Hammerson is in discussions about proactively breaking at least two House of Fraser leases in flagship schemes as it continues to strategically reduce its exposure to department store anchors.
Retail Week understands Hammerson is considering exercising break clauses with the struggling department store chain in its The Oracle centre in Reading and Cabot Circus scheme in Bristol.
In the event it triggers breaks with House of Fraser, the landlord is looking to food and beverage and leisure operators, as well as more contemporary fashion brands to take individual floors within the multi-level department stores.
That would fit into the landlord’s much-publicised City Quarters strategy, which is centred on reducing Hammerson’s exposure to department store anchors and mid-range, high street fashion brands.
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