As the rash of retail CVAs batters the bottom line of some of the UK’s biggest retail landlords, Retail Week looks at whether data can save the shopping centre.
Even the most cursory look at recent BRC-Springboard footfall figures since the turn of the year paints a bleak picture for retailers across the bricks-and-mortar spectrum. As a result, landlords everywhere are feeling the pinch, but few more so than the big institutional landlords.
Earlier this month, in the space of a week, three of the biggest shopping centre owners in the UK published half-year financial updates. Hammerson, Intu and Westfield all reported falls in rental income as a result of increased vacancies off the back of CVAs and leasing delays.
Intu was hit the hardest, with net rental incomes across its 14 UK schemes down 17.9% to £205.2m. Group level income at Hammerson slipped 6.8%, while Unibail-Rodamco-Westfield’s UK income slipped 3.1%.
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