British Land bets on open-air retail parks to lure shoppers after Covid. Property company believes consumers will prefer well-ventilated, car-friendly locations even after lockdown is eased
Only 54% of rents that collectors were owed from retailers was collected last month.
The company cited customer confidence in visiting open-air retail parks where social distancing can be more easily managed, adding these parks would help in the "Click & Collect" mode of shopping that has been popular during the COVID-19 pandemic. British Land said it would submit planning applications for urban logistics development at Teesside and Meadowhall in the coming months. The company added it expects market rents for covered shopping centres to take longer to stabilise than at retail parks, due to higher occupancy costs and lower visitor numbers during the pandemic.