Shopping destinations, like department store chains and big retailers, are seeing footfall numbers decline as more and more shoppers go online.APAM estimates that the number of malls that may be in danger of breaching debt covenants has risen by 75% since it started tracking the market a year ago, driven by the latest wave of CVAs and falling market values. On average, these centres last changed hands or were refinanced almost four years ago.

This is making shopping centres lose their value and reputation as the retail landscape goes through seismic change driven by new technologies such as online shopping, big data and artificial intelligence.One such example is Callendar Square Shopping Centre in Falkirk, Scotland, which was valued at more than £25m in 2006. It quietly sold at auction for little more than £1m last year.Apam’s estimates are based on an analysis of transactions that took place using debt between 2012 and 2015, and are now coming towards the end of normal bank financing periods.