Our business model

By meeting the needs of customers and retailers we have built a long-term, sustainable business that delivers value for our shareholders

We have a single purpose - to make our customers smile and our retailers flourish. This builds a long-term business that delivers value for all our shareholders and stakeholders.

Our 2018 strategy

Our four strategic objectives are the means by which the business model is put into action

1. Growing like-for-like net rental income

Like-for-like net rental income growth is our key income measure. Given our relatively low cost base and fixed finance costs, growing our net rental income drives earnings and ultimately dividend and total property return. 

Priorities in 2018

  • grow like-for-like net rental income, expected to be in the range of 1.5 to 2.5 per cent
  • deliver new lettings ahead of previous rent and increasing rents through the rent review cycle
  • reduce vacancy rate year-on-year



An image showing what intu Watford's 400,000 sq ft extension will look like once complete

2. Optimising our flagship destinations

By delivering a compelling mix of retail, catering and leisure, each of our flagship destinations generally draw footfall of 20 million or more and the average customer stays for over two hours. We use our insight, expertise and innovation to ensure that they are the destinations of choice for our customers.

Priorities in 2018

  • ensure the leisure extension at intu Lakeside remains on target
  • complete the aquarium and Nickelodeon leisure attractions at Madrid Xanadú
  • commence the redevelopment and repositioning of Barton Square, further improving the tenant mix at intu Trafford Centre
  • complete the final planning consents at intu Costa del Sol



3. Delivering operational excellence

Making customers smile and helping retailers flourish is what we do, and operational excellence is how we measure our success. From a customer’s point of view, this is measured by our brand metrics, including net promoter score and brand recognition. For our retailers, it relates to how many customers we attract and how long they stay in our centres.

For our wider communities, it is about being a good corporate citizen.

Priorities in 2018

  • ensure we continue to outperform footfall benchmark
  • enhance brand recognition and consistency of net promoter score
  • build on digital platform and continue to grow sales through the website
  • communicate, and start working towards, our 2030 corporate responsibility strategy



4. Making smart use of capital

As the leading owner, developer and manager of shopping centres in the UK and Spain, we and our assets are well respected throughout the industry. This means we can access capital and attract partners to increase the focus on superior returns at our flagship locations.

Priorities in 2018 

  • ensure facilities available for the development pipeline – maintaining loan to value in the 40 to 50 per cent range
  • continue the recycling of capital to deliver higher returns from developments
  • deliver financing for the intu Costa del Sol development



Our purpose is to put a smile on the face of our customers. We want them to be happier after a visit to our centres than when they walked though the door.

David Fischel

chief executive, intu

Our assets and resources

We have unique assets and resources that provide the foundations for our business

Our centres

National coverage of prime retail and leisure destinations visited by more than half the UK's population

Our brand

A nationwide shopping centre brand focused on enriching the customer both in centre and online

Our employees

Professional, motivated and  empowered teams that are specialists in their field

Our relationships

Enduring, creative and collaborative relationships with retailers, customers, employees, partners and communities


What we do

We apply the intu difference - our specialist knowledge, expertise and insight - to create the most popular shopping centres:

..and how we do it

Delivering compelling shopping experiences

Our insight and management of centres attract customers more often, for longer and from further away by offering the right mix of retail, leisure and catering alongside our distinctive brand proposition

Helping retailers flourish

Our scale, flexibility, high-footfall locations and strong brand give retailers the confidence that they will trade successfully with intu, which drives capital growth

The value we add

We deliver sustainable value for our stakeholders and shareholders


growth in footfall


average net promoter score


reduction in carbon intensity since 2010


rise in engagement index since 2011


total property return