Meadowhall outperforms expectations

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Meadowhall shopping centre is trading “exceptionally well” given the challenging economic environment, according to part-owner London & Stamford.

The property company said the Sheffield centre produced “excellent” final quarter results in 2011.

Footfall in December increased by 8.6 per cent and sales were up 7.14 per cent.

Overall for the full calendar year, footfall growth was 1.2 per cent and sales growth was 0.15 per cent, despite a generally very poor picture nationally for retailing.

The company said the anchor stores at Meadowhall, particularly House of Fraser, Next and Primark, have shown impressive sales increases in the year.

Following the completion of the refurbishment works to the Oasis food court in October, London & Stamford said the new restaurants have reported strong sales figures.

Since October, 17 new leases have been exchanged, including TK Maxx, Internationale, Urban Outfitters and Carluccio’s.

Initial letting meetings in the new year have identified considerable new tenant interest.

London & Stamford said this should outweigh any risk to Meadowhall from recent administrations.

It said the administrations are likely to have only a very limited impact, with affected units likely to continue to trade under new ownership or pre pack arrangements.