Footfall and sales
The footfall recovery is encouraging, with most Continental European regions as of now trending in the range of 80
– 90% of last year’s footfall, demonstrating the appeal of URW’s Flagship destinations. While the UK is in the 60 –
70% range, it shows good week-on-week development as people are returning to offices following the lockdown and
summer holidays. Footfall in the US centres lags behind that in Europe, as, for a number of shopping centres in Los
Angeles, indoor operations remain restricted. In addition, mobility in the major US cities in which the Group’s
shopping centres operate is well below that of most Continental European cities.
Tenant sales in Continental Europe were -26% in June, -16% in July, and -12% in August(10)
, showing a more rapid
recovery than footfall, as the last shopping centres reopened during June, most remaining restrictions were lifted,
and higher conversion rates and average baskets were recorded. In Europe, tenant sales were -33% and -21% in June
and July, respectively, and -16% in August(10)
.
In France (representing 27% of URW’s retail portfolio), the preliminary August figures show tenant sales are -5%, a
strong improvement from -29% in June and -15% in July, with 44% of French tenants reporting August sales above
2019.