LandSec upsizes H&M in Trinity Leeds after studying customer data

LandSec has published its half-yearly results for the six months ended September 30 2019.

The company's revenue profit for the period was up 0.4 per cent to £225m.

The loss before tax for the period was £147m, compared with a profit of £42m in the same period the year before.

Chief Executive Robert Noel said: "Landsec had a good first half, delivering resilient results in unsettled market conditions.

"We have made excellent progress on our £3.0bn pipeline of development opportunities, with 1.0 million sq ft now on site. Our new products, Myo and Fitted, have landed well with customers. We have been proactive in the tough retail market, maintaining high occupancy and protecting income. We have extended our leadership in sustainability by setting further stretching targets. And we've upped our pace in innovation, introducing better ways to design, construct and manage space.

"With a general election next month and the UK's proposed exit from the EU further delayed, we remain alert to market risks. However, Landsec enters the next six months with confidence; we're in a strong financial position, have an exciting development pipeline and are agile enough to seize value-creating opportunities as we see them."

In regional retail, Land Securities said its centres are in "dominant destinations in strong and growing catchments".

In a statement, the company said: "The current market conditions mean that short-term performance is challenging, but we are taking action to address medium-term issues around tenant mix and experience. And again, we are using customer data and insight to inform asset management decisions - finding the right occupier to fit customer demand, and the right unit to fit the occupier.

"An example of this is at Bluewater, Kent, where footfall was up 2.5 per cent and same store sales up 1.2 per cent (excluding automotive sales) since Primark opened in March 2019.

"Other examples include bringing Zara to St David's, Cardiff for the first time and upsizing H&M at Trinity Leeds and Zara at Bluewater. We are also bringing new types of retailer to our centres; we have recently added cycling concept store Peloton at Bluewater and Westgate Oxford."

The company's revenue profit for the period was up 0.4 per cent to £225m.