Posts from February 2023

Timberland launch meets demand at Gloucester Quays

24th February 2023

Footwear and fashion retailer Timberland has opened at Gloucester Quays, following a record year for the scheme. The retailer has launched at a 2,110 sq ft unit opposite The North Face, as it celebrates its 50th anniversary of the original Timberland boot. The signing comes as a response to a number of customer surveys in 2022, with Gloucester Quays finding shoppers expressed demand for the Timberland brand. It will join a number of other footwear brands at the shopping scheme, including Adidas, Clarks, and Skechers. Paul Carter, asset director at Peel L&P, who manage the scheme, said: “Adding Timberland to our retail mix showcases two things: performance at Gloucester Quays creates a compelling reason for leading brands to join us; and we genuinely listen to our customers when it comes to shaping the destination. This is an iconic brand and one that understands the outlet experience, so naturally we are delighted to have worked with them to bring this new store to life.” The opening follows a successful 2022 for Gloucester Quays, which saw an increase in retail sales of 8% compared to 2019, with December outperforming 2021 on a like-for-like basis.

Deals News

Advisors called in as Planet Organic considers sale

23rd February 2023

Health food grocery chain Planet Organic has called in advisors from City firm Interpath as it contemplates a sale of the business. The retailer is working on a review of its strategic options, Sky News reports. Founded in 1995, Planet Organic, which trades from 13 stores predominantly in London, sells organic food and drink as well as health and beauty products. Despite the retailer due to open a 14th store in Teddington, South West London, Planet Organic has recently closed a number of outlets in the last few months. Planet Organic is one of many retailers whose business was hit hard by the effects of COVID-19, impacted by a reduction in footfall. It is believed to have been loss-making for the last two years. Despite this, the retailer is reportedly seeking funds to aid its expansion plans. A Planet Organic spokesperson said: “We are working closely with our advisors to help us navigate options to secure further investment. “This additional funding will enable us to support the next phase of our current growth plans.”

News

Loungers to join £45m Preston leisure complex

23rd February 2023

Café and bar chain Loungers has agreed to join Preston’s Animate complex, an under-construction scheme expected to be completed in 2025. Signing a 15-year lease for a 4,265 sq ft unit at the scheme, Loungers will join the current roster of tenants including The Arc Cinema and Hollywood Bowl, as well as a number of other restaurants. Animate is a £45m development designed by Leach Rhodes Walker and being delivered by Maple Grove Developments. The site will undergo a series of landscaping changes and feature an 164-space car park, a street food hub, and al fresco dining. Preston City Council is funding the scheme, while its complementary public realm changes are being supported by Lancashire County Council. The project is part of the Preston’s 15-year development plan, and is one of six projects planned under the city’s Harris Quarter regeneration programme, which saw an injection of £20.9m from the government’s national towns fund initiative in 2021. Councillor David Borrow, cabinet member for planning and regulation, said: “Loungers is a substantial operator in the UK hospitality sector and the business has proved to be one of the rising stars in the industry over the past three years. Its commitment to Animate...

Deals

A guide to renting a shop in East London

23rd February 2023

Considering renting a shop in East London? Here’s what you need to know. North east of the historic City of London, East London consists of the boroughs of Barking and Dagenham, Hackney, Havering, Newham, Redbridge, Tower Hamlets, and Waltham Forest. East London has a history deeply rooted in industrialism, developing as the Capital’s docklands. As railways became more prevalent, growth into the ‘East End’ was encouraged and East London saw the growth of a number of suburbs. Nowadays, East London’s industrial centres are often at the heart of regeneration programmes, with Canary Wharf a gleaming example of this. Attractions East London provides an eclectic mix of old and new, and its markets are a prime example of this. Brick Lane, Old Spitalfields, and Petticoat Lane are all areas with a deep history, but nowadays play host to a number of independent vendors. Shoreditch is an example of a highly modernised area of East London, famous for its nightlife and home to schemes such as BOXPARK. History lovers have plenty to do in East London, too. The Museum of London Docklands is a 200-year old warehouse which details the history of the East End, while the more morbid of us may...

Insights

Argos to close 50 standalone branches by March

23rd February 2023

Argos is to close a number of high street stores, as owner Sainsbury’s looks to open more in-supermarket concessions. Targeting the closure of 50 of its standalone branches by March, Argos has already brought the shutters down on its Coventry and Nottingham branches earlier this year. The catalogue retailer’s Bolton and Doncaster branches also closed towards the end of last year, while its Lanarkshire branch is due to shut in March. Two Welsh branches will also close over the summer. Sainsbury’s is looking to open 25 Argos sites within its supermarkets by the end of the year. This follows news that Argos will pull out out the Republic of Ireland entirely, closing all Irish stores by the end of June. Argos’s Northern Ireland stores will remain unaffected.

