The UK’s biggest shopping centre owner today unveiled falling occupancy levels and fewer visitors a year after a £6.8 billion rebranding.
Intu — the owner of a £7.6 billion portfolio of 15 retail hubs including Thurrock’s Lakeside, formerly known as Capital Shopping Centres — saw occupancy fall from 96% to 95% last year and footfall decline 2%. Net rental income slid 1.9% due to tenant failures early last year.
Chief executive David Fischel says intu is prepared to sacrifice more rental income this year as it carries out improvements. “These results are history — we’re looking forward. We have a £1.2 billion development pipeline and the benefits of rebranding are coming through.”
Peel Hunt analyst Kate Renn said: “The environment for retail landlords remains tough.”
