INTU SGS - Comments

SGS management released an October update on their shopping centres, with all metrics continuing to rebound: Occupancy (81%, and will increase to 84% for November); Footfall at 80% of October 2019 levels and 90% of 2019 levels for Lakeside; Rent Collections have improved to 84% of Billed Amounts. SGS continue to make progress on further increasing occupancy and are un advanced negotiations for 40 units for either lease renewals or new lettings. 

However, this update was produced prior to the Ormicron Covid 19 variant and the subsequent new restrictions issued by the UK Government in an attempt to curb the transmission of the virus. Timing could not be worse for retailers as they enter the pre Christmas key period.