By Rhys Jones
LONDON, Oct 30 (Reuters) - Thousands of shoppers flocked to west London for the opening of Europe's largest city centre shopping mall on Thursday, but many said they were browsing not buying as they tighten their belts ahead of a looming recession.
The massive Westfield mall in London's White City, which cost 1.7 billion pounds ($2.73 billion) to build, contains 265 shops, including a section dedicated to luxury brands such as Prada, Tiffany's and Louis Vuitton.
Analysts expect the centre to weather the upcoming economic storm -- Britain's economy shrank 0.5 percent in the three months to September, prompting fears of a prolonged and deep recession -- at the expense of other retailers in the area.
First-day visitors, however, were cautious.
"I've come to see what all the fuss is about and scope out some shops for Christmas shopping but I won't be spending much today as my bills are so much higher these days," PR executive Ramia Malouf told Reuters.
Some shoppers echoed analysts' belief that the sun has finally set on a golden age for British retail and questioned the mall's viability in the current economic climate.
British retail sales volumes fell for the seventh month running in October and few expect an improvement in the medium term.
"It (the centre) is very impressive and has obviously created jobs, but given the worries everyone has about the economy at the moment, the timing of this opening is not ideal as the news seems to be getting worse by the week," said solicitor Susan Clee.
Westfield hopes the numerous leisure facilities it boasts -- it has 50 restaurants and a cinema complex -- will help it survive an economic downturn and attract some 20 million visitors in the first year.
The mall's developer Westfield has few fears about opening its most ambitious European project in London as Britain's wounded economy limps towards recession.
Michael Gutman, managing director of Westfield UK & Europe, told Reuters last week he believed the complex would succeed.
"We have opened centres in times of recession and in times of boom. Obviously we didn't plan the building for a particular cycle, we planned it for the long-term on the basis of some solid fundamentals," Gutman said.
It will take more than words to coax Britain's browbeaten consumer back to the cash registers but Westfield hope the novelty of seeing Gucci, Louis Vuitton and Tiffany under the same roof as high-street staples like Boots and Topshop will draw shoppers in. (Additional reporting by Mark Potter and Sinead Cruise; editing by Simon Jessop)