The recent Christmas trading period has showcased British Land’s resilience and adaptability in the face of the ongoing challenges posed by the Covid-19 pandemic. As a prominent player in the UK commercial property sector, the company has successfully weathered the storm by focusing on its retail parks.
Despite the uncertainties surrounding the pandemic, British Land has reported that footfall, sales, and rents have remained robust, particularly during the festive season. With 73% of stores operational on December 24th, the company has continued to see strong performances in the four weeks leading up to Christmas. Even during the latest national lockdown, 620 stores were able to trade in some capacity, demonstrating the company’s ability to adapt to changing circumstances.
A key element contributing to British Land’s success is the implementation of click & collect services across its retail assets. This has enabled many non-essential stores to remain open and serve customers throughout the crucial trading period, further boosting sales and footfall.
In the period between November 30th and December 26th, footfall across British Land’s portfolio reached 76% of the previous year’s levels, surpassing the UK market benchmark by 21%. Among all its assets, retail parks have stood out with footfall reaching 87% of the previous year, exceeding the market benchmark by 32%.
Despite challenges posed by varying trading tiers and store closures in Tier 4 areas, British Land has reported that like-for-like sales reached 81% of the previous year. Rent collection has also been successful, with the company collecting 71% of total amounts due, including £42m in retail rent for the December quarter.
Looking towards the future, British Land remains optimistic about rent collection rates, with ongoing support for customers affected by Covid-19. The company anticipates improved collection rates in the coming weeks as the situation continues to evolve.
British Land’s strong performance during the Christmas period underscores the company’s resilience and adaptability in navigating the uncertainties of the current retail landscape. By focusing on retail parks and leveraging innovative strategies like click & collect services, the company has managed to maintain its position in the market and ensure a successful trading period.
To learn more about British Land’s retail strategy and performance, visit their official website here. For additional insights on the UK commercial property sector, check out this industry report here.
