The changes that are happening in retail became very clear on Wednesday as major landlord Hammerson said that the former New Look store at the giant Brent Cross mall will be replaced by a medical facility.
Yet more positive news on commercial landlord rent collection and UK retail performance. Hammerson, the owner/operator of the Bullring & Grand Central in Birmingham, said footfall trends “remain encouraging”.
With the landscape for UK physical retail having changed dramatically in the past year, UK-based property giant Hammerson has appointed management consultants McKinsey & Co to advise on its ongoing strategic review.
Hammerson said on Wednesday it sold seven retail parks to Canadian private-equity firm Brookfield Asset Management for 330 million pounds, marking the mall operator's exit from the UK retail parks sector.
Hammerson is to slash rents for its retail tenants by around 30% as UK stores reopen post-Lockdown 3. UK & Ireland MD Mark Bourgeois said that “typically, we're resetting our rents to more affordable levels”.
Hammerson is selling its UK retail parks to Canadian private equity firm Brookfield for around £350 million, according to one report. However, on Monday, Hammerson said any deal is far from being sealed.