// Hammerson to reduce rents for tenants as non-essential stores reopen
// Managing director Mark Bourgeois said “we’re resetting our rents to more affordable levels”
// Hammerson has been working to collect as many rents as it can
Hammerson has announced it will slash rents for its retail tenants by around 30 per cent as non-essential stores reopen.
The property firm’s managing director Mark Bourgeois said that “typically, we’re resetting our rents to more affordable levels”.
The landlord owns a raft of properties, including the Bullring in Birmingham, London’s Brent Cross, Reading’s The Oracle and Victoria Quarter in Leeds.
Hammerson has been working to collect as many rents as it could but also aimed to “share the pain” with retailers and said it will continue to support retailers post-reopening.
“We reckon across the board and our business we’ll probably reduce rents from their peak by about 30 per cent so we are really doing our bit as are all landlords to make sure we maintain vibrancy in these centres,” Bourgeois said.
He added that footfall in last week’s first reopening phase was stronger than in the equivalent period last June.
The UK’s successful vaccine rollout has made shoppers “feel safer” and that the large amount of cash they’ve saved during lockdown makes them confident to go out and spend.