BusinessRush to return Black Friday buys helps to boost LondonMetricLondonMetric: The warehousing specialist said the Black Friday shopping bonanza marks a busy period for its tenantsPAJoanna Hodgson29 November 2017Black Friday may prove a logistical nightmare for retailers, but the boss of LondonMetric Property on Wednesday said the US-inspired shopping bonanza is a boon to warehouse landlords.Chief executive Andrew Jones said his sheds firm’s tenants have “inevitably seen lots of return orders” from shoppers. “That means they are dealing with more volumes and more warehouse space is required. Black Friday is a terrific thing for us,” he added.He said UK online retail businesses which make £1 billion a year in sales typically need 1.2 million square feet of storage and distribution space to cope with deliveries and returns. That compares with 450,000 square feet used by physical retailers.LondonMetric rental income rose 12% to £44.5 million in the six months to September 30.Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itCulpeper pub boss: Rates system is not fit for purpose — and not fairSponsoredDiscover a hidden island paradise in the Indian Ocean The firm revealed a dividend increase of 3% to 3.7p.Mike Prew, an equity analyst at Jefferies, said: “These are sturdy results with steady growth in earnings.”MORE ABOUTBlack FridayLondonMetric
