M&S has delivered a bleak full-year earnings report, although the bad news was far from unexpected. In year to April 3 — which included three lockdowns during which its clothing departments were shut — sales plummeted.
Shaftesbury (and its properties in the West End) are on on the road to recovery, albeit gradually. It owns 16-acres of prime space in London and said it’s “well-placed to return to sustainable long-term growth”.
It’s a subject close to the heart of many physical retailers: the scrapping of the business rates system. Latest to join the call for change is John Lewis chair Sharon White, who wants it replaced it with a new land tax.
It’s becoming an increasingly important focus of every business, so Landsec has appointed its own head of Sustainability. Jennie Colville is to lead the property giant’s related strategy across its £10.8bn portfolio.
The Touchwood shopping centre in Solihull has a new owner. US-based real estate investment and asset management firm Ardent Companies has bought the Midlands mall from Lendlease Retail Partnership for an undisclosed sum.
Luxury Oslo department store Steen & Strøm has reopened after a €29.5m upgrade. The historic store has a new entrance on Norway’s busiest shopping street, a state-of-the-art beauty hall and upgraded architecture.