Posts from January 2023

Karl Hodson: Flexible in-store payments will revolutionise spending

27th January 2023

Flexible instore payment options are currently an up-and-coming feature, much anticipated by stores around the UK. While buy now pay later (BNPL) options are offered as standard when shopping online, this option is rare when shopping instore, until now. The likes of Klarna instore services mean that shoppers can now access flexible payment options instore, through the multipurpose Klarna app. Karl Hodson of UK Business Finance, a commercial finance expert, explains how the BNPL market is changing the retail landscape and transforming shopping habits. The introduction of instore BNPL services The payment capabilities offered by online retailers have now been extended into physical stores, as seen with Klarna instore services. Customers can use a one-time digital card through the Klarna app to make payment, or use a QR code which initiates payment instructions through the app. This revolutionises the buy now pay later market and the way customers judge purchasing decisions thanks to newfound instore payment flexibility. Businesses can benefit from Klarna instore as it provides seamless, app-driven BNPL services, as opposed to having to open a traditional credit account which is often the next best solution retailers can offer instore. Here are some of the benefits of using Klarna...

Insights

Two Peel L&P schemes hit net zero targets

26th January 2023

Peel L&P has announced that two of its retail destinations have met net-zero carbon emission targets set out by the UK Green Building Council (UKGBC). Salford’s Quayside MediaCity and Gloucester Quays have been added to Peel L&P’s existing portfolio of sites which meet the UKBGC’s targets. The new newly verified properties are the first of Peel L&P’s commercial sites to achieve this feat. Peel L&P says its array of net zero buildings have saved over 1,750 tonnes of emissions in the last financial year. The UKGBC’s net zero carbon framework takes into account operational carbon emissions and action taken to reduce these, and renewable energy use. Peel L&P’s effort to reduce emissions is part of its five-year sustainability plan which supports UN goals to create a sustainable planet by 2030. In 2022, Peel L&P unveiled its Climate Positive Plan, a commitment to take more greenhouse gasses out of the air than it produces. Yetunde Abdul, head of climate action at UKGBC said: “The challenge of decarbonising the UK’s built environment is a complex one, but Peel L&P’s long-term commitment to aligning their built assets to UKGBC’s net zero carbon buildings framework demonstrates their ambition to take this challenge head-on. Given that...

News

Former Debenhams plays host to independent retail hub

26th January 2023

The top floor of the former Debenhams site in Hounslow’s Treaty Centre is now playing host to a number of independent retailers. Reimagined as a community space, ‘The Loft’ provides independent businesses with the chance to experience their first taste of High Street retail. The 30,400 sq ft space also functions as an area for local community projects to showcase their creative work, while the unit also provides support work with a legal advice centre for refugees. These endeavours will be funded entirely by The Loft’s commercial offerings. Initially having launched on Monday 13th January, the community hub benefits from the support of the London Borough of Hounslow, The Mayor of London’s High Streets for All Challenge Fund, Treaty Shopping Centre, and The Arts Centre in Hounslow. A full launch is scheduled for April. The launch of The Loft now means that Hounslow High Street no longer has any unoccupied retail space. Jonathan Ashby-Rock, artistic director of The Arts Centre, comments, “In the current climate, with high streets struggling and independent shops on the decline, it’s important to discover a model where collaborative working makes high street retail possible for independent makers at all levels. We hope this will be...

News

Michelin-starred chef to open new venture at Seven Dials

26th January 2023

Shaftesbury has announced that two Michelin-starred chef, Tom Seller, will unveil his latest restaurant Story Cellar in Seven Dial’s this March. The Parisian-inspired restaurant will open in a 1,700 sq ft unit at 17 Neal’s Yard and will be a continuation of the renowned chef’s first site, Restaurant Story, which turns 10 this year. The concept will be designed with London’s West End in mind, offering a selection of wines alongside small plates and charcuterie to suit the needs of the theatre-goer. The 50-cover restaurant will feature counter-style seating at street level with further seating downstairs for larger groups. Story Cellar will also feature a walk-in wine cellar which will allow guests to store their own collections, cared for by sommeliers. The restaurant will join a number of existing food and beverage (F&B) offerings at Seven Dials, including Crudo Cevicheria, WatchHouse café and gelateria ANITA, as well as a diverse line-up of traders. Julia Wilkinson, restaurant director at Shaftesbury, said: “The addition will hugely contribute to the ever-evolving F&B offering at Seven Dials, bolstering the neighbourhood’s reputation as a hub for unique and diverse operators in London’s West End.” Hanover Green Retail and Distrkt represented Shaftesbury. Story Cellar dealt direct.

