| The Covid-19 pandemic of the past year has accelerated a structural shift in retail that was already underway, with online retailers benefitting as consumers were either barred from physical shopping or just opted for the safety of e-commerce. And many of them aren't expected to return. Hammerson Plc, the London-listed shopping centre owner that has a secondary listing on the JSE, has highlighted the trend in its annual results. It recorded its biggest ever decline in net rental income and property values last year. However, it believes shopping centres will still have a place as they reinvent themselves as entertainment destinations. Meanwhile, Woolworths which has also been impacted by the pandemic, has made further progress with a restructuring of the debt held by its Australian businesses. The news received a positive response from investors on Friday. MTN's shares have also continued to improve following a tepid response to its annual results last Wednesday, with the stock gaining 4% on Friday following news that its Nigerian subsidiary had secured additional spectrum. Also today, an update from IT security specialist ISA Holdings, and shopping centre owner EPP has concluded the third leg of a transaction that has entrenched its position as the biggest retail landlord in Poland. Finally, in the latest episode of the Magic Markets, The Finance Ghost and Mohammed Nalla (Moe-Knows) have an in-depth discussion on the SPAC (Special Purpose Acquisition Company) phenomenon in the US markets. The concept of a SPAC has been around in South Africa for several years but only a few companies came to market in this way. In contrast, the US market is now crawling with SPACs. Follow this link to find out more. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Recent notes that are a must read include "Is there a TARGET(2) on my back?", "Now what do they want?", a "A fifteen-year gulf", "Booming along", "Elevator to the stratosphere?" and "Stop the Game - I want to get off". And check out the archive of The Ingham Analytics Weekly Letter on Sunday under the Premium Letter tab of the website. | 
