Hammerson, the commercial property giant based in the UK, is taking strict action against retail tenants who have fallen behind on their rent payments. Although there has been a notable improvement in rent collection rates, Hammerson is determined to collect all outstanding rent and has made it clear that no further concessions will be granted. The company is actively exploring all avenues to secure the rents that are due.

On a more positive note, Hammerson has reported a significant improvement in rent collection during the fourth quarter. As of now, they have collected 70% of the £41 million that was outstanding. This collection rate is considerably higher compared to the same period in previous years. For the entire year, they have managed to collect 78% of the £205 million that was demanded, and an impressive 94% of rent has been collected for 2020.

In addition to the improved rent collection, Hammerson’s properties have also witnessed a gradual recovery in footfall across all their territories. Although footfall levels are still 15-20% lower than those in 2019, some of their UK centers even exceeded the footfall levels seen during the August bank holiday weekend. Hammerson is pleased to note that the conversion rates and average basket sizes have remained high, and their UK sales in these destinations are in line with the levels seen in 2019.

Hammerson is known for owning and operating popular shopping destinations, including the Bullring & Grand Central malls in Birmingham and the Bicester Village Designer Outlet Centre in Oxfordshire. Despite the challenges faced by the retail industry in recent years, Hammerson remains committed to pursuing rent arrears and ensuring the success of its properties.

For more information on Hammerson’s rent collection efforts, you can visit their official website here. To learn more about the Bullring & Grand Central malls, click here.