Issue 2018 July 10th

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    Unibail-Rodamco-Westfield sets out start of divestment strategy

    The newly-combined Unibail-Rodamco-Westfield plans to sell off non-core properties to help reduce debt incurred in the recent $15 billion acquisition of Westfield by Unibail-Rodamco. The Paris-based company now has 102 shopping malls, 13 office properties and 10 convention centres, valued at a combined €62 billion across Europe and the US. The company will sell off slightly more than $3.5 [...]
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    Second UK report from Grimsey focuses on unsustainable retail

    Bricks-and-mortar retailing can no longer be the anchor for high streets, an influential independent review asserted last week. The review, conducted by a team led by retail expert Bill Grimsey, said high streets must instead become community hubs that include housing, offices and some shops. Lunching the report, Grimsey said it was time to accept [...]
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    Mothercare rescue plan as Childrens World subsidiary goes into administration

    Troubled UK baby and toddler goods retailer Mothercare is seeking to raise £32.5m from existing shareholders and will increase the number of store closures. The company said it was “likely there may be short-term impacts on our business operations” from the restructuring, which will result in 60 UK stores closing against an earlier target of [...]
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    Retailers in London’s West End call for online tax

    New West End Company, representing over 600 retailers, hoteliers and property owners in London’s West End, has urged the UK Government to implement a business rate reform which would eliminate inequality between high street and online retailers and boost the high street with a £5 billion cut in their rates bills. In two reports published, [...]
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    Russian schemes expand retail provision as vacancies drop in Moscow

    According to advisor JLL, three quality shopping centres were opened in World Cup Finals host Moscow in H1 2018, totalling 98,500 sq m. With the new completions, Moscow shopping centre density reached 418 sq m per 1,000 inhabitants. The same indicator in St. Petersburg was 422 sq m. “An additional 64,400 sq m of new quality [...]