Latest Retail News

CBRE offloads £3.3m St Albans retail parade

22nd January 2025

CBRE Investment Management has sold a retail parade with associated residential properties in St Albans to a private buyer. The property at 29-31 St Peter’s Street is to Costa Coffee and Vision Express, with two flats on the upper floors let on assured shorthold tenancies. The commercial aspects of the property have a weighted average unexpired lease term of 7.47 years to expiry and 5.44 years to break, with two lease renewals having been completed in September 2024. Nearby tenants include Tesco Metro, Pret a Manger, Marks & Spencer, Itsu, Five Guys, and Superdrug. The property also benefits from close proximity to the city’s main multi-storey car park, which provides approximately 1,100 spaces. The sale was completed ahead of the asking price of £3,335,000. TW Keil acted for CBRE Investment Management.

WHSmith to close 17 stores as part of restructuring strategy

22nd January 2025

WHSmith is set to close 17 stores across the UK this year as part of an ongoing restructuring strategy. The closures will take place between now and May, with the first two already shutting their doors earlier this month. These latest closures come after the retailer has been downsizing its high street estate since 2023. At the time, the retailer’s CEO Carl Cowling said WHSmith would no longer be opening more high street locations, instead opting for travel hubs. More than half of WHSmith’s 1,100+ stores are now located in travel locations such as airports and train stations. The retailer has also been prioritising its international expansion, opening more stores in markets such as Europe, North America, and Asia. The full list of stores with their closing dates are listed below: It is anticipated that WHSmith will announce further closures as the year goes on.

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Essex retail park fully let following PureGym signing

22nd January 2025

Gateway Retail Park in Harwich, Essex, is now fully let following the addition of PureGym. The gym operator has secured Unit 3, which spans 7,001 sq ft, on a 15-year lease. PureGym will join a line-up of retailers at the scheme including Argos, B&M, and Peacocks. Spanning 55,082 sq ft, Gateway Retail Park is located adjacent to the St Nicholas Roundabout on the A120 Dovercourt Bypass, approximately one mile west of Harwich Town Centre. Martin Wade, associate director at LCP, part of M Core, and asset manager to Gateway Retail Park, said: “Securing PureGym is a fantastic milestone for Gateway Retail Park and a testament to the strength and desirability of this scheme. With the site now fully let, we are confident that the diverse tenant mix will serve the needs of the local community and attract further footfall to the area.” A spokesperson for PureGym added: “We are delighted to be opening a brand-new gym on Gateway Retail Park which is a fantastic location just outside of Harwich town centre. We’re on a mission to inspire a happier, healthier nation and our newest gym will provide members with access to flexible, affordable fitness facilities to help them reach their fitness […]

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Perfumery relocates and upsizes in Covent Garden

22nd January 2025

Bloom Perfumery has relocated its store in Covent Garden, taking a larger location at The Yards and tripling its presence within the London neighbourhood. The perfumery has relocated from Langley Court to a 2,900 sq ft unit at 4 Slingsby Place, as it looks to accommodate more visitors and a growing range of fragrances. The brand showcases a range of independent, exclusive, and niche fragrances, and aims to deliver a bespoke shopping experience with specialists on hand to assist shoppers. The largest independent perfumery in the UK, Bloom Perfumery has called Covent Garden its home for over a decade and now sits alongside a complementary line-up of retailers at The Yards, including Space NK, The White Company, Lululemon, and Reiss. A spokesperson from Bloom Perfumery said: “Having outgrown our Langley Court space, it was necessary that we found an established location in Covent Garden to accommodate our growth in demand and evolving brand. Situated amongst a curated line-up of first-rate global and UK names in fashion and beauty, The Yards’ 4 Slingsby Place was the ideal next step for Bloom Perfumery where we could continue to flourish, allowing us to stock up to 100 carefully chosen brands.” On behalf of the […]

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Chuck E. Cheese targeting entrance to UK market

