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British Land says sales in reopening week were 91% of same period last year

By BFN News | 07:33 AM | Wednesday 01 July, 2020


British Land said like-for-like sales in England during the reopening week were 91% of the same period last year, but the real estate investment company did flag a 64% shortfall in rent for retail for the June quarter. For the week commencing 14 June when restrictions were eased on non-essential retail in England, footfall at its English assets was 64% of the level achieved in the same week last year. Like-for-like retail sales for stores that were open were 91% of the same week last year. As of 26 June, The company had collected 88% of rent for offices and 36% in retail (including at its London campuses) relating to the June quarter. The company, however, said it expected collection rates for June to improve over the coming weeks as it continued to engage with customers on a case by case basis. At end of June, 894 of its stores in England were open, representing 64% of total, with 116 stores in Scotland open, abut 50%, and 43 stores in Wales were open, about 64%. 'We expect the best located, open air retail parks to perform an important role in retailers' reopening strategies, and this was reflected in positive like-for-like sales for out of town stores open in England versus the same week last year,' the company said. Story provided by StockMarketWire.com

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