Segro, the UK’s largest listed property company, believes shopping habits have “changed irrevocably” during the pandemic.
The warehouse and logistics giant saw the value of its UK and European warehouses jump more than 10 per cent last year to £13 billion thanks to the dramatic shift to ecommerce during the pandemic.
As retailers scrambled to buy up warehouse space to service their growing online operations, Segro became one of the few property companies to flourish during the pandemic, seeing adjusted pre-profits for the year to December 31 2020 rise 10.8 per cent to £296.5 million.
READ MORE: Ecommerce boom drives UK warehouse investment to record highs
According to Segro’s chief executive David Sleath, the coronavirus has brought about a “step-change in consumer behaviour”, which “will likely change the way that our world functions”.
“The pandemic has reinforced the importance of efficient and resilient distribution networks to facilitate the provision of a wide variety of goods and services, leading to increased demand for warehouse space,” he added.
It comes after the Office for National Statistics reported that UK online sales in January represented 36 per cent of total sales, their highest level to date.