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Local Shopping Reit sounds like a play on the UK high street, which is suffering the well-publicised retrenchment of national retail chains like Mothercare and HMV. Fortunately, it is not: the group owns much cheaper outlets, typically occupied by corner shops, hairdressers and takeaways. That's a more resilient market, partly because the tenant base is so diverse - 70 per cent of tenants are independent - and partly because convenience 'top-up' shopping is back in vogue.