Posts from December 2022

Games Workshop appoints new chair as trading meets expectations

7th December 2022

Board games manufacturer and retailer Games Workshop has announced the appointment of a non-executive chair as it reveals its half year trading results. John Brewis will take the position in January 2023. He has been an independent non-executive director of the company since 2018. He has also held the positions of senior independent director since 2021, chair of the Remuneration Committee since 2019 and a member of the Audit and Risk and Nomination Committees. Brewis will take over the role from Elaine O’Donnell, who has served as a director of the company for nine years, and as chair for two. Games Workshop, who operate through its Warhammer stores in the UK, also announced that trading since the last update in September was in line with expectations. The business estimates that core profit in the six months to November 27 will be at least £70m, up slightly from £69.5m in 2021. Licensing profit was down from £18.9m to £13m, however Games Workshop said this number was skewed by a significant number of computer games licensing deals signed in the prior period.

News

How a social impact agreement could revive your high street units

7th December 2022

Finding impactful local occupiers for your high street buildings is a powerful way to reduce vacancies and meet your ESG objectives. Why? Local businesses and community enterprises are rooted in their places, and emerge from understanding local needs. Across the UK, from Oxfordshire to Belfast, they’re filling town centre spaces with innovative, sustainable activities that increase footfall and vibrancy, and deliver long-term social impact. These activities range from retail to affordable housing, to repair shops, to music venues, to urban farms, to coworking spaces, to community kitchens and more. Often these groups, who are commonly called socially-trading organisations (STOs), need an initial leg up. On the one hand, they typically have strong local networks and knowledge and the entrepreneurial nous to successfully activate town centre property. On the other hand, they often lack seed funding or upfront resources to access units under traditional lease terms. There’s a solution: offering a social impact agreement – whether a lease or a license to occupy – that unlocks your units for STOs on supportive terms. This removes that first crucial barrier of access to space, so STOs can execute their ideas and start creating long-term local value, with the opportunity to scale commercially....

Insights

Two restaurant concepts to launch at West London development

7th December 2022

Property developer Ballymore has announced the signing of restaurant and deli concepts, Sam’s Waterside and Sam’s Larder, to its mixed-use development site The Brentford Project. Sam Harrison, director of Genuine Restaurants, will launch the 4,000 sq ft Sam’s Waterside brasserie in July 2023 by the River Brent, while gourmet deli Sam’s Larder will take a 850 sq ft space opposite. Genuine Restaurants already runs Sam’s Riverside and Sam’s Larder concepts in Hammersmith, while another Sam’s Larder recently opened in Turnham Green Terrace, Chiswick. The Brentford Project is a 1.2m sq ft development aiming to transform 11.8 acres along the southern half of Brentford’s High Street to establish a new riverside community. As well as building 876 homes, the project aims to bring a mix of dining, entertainment, shopping and leisure. Richard Pearce, senior development manager at Ballymore, said: “The fact that these independent brands […] have chosen Brentford above other parts of London is a great endorsement of what we are creating. Life has shifted over the past few years and Brentford is leading a new wave of developments that provide a complete package – offering a balance of residential, leisure, retail and workspaces for everyone.” Shackleton Property acted on behalf...

Deals

Frasers Group responds to Coventry City after eviction notice

6th December 2022

Mike Ashley’s Frasers Group has responded to a statement from Coventry City Football Club stating it had received an eviction notice from its stadium’s new owners. The football club said that discussions with Frasers Group, who own various retail brands including Sports Direct and House of Fraser, prior to their purchase of the Coventry Building Society Arena (CBS Arena) led them to understand that the existing terms would continue unchanged. Coventry City said it has an existing long-term lease to continue playing at the CBS Arena till 2031. The football club described the new terms as “less favourable”. “To confirm, Coventry City are happy to continue under terms of the current licence which we already have in place to play at the arena”, they said in the statement. Frasers claims the club’s current licence to use the stadium no longer stands as it was with previous owners. Frasers Group said in a statement: “Frasers has, throughout all its involvement with the stadium, been supportive of securing the long-term future of CCFC playing its games at the stadium. This position remains unchanged. “Prior to acquiring the stadium, Frasers issued a new licence mirroring the terms CCFC had agreed with the previous...

