With the landscape for UK physical retail having changed dramatically in the past year, UK-based property giant Hammerson has appointed management consultants McKinsey & Co to advise on its ongoing strategic review.
As they work to drive shopper traffic back to London’s West End, the New West End Company, local authority Westminster City Council and landlord Crown Estate have announced the launch of a pop-up programme.
After an “extraordinary year” and some trading figures to forget, British Land’s CEO said the UK property giant was now fully focusing on the “strong progress" made across his priority areas set out in November.
M&S has delivered a bleak full-year earnings report, although the bad news was far from unexpected. In year to April 3 — which included three lockdowns during which its clothing departments were shut — sales plummeted.
Shaftesbury (and its properties in the West End) are on on the road to recovery, albeit gradually. It owns 16-acres of prime space in London and said it’s “well-placed to return to sustainable long-term growth”.
It’s a subject close to the heart of many physical retailers: the scrapping of the business rates system. Latest to join the call for change is John Lewis chair Sharon White, who wants it replaced it with a new land tax.