Christmas footfall up at C&R
Published: 11 January, 2017
Capital & Regional issues upbeat trading update for the second half of 2016
Capital & Regional said its schemes enjoyed a good Christmas with like-for-like footfall over the last two weeks of the year up 2.2% on the prior year. Footfall improved in the second half of 2016 and for the whole of 2016 the portfolio once again outperformed the industry benchmark, by 1.9%.
There has been continued good momentum in leasing activity in the second half of 2016 with 34 new lettings and 15 lease renewals totalling £2.8m in annual rental income, at a combined 6.1% premium to ERV. Occupancy remains strong at 95.4% for the portfolio at 31 December 2016.
Chief executive Hugh Scott-Barrett said: “The operating performance has been very encouraging reflecting stronger consumer confidence in the second half of the year than had been anticipated following the result of the EU referendum. Footfall is up and, as has become the trend for our schemes, is well ahead of the national benchmark, while letting momentum has been maintained as the mix of town centre locations and affordable rents continues to attract new retailers and leisure operators.