The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Mall operator Hammerson Plc said on Thursday it would stop granting future rent concessions to tenants, as business activity picks up with further easing of coronavirus-related restrictions in the UK.
The announcement comes days after commercial landlord British Land also said it did not expect to grant further rent concessions, following the British government’s decision last month to extend a ban on commercial evictions until March 2022.
A lobby group British Retail Consortium recently told Reuters that a major worry for the industry was rent defaults by tenants who are trading well and could afford to pay on time.
Hammerson, which operates in the UK, France and Ireland, said in a statement rent collection rates have continued to improve, with 89 percent of billable rents collected for the year ended December 31, 2020 and 68 percent for the first half of financial year 2021.
ADVERTISEMENT
British shopping centres reopened in mid-May with some social distancing rules in place as part of UK’s phased exit plan from lockdowns, which have kept shoppers at home and led to widespread rent deferrals and defaults in the retail segment.
Although some pandemic-related restrictions have eased in countries where Hammerson operates, measures remain in place particularly affecting the food and beverage segment as well as leisure and cinema operators.
The FTSE 250-listed firm said it was too early to assess the operational impact from the additional restrictions announced in France that take effect from July 21. In April, Hammerson exited its UK retails park sector, selling seven retail parks to Brookfield Asset Management for £330 million ($459.33 million), shoring up its finances after posting a pandemic-driven loss of 1.7 billion for 2020.
By Aby Jose Koilparambil; Editor: Rashmi Aich
The British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.