Smart Approach in Retail Resilience

Capital Activity Net Spend 1 £m 1,600 1,200 800 400 £3.3bn Gross investment activity since April 2018 (£502m) (£739m) (£753m) £121m £(347)m (400) (800) (1,200) (1,600) (2,000) FY17 Sales FY18 Capital Investment FY19 1 Previous periods have been restated to exclude transactions exchanged in the period that have now completed FY20 HY21 Purchases Net Spend 54

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