Shopping centre giant Intu feels the pinch

It's not just the high street that's feeling the squeeze: Intu, the owner of Lakeside in Essex and Manchester's Trafford Centre, yesterday said fewer customers were coming to its shopping centres as the retail sector remains "difficult".

Intu, which owns or part-owns 15 shopping centres across the country, said footfall was down 1 per cent in the first quarter against the same period last year.

The group, formerly known as Capital Shopping Centres, also signed fewer long-term lettings and said shop failures, lease expiries and a reluctance to open new stores would continue to affect its short-term earnings.