Yahoo Finance Return to the mall and new shopping centre attractions boost Hammerson
Major London landlord Hammerson hailed the return of shoppers to city centres and its landmark malls today, as it reported a rise in footfall and record leasing levels.
The FTSE 100 company also pointed to some eye-catching plans to keep the trend going. It will bring a fast-growing and highly fashionable sport from the US to one of the capital’s best-known retail hotspots.
“In Brent Cross, we signed a deal with Social Sports Society to bring a padel tennis and other outside sports facilities to the underutilised Southern Lands”, it said alongside its annual results.
Hammerson has been finding novel ways to bring people into its shopping centres as they compete with the growth in online retail. It has brought Moorfields Eye Hospital to Brent Cross and intends to set up a “market hall” there this year. It is also making more novel use of its “underutilised” car parks.
They are now home to the “Big Kid Circus”, also at Brent Cross and “Skatepark with Red Bull” at Cabot Circus.
It has also been setting up summer bars and big screen for major sporting events.
For 2023, footfall across Hammerson’s properties rose 3% and people were spending longer there, with “dwell time” up 5%. That helped adjusted earnings rise 11% to £116 million.
Its group portfolio value fell to £4.7 billion from £5.1 billion “mainly due to disposals and derecognitions”, it explained.
Hammerson’s chief executive, Rita-Rose Gagné, said: “Our city centre destinations are in high demand … We now have a core portfolio focused on urban locations which are evolving into my vision: vibrant, 24/7 multi-use estates,” adding:
“These destinations are fast growing, and part of the fabric and infrastructure of the cities in which we operate. Whilst our eyes are open to the current macro-economic environment, our occupiers are thriving and our visitor numbers are on the rise in our realigned portfolio.”
Hammerson’s stock rose 0.8% to 25p.
