One half of the team behind Croydon’s new Westfield shopping centre has released it’s 2018 results which show income is down 6% on 2017.

And Hammerson, which runs the Central shopping centre in Croydon, has echoed the words of Westfield saying that the scheme is under review.

The two companies make up the Croydon Partnership, in charge of delivering the £1.4 million shopping centre which is supposed to open in 2023.

A report published on Monday (February 25) said: “The retail and leisure-led scheme will establish Croydon as a major lifestyle destination for south London and include up to 1,000 new homes.

“The development will also involve the refurbishment of the existing Centrale shopping centre and is part of the wider large-scale regeneration already underway in the town.

“We are currently reviewing the scheme to ensure it responds to changing retailer requirements and is appropriate for the future.”

In the report the company states that a ‘key strand’ of its strategy is the city quarters concept which still lists Croydon – The biggest of developments planned by Hammerson, combining retail and housing.

But the report goes on to say that demand for retail space in declining with more space available than before in 2018.

Visitors to Hammerson’s current shopping centres also fell by 1.3% last year.

And in a bid to reduce the company’s debts it has sold off more than £500m of its property assets at an average of 7% below the rate listed in December 2017.

David Adkins, chief executive at Hammerson said: “2018 was a tough year particularly in the UK. Tenant failures, the structural shift in retail and a more considered consumer created a difficult operating environment, putting pressure on property values. Outside of the UK our destinations performed better with a strong contribution from premium outlets.

“Having successfully achieved £570m of disposals in 2018, we are aiming to dispose of at least £500m in 2019. We remain committed to exiting retail parks over the medium term and are in active portfolio-wide discussions on transactions of over £900m, which would add further strength to our balance sheet.”