Steven Lowy
Steven Mark Lowy is a leading Australian businessman and philanthropist. He is the former co-chief executive officer of Westfield Corporation, a leading global shopping centre company that was acquired by French company Unibail-Rodamco in 2018 in what was one of the largest transactions in Australian corporate history. His principal activities now focus on investments associated with the Lowy family's private company, Lowy Family Group, as well as a number of philanthropic and community roles including as Deputy Chairman of Australia's leading foreign policy think tank, the Lowy Institute; a director of the Lowy Foundation and Lowy Medical Research Foundation and Neurotech Pharmaceuticals Inc; President of the Hakoah Club; a board member and trustee of Keren Hayesod-UIA; and on the Executive and Board of Governors of the Jewish Agency for Israel.
During his career Lowy has served on numerous corporate and philanthropic boards including chairman of world board of trustees of Keren Hayesod-UIA, Westfield Corporation, the Australian Shopping Centre Council, Scentre Group, as Chairman of Football Federation Australia and president of the board of trustees of the Art Gallery of New South Wales. He is also a former Chairman of the Victor Chang Cardiac Research Institute.
Lowy is the third and youngest son of Frank Lowy, a co-founder of Westfield. The Lowy family is one of the most prominent business families in Australia with a reported net worth in excess of $8 billion in 2016. In late 2014, Steven Lowy's life was documented in a feature article in The AFR Magazine, "The Son Rises: Steven Lowy ascends at Westfield". In 2010 Lowy was appointed a Member of the Order of Australia for service to business, philanthropy, the arts and medical research.
Early life and education
Lowy was born to a traditional Jewish family, in Sydney, the youngest son of Shirley and Frank Lowy, and educated at Sydney Grammar School and the University of [New South Wales] where he graduated as a Bachelor of Commerce. He was awarded the University Prize for his honours thesis and later co-authored a paper with Professor Mark Hirst published in the academic journal Accounting, Organizations and Society. He received a Doctorate of Business from UNSW in 2024.He joined Westfield Holdings in 1987, was appointed a director of Westfield Holdings in 1989 and a managing director in 1997. He has also been a director of Westfield Management Limited, the manager of Australia's then leading retail property trust, Westfield Trust since 1988. Prior to joining Westfield Holdings in 1987 he worked in investment banking at First Boston Corporation in the US for two years.
Westfield
Westfield was listed on the Sydney Stock Exchange in 1960 by Lowy's father, Frank and his partner John Saunders. The pair were newly arrived immigrants to Australia and had opened a small delicatessen shop in the western suburbs of Sydney. Their venture was a success and their ambition led to the expansion of their business to include the development of residential housing and larger shopping centres.The first Westfield centre was built in Blacktown in Sydney's western suburbs in 1959. This was shortly followed by a new centre in Hornsby in Sydney's north in 1961. The company flourished and expanded to other Australian cities and then the United States in the mid-1970s and to New Zealand in 1997 and the United Kingdom in 2000. At this point, Westfield had 86 centres in its global portfolio, with some 13,200 retailers and $24.1 billion in assets.
In 2004, the various Westfield entities were merged to create Westfield Group to provide the scale and financial heft required to continue international expansion. This led to the creation of two landmark shopping centres in London and Westfield Stratford City in 2011.
In 2014 Westfield Group underwent another major corporate restructure in which its Australian and New Zealand operations merged with Westfield Retail Trust to create a new company, Scentre Group. At the same time, another new, separate company, Westfield Corporation, was created to own and manage the former Westfield Group’s shopping centres in the US and UK. Westfield Corporation opened Westfield World Trade Center in New York on 16 August 2016 and advanced plans to build its first shopping centre in Europe, in Milan Italy.
A feature of the company was a marked shift towards high quality "iconic" or flagship malls showcasing the world's best retailers and luxury brands. Five-star service and upscale restaurants and entertainment were a critical element in this shift, as was its adoption of a more aggressive "innovation" strategy to use digital technology "to better connect the retailer with the shopper". Since the establishment of Westfield Labs based in San Francisco in 2012, several digital initiatives were piloted and implemented in several Westfield shopping centres around the world. Westfield Labs has been recognised by Fast Company magazine as one of the 50 most innovative companies in the world, and as one of the Top 10 retail companies for "giving the mall a high-tech makeover". Following the sale of Westfield Corporation to Unibail Rodamco in 2018 Westfield's former retail digital business was transferred to a new and separate entity OneMarket which was chaired by Steven Lowy AM. OneMarket was wound up in December 2019.
Philanthropy and community activity
Lowy is currently President of Hakoah Club Sydney, a board member and trustee of Keren Hayesod-UIA, and on the Executive and Board of Governors of the Jewish Agency for Israel. He is a former Chairman of the World Board of Trustees of Keren Hayesod-UIA and recipient of Ze’ev Jabotinsky award. He is a former president of the board of trustees of the Art Gallery of New South Wales and now a Life Governor, Chairman of the Victor Chang Cardiac Research Institute, now a Life Patron and Governor, and is the Deputy Chairman of the Lowy Institute Australia's leading foreign policy think tank, and the Lowy Medical Research Institute, a private medical organisation.Steven was a member of the Prime Minister's Business-Government Advisory Group on National Security and has been the presiding officer of the NSW Police Force associate degree in Policing Practice Board of Management.
Together with his father, Frank, and two brothers, David and Peter, he plays a key role in decisions about the Lowy family's philanthropic activities. In recent years, the family has supported the establishment of the Lowy Cancer Centre at the University of NSW, a new building to house the Victor Chang Cardiac Research Institute and the St Vincent's Centre for Applied Medical Research. The building was opened by Princess Mary of Denmark on 3 September 2008. In 2013 Frank Lowy revealed to a Philanthropy Australia audience that his family had donated more than $350 million to various causes during the previous decade. This has since increased considerably.