The Lowy family, owners of Westfield Corp., has unveiled its next step following the announcement of plans to sell Westfield to Unibail-Rodamco. Westfield Chairman Frank Lowy and his co-CEO sons, Steven and Peter, have formed a company that will collect data to make it easier for malls and retailers to market to their customers, reports The Wall Street Journal.
The company, called OneMarket, would generate revenue by advertising to shoppers and sharing the resulting sales revenues, according to the family.
“The best online guys are all becoming offline now,” Lowy said. “There should be a comparative advantage of using the physical real estate. It’s close to people.”
Steven Lowy, son of Westfield founder Frank Lowy
By Edmund Mander