The move also means it is backing away from the more volatile retail sector, where it said that the gap between prime shopping centres and a second tier of centres is becoming increasingly large. British Land plans to expand Storey, the serviced office brand it launched last year as weakness in the retail sector prompts it to reposition its portfolio. The company said on Thursday that sales at stores open for more than a year, excluding those opened by franchisees, rose 2 percent from April through June compared with the same period a year earlier. The property developer said it intends to continue building offices in London because of healthy demand and has about 1.6 million sq ft of development planned.
British Land plans to expand Storey, the serviced office brand it launched last year as weakness in the retail sector prompts it to reposition its portfolio. The company said on Thursday that sales at stores open for more than a year, excluding those opened by franchisees, rose 2 percent from April through June compared with the same period a year earlier. The property developer said it intends to continue building offices in London because of healthy demand and has about 1.6 million sq ft of development planned.