367
Fashion Jobs
SHISEIDO
FP&A Manager (Korean Only)
Permanent · SEOUL
AESOP
Aesop Hanam Starfield - Retail Consultant
Permanent · HANAM-SI
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
Published
Feb 25, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Shopping centre owner Hammerson hit by retail crisis

Published
Feb 25, 2019

Bullring owner Hammerson is trying to offload over £900m of property, including a number of retail parks in the UK, after seeing the retail crisis send the value of its portfolio down by almost 6% in 2018.


Hammerson owns UK shopping centres including Victoria Gate in Leeds and Bullring in Birmingham - Hammerson


The company revealed on Monday that 2018 was a ‘tough year’ for the business due to the wave of retail administrations and CVAs, subdued consumer spending and the structural shift in the retail sector.

In fact, CVAs and tenant failure took a £3m chunk out of Hammerson’s net rental income, which fell 6.2% to £347.5m last year. Adjusted profit dipped 2.4% to £240.3m, the company said.

Several high-profile retailers including House of Fraser, Mothercare and New Look have embarked on a Company Voluntary Agreement (CVA) over the last year to face the mounting challenges hitting the UK retail sector.

Additionally, the uncertainty surrounding Brexit and Britain’s economic prospects has had a negative of consumer spending, sending retail sales down 2.9% and footfall down 1.8% in Hammerson’s UK sites in 2018. Whilst high-street fashion has experienced a decline in sales, Hammerson said the sports and leisure, and health and beauty categories have remained strong.

“2018 was a tough year particularly in the UK. Tenant failures, the structural shift in retail and a more considered consumer created a difficult operating environment, putting pressure on property values. Outside of the UK our destinations performed better with a strong contribution from premium outlets,” commented David Atkins, chief executive.

“We believe that a successful deleveraging programme will best position Hammerson for the current environment and beyond. Disposals will also enable us to prove the inherent value of this business – which we believe is not recognised in the current equity market.

During 2018, Hammerson achieved £570m of disposals, and this year, the business will try to offload at least £500m more in an effort to bring its net debt below the £3bn mark. This strategy helped the firm reduce net debt by £179m to £3.4bn.

As part of this, Hammerson has established an Investment and Disposal Committee to provide additional oversight and focus in this area.

“Over the longer term we will generate opportunities to create additional value through City Quarters, which will see us transform many of our city venues beyond pure retail into successful, thriving neighbourhoods,” Atkins announced.

“The job of creating flagship spaces is never done, but through expert management, innovation and investment we are confident in the future of Hammerson and in maximising value creation for shareholders.”

Copyright © 2024 FashionNetwork.com All rights reserved.