Hammerson invests in European retail
Hammerson, the owner-manager of retail property, is reporting a change in strategy with a new city focus.
Most of Hammerson's investment is in the top 15 cities in Europe, but now the firm says it is putting more finance into customer store experience with a strong digital offer, around popular city destinations rather than out of town retail parks.
The move means a delay to the Brent Cross shopping regeneration, although the company maintains that it will still support the development in the future.
Data has been behind the new vision, with close analysis of different retail elements. Hammerson states that the 'store' is still important and does not put all its emphasis in future investment in the online market.
It acknowledges that the customer still needs to visit the store to build up a relationship with particular brands and that the in-store experience, especially around the beauty industry is essential.
Meanwhile IKEA is continuing to push forward with investment in the UK with its new stores in London (opening in 2019) and in Exeter.
Greenwich, Millennium Way is the location in South London and will be the first full size store built in the capital for 13 years. It will be the most sustainable to date with a 1,200 square meter roof terrace and biodiversity garden.