory board for Unibail-Rodamco.
“I did a lot during my lifetime and I think it is time to make a change to my life at a young age of 87,” he said. “It is time to retire for me – if there is such thing.”
Mr Lowy said he has no fear, however, about the future for retail investors despite concerns of the impacts digital shopping.
The Holocaust survivor-turned property tycoon expects online shopping to find its “rightful place” alongside conventional retailing.
“Buying goods in shops everywhere is a human activity and I think what we will find is that it (online shopping) will find its rightful place along with conventional retailing and they will share the opportunity,” he said. “It (conventional shopping) has gone through many, many challenges and many innovations and I think it is a wonderful industry to work in. I have no fear about the future for retail investors.”