It’s not just the High Street that’s feeling the squeeze — Lakeside owner Intu today said fewer customers are coming to its shopping centres as the retail sector remains “difficult”.
Intu, which owns or part-owns 15 shopping centres across the country, said footfall at its centres was down 1% in the first quarter against the same period last year.
The group, formerly known as Capital Shopping Centres, also signed fewer long-term lettings and said shop failures, lease expiries and a reluctance to open new stores would continue to affect its short-term earnings.
But Intu is optimistic about long-term prospects, pinning its hopes on investment in digital. The group has launched free high-speed Wi-Fi at Lakeside and Manchester’s Trafford Centre, and plans to launch its new mobile-friendly website this summer.
Chief executive David Fischel said: “Although the UK retail environment remains difficult, we have strong momentum across the business, with the rollout of our digitally integrated customer experience and our £1 billion pipeline of development projects.”
