Jun 15, 2020

Retail queues won’t cushion the hammer blows hitting landlords

Queues of shoppers at the entrance to malls after 12 weeks of lockdown are welcome news for landlords such as Hammerson, owner of the Bullring in Birmingham, which have had to forgo so much in rent in recent months. Recession will bite harder at retail landlords, particularly those such as Hammerson, which are already ailing. His arrival marks the end of Hammerson's Two-Daves regime of David Tyler, chairman for the past seven years, and chief executive David Atkins. The group has nearly £3bn in net debt and its equity is worth about £850m. Hammerson is now about the most shorted stock in the UK. It needs to raise capital. The queues at the Bullring might provide some short-term relief from the group's bruises.

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