Hammerson collects just 41 percent of rent from retailers

British shopping centre operator Hammerson has collected just 41 percent of rent due for Q1 as retailers continue to struggle to make payments.

Breaking it down by country, 41 percent of rent due has been paid in the UK - 36 percent at flagships and 64 percent at retail parks - while France and Ireland have paid 46 percent and 31 percent, respectively.

As of 17 January, approximately a quarter of the company's UK occupiers are open - many of which at a limited capacity - while its France locations are currently subject to a 6pm national curfew.

In Ireland, Hammerson's flagships are only offering essential retail and takeaway or delivery services. Following the Irish government's temporary ban on click and collect for non-essential retail around a quarter of occupiers continue to operate.

The property giant, which owns Birmingham’s Bullring, said that during the Christmas trading period from 30 November to 24 December, there was an “encouraging” recovery of footfall, with flagships in France and Ireland experiencing a seven-day average footfall of up to 90 percent of the prior year levels.

In the UK, there was a more variable footfall performance, with city centre-focused flagships peaking at more than 60 percent of prior-year levels, and 100 percent for retail parks.

Photo credit: Photo credit: Grand Central, Hammerson


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