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Published
Jul 2, 2018
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McKinsey helps malls giant Hammerson prepare new strategy - report

Published
Jul 2, 2018

The collapse of its merger deal with Intu may have been a shock to Hammerson’s system but the malls giant is hitting back with a review of its strategy, a newspaper said Monday.


The Bullring is one of Hammerson's properties - Wikimedia



The Times claimed it has called in management consultants McKinsey & Company and will launch a strategy to shareholders next month.

McKinsey is believed to have come on board last month to help Hammerson get to the bottom of future global retail and consumer trends and complement the work Hammerson has already done as it seeks "options to accelerate the delivery of value for shareholders.”

It’s particularly important to keep shareholders happy at present since it turned down a bid from French peer Klépierre. That bid offered a significantly higher price than Hammerson’s shares had been trading at but the company rejected it on the grounds that it undervalued the company. 

Many shareholders were unhappy with the fact that the firm wouldn’t engage with its European suitor and while its big plan had been to merge with Intu, that strategy also seemed to be unpopular with shareholders. It all means the company must now work hard to come up with a strategy that keeps its investors on-side and minimises any external pressures to maximise its value through a sale.

Hammerson is one of the largest mall operators in the UK and owns premium property such as Birmingham’s Bullring, as well as major sites abroad. It’s also working with Westfield to develop a giant mall in Croydon.

McKinsey has particular strength in retail advisory and has also been drafted in by Topshop owner Arcadia to help return that chain to its previous market-leading position.

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