Posts from October 2022

Festival Place celebrated it’s 20th anniversary last week. Under the ownership of AEW Europe, the 1.1 million sq ft scheme has established itself as the leading retail destination in Hampshire. Since its opening on the 22nd of October 2002, Festival Place has attracted more than 22 million annual visitors by adapting to their consumers changing habits. The centre recently welcomed brands such as Brewdog, Five Guys and Tapas Revolution after introducing a strategic leasing programme focused on food and beverage over the last 18 months. The successes of this programme have led to 25 newly agreed leases/lease renewals since the beginning of 2021, while footfall has now returned to pre-pandemic levels. Last month Festival Place announced it would be expanding its offering through the launch of community-focused initiatives. Recent community efforts include the provision of vital services such as a 6,113 sq. ft. community NHS Health Hub in a prime location within the centre, and the offering of free space to the Community Food Link, a Basingstoke charity that collects fresh food and delivers it to those in needs, to operate a new delivery hub. A new community art wall created by children attending local schools alongside local artists has...

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Heidi’s Bier Bar seeking flagship locations

REKOM UK is owned by REKOM, the largest bar and nightclub operator in the Nordics located in Denmark, Norway and Finland. Since inception in December 2020, REKOM UK has already proven to be successful, despite the recent lockdown of the hospitality sector, with an annualised turnover of £100m plus and annualised EBITDA of £15m plus. We offer Landlords a covenant with the potential to grow year on year as the business expands. REKOM now have an active requirement for properties suitable for their brand; Heidi’s Bier Bar. Fees: Where agents are not retained by Landlords we will pay intro fees of 10% of the first year’s rent subject to agreement and payable upon completion. Requirements The ideal site will need to have: Flagship locations: Additional locations include: Contact For the full list of locations please contact Kevin Norman: +44 7935 711958 / kevin.norman@rekom.uk

Requirements

Cornish Bakery launches Plymouth Barbican outlet as part of wider expansion plan

Independent chain Cornish Bakery has announced the opening of a waterfront bakery in Plymouth Barbican, Devon. The 2,600 sq ft bakery will be housed in a Grade II listed former glassblowing building with double-height ceilings and floor-to-ceiling windows, giving views out onto the marina and the cobblestoned Barbican. Cornish Bakery founder Steve Grocutt wants to expand the business by opening 100 sites across the country. He said: ““We’re proving ‘bakery is the new coffee shop’ in the most sought-after destinations and locations in the UK.” Grocutt added: “From the minute I saw it [Plymouth Barbican], I knew this would be an incredible space for us – and the sophisticated design and fit-out has met all my expectations… you can’t help but feel the emotive power of this historic space and location.” Cornish Bakery has appointed KLM Real Estate to help deliver its expansion plans.

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WatchPilot to open first physical store

Online watch retailer WatchPilot is set to launch its first physical store on George Street in Richmond on 7th November. The business has been an online-only venture since it was founded in 2020, after the COVID-19 pandemic hampered plans to open a physical store sooner. WatchPilot has worked with international design and display company Redd Retail Group to help design the concept store. Tim Harrison, co-founder and co-director of WatchPilot, said: “We will continue to grow our online presence, however particularly within the luxury side of watch retail, there will always be a demand for a premium, in store experience. If our initial Richmond store proves successful, we are open to replicating the concept in other similar locations. “We will provide a premium shopping service delivered by a staff of watch experts in a relaxed, modern retail environment.” Akbar Hussain, co-founder and co-director said: “We are looking to deliver a local retail alternative in the Richmond area which will offer leading Swiss, as well as fashion brands along with smaller niche brands, that do not gain the visibility they deserve in major national retailers.” The new store will also offer designer and sport sunglasses. Property consultant Stephen Kane and Company...

