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2020-02-25

Inside Croydon: "[Brent Cross and Croydon's] Hammerson’s £781-million loss points to end of the shopping mall"


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"Anyone clinging to the faint hope that the publication this morning of Hammerson's annual report would offer encouragement about the prospects of a new super mall in Croydon town centre were quickly disabused when the company’s chief exec issued a statement which included the doom-laden verdict: 'The magnitude of the challenge facing UK retail is significant.' But then, David Atkins' company's losses for the last 12 months were £500-million more than in 2018.

" 'We are reviewing plans for Brent Cross and Croydon ... to ensure the developments address changing customer and occupier requirements and include a greater mixed-use element than originally planned,' Atkins, the Hammerson CEO, said in his report.

"Hammerson has been flogging off shopping centres in the past year to reduce their debts (since July 2018, they have sold 14 retail parks, generating £764million). They are certainly not building any news ones and incurring new debts."

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