London retail has fully recovered from Covid says Shaftesbury

Commercial landlord Shaftesbury, which owns around 600 buildings in London’s west end, has said that consumer spending is continuing to recover from the Covid-19 pandemic in spite of the UK’s cost-of-living crisis.

The firm on Tuesday said that the capital’s shopping district has recovered from the pandemic and will benefit from a Christmas free of lockdowns, while pubs and restaurants will benefit from the ongoing FIFA World Cup in Qatar.

Shaftesbury, which earlier this year merged with Capital & Counties Properties to create a £5 billion portfolio made up of retail and hospitality tenants, noted that its customers were reporting average monthly sales 6 per cent ahead of pre-pandemic levels.

The company also revealed that its EPRA Net Tangible Assets (a per-share measure that reflects the value of its buildings) rose to 6.41 pence from 6.19 pence in 2021.

Elsewhere in London, Regent Street stalwart Hamley’s has opened up a new 11,000sq ft retail location in Westfield White City. The new tate-of-the-art store features an indoor slide, a Playmobil play area, a Nerf target range and a Hans & Gretel dessert boutique.

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