Capital Shopping Centres (CSC) cast a light on the tough retail environment today, reporting falling occupancy levels and footfall so far this year.
The firm said it had seen a 2% year-on-year reduction in footfall at its centres for the year to date.
By comparison, UK national retail footfall as measured by Experian fell by 3% in the same period, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Occupancy across CSC's centres stands at 94.35%, down 2.4% from the end of 2011 due to post Christmas tenant administrations and expiry of seasonal lettings.
The firm said 3% of CSC's rent roll, 75 units, entered administration in the first quarter of 2012.
"While the UK retail environment remains tough, we continue to benefit from last year's transformational Trafford Centre acquisition as we focus on securing the right retailers in the right places paying the right rents with the objective of achieving strong total returns from our assets," said Chief Executive David Fischel.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
