Our business model

Creating winning destinations

In 2019 our overall business model remains unchanged. Our assets and resources and what we do remain the same but the strategy that delivers sustainable value for our shareholders and stakeholders has been adapted to better represent today’s opportunities and challenges at our winning destinations.


Our purpose is to create compelling, joyful experiences that make our customers smile and help brands flourish

How we create winning destinations

Our focus is on creating shopping centres that are loved by customers and where retailers flourish. This builds a long-term business that delivers value for our shareholders and stakeholders.

Our assets and resources

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

Our centres

National presence with high-quality retail and leisure destinations visited by half the UK’s population each year

Our relationships

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

Our people

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

Our brand

Respected shopping centre brand focused on enriching the customer experience both in centre and online

Our financial strength

Capital structure provides capacity to deliver our objectives from a range of funding sources

What we do

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

making customers smile

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

Our strategy

Our strategy helps us to create value

The value we add

We deliver sustainable value for our shareholders and stakeholders

Our investors


like-for-like net rental income

Our customers


average net promoter score

Our communities


gross value added

Our retailers


outperformance of national footfall benchmark

Our people


find ways to bring joy to customers and colleagues

Our environment


reduction in carbon intensity since 2010

Underpinned by our culture

Behaving responsibly

We act responsibly towards the world about us…

Being a good employer

…and the people who work for us.

Living our values

So we are bold, creative and genuine

Our strategic focus

Our strategy aims to deliver sustainable value for our shareholders and stakeholders and has been adapted to better represent today’s opportunities and challenges at our winning destinations

Our strategy is to focus on winning destinations delivering resilient income streams, investing where there is the greatest potential, and reducing our debt to assets ratio to below 50 per cent through disposals, part-disposals and introducing partners to assets. In recent years we have successfully recycled capital through this approach, disposing of over £1 billion of assets.

The retail environment remains challenging. Our response is to adapt our strategy, protecting shareholder value in the short term and maximising growth in the medium term as we progress the repositioning process.

Our strategy will ensure that we focus on the centres with the greatest potential, with a capital structure that enables us to make the required investment.

How we create winning destinations

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Our strategic objectives

Over the next year we will be focussing our business on delivering our three strategic objectives

Adapting fast to a changing retail environment

Retail has always been dynamic, but the speed of change is increasing. It is our job to know what is coming next and partner with our tenants to deliver what they need. Providing the right environment for top retailers will ensure we have their best stores which will continue to prosper as their portfolios concentrate on the very best locations.

Priorities in 2019

  • identify further transformational projects
  • progress opportunities identified for alternative uses
  • increase concentration of retailers’ top-quintile stores
  • continuing to develop the intu brand experience

Making smart use of capital 

To enable us to transform the business, we need a capital structure that will enable us to make the required changes. Reducing leverage and increasing financial headroom, which will only be meaningfully changed by disposals, part-disposals and the introduction of partners, will give us more flexibility for future investment opportunities and refinancing activity.

Priorities in 2019

  • restore debt to assets ratio to below50 per cent
  • revised dividend policy and no intention to raise equity
  • optimise portfolio, with capital recycling as necessary
  • maintain adequate financial headroom

Delivering strong underlying individual centre performance

Improving centre performance has been and will continue to be our driving force. Getting this right delivers growing rents and benefits us for the long term through income and capital growth. Future performance also includes looking at the best use for every area of our assets, which as we look ahead is wider than just retail.

Priorities in 2019

  • continued focus on like-for-like net rental income
  • maintain high occupancy
  • increase rents from new lettings and rent reviews
  • deliver investment projects pipeline