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H&M reopens ‘elevated’ Angel Central store after refurbishment

Fashion retailer H&M has reopened its Angel Central store in Islington, which now offers its H&M HOME concept, ‘experiential services’, and a new interior. The renovated store features click-and-collect lockers as well as self-service checkouts as the company looks to create a ‘seamless customer experience’. Christopher Clare, the H&M UK & IE expansion manager, said that H&M Angel Central “will create a welcoming, modern and meaningful shopping experience where style, creativity and culture are celebrated.” The Swedish company opened its first UK store in 1976 and its portfolio currently includes over 200 stores in the UK and Ireland. The retailer aims to promote sustainability as its looks to encourage a ‘transition to circular, climate positive fashion.’ The Islington store will offer H&M’s garment collection and recycling service, launched in 2013, which allows customers to donate unwanted clothes and textiles. Ciara Duffy, asset manager at CBRE Investment Management, said: “H&M has been an important retail anchor at Angel Central for many years, and has built a solid foundation within the community of Islington. The brand’s refurbishment elevates the store with a refreshed interior and enhanced customer experience, and its emphasis and focus on sustainability very much mirrors the ethos of Angel...

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Asda acquires 132 Co-Op sites

Asda has finalised a deal which would see the supermarket retailer take ownership of 132 Co-Op sites, with attached petrol stations. Originally announced for the end of August, the acquisition includes 129 existing sites across the UK and three development sites. The deal, valued at around £600m, will see some 2,300 Co-Op employees move to Asda in the following months. Although the sales have been formally finalised and Asda now owns the sites, the deal is subject to approval from the CMA (Competition and Markets Authority), which has issued an ‘Initial Enforcement Order’ requiring the Co-Op sites to remain entirely separate from Asda while the investigation is conducted, a process expected to take until mid-2023. Mohsin Issa, co-owner of Asda, said: “We are delighted to formally complete the transaction that we announced in August and taking the next step on our journey to creating a new and exciting part of our Asda Business. “We look forward to working collaboratively with the CMA on its investigation and to welcoming our new Asda colleagues to our great business in the coming months.”

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Vacancy rate falls but concerns over consumer confidence remain

Despite predictions that falling consumer confidence will put retail recovery to the test, the number of empty stores has continued to decline. However, the current vacancy rate is still higher than pre-pandemic levels. The British Retail Consortium (BRC) and Local Data Company (LDC) reported that the overall vacancy rate across Britain fell to 13.9% in Q3 – the fourth consecutive quarter in which the number of empty shops has reduced. From Q2 to Q3, high street vacancies reduced to 13.9% from 14% while shopping centre vacancies dropped to 18.8% from 18.9%. Geographically, the lowest vacancy rates were found in London, the South East and East of England. The highest rates were in the North East, Wales and the West Midlands. Lucy Stainton, Commercial Director at LDC, said “Our latest analysis of the physical retail and leisure market across GB as a whole shows a sustained level of recovery at a time when further economic headwinds have been well-documented. With a decrease in store closures compared to the same time last year, in parallel with an increase in openings, vacancy rates have continued to decline as we look to the end of 2022. According to Helen Dickinson, chief executive of the BRC, “The costs...

Insights News

Battersea Power Station: Power Play

This week I popped over to Battersea Power Station. It was a glorious, sunny, autumnal day – perfect conditions to have a long awaited mooch and immerse myself in the capital’s newest retail and leisure hotspot now the doors are finally open to the public. It filled this South London born girl’s heart with joy to see the staggering transformation. Growing up, I had only ever known Battersea Power Station to be a derelict and unloved yet iconic building, a throwback to our industrial past. Over the last 20 years I have written about various failed attempts and false starts to regenerate the site, including turning it into an indoor theme park. But this former cathedral of energy (in its heyday it guzzled 240 tonnes of coal per hour) is now a beacon for all things retail, leisure and residential. An astounding and jaw-dropping feat of sensitive reconstruction and restoration of an incredible and vast London landmark. Costing a cool £9bn and opening, ahem, 40 years after it shut down as a power station, it is once again full of life and energy. A beacon of all that is good in the retail and leisure sector, but sadly opening at...

