Over the past 12 months the UK economy has become more resilient to lockdowns and figures just published showed that GDP grew by 0.4% month-on-month in February with the expectation that the rate of growth is accelerating, linked to the speed of the vaccine rollout. With shops and outdoor hospitality now open, retailers’ cash flow is improving. Online retailers have prospered during the pandemic with penetration rates peaking at 36% in January compared with 22% in January 2020. This will inevitably reduce as physical retail finds its feet again but shoppers have become more accustomed to buying online and it will continue to be a key platform for consumer expenditure. As a result there will be sustained occupational demand for logistics property serving online retailers.
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