Shareholders who have been waiting patiently for Hammerson to regain its former lustre may be getting restless. Despite the company’s share price almost doubling since it hit a five-year low of R3.66 in September 2022, the stock is still down 75% from early 2020 levels.

Like its retail-focused peers across the globe, Hammerson has had a torrid time battling many headwinds in recent years. First it was the rising threat of e-commerce. Then came the pandemic, which forced retailers to close several brick-and-mortar stores. Many went belly-up. That pushed vacancies higher and rentals lower. And more recently, profits have been eroded by higher-for-longer interest rates. ..

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