WESTFIELD HAS become the Official Shopping Centre Developer of London 2012 in a deal that takes LOCOG beyond its upper sponsorship target of £700m.
Frontloaded values the deal at between £6m and £8m based on LOCOG projections earlier this year, which stated that another £30m would take LOCOG past the £700m mark for commercial revenue.
Since then, five tier three deals have been stuck with G4S, Rio Tinto, Thames Water, Nature Valley and now Westfield – the 27th tier three partner and 44th commercial deal in total.
Westfield’s 1.9 million sq ft Stratford City development is directly adjacent to the London 2012 Olympic Park with three quarters of spectators expected to pass through it on their way into the Park at Games-time.
The development officially opens September 13. It claims to be the largest urban shopping centre in Europe and offers views of the Olympic Stadium and Aquatics Centre which are only a short walk from the centre.
As part of the deal Westfield will be home to the first TeamGB and ParalympicsGB merchandise shop which will open later this month. The shop will sell a wide range of TeamGB and ParalympicsGB souvenirs, which as part of the London 2012 merchandise programme is expected to raise more than £80m towards the staging of the Games.
The John Lewis store at Westfield Stratford City will also house a 4,000 sq ft space dedicated to London 2012 merchandise.
Westfield will also provide facilities to LOCOG to support the operational running of the Games. Last month it was confirmed that Westfield Stratford City would host TeamGB and ParalympicsGB throughout the Games in a stunning eighth floor venue overlooking the Park.