Capital Shopping Centres warns of continued low growth
Capital Shopping Centres Group has warned that it expects to see continued low growth and a challenging retail market for some time to come in the UK.
The group which owns 10 of the UK’s 25 largest shopping centres including Trafford Cenre and Metrocentre, said that the Eurozone crisis was creating more uncertainty and impacting investment decisions.
In its interim management statement for the period from 1 July to 31 October 2011, the group said it had maintained a 97% occupancy level in the period and signed 56 new longterm leases generating £3 million in additional rent.
Footfall in the centres grew 2% year-on-year for the ten months to 31 October.
CSC said that a number of high profile brands had opened stores in its centres during the quarter. These included Banana Republic at Trafford Centre, Apple and Hollister at Braehead, and Primark at Metrocentre
Of CSC’s 2,300 units, seven were affected by tenant failures amounting to 0.2% of rent.
David Fischel, CSC chief executive commented: “As evidenced by a 97% occupancy level, CSC has delivered a robust operational performance in the period in the face of a challenging economic and retail background. CSC remains well positioned through its focus on leading and high quality regional shopping centres in the UK.”
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