Insights

Amazon warns of weaker Christmas sales

Amazon has forecasted poorer Christmas sales, as the company’s shares dropped by more than 15% after the US stock market closed on Thursday night. The rising cost of living, as well as a lower dependence on online shopping as people recover from the pandemic, is thought to be the main reason behind the slump. Brian Olsavsky, Amazon’s chief financial officer, told analysts on a call: “We’re very optimistic about the holiday but we’re realistic that there are various factors weighing on people’s wallets.” Jeff Bezos, the founder of Amazon and the second-richest man in the world, warned on Twitter about worrying signs in the economy and suggested it was time to “batten down the hatches”. Amazon saw business boom in the pandemic as people turned to online shopping after high streets closed, but sales have slowed significantly as consumers return to shopping in person. Andy Jassy, Amazon CEO, said in a statement: “There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets. What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great...

News

Ardent UK completes Royal Exchange deal

Ardent UK, the subsidiary of US based real estate investment and asset management firm The Ardent Companies, today announced its acquisition of the retail element of The Royal Exchange in the City of London, from Oxford properties, in a deal thought to be valued at around £50m. The retail destination located opposite the Bank of England provides 51,400 sq ft of luxury retail space and features brands such as Tiffany and Co, Hermès, Bremont, and Fortnum and Mason. The location is the latest addition to Ardent UK’s retail portfolio, following the the purchase of the Touchwood shopping centre in Solihull last year. Since its launch in the UK last year, Ardent UK has also established a national industrial portfolio of more than 2.25m sq ft. Situated in the heart of The City, The Royal Exchange has seen many uses since its original purpose as London’s first purpose-built trading centre in 1566. The Exchange is a mixed-use site, with office space in the upper floors of the asset managed separately from the retail element. Richard Benson, Managing Director of Ardent UK, said: “As an opportunistic and acquisitive firm, the possibilities presented by The Royal Exchange are very attractive, with our strategy focused...

Deals News

carpark at Bristol's Cabot Circus transforms into skatepark

From carpark to skatepark: Bristol’s Cabot Circus hosts half term pop-up

27th October 2022

The carpark of Bristol’s Cabot Circus has been transformed into a skatepark, creating a unique new destination for the South West’s 100,000 young skateboarders. Bristol’s skate scene is iconic, making it one of the UK’s top 10 cities for the sport, boosted by its addition to the Tokyo 2022 Olympics programme. Hammerson, owner of the retail and leisure complex, has tapped into the minds of Bristol-based skatepark designers, Canvas, and local street art favourites, Upfest, to curate the innovative and colourful experiential offer. The pop-up is being sponsored by Red Bull who will bring its international ‘Curb Kings’ contest to the UK for the first time, with skaters battling it out to be crowned the best in the South West. In a unique partnership with Bristol Council, obstacles constructed by Canvas will be donated to and repurposed within Bristol skateparks, inspiring the next generation. A collaboration with ‘Bristol Girls Skate’, also aims to encourage young females in the city and all over the country to take up the sport. Harry Badham, Chief Development and Asset Repositioning Officer, Hammerson said: “We’re not afraid to do something different at Hammerson and the skatepark proves this. Carparks should be seen as multi-purpose spaces which can be transformed, bringing a new vibrancy and customer base. Skateboarding has a phenomenal following...

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Made.com on brink of collapse after sales process fails to find buyer

27th October 2022

Online furniture retailer Made has today announced that it will terminate a formal sales process after no buyers were found to take over the company. The decision comes after the company ceased taking new customer orders on Wednesday after stock prices plummeted. On Tuesday it was revealed that talks with potential buyers had collapsed, which saw the company’s stock price drop by more than 90% to 0.5p by the end of the day. Made.com was founded in 2011 and describes itself as the ‘leading digitally native lifestyle brand in home, connecting designers and makers to customers through technology.’ The company saw a surge in sales during the Covid-19 lockdown in 2020, as people confined to their homes turned to more digital forms of retail. Made.com saw a 30% year-on-year increase to their sales up to £315m in 2020, and enjoyed a 63% increase to £110m in the first three months of 2021. This success led to the firm listing on the London Stock Exchange in June 2021 for £775m. In a statement, the board of Made.com stated that it would “continue to preserve value for its creditors and shareholders as part of the ongoing strategic review and a further update...

