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Lloyds survey: Tourism and recreation led UK recovery in May

The U.K.’s economic recovery accelerated in May, led by the tourism and recreation segment, according to a survey by Lloyds Bank PLC that tracks business activity. Tourism and recreation recorded the sharpest rise in output growth (to 62.4 in May from 51.9 in April, in the bank’s U.K. Recovery Tracker) as British hotels, pubs and restaurants experienced a release of pent-up consumer demand, with the transportation sector following. As the U.K. moved further out of lockdown, 11 out of 14 U.K. sectors tracked by the survey reported faster output growth…

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Paramount cinema billboard: covid-19 "intermission". Photo by Nick Bolton on Unsplash

Giving closed cinemas a second act

As the pandemic keeps audiences away, developers could soon face an adaptive reuse dilemma: What can you do with dead megaplexes When a tub of popcorn can run nearly $10, renting out an entire theater for $99 seems like a steal. For AMC Theatres, the mega-chain that recently introduced the private screening plan as a Covid-era concession to safety and shrinking audiences, it’s more a desperate ploy to keep the lights on as the American megaplexes face the prospect of a final showing. Recent coronavirus case spikes, new lockdowns and the expectation of…

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Hammerson under microscope

‘Retail Apocalypse’ is getting darker for UK landlords

The collapse of mall landlord Intu Properties Plc is about to send shockwaves through a sector that’s already reeling. Nine of the U.K.’s biggest shopping centers could potentially be sold into a market that had already seized up before the virus struck. With the tenants of those properties only paying a fraction of their rent as the pandemic deepens a prolonged retail crisis, the risk they’re sold at knock-down prices threatens to further sink the values of malls nationwide. And that all assumes one key factor: somebody wants them in the first…

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