Pradera Lateral is the surprise choice to manage the Trafford Centre. Its appointment follows a “competitive” tender process, with little-known Pradera beating industry giant Westfield to oversee the Manchester mall.
The size of debt that forced Arcadia into administration was revealed Wednesday: £750 million. However, the group’s administrator Deloitte warned the final figure was expected to be "materially higher”.
Activity around the break-up of the Arcadia fashion retail empire is continuing and while the sale of Evans is the only firm development so far, it has emerged that the heavily mortgaged Topshop flagship is up for sale.
Frasers Group is continuing to focus on physical retail space as it take over a key soon-to-be empty Debenhams store and opens a next-gen Sports Direct flagship that also integrates other brands into its giant space.
The Lakeside mall is the latest of Intu’s properties to transfer to new management. One of the UK’s top 10 shopping centres, it now has Global Mutual appointed as asset manager while Savills becomes property manager.
With the coronavirus having sent most of the world's luxury spending into a tailspin and China the only major economy expected to show growth this year, brands now depend more than ever on Chinese consumers for sales.