West End landlord Shaftesbury Capital revels in Xmas gross sales elevate

Shaftesbury Capital defied the gloom on the High Street because it cheered a ‘strong start’ to its important Christmas buying and selling interval.

The West End landlord reported ‘high’ ranges of buyers throughout its property which incorporates components of Chinatown and Covent Garden.

The firm stated gross sales at retailers, bars and different companies run by tenants to date within the second half of the 12 months had been 16 per cent up on 2019 ranges.

Sales had been additionally 12 per cent greater than final 12 months when rail strikes and nervousness over power payments hindered many shoppers from spending within the West End forward of Christmas.

Chief govt Ian Hawksworth stated: ‘Our excellent performance has continued into the second half, with a strong start to the Christmas trading period. The West End is one of the most vibrant global destinations with an unrivalled concentration of entertainment and cultural attractions.’

Buzzing: Shaftesbury reported ‘excessive’ ranges of buyers throughout its property which incorporates components of Carnaby St (pictured) Chinatown and Covent Garden

It comes as retailers together with Ikea and Kurt Geiger have dedicated to new shops on close by Oxford Street, fuelling hopes a turnaround is beneath method. Last week, HMV reopened its flagship Oxford Street retailer after a four-year absence as bosses hailed the realm’s revival.

Shaftesbury Capital was created in a £5billion merger in March between landlords Shaftesbury and Capital and Counties.

The merged agency’s portfolio is made up of 670 buildings, together with retailers, workplaces and eating places.

Shares surged 3.7 per cent, or 4.3p, to 120.7p yesterday.

But the increase has not been felt in all places by retailers as Brits proceed to really feel the pinch. 

Elsewhere, figures painted a depressing scene on the High Street as foyer group, the CBI, stated gross sales in November had been decrease than final 12 months.

The report additionally discovered retailers count on gross sales to drop in December for the eighth month in a row and to fall wanting ‘seasonal norms’.

A separate survey of 1,000 shoppers by enterprise advisory agency RSM UK discovered households had been planning to spend 13 per cent much less on Christmas this 12 months.

And 26 per cent of shoppers had been planning to make use of a type of credit score – comparable to a Buy Now Pay Later service – to fund their festive spending. 

And a report by Barclaycard stated gross sales volumes on Black Friday had been down 0.6 per cent on final 12 months.

Susannah Streeter, head of cash and markets at Hargreaves Lansdown, stated: ‘Despite retailers’ greatest efforts jamming inboxes filled with promotions and providing in-store offers, Black Friday is prone to have left them feeling slightly blue.

‘There is a chance that more bargain hunting activity in the lead up to the big weekend will have buoyed sales overall, but shoppers are clearly highly vigilant on price.’

Jacqui Baker, head of retail at RSM UK, stated: ‘Families are having to make hard decisions this year as the cost of living continues to bite.

‘Retailers will have to work hard to encourage consumers to spend, potentially extending discounting through December to shift stock before the end of the Golden Quarter.’