Page 136 - MS Year in Review 2020

Success in property development prompted Saunders and Lowy to convert their

partnership into a private company called “Westfield Investments.” They expanded
from developing property into retail shops. In 1958, they sold the delicatessen and
focused all of their energy on property development.

Pioneers in the Australian Shopping Center Industry: 1956-1960

Australia’s first two modern shopping centers opened in 1957. Saunders and Lowy,

who had already read about the success of shopping centers in the United States,
were determined to develop their own. While Frank was overseeing the building of
their first shopping center in Blacktown, John traveled to the United States to

survey shopping centers there. He met with developers and retailers and visited as
many shopping centers as he could fit into his schedule. He noted the importance of
car access and parking facilities to success.

Westfield Place in Blacktown opened in the summer of 1959. It had twelve shops, a

small department store and a small supermarket, arranged around an open square,
with a “car park” to the side. The center drew many shoppers, and Frank and John
began to receive unsolicited offers for partnerships and joint ventures.

To obtain new sources of capital for expansion, shares of a public company,

Westfield Development Corporation Ltd., were floated in September 1960. The
partners decided that the public company would own four Westfield properties. Two
business executives with public company experience helped Frank and John form

the public company and joined the board of directors.

While Frank and John conferred closely on all business decisions, their roles in the
company were becoming more clearly defined. John focused on finding new
business opportunities, while Frank focused on the financial and legal aspects of

running the company and on assessing the potential for risk and reward in the
business opportunities that John identified. One business partner observed how
effectively Frank and John complemented each other: “John was an astute,

calculating operator and while Frank was equally so he was a bit more casual and
friendly. Frank would calm John down if he became heated during

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