Landsec, the owner of Bluewater and other prominent properties, is embarking on a new strategy under the leadership of CEO Mark Allan. Despite challenges in the retail sector, particularly exacerbated by the growth of online shopping and the ongoing impact of Covid-19, Landsec remains steadfast in its commitment to the retail market, especially in London and its regional malls.
With London comprising a significant portion of its portfolio, Landsec is determined to retain its presence in the capital city, recognizing the enduring appeal and potential for growth despite current low footfall. To realign its focus and drive growth, the company plans to divest its retail park portfolio and certain hotel and leisure assets while exploring new avenues for investment.
Although rent collection has been a challenge due to pandemic-related disruptions, Landsec remains optimistic about London’s status as a global hub and is actively seeking ways to revitalize its retail business. This includes potentially repurposing underutilized space for alternative uses such as housing, in line with Mark Allan’s vision for vibrant urban and suburban centers post-pandemic.
As Landsec navigates a changing landscape, it is positioning itself to capitalize on long-term trends and opportunities for sustainable growth in the property sector. By adapting its strategy to address market dynamics and explore new avenues for expansion, the company is poised to thrive in a post-pandemic world.
Overall, Landsec’s strategic shift underscores its resilience and commitment to innovation, ensuring that it remains a key player in the property industry.
For more information on Landsec’s new strategy, you can visit their official investor relations page. Additionally, to learn more about the impact of Covid-19 on the retail sector, check out this insightful article from BBC News.
