The property giant plans to focus on four strategic priorities, including shoring up its balance sheet, driving efficiencies, sharpening its focus on customers and transforming its malls as it grapples to revive its fortunes.

In a bid to achieve the latter goal, Intu said it would place an “initial focus” on residential, hotel and flexible working spaces, rather than retail.

The shift comes after the business was hit by “a higher level of administrations and CVAs” in the retail and food and beverage sectors. It also lamented the impact of “political uncertainty in the UK and weak consumer confidence” on rents, property valuations and footfall.