Property group British Land posted “strong operational momentum in the business” and said “retail parks continue to be the winning retail format” ahead of its AGM later today.
British Land, which owns a variety of retail locations including Meadhowhall in Sheffield, said retail parks continue to be the winning retail format as they continue to perform strongly with a 99% occupancy.
The landlord said footfall in retail parks was up 1% while sales increased 6% year on year which it attributed to ”affordability, omni-channel compatibility and low capex requirements” of the property format.
This comes after British Land acquired three new retail parks in March this year in a £94m deal making it the largest retail park owner in the UK.
Simon Carter, chief executive, said: “We continue to see strong operational momentum in the business, despite ongoing macroeconomic uncertainty, with good leasing activity reflecting our focus on execution and the exceptional quality of our portfolio. Campuses are benefiting from the trend towards best in class space, while retail parks continue to be the winning retail format given their affordability, omni-channel compatibility and low capex requirements. ”
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