Wednesday, October 20, 2021

Retail footfall falls for British Land as sales increase

The UK‘s second biggest retail property group British Land has recorded growth in sales, but a drop in footfall during the Christmas trading quarter. 

In the three months to the end of December, sales in its retail premises were up by 0.6 per cent but footfall was down by the same figure. Despite the decline, both figures outperformed industry benchmarks.

The property giant also secured 314,000sq ft of retail lettings in the period, with renewals also coming in at nearly nine per cent ahead of their estimated rental value. 

Occupancy rates for its properties remained at 97 per cent throughout the quarter.

READ MORE: High street experiences first footfall uptick since 2011

“British Land has had a positive quarter reflecting the strong positioning of our portfolio and our engagement with occupiers and consumers,” British Land chief executive Chris Grigg said.

“We have completed over 400,000 sq ft of lettings across the business and are progressing discussions with a broad range of occupiers.

“Retail footfall and sales growth continue to outperform industry benchmarks and we have made further disposals of non-core assets and residential units ahead of valuation. The business is well placed; we remain mindful of potential headwinds going forward.”

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