The local councils embarking on a shopping centre spending spree February 10, 2020 Bin collections, parking restrictions and filling ever-more-terrifying potholes are what most people associate with local councils. To that list, we might now add retail property speculators. Last year, Councils across the UK doubled down on recent trends and spent some £232.35m buying struggling shopping centres, accounting for some 36 per cent of all shopping centre [...]
UK consumers abandon high street for retail parks and shopping centres February 10, 2020 Consumers abandoned the high street in favour of retail parks and shopping centres last month, as landlords’ investments start to pay off. Footfall fell 0.5 per cent in the five weeks to 25 January compared to a drop of 0.7 per cent last year, driven by a 1.4 per cent jump in retail park visitors. [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
Link REIT set to back Intu’s £1bn emergency cash call February 9, 2020 Hong Kong’s Link Real Estate Investment Trust is reportedly in talks with retail landlord Intu to back its £1bn emergency cash call. The property giant is nearing a deal with the Trafford Centre owner about becoming a “cornerstone” investor in the fundraise later this month, The Times reported. Peel Group, which owns a 27.3 per [...]
Amazon withdraws from Mobile World Congress due to coronavirus February 9, 2020 Amazon has withdrawn from an international telecoms conference in Barcelona scheduled for later this month due to the coronavirus outbreak. The e-commerce giant said it will not attend Mobile World Congress 2020, which will take place between 24 and 27 February. “Due to the outbreak and continued concerns about the new coronavirus, Amazon will withdraw from exhibiting [...]
Prince Andrew’s name removed from Pitch@Palace website February 9, 2020 Prince Andrew’s Pitch@Palace initiative has launched a rebrand as it attempts to distance itself from the royal due to his connections to the Jeffery Epstein scandal. The Duke of York’s name has been removed from the initiative’s website, which has announced it will unveil its rebrand in spring. The refresh, which was first reported by [...]
High street toasts strong start to 2020 as sales jump to six-year high February 7, 2020 Retailers hailed the best in-store sales figures for six years last month, as the end of the Brexit deadlock sparked a surge in consumer confidence. Like-for-like sales at physical stores increased 5.7 per cent in January from a base of minus 0.2 in 2019, following the “worst year on record” for retailers. Bricks and mortar [...]
Experts slam business rates appeals system February 6, 2020 Property experts today said the business rate appeals system is a “time bomb” as the backlog of claims and challenges spiked. Businesses could be waiting years for their challenges to be addressed due to the backlog of appeals, experts said. Data from HM Revenue and Customs’ Valuation Office Agency (VOA) showed that in the 33 [...]
Estee Lauder cuts profit forecast amid coronavirus outbreak February 6, 2020 Cosmetics giant Estee Lauder has slashed its profit forecast for the year, citing the recent Coronavirus in epidemic, one of its key markets. The beauty brand said it expects adjusted earnings of $5.60 to $5.70 per share in 2020, down from a previous estimate of $5.85 to $5.93. Analysts were expecting earnings to reach $5.94 [...]
Landlord row forces House of Fraser to close another store February 6, 2020 Sports Direct boss Mike Ashley has been forced to close another House of Fraser store after being served notice by the landlord. The branch in Dundrum, near Dublin, will close within the next three months after the property’s landlord agreed a deal with Brown Thomas and Primark. Ashley warned in December that it was likely [...]
