Shaftesbury (LON:SHB), the London West End property investor, announced a trading and finance update on Friday for the period 1 October 2018 to 7 February 2019. The company has said that footfall and trading was “robust” over the period.
Shares in the property investor dropped slightly during early trading on Friday.
Shaftesbury is a real estate investment trust with a portfolio that extends across 15 acres in London’s West End. It focuses on retail, restaurants and leisure in the highly popular locations around Carnaby, Seven Dials and Chinatown. Moreover, its portfolio includes substantial ownership in East and West Covent Garden, Soho and Fitzrovia.
Over the Christmas and New Year festivities, footfall in Shaftesbury’s locations was “robust”. Indeed, its occupiers generally reported a turnover growth when compared to the year prior. This seems to differ from the national reports of a tough trading climate as Shaftesbury’s restaurants, cafes, pubs and bars were all particularly busy over the holidays.
Tough trading conditions have been well publicised throughout 2018, perhaps contributing to a growing consumer anxiety in spending. Shaftesbury’s properties, however, seem to have not suffered as profoundly as other retailers.
On Boxing Day, average footfall across the UK dropped by 3.1%, and reports of decreasing footfall were also evident earlier on in 2018.
Chief Executive Brian Bickell commented on the announcement:
“During the important trading season leading up to and including the Christmas and the New Year holidays, footfall in our locations has been robust and our occupiers generally reported growth in turnover compared with the same period in 2017. In contrast to reports of subdued leisure spending nationally, our restaurants, cafes, pubs and bars were particularly busy throughout the festive period.”
Additionally, the company reported a resilient demand for its regular space as occupancy remains high. Equally, it has made progress on larger schemes such as the let of Thomas Neal’s Warehouse and the submission of a planning application for 72 Broadwick Street.
At 09:47 GMT Friday, shares in Shaftesbury plc (LON:SHB) were trading at -0.34%.