British Land, one of the leading retail landlords in the UK, recently shared updates on the performance of its retail assets and stores. The company revealed that amidst the ongoing challenges in the retail sector, all of its retail assets are now open, with 86% of stores welcoming customers again. Despite the uncertainties brought about by the pandemic, sales have impressively rebounded to reach 90% of last year’s levels.
Interestingly, the spotlight is not on British Land’s upscale malls, but rather on its open-air out-of-town retail parks. These locations, which make up nearly half of the company’s retail assets, have emerged as the real drivers of success. Outperforming other types of retail spaces, these retail parks have proven to be resilient in the face of adversity.
While rent collection was a concern in the June quarter, British Land has already achieved 50% of retail rents for the September quarter. Footfall across the company’s retail properties has also shown promising signs, reaching 84% of September 2019 figures and surpassing the national average. In particular, retail parks have seen a surge in footfall, with September figures hitting 89% compared to the previous year. Moreover, like-for-like sales at these locations are at a commendable 93%.
Among the standout performers in British Land’s portfolio are Giltbrook in Nottingham, Mayflower in Basildon, and Nugent in Orpington. These retail parks are home to popular stores like Next, M&S, Clarks, Superdrug, Decathlon, Boots, and TK Maxx. With an impressive occupancy rate of 95% as of 30th September, British Land continues to demonstrate strength and resilience in the challenging retail landscape.
In conclusion, British Land’s strategic focus on out-of-town retail parks has undoubtedly paid off, with these locations playing a pivotal role in the company’s overall success. By prioritizing high-demand retail spaces and adapting to changing consumer behaviors, British Land remains at the forefront of the UK retail scene.
For more information on British Land’s retail assets and performance, visit their official website here. To explore the latest retail trends and insights in the UK market, check out this informative article here.
