Agile Hammerson is experiencing a remarkable resurgence as the company announces a substantial decrease in losses. As the owner and operator of popular shopping centers such as the Bullring/Grand Central in Birmingham and Bicester Village Designer Outlet Centre in Oxfordshire, Hammerson has witnessed a positive upswing in footfall and sales, attributed to its concentration on city centers and a simplified portfolio.

In the year 2022, Hammerson managed to narrow its losses to £164 million, presenting a striking improvement from the previous year’s figure of £429 million. The reduction can be largely credited to a revaluation deficit of £282 million. The group’s adjusted earnings increased by 60% to £105 million, primarily driven by lower costs and a robust recovery in footfall and sales within its value retail division.

An important highlight for Hammerson was the notable improvement in footfall. From January to December of 2022, footfall saw an 11 percentage point improvement, reaching 90% of pre-pandemic levels by the year-end. Across its entire portfolio, footfall for the entirety of 2022 increased by 39% compared to the previous year. The UK witnessed a 41% increase, France experienced a 36% increase, and Ireland observed a 35% increase.

Moreover, the positive trends in footfall and sales have continued into the initial months of 2023. Although footfall remains below 2019 levels, sales are 3% ahead of pre-pandemic levels. This indicates that consumer purchasing habits have sustained their momentum in the early months of this year.

Rita-Rose Gagné, CEO of Hammerson, expressed satisfaction with the company’s performance and emphasized the progress made in strategic, operational, and financial aspects. Gagné also displayed optimism for the future, affirming that Hammerson possesses strong momentum and is well positioned to achieve robust earnings and cash flow in 2023.

This positive development serves as a beacon of hope for Hammerson as it emerges from the challenges brought about by the pandemic. The company’s agility, resilience, and emphasis on city centers have played pivotal roles in its recovery. With the continuously improving footfall and sales trends, Hammerson is on track to reclaim its prominent position as a leader in the retail industry.

For more information on Hammerson’s recovery and financial performance, visit:
Hammerson’s 2022 Preliminary Results

To learn about Hammerson’s portfolio of shopping centers, including Bullring/Grand Central and Bicester Village Designer Outlet Centre, visit:
Hammerson’s Property Portfolio