Capital Shopping Centers (CSC) is a Real Estate Investment Trust that develops, owns and manages regional shopping centers in the UK. The company has a leading position owning more shopping centers than any other operator in the UK with a property value of £6.9bn (H1 2011). The company has an occupancy rate of 97% (UK retail industry average 90%) and a debt-to-asset ratio of 48%, which has been lowered thanks to capital raising and improved market values of CSC’s properties. Structural shifts in shopping patterns where large out-of town centers are being favored by the consumers can benefit the company. For the short term, a limited supply of high quality retail locations, due to a low number of openings during 2008-2010 and long lead times for new property, reduces competition for CSC. However, weakening UK consumer confidence, government austerity measures, rising oil prices and tax increases coupled with a large exposure to a single shopping center (Trafford Centre in Manchester acquired Jan 2011: ¼ of total asset value and 22% of total rent) poses a significant threat to CSC.