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 visitors smile and help our customers 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 strategic focus

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. Discover more about our five year strategy here.?

How we create winning destinations

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Our strategic objectives

Over the next five years we will be focusing on delivering our four strategic objectives

The store is evolving?

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 customers to deliver what they need. As the role of the store changes our customer relationships are changing and we are modernising our leasing structure to reflect that. Providing the right environment for top global brands will ensure we have their best stores which will continue to prosper as their portfolios concentrate on the very best locations.

Five year priorities?

  • fix the balance sheet?
  • simplify, enhance and drive efficiency? ??
  • sharpen customer focus
  • transform our centres

Fix the balance sheet?

To reduce net external debt and create liquidity to deal with the upcoming refinancing activity, with the first material debt maturities in early 2021

Priorities in 2019

  • not paying a dividend for the time being?
  • disposal and part-disposal of assets in the UK and Spain?
  • reducing the capital expenditure pipeline

Simplify, enhance and drive efficiency

Retail is dynamic and the pace of change is increasing.?

We are focused on improving our relationships with our employees, customers, and communities. We're also dedicated to innovation and use of data to enhance our services. We have the right people with the right skill sets and teams to deliver this vision.

Five year priorities

  • employee wellbeing and ESG
  • development of our leadership team
  • innovation and data insights?
  • delivering a thriving culture of happy and high performing colleagues

Sharpen our customer focus?

We are focused on improving our relationships with our customers, those who pay us for taking space, working closer with them and taking a partnership approach to maximise returns for both parties.

Five year priorities

  • identifying, nurturing and supporting leading brands
  • investing further in data and sharing the insight
  • developing new product and service propositions for our customers to reduce their costs, remove the hassle and improve sales
  • leading the way in modernising the lease structure, to include store generated online sales

Transform our centres?

Improving centre performance to be a key priority. We will deliver what future visitors and customers want with a project pipeline for new uses. From improving visitor experience and dwell time to curated spaces for pure-play online brands and intu Pocket, a cashback loyalty scheme, we are committed to innovation. Getting this right delivers greater footfall and dwell time, and benefits us and our customers for the long term. 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 and includes offices, leisure and hotels.

Five year priorities

  • improving the visitor experience and dwell time: street food, experiential markets and paid for experiences
  • seamless customer offering: direct retail and curated space for pure-play online brands and intu Pocket, a cashback loyalty wallet
  • Intensification of our landbanks, using a capital light model

The initial focus is on

  • residential
  • hotel
  • flexible working?