Deals

Plans submitted for £1.9bn Smithfield regeneration

26th January 2023

Birmingham City Council has received plans for the first phase of a regeneration of the Smithfield district of the city centre. The £1.9bn regeneration, overseen by Lendlease, would see the development of a new home for the historic Bull Ring Markets, leisure and cultural facilities, as well as new offices and 3,000 new homes. Smithfield is an area in Birmingham city centre consisting of the former wholesale markets, plus the current Indoor, Open and Rag markets as well as some land and buildings. Birmingham City Council announced LendLease as the preferred development partner for Smithfield in January 2019. The first phase of the development would see a new home for the Indoor Market, Rag Market and Open Market, as well as the construction of new business and leisure spaces including cafés, restaurants and bars. If approved, construction is expected to begin this year, with the first phase completed in 2027 and full development anticipated to conclude in 2035. Lendlease said the mixed-use scheme would generate 44,000 sq m (473.6K sq ft) of retail space. Lendlease estimates that the Smithfield scheme will generate $3.5 bn (c.£3.07bn) total estimated development end value. The design team working on the first phase of the...

News

Trio reunite to launch WTS Property Consultants

26th January 2023

Licensing, leisure, and commercial agents George Walker, Richard Tole and Jack Sinclair have teamed up to launch WTS Property Consultants. The property advisory firm opens with two offices in London and Birmingham, with a list of clients including Asda, Heineken, Punch, Wagamama and petrol station retailer EG Group. They are also solely retained by evyve Charging Network to source and secure sites for landlords as it looks to install 10,000 electric vehicle charging stations by 2030 as they aim to become the country’s largest EV charging network. The firm’s founders all previously worked together at the now Savills-acquired James A Baker Chartered Surveyors. Walker also has experience working for Star Pubs and Bars, while Tole was previously an accountant with Deloitte before moving to Punch Taverns where he focussed on acquisitions. Prior to forming WTS, Tole also ran a consultancy firm called Hamilton Tole. Jack Sinclair has over ten years experience in the commercial property sector and previously worked as a director at Savills and James A Baker. Richard Tole said: “After a successful year for Hamilton Tole, I am delighted to announce that I have joined forces with my former colleagues George Walker and Jack Sinclair to form WTS...

News

Tk Maxx signs at former Debenhams in Workington

26th January 2023

Sovereign Centros has announced that clothing retailer Tk Maxx has agreed to sign at Washington Square in Workington. Tk Maxx will take a 22,500 sq ft unit on a 15-year lease for the ground and part first floors of a former Debenhams unit, with the store set to open in the summer. Conversion of the space in preparation for the retailer will begin this month (January), while the remainder of the three-storey former Debenhams will be let to leisure, civic, and other retail uses. Sovereign Centros acted on behalf of Savills directors and joint fixed charge receivers Kevin Marsh and Matthew Nagle. Jack Gordon, senior asset manager at Sovereign Centros, said: “We have now brought in five new retailers and agreed 17 lease extensions at Washington Square since the pandemic. For an international brand such as TK Maxx to commit to Workington is tremendous news for the region and will increase footfall in the town, as well as creating jobs. “We have had good success in diversifying the occupier mix with new food and beverage offers and we are now looking to increase the leisure provision.” Barker Proudlove are leasing agents for Washington Square. Goadsby acted for TK Maxx.

Deals

Lark London to open first location outside the Capital

26th January 2023

Independent lifestyle boutique Lark London is set to launch its first location outside of the Capital as it prepares to open at Woking’s Victoria Place. The retailer has taken a 1,558 sq ft space at 7 Commercial Way and will offer a number of lifestyle and homeware products from a variety of brands. Family-run Lark London is led by Dominic and Priya Aurora-Crowe and aims to take a family-oriented and personal approach, with a focus on ethical and accessible consumption. This news comes off the back of a successful 2022 for Victoria Place, which saw the arrival of performing arts institution Italia Conti, as well as The Gym Group and Itsu. Victoria Place officially opened its doors in March, welcoming M&S and Moss Bros to Henry Plaza. Dominic and Priya Aurora-Crowe, owners of Lark London, said: “Following the success of our London locations, we wanted our next store’s home to be in the heart of a town centre full of buzz and with a strong sense of community, which is exactly what we’ve found in Victoria Place.” Councillor Ann-Marie Barker, leader of Woking Borough Council, added: “[Lark London’s] family-oriented and personable format of lifestyle boutique and consistent support of local...

