News

TGJones to close up to 150 former WHSmiths stores after rescue deal approval

TGJones is set to close up to 150 former WHSmith high street stores after its proposed restructuring deal was approved by the High Court. In addition, the retailer – which is owned by Modella Capital – will also seek to slash rents on its remaining store estate. Under the terms of the restructuring, some 120 landlords will receive no rent for up to three years, while rent will be cut at hundreds of other stores by between 15% and 75%. TGJones currently operates 451 stores nationwide, employing over 4,700 workers. WHSmith offloaded its high street business last year to focus on its more profitable travel division, which still operates under the company’s original name. The remaining shops’ rebrand to TGJones meant that the WHSmith name disappeared from UK high streets after almost 200 years. Modella previously said the restructuring plan is required to protect the core of the store estate and build a more sustainable business. The firm also said it plans to invest £35m into the retailer, introducing rent reductions and changes to supplier repayment terms. The group said some of the problems facing the business, including a cash shortfall of nearly £8m, were due to serious underinvestment in stores […]

Deals

Snap Fitness leads nine deals at Lincolnshire retail scheme

Kennedy Way in Immingham, Lincolnshire, has completed nine deals totalling 30,000 sq ft, led by Snap Fitness. The gym operator has agreed to take an 8,500 sq ft unit on a 20-year lease, offering a 24/7 club with a dedicated Reformer Pilates studio alongside an infrared sauna and recovery suite. Other anchor tenants that have signed at the scheme include Heron Foods, which has taken a 6,250 sq ft unit on a 10-year lease; Starbucks, which has agreed a 10-year lease for a 1,705 sq ft unit; and Domino’s, which has taken a 1,535 sq ft unit on a 10-year lease. In addition, a number of smaller lettings have been completed to discount retailer Valuebee, cafés Kiddies Cafe and Snack and Shake, as well as community occupiers including Jerry Green Dog and a women’s support service. These new lettings follow M Core’s acquisition of the scheme in June 2025. M Core said the new lettings reflect the change from an underused scheme into a multi-service destination. Tom Percy, asset manager at LCP UK, part of M Core, said: “We acquired Kennedy Way in June 2025 and within the first year secured nine lettings across fitness, food and beverage, convenience retail […]

Requirements

Toolstation eyes new sites as it looks to expand London and South East estate

Toolstation has released its latest property requirements list as it looks to expand its store estate across Greater London and the South East. The trade supplies retailer is seeking units on high streets and trade parks ranging between 2,000 sq ft and 5,000 sq ft in size, located in prominent and visible roadside locations. Ideal units will be situated in easily accessible locations, with access to parking and loading bays essential. Target locations include: GCW has been retained to find suitable locations.

Insights

Comment: Can building technology really deliver meaningful returns in retail?

James Hallworth, partner and head of building technology at Workman, explains why intelligent building optimisation is no longer the preserve of the office sector; and what shopping centres stand to gain.

Advice

Turn lease events from growing pains into commercial gains

By Simon Matley, director for dilapidations and occupier services at TFT After a period of acquisition, a large commercial retail portfolio can become either a major liability or a powerful cost saver for retailers who need every advantage they can get in a challenging consumer market. For national multiples and high street brands, often with sizeable portfolios numbering in the hundreds of units, or for smaller regional operations that are growing at speed, flexibility and control are hugely important. Brands today are adapting their portfolios in light of changing consumer behaviour and omni-channel retailing, and this is shaped by the increasingly sophisticated data capture that allows them to better understand stock, fulfilment, customer behaviour, and operations. For many who have been acquiring premises over the past 10 years, they will almost certainly find that data allows them to be more efficient in the space they need, not least because of the growth of last mile logistics and on demand deliveries which enables occupiers to be nimble in how they use their spaces. Whether they operate on the high street, in retail parks or rely on distribution centres, retailers want to scale fast, explore new territory and snap up the right […]

News

Lendlease and The Crown Estate enter into £24bn partnership

Lendlease and The Crown Estate have completed an agreement to enter into a partnership that will look to deliver critical housing and science, innovation, and commercial space in the UK, with an estimated gross development value of £24bn. Alongside the joint venture, which will be known as the Impact Partnership Joint Venture, the two firms will establish a development management company, jointly owned by Lendlease and The Crown Estate, which will oversee and deliver the developments. The first phase of the joint venture will bring together three major regeneration projects – Euston, Silvertown and Stratford Cross – culminating in a potential 9,000 new homes and 7.03 million sq ft of commercial space. Work is due to start on 326 affordable homes at the 60-acre Silvertown development in September, and a planning application due to be submitted at Euston in spring 2027. It is expected that a second phase will see Smithfield in Birmingham and Thamesmead Waterfront in London enter the Impact Partnership Joint Venture later this summer, to make up the second phase of developments. These two projects will aim to deliver an additional 18,500 homes and 2.88 million sq ft of commercial space. Andrea Ruckstuhl, managing director of development, […]