Update: Adapting to retail environment
2014 continues to see Forterra focused on the development of its primary site, The Place, expected to deliver a significant uplift in revenue and group profitability. Management has adapted to the weaker macroeconomic and retail environment by upgrading the planned facilities and slightly refocusing the targeted tenant mix (towards food and beverage and offerings for children), designed to maximise rental income over the longer term. The opening timelines have also been realigned to coincide with seasonal consumer spending patterns. In our revised forecasts, the changes delay revenue contribution and defer group profitability until 2016. Encouragingly, tenant interest and retail pre-commitments continue to build.
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