West End landlord Shaftesbury Capital revels in Xmas sales lift

Shaftesbury Capital braved the gloom on the High Street and hailed a ‘strong start’ to the crucial Christmas trading period.

The West End landlord reported a ‘high’ number of customers on its estate, including parts of Chinatown and Covent Garden.

The company said sales at shops, bars and other tenant-run businesses so far in the second half of the year were 16 percent higher than in 2019.

Sales were also 12 per cent higher than last year, when rail strikes and energy bill concerns put many consumers off spending in the West End in the run-up to Christmas.

CEO Ian Hawksworth said: ‘Our excellent performance has continued into the second half, with a strong start to the Christmas trading period. The West End is one of the most vibrant destinations in the world with an unparalleled concentration of entertainment and cultural attractions.”

It comes as retailers including Ikea and Kurt Geiger have committed to new stores in nearby Oxford Street, fueling hopes a turnaround is on the horizon. Last week HMV reopened its flagship store on Oxford Street after a four-year absence, as bosses welcomed the area’s revival.

Shaftesbury Capital was formed in March from a £5 billion merger between landlords Shaftesbury and Capital and Counties.

The merged company’s portfolio consists of 670 buildings, including shops, offices and restaurants.

Shares rose 3.7 percent, or 4.3p, to 120.7p yesterday.

But the boom has not been felt by retailers everywhere, as Britons continue to feel the pressure.

Elsewhere, figures painted a miserable scene on the High Street as lobby group the CBI said November sales were down on last year.

The report also shows that retailers expect sales to fall for the eighth month in a row in December and will not meet ‘seasonal standards’.

A separate survey of 1,000 consumers by business consultancy RSM UK found that families plan to spend 13 per cent less at Christmas this year.

And 26 percent of consumers planned to use a form of credit – such as the buy now, pay later service – to finance their festive spending.

And according to a report from Barclaycard, Black Friday sales volumes were 0.6 percent lower than last year.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ‘Despite retailers’ best efforts to fill their inboxes with promotions and offer in-store offers, Black Friday is likely to have left them a little glum.

‘There is a chance that more bargain hunting in the run-up to the big weekend will have boosted sales overall, but shoppers are clearly very vigilant about price.’

Jacqui Baker, head of retail at RSM UK, said: ‘Families are having to make difficult decisions this year as the cost of living continues to rise.

“Retailers will have to work hard to encourage consumers to spend, potentially extending discounts through December to shift inventory before the end of the Golden Quarter.”