Deals News

Fat Hippo looking to serve up in more UK restaurants

26th January 2023

Independent burger chain Fat Hippo is looking to continue its expansion as it targets more restaurants in major UK cities. Founded in Newcastle in 2010, Fat Hippo specialises in burgers, loaded fries, as well as a number of alternative vegan, gluten-free and dairy-free options. The chain already has locations in Bristol, Birmingham, Cardiff, Durham, Edinburgh, Glasgow, Headingly, Liverpool, Newcastle, Nottingham, Manchester, Sheffield, Shoreditch and York, with restaurants in Bath, Edinburgh and Soho opening in 2023. The restaurant chain is urgently looking for more sites as part of its 2023/24 acquisition programme. Requirements Site specifications: Locations: Ian Angus of @retail has been appointed to find suitable locations.

Requirements

35 Wetherspoon pubs up for sale as chair slams tax rates

25th January 2023

Pub chain JD Wetherspoon says it has 35 pubs remaining on the market, as chairman Tim Martin criticised a “vast disparity” in tax rates. In the six months to January 22, it was revealed that JD Wetherspoon had sold ten pubs while only opening two. It said that these sales had resulted in a cash inflow of £2.9m. JD Wetherspoon currently has a trading estate of 844 pubs. The sites up for sale are based in city centres across the country, with the majority in the Capital and the South East. Tim Martin was critical of the Government’s approach to levying the food and beverage industry: “The biggest threat to the hospitality industry is the vast disparity in tax treatment between pubs and restaurants and supermarkets. “Supermarkets pay zero VAT in respect of food sales, whereas pubs and restaurants pay 20%. This tax benefit allows supermarkets to subsidise the selling price of beer. “We estimate that supermarkets have taken about half of the pub industry’s beer volumes since Wetherspoon started trading in 1979, a process that has likely accelerated following the pandemic. “Pub industry directors have, in general, failed to campaign for tax equality, which is an important principle of...

News

Savills appoints associate director to London commercial team

25th January 2023

Savills has announced the appointment of Chloe Newton as associate director to its Margaret Street office in London’s West End. Newton joins from Allsop LLP where she worked as a senior associate in West End investment since 2014. In this role, she advised institutions, sovereign wealth funds, charities and private investors on commercial investments and development opportunities, primarily in the office, retail and hotel sector. Prior to Allsop, Newton also worked in development and residential consulting at BNP Paribas. In her role at Savills, in which she was appointed on January 3rd, Newton will focus on the acquisition and disposal of commercial property opportunities in central London. Oliver Fursdon, head of Central London commercial development at Savills, said: “We are delighted to welcome Chloe into the team as we continue to grow our London commercial development business, and our London offer as a whole. After the challenges of the second half of 2022, we see opportunity in 2023 to help clients unlock value through our blend of development advisory, development management and transaction brokerage services. Chloe will be a big part of this.”

News

Avison Young appointed to dispose of Irish Argos stores

25th January 2023

Avison Young have been appointed by Argos as the retailer looks to offload its stores in Ireland. Argos announced last week that it would be pulling out of the Republic of Ireland by the end of June, after reporting a pre-tax loss of €13m (£11.4m). The retailer operates a different model in the Republic of Ireland to the UK, where it trades entirely out of its owner Sainsbury’s supermarkets. Avison Young have been tasked with finding new occupiers and solutions for all 23 of Argos’ Irish sites, which range in size from 9,825 to 22,510 sq ft and are located in high street stores, retail parks and shopping centres. The global real estate firm has acted on behalf of Argos since 2019. Argos sites in Ireland under Avison Young’s appointment

