Liberty officials report that the noticeable slowdown in UK retail sales continued in the first half, particularly in the second quarter. However, fashion goods, "which are the predominant product mix within our centers, have generally fared better than household goods, which have been more severely impacted by the anticipated downturn in the UK housing market," the statement says.
Liberty is not directly exposed to pressures facing retailers, since its rental-income growth is linked to rent cycles rather than to fluctuations in UK retail sales.
"We look at the retail market from the landlord's point of view," says chief executive David Fischel, "and all we can say is our vacancy level remains very very low--25 units out of 1,727. So, effectively, our centers are full."
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