London, UK (February 8, 2024): The owner of iconic malls like Westfield Stratford City in London, Unibail-Rodamco-Westfield (URW), is poised for a golden run thanks to the upcoming Paris Olympics and Paralympics. The company announced today that it expects its 2024 earnings to see a significant boost due to several of its Viparis convention centers serving as official Olympic venues.
URW forecasts an increase in adjusted recurring earnings per share (REPS) for 2024, ranging from 9.65 to 9.8 euros. This upward revision, compared to the previously estimated 9.62 euros, is partly attributed to the anticipated footfall and commercial activity generated by the Games.
Several Viparis sites will be major players in the Olympic drama. The Porte de Versailles exhibition center will host badminton, boxing, judo, and table tennis competitions. Meanwhile, the Paris Convention Center will be transformed into the International Broadcast Center, a crucial hub for media operations.
“The Paris 2024 Olympic and Paralympic Games represent a unique opportunity to leverage the exceptional locations and expertise of our Viparis network,” said Jean-Marie Tritant, CEO of URW. “We are confident that these events will create significant value for our stakeholders and contribute to the success of the Games.”
Analysts predict the influx of athletes, officials, tourists, and media during the Olympics will translate into increased spending at nearby businesses, including shops, restaurants, and entertainment facilities. This aligns perfectly with URW’s strategy of positioning its malls as vibrant destinations, offering not just shopping but also leisure and entertainment experiences.
“The Olympics present a golden opportunity for URW to showcase its portfolio to a global audience,” commented retail analyst Sarah Jones. “With strategic partnerships and targeted marketing campaigns, the company can capitalize on the Games’ momentum and attract new customers in the long run.”
URW’s optimism reflects a broader trend of businesses positioning themselves to benefit from the Paris Olympics. The Games are expected to attract millions of visitors and generate billions of euros in economic activity, making them a lucrative target for various sectors.
While the full impact of the Olympics on URW’s earnings won’t be known until after the Games, the initial projections paint a promising picture. With its well-located venues and experience in creating engaging commercial spaces, URW seems poised to score a gold medal in terms of capitalizing on this global sporting event.