News

Inflation sees customers spend more and buy less

6th December 2022

Customers spent more this Black Friday, as total retail sales saw a rise of 4.2% in November, however growth remained below the rate of inflation. Data from the British Retail Consortium showed UK retail sales increased 4.1% on a like-for-like basis from November 2021, when they had increased by 1.8%. This was above the 3-month average growth of 2.3% and the 12-month average growth of 1.2%. Although sales picked up in November, marking the beginning of the festive shopping season, the data suggested that sales volumes were down. GfK data showed that technology sales were down from last year, with 2022 having fewer promotional sales this Black Friday than the previous three years. Much of the increase in spending was seen in the purchase of winter warmers, coats, hot water bottles and electric blankets. Helen Dickinson OBE, chief executive of the British Retail Consortium, said: “Despite facing huge cost pressures, retailers are doing all they can to keep prices affordable for all their customers. But, the cost of living crisis means many families might dial back their festive plans. Yet, with three weeks to go, there is still plenty of time for the Christmas cheer to bring sales home this...

Insights News

Asda set to open 300 convenience stores

6th December 2022

Asda has announced that it plans to open 300 Asda Express convenience stores by 2026. The supermarket retailer said it hopes the move will create 10,000 jobs over the next four years. Asda today opened their second Asda Express store, in Tottenham Hale. The retailer said that sales in the convenience market are forecast to grow by 13% to over £50bn by 2027, and that the development of a store network in this market is a key part of its long-term plan to become the UK’s second largest supermarket. Asda said it aims to bring its Express concept to convenient neighbourhood and residential settings, particularly where there is not an Asda store nearby. Mohsin Issa, co-owner of Asda, said: “A key part of our growth strategy is to provide customers with more opportunities to shop at Asda closer to where they live or work. With more than three quarters of the UK population visiting a convenience store in the last 12 months, the potential for growth in this market is significant. Our ambition is to become the convenience destination of choice”. The 300 planned Asda Express stores do not include the stores it is acquiring through the Co-op. This deal is currently going through the Competition...

News

Tattooists and fast food gaining ground as banks lose out

6th December 2022

Tattoo and piercing studios, fast food restaurants, and hair and beauty services are gaining the most ground on British high streets, analysis from the BBC in conjunction with Ordnance Survey has shown. With an increase in the number of establishments of 8.2% over the last two years, tattoo and piercing studios are the biggest winners since the pandemic. Department stores and were the biggest losers, seeing a drop in the amount of establishments of 13.4%. The data, collected between March 2020 and March 2022, has helped analysts understand the impact of the pandemic on the high street. In that period, it was found that there were 9,300 fewer retail outlets nationwide. There were 8.1% less banks on Britain’s high streets compared to the start of the pandemic. HSBC recently announced that it would be closing 114 branches as more customers do their banking digitally. Cafés, and pubs & bars saw a small increase in the number of establishments, at 5.7% and 1.6% respectively. Nightclubs however saw a 9.4% fall, as an already struggling industry was thumped by social distancing rules. The data suggests that high streets may be moving from traditional shopping spots to service-based areas instead, with consumers opting...

Insights

SSP sees £1.3bn revenue increase as travel industry recovers

6th December 2022

Food and beverage outlet operator SSP Group has released its financial report for the year 2022, revealing that it has seen revenue of £2.1bn, up from £834.2m in 2021. It also saw an operating profit of £91.5m, compared to a loss of £309.2m last year. The group, who operate in travel locations such as airports and train stations, has partnerships with global brands such as Starbucks, Burger King, and Yo! Sushi, while also running their own brands such as Haven and Upper Crust. SSP saw an increase in revenue from the first half of the year to the second, from 64% to 90% compared to 2019 levels. The former period was affected by the omicron variant of coronavirus, having an impact on travel. The group said a recovery in passenger demand through the year was a reason behind the improved results. SSP said it was well-placed to succeed in a challenging macroeconomic environment, due to traveller resilience, geographic diversification, flexible cost base, strong balance sheet and available liquidity. Patrick Coveney, CEO of SSP Group, said: “The global air and rail travel sectors are set up for long-term structural growth, consumer demand for quality food offerings in travel locations remains strong,...

