Crowning deal at Westgate

Prospects for a new shopping centre in Oxford moved a step closer last month with the sale of the Westgate Centre to the Crown Estate. The Crown, advised by King Sturge, paid Capital Shopping Centres £56m for the 320,000 sq ft mall and, in a separate deal, sold a 50% stake to Land Securities. The partnership will assess development prospects for the site on which CSC had previously secured planning for a 750,000 sq ft scheme. King Sturge is leasing agent and property/asset manager.   

Retail Sales

• UK retail sales values fell 2.3% on a like-for-like basis in April against an increase of 4.6% in 2009. The April trading period included only Easter Sunday and Monday this year. However last year’s sales were boosted by the entire Easter period falling in April. Total year-on-year sales fell 0.2% against a 6.3% rise in 2009.
  

• Food sales slowed, mainly a result of the earlier Easter timings. Non-food was also affected by the timing of Easter but pre-election uncertainty and consumer caution also hit sales. Consumers favoured essential items and replacement purchases over discretionary items. Clothing and footwear slowed, and despite further discounts and promotions, homewares fell back below last year’s levels.
  

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