Retail Giant Sees Progress Amidst Crisis

  • Landsec reports encouraging footfall since reopening of shopping centers and retail parks
  • 79% of retail units trading as of June 30th
  • Footfall at 60% of the level from last year, like-for-like store sales at 80%
  • Average transaction values up 22% compared to last year
  • £122m rent due on June 24th, £109m net debt with concessions and deferrals taken into account
  • 60% of net rent paid within five working days, down from 94% in the same period last year
  • £3m outstanding rent relates to customers awaiting documentation for agreed concessions
  • 75% of March rent due collected, up from 65% after five working days
  • £30m outstanding rent, £5m related to agreed concessions and deferred payments
  • Landsec established a fund to provide up to £80m in rent relief, £9m allocated so far
  • £4m deferred payments agreed with retail and leisure customers
  • Financially robust position with £1.2bn cash and available facilities
  • Dividend payments to be reinstated after half-yearly results announcement on Nov 10th

Landsec, a retail property giant, has reported encouraging levels of footfall in its shopping centers and retail parks since their reopening last month. As of June 30th, 79% of its retail units were trading, with footfall at 60% of the level from the previous year and like-for-like store sales at 80%. Since average transaction values increased by 22% compared to last year, the company expects further allocations from its £80m rent relief fund as commercial rent moratorium ends. Despite some customers taking longer to pay rent, Landsec remains financially robust with £1.2bn cash and available facilities. Dividend payments will resume after half-yearly results on November 10th.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about Landsec’s retail performance since reopening, including footfall, sales figures, rent collection, and the company’s financial position. It also mentions the support provided to customers during the crisis. The information is relevant and well-structured without any clear signs of sensationalism or personal opinion.
Noise Level: 3
Noise Justification: The article provides relevant information about Landsec’s retail performance and rent collection since reopening, but it lacks in-depth analysis or exploration of the broader implications of the pandemic on the retail industry. It also does not offer significant insights or solutions for businesses facing similar challenges.
Financial Relevance: Yes
Financial Markets Impacted: Landsec’s retail properties and its customers (retailers) are impacted by the reopening of shopping centers, footfall levels, rent payments, and concessions.
Financial Rating Justification: The article discusses financial aspects such as rent payments, concessions, and dividend announcements related to Landsec’s retail properties, which pertain to financial topics and have an impact on the company and its customers.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk