Property firm Capital Shopping Centres (CSC) saw footfall and occupancy decline across its retail sites during its last financial quarter, results released today reveal.
Footfall across its 14 UK shopping centres fell two per cent year-on-year in the period between January 1st 2012 and April 25th, although CSC pointed out that this was better than the national average during this time.
The impact of retail failures continues to be felt by the company with three per cent of its tenants in administration by the end of the period, up from two per cent at the end of last year.
As a result, occupancy levels continued to decline across CSC’s portfolio, with five per cent of its retail units currently lying empty. Once tenants in administration but still trading are added to this total, occupancy sunk to 94.3 per cent from 96.7 per cent at the start of 2011.
David Fischel, CEO of CSC, said: “CSC is determined to provide the best experience to shoppers and to continue to attract leading retailers to our prime regional centres, with 27 new stores opening in the period.
“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.”
New brands added to its sites during the period included Nespresso at Trafford Centre, Manchester and Locker Room at Lakeside, and in total 42 new long term leases were signed with tenants.
CSC is also in various stages of progress with several capital projects, which will see its existing shopping centres extended and improved.
Since the start of the year it has unveiled plans to create a new leisure destination at Lakeside as part of a 325,000 sq ft retail extension, and it has purchased property adjacent to Cribbs Causeway with a view to future development.