News

Amazon takes fresh unit in Croydon

25th January 2023

Schroders has announced the opening of an Amazon Fresh unit at One Ruskin Square, Croydon. The new store occupies one of the units at the scheme adjacent to East Croydon Station and leisure destination Boxpark, and will offer a selection of product including fresh produce and bakery items. In addition to signing Amazon Fresh, last year Schroders and development partner Stanhope secured planning consent from the council for the next office phase at Three Ruskin Square, which has been pre-let to UK Home Office, while development on Two Ruskin Square, pre-let to HM Revenue and Customs, came to a finish. Both buildings are aiming for outstanding BREEAM ratings and NABERS building performance accreditation. Rob Cosslett, fund manager at Schroders, said: “With the addition of high quality, convenience led retail, Ruskin Square continues to deliver what modern office occupiers need from their workplaces. With growing demand to provide flexible, ESG driven working environments that deliver nearby amenities, public spaces and ease of access, Ruskin Square’s proposition is strong, and we anticipate continued interest from the occupier community as our commercial pipeline progresses.”

Deals

Parthian Climbing rocks up at Southside

25th January 2023

Landsec and Invesco’s Southside Shopping Centre has announced the arrival of indoor rock climbing experience Parthian Climbing. The 25,000 sq ft unit at the Wandsworth shopping centre marks the start of an expansion programme as the brand seeks to grow across the country. Originally founded in 2004 by climber John Dunne in 2004, Parthian Climbing’s Wandsworth site will be the first indoor facility in the UK to feature an exact replica of “The Titan”, the bouldering wall which will feature at the 2024 Paris Olympics. It will also include a 2,000 sq ft café, bar, and co-working space, as well as a strength and conditioning gym. Southside joins Parthian’s existing centres in Manchester, Reading, Harrogate and Southampton. Mark Warne, brand director for F&B and leisure at Landsec, said: “With guests increasingly looking to experience something new, a strong leisure offering is essential for any successful retail destination. “We’re always on the lookout for innovative concepts which can add to the already strong line up at Southside, so we’re excited to work in partnership with Parthian Climbing as they build on their success and open their first location in London”, he added. Parthian join a number of experiences introduced by Landsec...

Deals

Arcadis seeking planning permission for Stoke mixed-use scheme

25th January 2023

Amsterdam-headquartered Arcadis is awaiting the decision of councillors over the future of a proposed redevelopment of Etruscan Square in Stoke-on-Trent. The proposals would see the two-phase regeneration scheme deliver nearly 70,000 sq ft of commercial, business and service space as well as the creation of a 3,600 capacity arena. The regeneration would also deliver a 138-room hotel, a 200-space car park, and nearly 300 new homes. Councillors acquired £56m to support the plans from its We Are Levelling Up Stoke-on-Trent Programme in 2021, before securing a further £20m from the Government’s levelling up fund last year. The local council said that the new developments, which were designed by architects Glancy Nicholls, will revitalise areas of the city centre by bringing in a range of jobs and attracting further investment. Councillor Daniel Jellyman, cabinet member for regeneration, infrastructure and heritage said in December: “Although this is an early stage, and some of it not visible, it is a necessary part of the process to transform this part of the city centre into attractive homes, outdoor spaces and leisure facilities, which will be fundamental to the success and vitality of the city centre as well as providing a range of job opportunities....

News

Landsec unveils designs for Buchanan Galleries redevelopment

25th January 2023

Landsec has unveiled its latest designs for the redevelopment of the Buchanan Galleries shopping centre in Glasgow, as it prepares for the next round of public consultation. The proposed changes would see Buchanan Galleries and the surrounding areas transformed into a mixed-use scheme, with shops, restaurants, workspaces as well as green and public spaces. Landsec began its consultations on creating a mixed-use destination in Glasgow in 2021, having expressed a desire to expand this part of its business in its 2020 strategic review. The real estate investment trust (REIT) says that the proposals would see Glasgow at the forefront of a sustainable and economic future, with the plans aligning with post-COVID city centre recovery plans set out by the local government and Scottish Parliament. It added that increased pedestrianisation set out in the proposals would also aid Glasgow in becoming a greener and safer city. Landsec will invite the public to share their views from January 26th. The proposals would see the demolition of the iconic steep steps outside Glasgow Concert Hall, which has become well-known as a meeting place for friends and protesters alike. Built in 1999, Buchanan Galleries was nearly the site of a ‘supermall’ extension in a...

