Member Article

Metrocentre and Eldon Square operator says wage rises spur consumer confidence

The operator of the Metrocentre and Eldon Square sys the first above-inflation wage rise in several years has spurred consumer confidence.

intu, a major shopping centre with sites across the UK, has noted a 1% rise in footfall across its outlets, in the year to date - ahead of Experian’s measure of national retail footfall.

The firm has recently expanded its network with acquisitions of the Merry Hill shopping centre in the West Midlands and the Westfield centre in Derby, deals worth a combined £168 million.

The deals were aimed at closing gaps in intu’s national coverage and extending prominency of its brand.

Occupancy across intu’s centres remained high at 95%, and 50 new long-term leases were signed in the quarter - representing £8.1 million in new passing rent.

The firm reported that major works to the intu Eldon Square centre were nearing completion and the works had helped attract new quality retailers such as Lakeland, which is due to open a store there this month.

Chief executive David Fischel said: “Investor interest in quality UK shopping centres has strengthened in the period.

“The strong momentum of our development projects continues, with signs of increased retailer interest as the UK retail environment continues to improve, particularly for space in those centres where investment and improvement projects are underway or imminent.”

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