Footfall and vacancies prove resilient
RDI’s UK retail portfolio has outperformed despite headwinds from changing consumer habits, the impacts of online retailing and retailers having to adapt their store portfolios to fit the new retail landscape.
Occupancy across the retail portfolio remains high at 95.5%, down only marginally from 95.9% at 31 August 2018. And gross annualised rental income increased 0.9% since 31 August 2018. Footfall across the UK shopping centre portfolio increased by 1.1%, significantly outperforming the national average over the same period which was down by 3.3% according to Springboard.
RDI said two thirds of its retail portfolio is given over to food, discount and convenience retailing to local communities or leisure within Greater London. These segments of the retail market continue to prove most resilient in terms of consumer spend, footfall and withstanding the impact of online retailing.
RDI also reported see steady demand across its retail parks, with occupancy at 96.2% while gross annualised rent has increased by 2.9% since 31 August 2018.