Hammerson says UK retail strength offsets 'subdued' France

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Date: 16:30

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Shopping centre owner Hammerson has said that conditions in the UK retail market have improved since the half-year stage but are still subdued in France. Successful 'Back to School' performances by retailers and strong growth in menswear, catering and jewellery pushed sales across UK shopping centres 2.8% higher in the third quarter ended 30 September. Year-to-date UK retail sales were up 2.6%.

Sales from French shopping centres were 0.5% higher than the previous year in the third quarter but were still down 2.8% for the first nine months.

The company, which owns the Bullring shopping centre in Birmingham and Brent Cross in London, said long-term leases were achieved 9% above estimated rental value (ERV) across the group and 8.5% ahead of previous passing rents.

Retail leases were struck 15% above ERV in the UK but just 1% above ERV in France.

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Hammerson says UK retail strength offsets 'subdued' France