The pressure on retail landlords was laid bare yesterday as the shopping centre owner Capital & Regional said the value of its properties outside London fell by more than 10 per cent in the second half of 2018.
The London-listed group, which fully owns or has stakes in eight shopping centres across Britain, suffered a £1.5m hit to its rental income last year when 20 of its retail tenants used insolvencies and company voluntary arrangements to close stores or reduce rents.
Tenants that have closed or taken new lease terms include the fashion retailers New Look and Select Fashion as well as Toys R Us and Poundworld.