News

Liverpool ONE says more pop-ups coming in 2023

25th January 2023

Liverpool ONE’s director has said the scheme is planning to introduce more pop-ups throughout the year, as it toasts its most recent addition, MerseyMade. The 3,200 sq ft MerseyMade pop-up is located on Peters Lane and showcases original artworks, handmade cushions and bags, baby accessories, and bath products from artists and artisans including Jenny Dunlop, Sophie Green, and Alistair McCready. MerseyMade was founded in Liverpool in 2019 as a means to provide a hub for local artists, and with the help of Grosvenor-managed Liverpool ONE, aims to connect with a wider audience. The pop-up will remain on Peter’s Lane until the end of January before moving to a second location on Liverpool ONE’s Manesty’s Lane. The scheme has also seen the arrival of LDC Activates, a creative initiative which replaces the vinyl on the current facade of the future Cricket flagship with tech-enabled windows. These use QR codes to allow customers to leave reviews on their experience, an alternative to the usual hoardings seen in shopping centres. Chris Jukes, Liverpool ONE director at Grosvenor, said: “Innovation and independents have always played a role in the success of Liverpool ONE, creating additional reasons to visit, building engagement with consumers, and supporting...

Deals News

Begbies Traynor: Small businesses vulnerable to impending repayments

24th January 2023

Insolvency firm Begbies Traynor has warned that small companies will be especially vulnerable to collapse, as repayments on COVID loans, cuts to energy bill relief and high inflation all loom. In the firm’s latest Red Flag Alert report for the fourth quarter, it was revealed that over 610,000 British businesses are in ‘significant’ distress, 4% higher than a year ago. Compared to pre-Pandemic levels, there has been a rise in businesses being in ‘critical’ and ‘significant’ distress, with increases of 11% and 24% respectively. It has also been revealed that in the final three months of 2022, nearly 24,000 County Court Judgements were served, 52% higher than in 2021 and 77% higher than pre-COVID. The Red Flag Alert report is a measure of the health of British businesses which has been running for over 15 years, and Begbies Traynor says this latest report shows the immense strain on an increasing amount of companies. Julie Palmer, partner at Begbies Traynor, said: “What we are hearing from directors of businesses is extremely distressing. “We came into 2022 hopeful that the pandemic was fully behind us and better times were ahead, only for Russia’s invasion of Ukraine to unsettle the global economy, leading to...

Insights

Calls for greater regulation could halt £12bn Asda deal

24th January 2023

Calls from trade union GMB for greater Competitions and Markets Authority (CMA) powers could see a potential merger deal involving Asda worth £12bn halted by regulators. The owners of Asda, Blackburn-based brothers Mohsin and Zuber Issa, are reportedly planning to merge the supermarket with petrol forecourts business EG Group. The plans being explored by both companies would see a retail group consisting of more than 581 supermarkets, 700 petrol forecourts and 100 convenience stores in Britain, according to The Times. Nadine Houghton, GMB national officer, said: “This proposed merger raises the spectre of a private equity black hole on the UK high street. “More and more of our essential household goods – from food to fuel – are controlled by unaccountable private equity backers. “This merger isn’t in the interests of the 200,000 impacted workers, or the UK economy, or even consumers.” The Issa brothers and London-based group TDR Capital have owned EG Group since 2016, and later acquired Asda in 2021 for £6.8bn. EG Group’s other brands include Euro Garages, Coopland and Leon, operating over 6,600 sites globally. Talks over the merger come ahead of a planned refinancing of EG Group, which reportedly has £7bn worth of debt due in...

News

City Pub Group makes number of senior changes

24th January 2023

City Pub Group (CPG) has announced a number of senior management changes, with Toby Smith, chief operating officer, set to resign on January 27. Rupert Clark, currently group managing director, has been announced as his successor. Clark has been an executive director at CPG for nearly 10 years and also worked for its forerunner, Capital Pub Company. He has overseen a number of projects including the refurbishments of the Tivoli in Cambridge and Aragon House in Parsons Green. CPG has also announced the appointment of Chris Merriman, currently group financial controller, as company secretary. He takes over from Jimmy Dudgeon who worked at the group’s board for 10 years and helped grow the business from a start-up. Richard Myers has also been appointed as chief marketing officer, who joins from Urban Pub Company. Myers has previously held roles including head of marketing at the Meantime Brewery, and will report to executive chairman, Clive Watson, as part of the senior leadership team. These announcements come alongside the group’s annual trading update, which saw the group record a boost in turnover of £35.4m.

News

Filter by Categories