The Telegraph reported that high street rents are set to drop 20% in the next three years because of slowing consumer spending and the amount of new space coming on stream. The newspaper said that shop rents were dropping at their fastest rate in 15 years - quoting a report by property consultancy Colliers CRE. The report also said that the economic slowdown had caused real-term rents to fall by 3.1% in the 12 months to May.
The Times said that out-of-town shopping centres suffered a 7% dip in footfall in May. The newspaper said that rising petrol prices had put shoppers off driving to shopping centres. Meadowhall in Sheffield saw its visitor numbers slide by 6.8% as did Metro Centre in Gateshead over the month.
The Mail on Sunday said that JJB Sports had come under shareholder scrutiny over its ownership of a top of the range helicopter, which costs £4 million and has running costs of £600 per hour. Analysts told the newspaper it was hard to justify financially but the company said that the helicopter was used for management to travel to all of JJB's 406 stores in the UK and Ireland.
The Mail on Sunday also said that TK Maxx has plans to open more than 100 home furnishing stores over the next three years.