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Trafford Centre Reports Increased Footfall in 2010

But revaluation puts parent company in the red

Written by . Published on July 28th 2011.


Trafford Centre Reports Increased Footfall in 2010

THE Trafford Centre has announced a steady increase in the number of visitors in the nine months leading up to the end of last year.

Footfall increased by 8.9 per cent over the previous financial year, as ‘a measure of confidence’ returned to the market, in spite of the recent difficulties in the retail sector.

The Trafford Centre’s focus remains attracting and retaining ‘high quality retailers’ and avoiding ‘the ‘discount’ image that some centres have been forced to adopt.’

The centre, acquired by Capital Shopping Centres in January, would not give exact footfall figures although Confidential understands it pulled in more than 30 million visitors between March 2010 and the end of the year. It didn't attract as many as Manchester's Arndale Centre, however.

The accounts for The Trafford Centre Ltd, which were released this week, show the larger stores in the centre generally out-performing the retail sector as a whole.

While the company has reported profits of more than £24m after tax, compared to £30m the year before, it notes a total loss of nearly £2m as a result of a revaluation of the property. That knocked £22m off the estimated worth of the centre from the previous year, which is now valued at £1.565bn.

In spite of this, the notes to the accounts remain positive about the Trafford Centre’s future. The company now faces the challenge of renewing ‘a large number’ of leases which will expire in 2013. Directors are confident in securing extensions, however, and a number of tenants are currently in the process of negotiating new terms.

Several major stores, including H&M, Apple and Marks and Spencer, have already extended their leases or relocated to a larger space.

The Trafford Centre’s focus for the future remains on attracting and retaining ‘high quality retailers’ and avoiding ‘the ‘discount’ image that some centres have been forced to adopt.’

More recent names to arrive at the Trafford Centre include Kurt Geiger, Superdry and Ted Baker.

The accounts also note that operating costs have once again been cut through commitment to greater efficiency. Energy consumption was said to be 'significantly reduced'.

 

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6 comments so far, continue the conversation, write a comment.

Chris-afortunadoJuly 29th 2011.

...free parking...

Couldn't resist

1 Response: Reply To This...
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Simon BinnsJuly 29th 2011.

In fairness, the Arndale actually did better for footfall than the TC in 2010.

As for 2011...that remains to be seen.

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