6th December 2024

American restaurant chain Chuck E. Cheese has laid out its requirements as the brand looks to open its first sites in the UK. The family entertainment concept – which has over 550 locations worldwide – is looking to capitalise on an expanding redemption game market in the UK. The brand looks to combine entertainment with a food and beverage offering, bolstered by a strong brand presence. Chuck E. Cheese’s initial target locations include Glasgow, Leeds, Manchester, Birmingham, Milton Keynes, and Bristol. The operator is looking to open in high footfall locations with a strong family demographic, with a catchment of over 25,000 under 12-year-olds within a 20-minute drive time. Chuck E. Cheese is targeting shopping centres, retail parks, and leisure parks with car park frontage. Ideal locations will be between 10,760 sq ft and 16,145 sq ft in size, preferably with an eaves height of 13.1 feet. Wright Property has been appointed to advise Chuck E. Cheese on its expansion.

Insights

Lucky Seven: retail and leisure occupational trends in 2025

13th January 2025

As we head into 2025, despite the hurdles for the retail and leisure industry as it anticipates significant impact on margins from the Budget, there remain plenty of exciting and active retailers that are navigating the evolving retail landscape – we explore the brands to watch this year.

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Finding the right retail property for you

20th March 2024

Every business is unique, and for those who want to enter the world of physical retail, finding the right property is no different.

Manchester’s Trafford Centre to welcome Flying Tiger

21st January 2025

Flying Tiger Copenhagen is set to open a new store at the Trafford Centre in Manchester. The variety retailer has taken a 1,500 sq ft store on the scheme’s Upper Peel Avenue for its 81st location in the UK. The store will open its doors on February 14th – Valentine’s Day, and will become the brand’s first opening of 2025. Flying Tiger at the Trafford Centre will feature the brand’s core range alongside its seasonal love-themed products in celebration of Valentine’s Day. The brand looks to keep sustainability at the core of its ethos, with a focus on conducting business ethically and responsibly through its entire supply chain, which the Trafford Centre said aligns with its ESG programme. The scheme has implemented initiatives to reduce the direct greenhouse gas emissions of the spaces it controls to achieve Net Zero carbon by 2030. Michael Burke, managing director for Flying Tiger Copenhagen UK & Ireland, said: “Flying Tiger Copenhagen aims to inspire and make every day extraordinary through affordable, design-led products. The opening of our Trafford Centre store marks our first opening in 2025 and expansion of our presence in the UK, bringing our unique shopping experience to even more customers. What’s more,...

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Norges takes 25% stake in Grosvenor’s Mayfair portfolio

22nd January 2025

Norges Bank Investment Management has acquired a 25% stake in a mixed-use property portfolio in Mayfair from Grosvenor for £305.7m. The portfolio spans 2.3 million sq ft and comprises mainly retail and office units clustered around Grosvenor Street and Mount Street. Valued at £1.2bn, it is unencumbered by debt and no financing was involved in the transaction. Grosvenor will retain the remaining 75% interest in the portfolio, which it will manage on behalf of the joint venture with Norges. Jayesh Patel, head of UK real estate at Norges Bank Investment Management, said: “We are very pleased to enter a new partnership with Grosvenor in Mayfair. We have confidence in the long-term value creation inherent in the West End and are excited to see that delivered through Grosvenor’s well-respected management.”

More Latest Retail News

Leumi UK lends Magnetar £18.3m for triple retail park acquisition

21st January 2025

Specialist real estate lender Leumi UK has completed an £18.26m senior term loan to Magnetar to help fund the purchase of a trio of retail parks. Magnetar has acquired Kingsgate Shopping Centre in Dunfermline, Vancouver Quarter in King’s Lynn, and The Rushes Shopping Centre in Loughborough alongside its operating partner Northdale Advisors. The acquisition was first reported in December. Founded in 2005, Magnetar is an experienced US-based alternative asset manager with approximately $18.6bn (£1.51bn) in assets under management as of 30 September 2024. The group has previously worked with Northdale on the 2022 purchase of Yate Shopping Centre, One Stop Shopping in Perry Barr, Corby Town Centre and the Priory Centre, Dartford. Aidan McKeown, portfolio manager at Magnetar, said: “This acquisition is a further milestone in our strategy of investing in dominant, town-centre retail destinations that cater to the everyday needs of their local communities. Each asset possesses strong fundamentals, including high occupancy rates, resilient income streams, and a diverse tenant base. We are grateful for the continued support from Leumi UK, whose sector expertise and flexibility were instrumental in enabling us to efficiently formulate a sound business plan for this investment.” Anya Stanislawczyk, portfolio director at Leumi UK, added: “This portfolio presented a highly compelling financing proposition, on account […]

