Lakeside-owner Intu lifted as shoppers spend more but rents slipComments Off on Lakeside-owner Intu lifted as shoppers spend more but rents slip
“The background for 2014 was more spending power from customers with disposable income beginning to rise,” said David Fischel, chief executive of Intu Properties.
Make-up giant MAC, Jack Wills and Carluccio’s were among the outlets to take space at some of Intu’s 19 UK shopping centres.
But the company also revealed a 3.2% fall in like-for-like rental income — the biggest decline since 2009 — because of the lingering impact of several retailers going into administration in 2012 and 2013.
Fischel said the group is “well-positioned to benefit further” in 2015 from the improved market conditions.
Plans this year include starting construction on a £110m extension to its Watford site and expanding further into Spain with a £600m planned development programme.