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Land Securities fashion store sales drop

Retail landlord Land Securities have reported a 1.7% drop in store sales for fashion retailers for the three months up to June 30.

Total sales are up 2.5% this quarter from the same period last year as the company “let voids” and “replaced poorer retailers with better performing ones.”

Shopping centre Trinity Leeds has moved on to 94% let and a further 15 units have opened for trading since 1 April.

Since the beginning of July, the company has agreed terms for the re-letting of five of the six remaining HMV stores in its portfolio.

Land securities also said the continued occupation of Republic on temporary, rolling one month leases gives it “control” over the units as it “considers its options”.

The failure of young fashion retailer Internacionale earlier this month leaves the company with 1.7% of the business in administration.

Land Securities’ Chief Executive Robert Noel said: “In London, demand is increasing and we remain confident that our portfolio is well positioned and our developments well timed. Overall, the retail market remains challenging but we are maintaining very high levels of occupancy in our centres and are pleased with our increased exposure to leisure.”

 

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