A casualty of Hammerson's change of direction (as well as the weak market for bricks and mortar stores) is the mall giant's plan for a massive expansion at Brent Cross that has now been indefinitely deferred.
Hammerson announced it is trimming its exposure to department stores and high street fashion retailers in a strategy update unveiled on Tuesday, as pre-tax profits plunged by 80% in the first half of the year.
A "flight to quality" is buoying Hammerson, despite the overall weak retail market, as its premium malls in the UK and France prove themselves able to attract both shoppers and brands while rivals flounder.
Global shopping centre giant Hammerson released its 2017 results on Monday and said that “record leasing” drove a strong performance. It also announced that it has taken its stake in Bicester Village to over 50%.
Big news on the mall front in the UK on Wednesday as property giant Hammerson is planning to merge with major rival Intu, which means the bigger group will have stakes in or ownership of 60% of the country's supermalls.
Shopping centre landlord Hammerson Plc said the impact of Britain's decision to leave the European Union on property valuations was still unknown, but the lettings and investment markets were facing a period of uncert...