Shopping centre owner Intu has made progress with the strategy set out in its interim results despite “challenging market conditions”.
Chief executive Matthew Roberts said in a trading update for the period July 1 to November 5 that CVAs were “slightly worse than expected” but despite the challenges it faces, there is “much that gives him confidence” looking ahead.
Roberts said: “While letting activity has been slower in the third quarter as some customers delay decisions due to continued political and economic uncertainty, we are still signing a good number of new deals with great brands.
“We have also seen a pick-up in letting activity in recent weeks, which has seen Harrods take 23,000 sq ft at Intu Lakeside to launch its first standalone beauty store, H Beauty, and Zara sign for a new flagship store at St David’s, Cardiff. In Spain, AliExpress opened its first European store at Intu Xanadú, with footfall at the centre up 20 per cent following the opening.”
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