Hammerson reports improved trading and higher footfall

Bicester Village co-owner Hammerson has announced that it expects its full year 2021 adjusted earnings to be in the range of £75 to £80 million, above the minimum earnings of £60 million the company predicted last December.

Hammerson reported that UK sales remained strong during the period, at 97% of 2019 levels in November and 93% in December, even though footfall had decreasing marginally during Christmas as Government restrictions were introduced in the UK and Ireland.

It also highlighted that its partner Value Retail, the creator and operator of Bicester Village, had delivered a stronger-than-expected fourth quarter performance, with footfall just under 90% of comparable 2019 levels while brand sales approached 95%. Spend per visit was also marginally ahead.

Across its portfolio footfall had also strongly recovered during the year, particularly when restrictions were eased with some destinations exceeding 2019 levels. Hammerson reported that this trend had continued to date.

Lastly, it said that gross rental income was ahead of expectations across the Group's managed portfolio, with full year 2021 rent collections at 88% compared to 97% of billable rent collected in 2020.

Hammerson owns 50% of the premium outlet Bicester Village in Oxfordshire, alongside 20 other venues including Bullring in Birmingham, Dundrum Town Centre in Dublin and Les Terrasses du Port, Marseille.