RE: New CFO20 Apr 2021 08:31
UK re-opening
-- Initial footfall recovery in England is encouraging, and around 90% of operators are currently able to trade. Footfall is competitive with pre-pandemic levels. Across a seven-day average, footfall at our flagships is around four-fifths of that achieved in the same week in April 2019. This is an improvement of approaching 50% points on reopening in June 2020.
-- In Scotland, c.30% of occupiers are currently trading, ahead of the current anticipated re-opening on 26 April.
Wider portfolio
-- In France stringent restrictions remain in place, including the closure of all non-essential retail. A review of restrictions is due on the 3 May, but a roadmap on lifting of restrictions is still to be set out.
-- All of our French occupiers would benefit from one of the three proposed state aid packages to support rent and fixed costs. It is likely most would wait until the third and most expansive package is passed later this year. We therefore do not expect operational performance in France to materially improve until the second half of the year.
-- Having endured the longest lockdown in Europe, in Ireland recent positive COVID data and vaccination trends have enabled the Irish government to indicate a roadmap to reopening non-essential retail, leisure and hospitality in early May with easing of restrictions coming as soon as late May or early June.
-- The high proportion of essential retail and F&B in our Irish centres, however, means footfall has been on average 40% of pre-Covid levels even under tight restrictions.
-- In line with the latest guidance from the respective national Governments, four outlets across our premium outlet portfolio are open. These are Bicester Village, Oxford; Las Rozas Village, Madrid; La Roca Village, Barcelona and Maasmechelen Village, Brussels.
Looks good so far!
Onwards and upwards
Sign In
Follow the stocks
