Cautious UK shoppers dent profits at shopping centres owner

Store closures, shift to online shopping and political uncertainty fuel 147m loss at Landsec

Landsec, which owns shopping centres including Trinity Leeds, Westgate Oxford and Bluewater in Kent, has slumped to a first-half loss after being hit by store closures as retailers battle weak consumer spending and a shift to online shopping.

The property group's chief executive, Robert Noel, said the general election and Brexit delay meant "continued uncertainty in the near term". "The retail market continues to be challenged as retailers adapt to structural change, rising costs and a more cautious consumer," he said. "Limited demand for space and poor investor sentiment is impacting rental and capital values."