British Land see footfall drop as sales increase

One of the UK’s largest retail property groups British Land has recorded a 0.6 percent year-on-year retail sales growth in the three months to the end of December.

However, the property giant also saw a drop of 0.6 percent in its footfall. Despite the decline, British Land states that both the dip in retail footfall and sales growth continue to outperform industry benchmarks.

The third quarter trading update also revealed that British Land secured 314,000 square foot of retail lettings in the period, with renewals also coming in at nearly nine percent ahead of their estimated rental value. While occupancy rates for its properties remained at 97 percent throughout the quarter.

“British Land has had a positive quarter reflecting the strong positioning of our portfolio and our engagement with occupiers and consumers,” said British Land chief executive Chris Grigg. “We have completed over 400,000 square foot of lettings across the business and are progressing discussions with a broad range of occupiers.”

Grigg added: “Retail footfall and sales growth continue to outperform industry benchmarks and we have made further disposals of non-core assets and residential units ahead of valuation. The business is well placed; we remain mindful of potential headwinds going forward.”