Shopping mall giant hit by bust stores

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The Independent Online

The troubles of retailers like Game added to the headaches of the UK's biggest shopping centres owner yesterday as occupancy levels were hit by a wave of tenants going under.

Capital Shopping Centres owns 14 major centres, including Lakeside at Thurrock. However, occupancy is down by 2.4 per cent since the end of 2011 because of failing retailers as well as expiring seasonal pop-ups.

David Fischel, chief executive, said Game added to a roll-call of casualties, bringing shops in administration to 3 per cent of the rent roll.

Mr Fischel said: "The UK economy as a whole is pretty flat and the consumer is facing a number of challenges."

Footfall across its centres fell by 2 per cent in the first quarter, slightly better than the average national decline of3 per cent.