Listed landlords exposed to Carphone Warehouse store closures

A throng of London-listed landlords have had more more pressure piled on them, following a decision to close all of Carphone Warehouse’s 531 standalone UK shops.

Retail property landlords, already grappling with chains seeking rent cuts amid tough High Street conditions and the likelihood of tenants struggling with coronavirus-induced footfall falls, now face the prospect of a number of empty shops.

Companies exposed to Dixons Carphone’s decision this week to close its phone-focused UK stores in April, include a number of listed businesses (see table below) such as British Land and Intu.

Dixons Carphone expects to make 2,900 redundancies, but said almost 1,800 affected staff are set to take new roles elsewhere in the business.

Melanie Leech, chief executive of the British Property Federation said: "Carphone Warehouse’s store closures not only puts jobs at risk – property owners, who include pension funds investing our savings into property, will also be hit. The timing of this news strikes a further blow to confidence, as coronavirus continues to unveil its devastating impact on our high streets and the whole economy.”

LANDLORDS EXPOSED TO CARPHONE WAREHOUSE SHOP CLOSURES

COMPANY NUMBER OF CARPHONE WAREHOUSE SHOPS

BRITISH LAND 23

INTU 13

LANDSEC 12

NEWRIVER 8

CAPITAL & REGIONAL 6