Lovat Lane, London, by David Mark on Pixabay

Vanishing high streets a “parallel universe” to UK government

Our politicians have not yet woken up to the mass job losses and decline of town centres that the pandemic has accelerated. In the UK, the coronavirus crisis has been punctuated by a grim roll call of high street staples laying off jobs and closing branches. Boots will be cutting 4,000 jobs (7 per cent of its workforce) and closing 48 optician stores; John Lewis has announced 1,300 jobs are at risk as it closes eight stores; Burger King may shut up to 10 per cent of its UK restaurants,…

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JD, Briggate, Leeds

JD seeks “rental realism” as Covid-19 impacts footfall

JD Sports has seen its sales and profits rise and now expects the growth to continue despite the impact of Covid-19. The sportswear retailer reported a sales growth of 30 per cent to £6.11 billion in the year ending February 1, before the lockdown was implemented. Like-for-likes advanced approximately 10 per cent in JD’s core UK and Ireland business. Meanwhile, pre-tax profit rose three per cent to £348.5 million over the year. JD, which last month put its Go Outdoors business through a pre-pack administration, called for “rental realism” as…

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‘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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