According to Shaftesbury, a leading retail property company in London, shoppers can expect an exciting and inviting experience when retail restrictions are lifted next month in the city’s West End. Despite facing tough rent collection numbers from October 1 to February 24, Shaftesbury remains optimistic as social restrictions are expected to ease soon.
During a 21-week period, Shaftesbury’s retail tenants were only able to trade for seven weeks, with the crucial festive season limited to just three weeks. This resulted in a significant decline in rental receipts, with collections at 45% of the total for the quarter ending December 31, 2020, and even lower at 36% for January rents collected so far.
However, there are early signs of improving interest from occupiers, and by the end of January, vacancy rates were at 10.8%, compared to 10.2% the previous year, with 2.8% under negotiation. Despite the challenges faced, Shaftesbury entered the new year with £358.2 million of available liquidity.
Brian Bickell, the CEO of Shaftesbury, remains optimistic about the future and believes that the relaxation of pandemic restrictions will lead to the revival of the West End’s economy. As footfall gradually returns and businesses, shops, and cultural attractions reopen, Shaftesbury aims to support existing businesses to ensure that its locations are vibrant and welcoming for customers. The company is confident that the appeal of their curated destinations will drive footfall and increase trading.
As the UK prepares for the easing of lockdown restrictions, Shaftesbury’s positive outlook provides hope for London’s retail sector. Shoppers can anticipate a vibrant and engaging shopping experience in the coming months, signaling a step toward the revival of the industry.
Useful links:
1. Shaftesbury Official Website
2. Visit London Tourism Website
