The revitalisation of Croydon in Southeast London is nowhere near to completion as the pandemic has seen the major parties involved (URW and Hammerson) abandoning big plans to redevelop the Centrale & Whitgift Centre.
British mall operator Hammerson on Thursday reported a 14% rise in half-year profit thanks to a retail recovery following the easing of lockdowns and lower costs, but footfall is yet to rebound to pre-pandemic levels.
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.