Tycoon Predicts Death Of The High Street

Property tycoon Nick Leslau has warned of the death of the high street because of a "seismic shift" to supermarkets.

Nick Leslau, chief executive of Prestbury Investments, said there is around 20 million sq ft of retail space across the UK that will "almost certainly" be filled by supermarkets.

"And they're not going to be selling baked beans and pork chops from this space," he said.

"They're going to be selling all of the things that compete with the traditional high street. It's pretty bloody out there."

Speaking on Jeff Randall Live, Mr Leslau also said that outside of around 50 top retail spots, shops are struggling.

"There are probably 50 prime centres where the major retailers need representation. Outside of that I think it's estimated that one in four retailers are either paying no rent at all or are being heavily subsidised by landlords."

Prestbury Investments holds a property portfolio which includes Central London marina Saint Katharine Docks which has more than 500,000 sq ft of commercial space.

It is also the landlord of four of the UK's largest attractions - Alton Towers, Thorpe Park, Warwick Castle and Madame Tussauds.

Mr Leslau said that part of the problem lay with the consumer, adding: "Traditional retailing is shrinking - we are over-shopped as a nation."

He also said city centres would become "no-go areas" because of the influx of major retailers to town peripheries.

His comments come on the day that two of the country's most well-known shops bucked the downbeat trend on the high street.

Both Marks and Spencer and Debenhams revealed better-than-expected Christmas trading.

Food sales helped Mark and Spencer post a 0.5% rise in UK sales and Debenhams reported flat sales over the period.