Member Article

Metrocentre parent suffers low footfall

Intu Properties, the parent company of the Metrocentre and Eldon Square, say UK retail remains difficult as footfall across their shopping centres fell 1% on last year.

The company said their centres continued to out-perform national benchmarks and attract flagship stores in the first quarter of 2013.

Occupancy rates were 95% across intu’s centres and 33 new long term leases were signed in the quarter, amounting to £8m of passing rent.

David Fischel, chief executive, commented: “In the first quarter of 2013 we have launched the first UK nationwide prime shopping centre brand, acquired a major asset with considerable growth potential funded by an equity placing and refinanced a third of our debt to achieve a significantly extended maturity profile.

“Although the UK retail environment remains difficult we have strong momentum across the business, with the roll out of our digitally integrated customer experience and our £1 billion pipeline of development projects as we position each of our centres for medium term value creation.”

In January the business rebranded from Capital Shopping Centres to the Intu name, with a view to becoming more digitally orientated.

An £8m digital infrastructure plan has launched with free WiFi throughout the malls of Intu’s Trafford Centre and intu Lakeside, with Eldon Square and Braehead to follow in the next few months.

The firm are also planning to invest £10m over three years in a fashion-focused mobile website.

Intu Properties own the likes of Manchester’s Trafford Centre and Arndale, as well as Stoke-on-Trent’s Potteries and centres in Nottingham, Bromley and Norwich.

This was posted in Bdaily's Members' News section by Tom Keighley .