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Flagship Primark launches new ‘Instagrammable’ Greggs café

27th October 2022

Primark and Greggs have launched a new 110-seater ‘Tasty by Greggs’ in-store café at its flagship store on Oxford Street. The café opened on Wednesday and features all the bakery’s staples, including sausage rolls, pastries, desserts and hot drinks. Described by some as the ‘most Instagrammable’ Greggs in the world, the vibrant café will be found on the top floor of the Oxford Street store and features a sausage roll swing and doughnut-shaped seating booths. The clothing store has already been selling Greggs merchandise in its stores since February. The café will be the second ‘Tasty by Greggs’ café, after the opening of a 130-seater Greggs in the Birmingham High Street store in February.

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M&S threatens to shut down Oxford Street flagship if rebuild is refused

M&S has warned of plans to shut down its Oxford Street flagship store if it is not permitted to demolish its current Art Deco building. The retailer has proposed plans to build a new store in its prime Marble Arch location, along with offices, an arcade, a cafe and a gym. Due to heritage and environmental concerns, opponents of the project have asked the company to renovate the existing buildings at 458 Oxford Street rather than demolish them. Despite strong opposition, M&S has said that it is ‘unsustainable’ to continue trading in its current premises. Russell Harris KC, representing M&S, argued that there are no ‘heritage’ reasons to preserve the buildings, as they are not listed and are not located within Westminster’s conservation areas. Harris said the demolition would allow M&S to bring a “new flagship store of high architectural quality” to Oxford Street, and added that the current building “has a smell, a tangible, unmistakable expression of decline.” He noted that the retailer would “not be made to trade” in the current buildings and that it would not invest further in the site if its plans were refused, warning that no other retailer would take over the site. Matthew...

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Asda to partner with world’s largest hearing aid retailer

Asda supermarkets will begin trialling an in-store hearing service in three of its stores. Amplifon are a hearing specialist company who will provide hearing tests and free hearing aids in Asda stores in Altrincham, Harrogate, and Long Eaton. Maq Din, Asda Healthcare Partnerships Manager, said: “There are 6.7 million people in the UK who could benefit from a hearing aid, so we are delighted to work with an established company such as Amplifon to offer this convenient service in some of our opticians.” Amplifon’s Head of Marketing for the UK, Anibal Oliveira, added: “Partnering with ASDA is one more step in our mission to help those who struggle with hearing difficulties to rediscover the emotions of sound” “We are really excited to start this journey.”

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Beaverbrooks sees Merry Hill upgrade

The family-owned diamond, jewellery and watch retailer has opened an upsized store at the Merry Hill shopping centre near Dudley. Over £1 million has been invested in the upgrade, and the store has seen the introduction of an exclusive ‘diamond’ room. The jeweller has over 70 stores in the UK, and Beaverbrook’s recent launch of a TAG Heuer boutique in the Merry Hill shopping centre is the fourth addition this year to their portfolio. Anna Blackburn, Managing Director of Beaverbrooks, said: “We are thrilled to be expanding our long-running and incredibly valued partnership with TAG Heuer to open its first luxury boutique in Merry Hill next to our refitted store here. “Merry Hill is the perfect location for the new boutique “We’re confident the new store will be very popular customers.” Rob Diver, managing director of Tag Heuer UK and Ireland, added: “This is an exciting time for TAG Heuer as we continue to grow our retail boutiques around the UK, along with long standing partner Beaverbrooks.” This follows recent news of signings by Ted Baker and Hollywood Bowl with Merry Hill.

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Clifton suspension bridge and bristol city

A guide to renting a shop in Bristol