Except that this was in the East End of London in Westfield Stratford City, the spanking new shopping centre situated next to the Olympic Park. This retail behemoth is touted to be Europe’s largest urban shopping centre, with 1.9 million sq ft housing over 300 shops, 70 restaurants, a 14-screen cinema, three hotels, a 14-lane bowling alley and the UK’s largest casino.

 

Along with the Olympic Park development, Westfield Stratford City is part of London’s ambitious regeneration plans for its East End, one of the city’s most deprived areas. There are great expectations that the £1.45 billion ($2.93 billion) project will inject much-needed growth into the local economy, and already, its retail and leisure outlets are believed to have created 10,000 permanent jobs upon its opening, with 2,000 aimed at the local long-term unemployed.

 

So far, Westfield Stratford City has taken off with a promising start. Despite the current economic gloom and reduced consumer spending, a crowd of 160,000 turned up for its opening on Sept 13, astounding retail tenants who had been expecting 60% less people. Media reports described how hundreds of shoppers queued up at the entrance, some as early as the night before, and rushed through the doors when they opened at 8am, even though the shops did not officially open until 10am.

 

The huge response was no doubt due to the opening deals and freebies offered by many of the retailers, including £50 Forever 21 vouchers and goodie bags and Uniqlo merino wool sweaters for £14.90. Even so, on our visit nearly three weeks after the opening, Westfield Stratford City was still crowded with shoppers and families who could have been outdoors enjoying an unseasonably warm October day.

 

Upon closer look, however, it was clear that a huge crowd didn’t necessarily equate to big spending; on average, only one in 10 shoppers carried a shopping bag. And while the ground floor boasts a number of restaurants that stayed open beyond the main shopping centre’s closing time, most of them were only half full on a Sunday evening.

 

Westfield Stratford City’s mid-September opening couldn’t have been more ill-timed. The first eight months of 2011 have been particularly tough for retailers. Growing inflation — the consumer price index hit 4.5% in August — combined with weak wage growth and government spending cuts have seen the average UK family’s weekly disposable income drop by 7.9% (to £162) compared to this time last year, supermarket chain Asda’s monthly Income Tracker reports. Further belt tightening is expected, amid growing concerns about a double-dip recession given the state of the global economy and the eurozone debt crisis.