Capital & Regional has reported a 0.2% increase in footfall in a confident trading update released today.
The REIT said its retail-focused portfolio’s footfall significantly outperformed the national index, which fell by 2.7% over the same period.
It said it had seen a 1.1% increase in total occupancy across its shopping centre portfolio in the five months to 30 November, during which time it also completed 15 new lettings and 18 lease renewals, totalling £1.9m in contracted income, at a combined premium to ERV of 7.1%.
The company said it was also in the middle of a cost-saving initiative and was on track to meet targeted annualised savings of at least £1.8m by 2018, equivalent to a 20% reduction in 2016 central costs.
Chief executive Lawrence Hutchings said: “In the short period since joining Capital & Regional in June 2017, the team and I have carried out a detailed review of the business, including the important role that our community shopping centres play in the rapidly evolving retail marketplace.
“A crucial part of this process has been the direct engagement we have undertaken with a wide-ranging group of stakeholders, including members of the local communities that our centres serve, together with in-depth external research.”
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