News

Marston’s targets £1 billion turnover as profits up nearly £110m

6th December 2022

Pub operator Marston’s has set out its target to reach £1bn in sales as it reveals a boost in operating profits in 2022 to £115.4m. This is up from £5.7m in the 2021 financial year. In the business’s financial results for 2022, it was revealed that Marston’s full year like-for-like sales were 99% of pre-pandemic 2019 levels, despite a Christmas trading period hampered by the emergence of a highly contagious omicron variant. The pub operator said its £1bn sales target could only be reached with around £200m sales growth compared to pre-pandemic levels. However, Marston’s feels it is well poised to meet its targets. It has seen a jump in revenue of almost £400m compared to last year, and may benefit from boost in income from the Winter World Cup, which Marston’s says has led to a like-for-like jump in drinks sales of around 50%. The company said it is well positioned to deal with challenging market conditions, with positive current trading seeing a 6.8% increase within the last eight weeks, compared to the same period last year. It added that the shift to working-from-home for many people has benefited the out-of-town pubs, and with 90% of its pubs in...

News

Food & beverage giants join Caledonia Park

6th December 2022

Pension manager Railpen has announced the signing of Starbucks and Burger King at Caledonia Park in Gretna. Joining in 2023, Starbucks will open a 2,000 sq ft unit adjacent to Pizza Express and Next, while Burger King will take a nearby 1,900 sq ft space. Caledonia Park is a retail park dedicated to creating a designer shopping experience. 500,000 sq ft of retail and leisure space is set within a mixed-use development including offices, a civic hub, and hotel and residential space. The signing of the two food and beverage hubs follows the recent addition of Cornish Bakery, who join a retail mix including Kate Spade, Polo Ralph Lauren, Nike, adidas, BOSS and Crew Clothing. Maria Averkina, asset and development manager at Railpen, said: “Welcoming two multinational brands to Caledonia Park marks a key moment for the destination. Starbucks and Burger King will be strong additions to our culinary line-up, and solidifies our approach in attracting sought-after F&B operators. The evolution of our food and beverage tenant mix has been at the forefront of our strategy post Caledonia Park’s refurbishment”. Johnstone Property Consultants and Time Retail Partners acted for Caledonia Park. EYCO acted for Starbucks, whilst Savills acted for Burger...

Deals

Profits down at Victorian Plumbing

6th December 2022

Online bathroom retailer Victorian Plumbing has revealed that it has seen a dip in operating profit of 40%. In the business’s full year results for the 2022 financial year, operating profit was down to £12.1m, from £20m in 2021. Adjusted earnings also saw a 51% fall to £19.5m, while gross profit saw a fall of 7% to £121m, A 3% increase in average order value and a 3% dip in the total number of orders reflected the wider economic environment, with inflation leading to higher prices and less spending power for consumers. This likely contributed to a small boost in revenue of £0.6m. However, the retailer has seen an increase of revenue of 78% compared to 2019, before the pandemic. Victorian Plumbing also said that marketing spend as a share of revenue increased 2% from last year to 28%, with this reflecting an increased strategic investment to gain a larger share in the market as the UK recovered from COVID-19 related lockdown restrictions. The retailer said it has had a strong start to the 2023 financial year with 10% revenue growth to date. Mark Radcliffe, founder and chief executive officer of Victorian Plumbing, said: “As a highly cash generative business...

News

What should I be aware of before signing a commercial lease?

