Smart Approach in Retail Resilience

Out of town Retail highly attractive today and going forward Relative resilience during Covid - Open air - Supports mission based shopping - Reflected in strong operational fundamentals - Preferred by retailers, including Next and M&S • Well connected and affordable to retailers • - Occupancy cost ratio reducing to more sustainable levels, c. 10-12% Omnichannel compatible Support click & collect, facilitate returns - Act as a logistics hub for retailers • Investor appetite returning Particularly where underpinned by sustainable cash flows WOMEN nex Co Abo next Retail parks where customers can park and walk straight into relatively spacious stores have performed much better" Giltbrook, Nottingham Next, HY2020 40

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