LONDON Jan 23 Britain's largest listed property
company Land Securities has agreed a deal with internet
search giant Google to drive business to its malls, the
latest move by a retail landlord to combat the growth of online
It follows a move earlier this month by Capital Shopping
Centres Group to open a fashion website where shoppers
can buy and collect from its centres and invest in a new free
The Land Securities tie-up with Google Product Search comes
as the number of its retail units in administration, including
Jessops, HMV and Blockbuster, rose from 1.8 percent at the end
of September to 2.2 percent, the company said in a trading
update on Wednesday.
Against the backdrop of a growing number of retail failures
in the UK, the British online market grew 14 percent in 2012,
according to online retail industry body IMRG, which forecast it
would grow 12 percent to 87 billion pounds ($138.05 billion) in
In March, Land Securities will open the UK's only new mall
this year, Trinity Leeds, which is 90 percent pre-let, which the
company described as "a good result in a difficult market".
Elsewhere in its property portfolio, insurer RSA
leased four floors in the so-called Walkie Talkie skyscraper in
London's financial district, showing the divided nature of the
market in the square mile which has seen banking and finance
companies retrench while insurers seek new office space.