A company which bought 56 shops across Woolwich in 2018 has recorded a loss of £1.1 billion in results announced today.
British Land purchased various shops for £103 million in 2018. In 2019 they recorded a loss of £320 million and in the year to March 2020 a loss of £1.1 billion. That period does include a small period of lockdown which begun on 23rd March. Next year’s results will see most of the impact.
Since taking over in Woolwich the town has failed to attract many names – with household names moving away. Starbucks left as did Dunkin Doughnuts to give two examples.
A large number of empty units litter Powis Street including the former Phones 4 U. They collapsed almost six years ago.
Wilko are closing and opening a new shop in Charlton.
The town has attracted some shops such as Sports Direct, but even there, conditions of planning permission such as painting and renovating a neglected building has not been undertaken.
All of those troubles predate the current situation. Who knows where the town will end up?
There are huge housebuilding plans which should offer a great deal of future custom, but it takes good management to ensure the area actually appeals to people – both old and new residents. Whether British Land will have the funds to invest remains to be seen.