Hammerson has splashed out £76 million to increase its share in Value Retail, which sees the shopping centre giant gain a controlling stake in Bicester Village. The investment means Hammerson now owns more than 50 per cent of what is regarded as the UK’s biggest outlet centre that is based outside of Oxford. It also takes Hammerson’s total investment in premium outlets to £130 million over the past year
Hammerson has continued its positive run in its third quarter, with an uplift in both leasing volumes and new leases signed. The shopping centre operator signed leases worth £6.8 million of rental income, a 17 per cent rise, for the three month period ending September 30, while occupancy remained stable at 97 per cent. The leases signed were four per cent above previous passing and at 11 per cent above December 2016 estimated recovery value (ERV)
Thousands of Iowans converged in Des Moines this week to register a vote for value retail.
Trade union officials have expressed hope that jobs losses at beleaguered retail chain Wilko can be minimised after initial fears that thousands will be made redundant. GMB officials said that after meeting with Wilko bosses yesterday, they were now hopeful job losses at the discount homewares retailer can be “reduced significantly from the thousands initially feared”.
The future of almost 4000 Wilko staff is up in the air after the homewares retailer confirmed it has commenced a redundancy consultation period, weeks after it posted an 80 per cent drop in annual profits. The high street chain said a restructure was needed in order to “ensure it is best placed to continue to thrive within an ever-changing retail landscape”
Value retail chain Wilko has recorded a sharp drop in profits, attributing it to the weak sterling and the “unilateral imposition” of the national living wage. For the year to January 28, pre-tax profit plummeted by 80 per cent to £5.2 million, exacerbated by £12.9 million losses from currency forward contracts. While Wilko also experienced a 13 per cent drop in EBITDA to £48.9 million, like-for-likes was up by one per cent and total sales rose by 3.3 per cent.
An increasing consumer focus on affordability and convenience has seen value and discount retailers increase their UK store count by more than 5000 since 2009, according to new research. The statistics from the recently-published Retail Revolutions: The Rise of the Community Shopping Centre report, by real estate firm Savills and shopping centre investor Ellandi, revealed that value retail has accounted for 87 per cent of all store growth in the UK during that time.