Unibail-Rodamco-Westfield says its shopping centres in London have grown their combined social value to £22.7m.
Total social value at Westfield London and Westfield Stratford City increased by £4m in 2022 compared with the previous year, according to findings from its second annual Social Value Impact Reports.
According to the research, the shopping centres have generated a combined social value of £41.4m since 2021, when the mall owner began its reports.
Westfield London generated just over £12.9m social value during the year, equalling almost £6.87 per sq ft, while the Stratford City centre (pictured) produced nearly £7.2m, or £3.81 per sq ft.
URW partnered with consultancy Social Value Portal on the research.
Factors that were assessed included annual contractor spends, job creation figures, biodiversity programmes, charitable donations and community initiatives.
URW said that its contractor partners, which include Mitie, Grosvenor and OCS, were key to the social value generation for the respective centres.
Alyson Hodkinson, head of CSR for URW UK, said that the outcome felt particularly meaningful given that the business set individual net-zero targets for the centres during the same year.
She said: “Working with our range of retail, charity, community and environmental partners, Westfield centres are constantly looking to improve how we can continue to make a meaningful contribution and we see transparent social value reporting as an essential part of our strategy.”
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