Businesses face 140% rates increase in April, says Colliers

21st January 2025

Thousands of businesses, including retailers, will see their rates more than double in April, according to a new report. Colliers said that shops, restaurants, pubs, gyms, and nightclubs could see their business rates increase by 140% from April 1st, when retail, hospitality, and leisure rates reliefs are reduced from 75% to 40%. The property consultancy firm has calculated that this will mean retailers currently benefiting from the relief will see their business rates bills increase on average from £3,751 a year to £9,003, restaurants will see a rise on average from £5,563 to £13,351 a year, while the average pub will also see its rates bill go up from £4,017 to £9,642 a year. The Retail, Hospitality and Leisure Relief Scheme was introduced by the Conservative Government in November 2022 in an attempt to protect the sector from high rates bills. The scheme provided eligible properties with 75% business rates relief up to a cash cap of £110,000 per business. However, the new Labour Chancellor Rachel Reeves announced this would be reduced to 40% in last year’s Autumn Statement. Colliers said that further rises will be unsustainable for many. According to a recent report from the Centre for Retail Research, store closures in 2025 are forecast...

Shoezone to “significantly improve” property portfolio

21st January 2025

Shoezone has said it expects to “significantly improve” its store portfolio over the medium term as property supply “continues to outstrip demand”. This comes as the footwear retailer releases its final results for the 2024 financial year, a period during which it closed 53 stores, opened in 27 new locations, and refitted a further 28 stores. As of September 2024 – the end of the retailer’s financial year – Shoezone traded out of 297 stores, including 185 new format, larger stores and 112 ‘original’ stores. This financial year the retailer expects to relocate or open a further 17 stores and continue to close a number of older stores, and said it will refit a minimum of nine stores to its new format. Shoezone said it will continue to rollout its larger store format by targeting key towns for conversion or relocation. The retailer is aiming to operate around 280 stores in total by the end of 2026/27, with all ‘original’ stores having been refitted, relocated or closed. The retailer’s stores currently have a short average lease length of 2.5 years, which it said gives the “opportunity and flexibility to respond to any changes in any retail location at short notice”. […]
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Activewear brand opens in Covent Garden’s Seven Dials

21st January 2025

Luxury activewear brand Alo Yoga has opened its new location at Seven Dials within Shaftesbury Capital’s Covent Garden neighbourhood in London. The brand has taken a 5,000 sq ft store at 25a Neal Street, at a key gateway to the neighbourhood. Spanning three floors, the new space spotlights the brand’s collections of lifestyle and activewear, including loungewear, accessories and wellness products. The opening follows a milestone year for brand commitments at Covent Garden in 2024, with 55 brands investing in the destination over the course of the year. Of these, 33 were new openings encompassing a total of almost 60,000 sq ft. Brands that joined Covent Garden in 2024 included Arc’teryx, Axel Arigato, Barbour, ELEMIS, EL&N Deli, Delamina Townhouse, Diptyque, Longines, and Peak Performance. The destination also signed ERGON House and Nespresso which are both set to open this year. A further 22 brands chose to build on their existing relationship with Shaftesbury Capital and reinvest into Covent Garden during 2024. This included lease renewals and upsizes from brands such as Bucherer, Charlotte Tilbury, Diptyque, Finisterre, Moleskine, Strathberry and Vivo Barefoot. William Oliver, retail leasing director at Shaftesbury Capital, said: “The opening of Alo Yoga’s new store in an anchor […]
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