The owner of the Trafford Centre and St David’s has reported a rise in footfall of 2% last year.
However, occupancy levels across its shopping centres dipped from 97.7% to 96.7%, which Capital Shopping Centres (CSC) has attributed to retail administrations in 2011.
The shopping centre owner said the total of tenant failures for 2011 represented 3% of rent, while the “first few weeks” of 2012, retail failures represented a further 2%, “the majority of which are still trading”, it added.
Retail sales in CSC developments increased by about 2% “out-performing the national trend”.
CSC highlighted its centres in Chapelfield, Norwich and Manchester Arndale as stand outs in terms of footfall increases, as well as have Eldon Square, Newcastle, and St David’s.
It said some of its smaller centres suffered, recording “small negative figures in the difficult environment” including The Potteries, Stoke-on-Trent.
CSC chief executive David Fischel said: “The results demonstrate CSC’s considerable progress in 2011. The transformational Trafford Centre acquisition has driven our strong performance and has exceeded our expectations.
“While the UK economic environment is challenging, CSC is well positioned for growth with assets of uniquely high quality, a considerable capital base, a committed management team and a pipeline of future projects.”
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