(Reuters) – The e-trading driven shakeout of UK retailers has yet to run its course and there is likely more pain to come, one of the sector’s big landlords, Londonmetric Property Plc <LMPL.L>, said on Wednesday, while reporting a tripling in full-year profit.
The British property company said its full year profit rose to 186 million from 63 million a year ago, helped by a 121.6 million gain from property revaluation.
But Chief Executive Andrew Jones also warned: “The impact of digital evolution and ongoing shifts in consumer shopping habits is being felt more than ever in the retail sector.
“Many will tell you that we are entering the final act. We are not and there will be value destruction in parts of retail.
(Reporting by Sangameswaran S in Bengaluru; editing by Patrick Graham)