Footfall picks up again at Capital Shopping

Property group Capital Shopping Centres outperformed the market as the number of shoppers visiting its shopping centres, such as The Trafford Centre and Lakeside, rose for the second quarter in a row.

Property group Capital Shopping Centres outperformed the market as the number of shoppers visiting its shopping centres, such as The Trafford Centre and Lakeside, rose for the second quarter in a row.

"Our prime UK shopping centres have recorded positive momentum with steady footfall figures and the opening of 60 new stores and restaurants in the period," revealed David Fichel, Chief Executive Of Capital Shopping Centres Group (CSC), in an interim management statement covering the three months to the end of September.

"We continue to make good progress on our pipeline of active management projects and extensions which will ensure that our centres continue to provide attractive destinations to consumers and retailers for the long term," he added.

Despite a second consecutive quarterly increase in footfall - customer visits - in the three months to the end of September, CSC's footfall in the first nine months of 2012 is still 1% below the corresponding period of 2011. However, based on figures provided by business information group Experian, that's a market-beating performance, as footfall across the UK is down 3% year-on-year.

Occupancy across CSC's centres in the third quarter edged up to 96% from 95% in the preceding quarter. Retailers going belly-up remains a problem, but the group successfully re-let the majority of the 131 units affected by tenant failures, but 48 units, accounting for 2% of the rent roll, still remain closed in the hands of administrators.

At the end of September net external debt had increased marginally to £3.5bn and the net debt to assets ratio based on June 30th valuations was 49.5%. On a pro forma basis, were the convertible bonds to convert into equity, the net debt to assets ratio would reduce to 45%, the group disclosed.

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

Interest rates are now at 4%, and they could rise further in the months ahead.
3 Feb 2023
NS&I brings back one-year fixed bonds with highest rates since 2010
Personal finance

NS&I brings back one-year fixed bonds with highest rates since 2010

NS&I’s one-year fixed bonds are back on sale after being pulled off the market in 2019 - but is the rate any good?
1 Feb 2023