Marks Spencer: Town North-East and S-Built Scheme

marks spencer: The 1970s-built scheme in the affluent town north-east of Birmingham has suffered an exodus of big names this year, with Marks & Spencer, Paperchase and Patisserie Valerie closing in the past few months and Argos set to shut for good on Christmas Eve, according to The Guardian. Next quit last year and the Observer counted at least a dozen vacant units during a visit last Thursday. All it needs now is more shoppers and, ideally, more shops. Gracechurch's experience is not unique centres all over the country have found themselves in the frontline of the retail crisis that has claimed 85,000 jobs this year and left thousands of stores lying empty. The 2.5bn M&G Property Portfolio which owns Gracechurch pulled down the shutters, admitting that it could not sell properties fast enough to repay the investors who wanted out. Last week the focus of the pain shifted from the shop floor to investors' pockets as one of the UK's biggest property funds placed a temporary ban on withdrawals. (news.financializer.com). As reported in the news.