A battered economy,rising unemployment and looming mass public spending cuts may be enough to make some worry about the French market, but for Hammerson things are looking rosy in the south of the country as it pushes forward with its Les Terrasses du Port development in Marseille. The £390m scheme – the largest retail development
on site in France – is now more than 83% let, including all MSUs. Flagship stores have been let to the likes of Michael
Kors, Gant, Bose and G-Star, with luxury French department store chain Printemps anchoring the 660,000 sq ft development with a 91,500 sq ft store. The high take-up at the scheme, which Hammerson
expects to deliver an annual income of £27m, has left the REIT in an enviable position of being able to be selective in its choice of tenants. Hammerson France managing
director Jean-Philippe Mouton says major signings in recent months have reinforced the developer’s confidence that Les Terrasses du Port will become Marseille’s prime shopping centre. “With such a strong level of
preletting, we are selectively targeting retailers for the remaining units,” says
RETAIL FROM THE GROUND UP:WORK GOES ON AT LES TERRASSES