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Capital Shopping Centres sees rents drop 2.3% Thursday, 26th July 2012
Photo credit: My Retail Media
Like-for-like net rental income fell 2.3 per cent during Capital Shopping Centres’ (CSC) first half, as retailers suffered another six months of tough trading.
CSC, which owns 15 of Britain’s largest shopping centres, said the figure came in at £181.8 million in the six months to 30 June, with rental increases offset by tenant failures.
"The unsettled macro environment remains a significant influence on the UK retail property occupational market," the company said.
"For CSC, tenant failures are the most direct effect of the weak environment, with some short term disruption while agreements are reached with successor or replacement operators."
The retail property giant, who counts Lakeside, the Trafford Centre, the Arndale Centre and the MetroCentre as part of its portfolio, added that footfall was also down 1 per cent in the year to date, although this figure managed to outperform the UK benchmark of 3 per cent across the industry.