HAM­MER­SON TO SELL TWO UK RETAIL PARKS; PINS HOPES ON MEGA MALLS

Shopping Center News - - NEWSMAKERS NATIONAL -

Ham­mer­son has an­nounced its re­shaped strat­egy to el­e­vate and ac­cel­er­ate per­for­mance with a higher qual­ity port­fo­lio of win­ning des­ti­na­tions, en­hanced by greater lev­els of op­er­a­tional ex­cel­lence and cap­i­tal efͤ­ciency. The new focus will solely be on two win­ning retail seg­ments with en­hanced LFL NRI growth prospects – Flag­ship retail des­ti­na­tions and Premium Out­lets. Ham­mer­son is plan­ning to exit retail parks sec­tor over the medium term and has a tar­get of dis­posal of £1.1 bil­lion by end of 2019, with £300 mil­lion al­ready achieved this year and an in­creased over­all 2018 tar­get of £600 mil­lion. Ham­mer­son es­tab­lished New City Quar­ters con­cept to max­imise value from the highly at­trac­tive land sur­round­ing the shop­ping cen­tres. David Atkins, Chief Ex­ec­u­tive of Ham­mer­son said, “Our re­shaped strat­egy sees us tak­ing de­ci­sive ac­tion to fur­ther re­po­si­tion our port­fo­lio. Through in­creas­ing the level of dis­pos­als, in­clud­ing ex­it­ing the retail parks sec­tor, we will now focus solely on win­ning des­ti­na­tions of the high­est qual­ity: Flag­ship retail des­ti­na­tions and Premium Out­lets. These are the venues we be­lieve will main­tain rel­e­vance and out­per­form against the shift­ing retail back­drop. Our cus­tomer and re­tailer of­fer will be am­pliͤed, and this in­cludes a step change in our re­tailer line up. We will re­duce the amount of floor space let to depart­ment stores and high street fash­ion as we ac­tively focus on the lat­est con­sumer trends and take bolder steps to pro­vide the best retail mix. Our re­sults to­day demon­strate the re­silience of our busi­ness.

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