6th December 2022

Congratulations! You’ve found the perfect location for your business. You’ve checked out the local competition, analysed the demographic data, drawn countless layouts for the internal space and counted the passing footfall in all weathers. You’ve done it, you’ve found THE property. “Where do I sign?” you ask. But wait! Before signing a commercial lease read our top tips for new leaseholders… Read the Heads of Terms Read the Heads of Terms, then read them again before signing a commercial lease. A gentleman’s handshake with the landlord is just a handshake. The Heads of Terms set out the conditions of the proposed commercial lease. Know what you’re signing up to. What are your responsibilities as a tenant? Do you have to pay a deposit? When is the next rent review? What happens if your business runs into difficulties after signing a commercial lease, and you can’t meet your legal and financial commitments? Survey the property Check the condition and find out whether the landlord is willing to fix the broken lift or repaint the shop front before you take possession. Discuss your obligations as a tenant regarding maintenance and repairs. Which of you would pay for a smashed shop window? Who...

Advice

The Cambridge Satchel Co. pops up in Covent Garden

5th December 2022

Luxury handbag retailer The Cambridge Satchel Co. has launched a new pop-up store at Covent Garden. Signed for three months, the store on North Piazza Arcade sees a return to the location for the retailer, whose first debuted at Covent Garden in 2013. The Cambridge Satchel Co. recently announced a collaboration with Matilda the Musical, releasing a collection of satchels embossed with classic Quentin Blake illustrations. The retailer also announced the opening of its relocated Edinburgh store, moving two doors down from its previous location. Covent Garden sits on the eastern fringes of the West End, between St. Martin’s Lane and Drury Lane. The district falls within the London boroughs of Westminster and Camden, and is served by the Piccadilly line at Covent Garden tube stations.

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Sticks’n’Sushi marks ten year anniversary with Westfield opening

5th December 2022

Sticks’n’Sushi has launched its tenth UK restaurant at Westfield London. Celebrating ten years since the Japanese and Danish inspired chain came to the UK, Sticks’n’Sushi White City covers 120 people across two floors. The new site is the chain’s eighth restaurant in London. Sticks’n’Sushi operates 12 restaurants in Denmark, nine in the UK – including sites in Cambridge and Oxford – as well as three in Germany, having opened a site in Berlin in September. At the end of 2021, the group reported that the UK was now its biggest markets, with company turnover reaching £57m for the financial year. The menu will serve the restaurant’s favourite dishes, including sushi and yakitori sticks, as well as its ‘Ebi Bites’ and ‘Hotate Kataifi’. Westfield London is the largest retail destination in Europe at 235,900 sq ft following its £600 million expansion in 2018. In addition to the recently launched Exhibition London, a 3,000 capacity events venue, the centre features a large central Atrium and entertainment space, Westfield Square, which hosts experiential, cultural and educational events throughout the year. Davis Coffer Lyons acted on the Westfield deal.

Deals

JD Sports expands in Stirling

5th December 2022

JD Sports has opened a new upsized store at The Thistles Shopping Centre in Sterling. The 5,241 square foot shop is three times larger than the sportswear retailer’s previous space at the centre. An in-store DJ entertained opening day customers who could also compete against one another in an interactive labyrinth game, where they could win a £100 voucher. James Air, head of group acquisitions at JD Sports, said: “It was a pleasure to work with the Thistles team and their leasing agent Stuart Moncur at Savills to deliver our significantly larger store in Stirling. We wanted to ensure that we moved to the best available space for JD in the scheme which took some time and was a real team effort.” Gary Turnbull, centre director at Thistles, added: “JD is a firm favourite with our shoppers, and we’re delighted to see the brand invest in a larger retail space in the centre, cementing their commitment to Stirling.” The Thistles Shopping Centre forms a prime retail destination within Stirling city centre and provides more than 500,000 sq ft of retail space.

Deals

Starbucks to open restaurant and drive-through in Coventry

5th December 2022

Starbucks is set to open a huge new restaurant and drive-through at Arena Shopping Park in Coventry. The new restaurant will be built in the former Pizza Hut restaurant, which closed down in September. The recently approved planning permission sees the creation of a drive-through lane as well as the removal of 27 parking spaces, to facilitate more room for the new site. Part of the existing building will also be demolished. This will mark a return to the shopping centre for Starbucks, whose branch above New Look was closed down in 2020. The coffee chain continues to expand across the UK, with new cafés opening elsewhere in the country, including in Derby and Lincoln. Arena Shopping Park is located just off the A444. By road, there’s access to the M1, M6, M40, M42 and A14. Coventry Railway Station is located in the City Centre, approximately 6 miles away.

