Property giant Landsec bets on retail, claiming ‘no slowdown’ in consumer spending

Landsec, the UK's largest commercial property developer, is shifting focus to retail properties, asserting no slowdown in consumer spending despite broader economic concerns. The firm, which owns major shopping destinations, reported strong growth in retail spending and footfall. CEO Mark Allan emphasized retail's compelling returns, with yields significantly higher than office properties. Landsec plans to reduce its office property exposure from £6bn to £4bn, while its pre-tax profit fell 12% to £346m, and rental income rose 5% to £562m. The company's share price increased by 1.6% to 580p.