News

Elephant Park welcomes new Indian Restaurant

5th December 2022

Lendlease has announced the signing of Indian restaurant concept Kachori to Elephant Park. The 2,850 sq ft location on Ash Avenue will deliver contemporary pan-Indian dishes from early 2023. The concept is headed up by experienced restauranteur and entrepreneur Sorowar Khan, while hospitality consultant Humayun Hussain, who worked on award-winning Indian restaurants Bandook in Bath and The Mint Room in Bristol, created and managed the project. Fare INC’s Annabel Harrison, whose award-winning designs include Kolamba restaurant in Soho, is the project’s interior designer. The restaurant will offer 150 covers over both indoor and outdoor seating, opening out onto the location’s two-acre park. Guy Thomas, head of place assets at Elephant Park, said: “As we near completion of the letting for this phase of Elephant Park’s development, and look towards the next phase coming to market in 2023, we’re proud to welcome yet another brand which has a local footprint.” Elephant Park is a £2.5 billion regeneration project in Elephant & Castle. It will include over 3,000 homes, 50 new retail and leisure units, and 50,000 square feet of workspaces.

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A guide to renting a shop in Nottingham

5th December 2022

Looking for shops to rent in Nottingham? Here’s what you need to know. The historic city of Nottingham is the largest in the East Midlands, both in population and area. The city’s economy has roots in tobacco, lacemaking, and up until recently, bicycle manufacturing. Nowadays, Nottingham looks to its digital media; life sciences; financial and business services; and retail and leisure sectors to grow its economy. Benefiting from several shopping centres as well as an enterprise zone, Nottingham is a suitable candidate for business owners looking for shops to rent. Attractions Tourism was valued at £628m in 2017 and Nottingham remains a popular destination with great value for money. Named in 2015 as the official ‘Home of Sport’ Nottingham is famous for its renowned sporting heritage. Home to the world’s oldest football club in Notts County as well as two-time European Cup winners Nottingham Forest, the city has a football culture going back further than any other in the world can boast. Nottingham is home to two large-capacity theatres as well as a number of museums and galleries, including the National Justice Museum, Nottingham Contemporary and the City of Caves, an attraction made up of a network of man-made caves...

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Hush appoints former Feelunique boss as CEO

2nd December 2022

Womenswear brand Hush has announced the appointment of Sarah Miles as CEO. Miles, who oversaw Feelunique during its £132m takeover by Sephora in 2021, will take on the new role in January 2023. She will replace Kate Bartman, who will step back into her previous role of chief trading officer after two years at CEO. Miles previously worked at Amazon and spent three years as the European director of Amazon’s fashion business. She has also worked for drinks company Diageo where her roles included managing director of Diageo Wines Europe and managing director of Reserve Brands, responsible for brands such as Guinness, Tanqueray, and Smirnoff. Susanne Given, chair of Hush, said: “Sarah has an outstanding track record across some of the world’s leading consumer businesses and I have no doubt Hush will continue to thrive under her leadership. “Sarah brings not only vast experience of driving strategic growth across several great retailers, but also a broad international perspective and a deep passion for sustainability and purpose-led brands.”

News

Tim Hortons opening at The Kennedy Centre

2nd December 2022

Tim Hortons has announced the opening of it’s drive-thru at The Kennedy Centre in Belfast on December 12th. The Canadian donut chain has employed 50 staff for its eleventh location in Northern Ireland. Door will open at 7am and give out free breakfast meals to the first 100 customers, with a year’s worth of free drinks presented to the first customer. Kevin Hydes, Chief Commercial Officer of the Tim Hortons UK franchise, said there has been increasing demand for another location since the first Belfast outlet opened in 2018. “We have some incredible prizes lined up to giveaway at the opening and we cannot wait to celebrate our launch with both our new and loyal customers.” Tim Hortons also recently announced its interest in opening a drive-thru at Castlebawn Retail Park.

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