News

Cineworld unlikely to receive buyout

23rd February 2023

Chances of a full rescue of Cineworld are looking increasingly unlikely, as it was revealed that no full offer for the cinema chain has been received since it entered bankruptcy protection in September. Cineworld was sitting on net debt and lease liabilities worth reportedly $8.8bn (c. £7.31bn) when it fell into bankruptcy. A lawyer representing Cineworld told a Texas court on Tuesday that the operator had been in contact with around 40 potential investors since early January, but no interested parties came forward with a firm offer for the entire business. Cineworld’s lawyers are now looking to push for a debt-for-equity swap, which could see the transfer of control of the business from shareholders to its creditors. Cineworld is in debt to firms such as Invesco, Eaton Vance, and Fidelity. The cinema operator previously denied talks with rival Odeon’s owner AMC over sales of its individual cinemas. Founded in 1995, Cineworld operates 500 sites in the US and over 100 in the UK and Ireland.

News

Plant-based restaurant seeking location for first permanent site

23rd February 2023

A plant-based restaurant concept is seeking a Central London location to open its first permanent site, following a successful trial in Knightsbridge. Holy Carrot is looking for a 2,500 to 3,000 sq ft site in an area with strong footfall. Target locations include Chelsea, South Kensington, Soho, Marylebone, and Notting Hill. The concept is preferably looking for corner locations, with outdoor seating. Holy Carrot was founded by husband and wife duo Roman and Irina and offers dining options through breakfast, lunch, and dinner. The restaurant’s ‘Holy Bar’ offers an eclectic mix of cocktails while Holy Deli Retail offers a dedicated area for the brand’s products such as sauces and sweets. Once an initial permanent site is established, Holy Carrot may consider additional locations. Richard Wassell of twentyretail has been tasked with finding Holy Carrot’s first permanent site.

One in five retailers fearing collapse by end of 2023

23rd February 2023

Over a fifth (22%) of UK retailers worry that their business will not be solvent by the end of 2023, new research suggests. Advisory firm FRP surveyed 250 large and medium-sized businesses, with the findings presenting “significant concerns”. Three in five (60%) of respondents said that energy costs were the biggest pressure on their profit margins, while 22% fear insolvency by the end of 2023 if the Government sticks with its plan to reduce relief on energy bills after April. A third of those surveyed said they would like to see the Government increase energy support into the new tax year. With costs continuing to increase, FRP found that over a third (36%) of retailers have passed on their general cost increases to customers in the last year, with 32% expecting to do the same this year. 68% of those surveyed said they anticipate seeking more support from lenders this year. FRP have previously advised on the administration of retailers such as Debenhams and Edinburgh Woollen Mill. Phil Reynolds, restructuring advisory partner and retail specialist at FRP, said: “These are incredibly turbulent times for retailers. Inflation is pushing up operating costs and dampening consumer confidence, with the looming recession likely...

Insights

Sloane Stanley expands leasing team

23rd February 2023

Sloane Stanley has appointed specialist property consultants Levy Real Estate to join its leasing team across its West London Estate. Matt Paulson-Ellis and Liv England will be working alongside Miles Commercial on opportunities for the King’s Road, Chelsea, as well as the Fulham Road neighbourhood. Hannah Grievson, property director at Sloane Stanley, said: “Following a very successful 2022, we have been reviewing our long-term strategy for Sloane Stanley and have a clear vision of what we want to achieve within the next five years. Part of this approach is to introduce a new element to our leasing team and build upon our estate to deliver new and innovative brands.” The announcement follows the recent opening of nail bar Townhouse on the King’s Road, as well as the recent signing by Sloane Stanley of personal training business Ultimate Performance, set to launch early this year in a 5,095 sq ft space on Fulham Road.

News

Supermarket Income REIT sees portfolio valuation fall by 13.3%

23rd February 2023

Supermarket Income REIT saw its portfolio valued at £1.63bn by the end of 2022, representing a fall of 13.3% on a like-for-like basis over a six-month period. The real estate investment trust said the decline reflected a shift in property yields applied by valuers due to higher interest rates and the overall macroeconomic environment. The investment trust said that the fall in valuation had been partly mitigated by contractually-obligated rent increases in line with inflation, with the average rent increase from rent reviews performed during the second half of 2022 at 3.7%. Supermarket Income REIT has full or part ownership of 76 UK supermarkets, across the Tesco, Sainsbury’s, Morrisons, Waitrose, Aldi, M&S, and Asda brands. Ben Green, director of Atrato Capital Limited, investment Adviser to Supermarket Income REIT, said:   “Supermarket property has been less volatile than the broader UK property market but has not been immune to the outward yield shift experienced across investment markets. “We have the advantage of operating in the non-discretionary spend grocery sector which continues to outperform the wider economy.” Supermarket Income REIT is set to announce its half year results for the last six months of 2022 on March 30.

News

Redundant retail staff offered interviews at The Original Factory Shop

22nd February 2023

The Original Factory Shop has offered guaranteed interviews for retail staff made redundant by, or at risk of losing their jobs at; Wilko, Argos, New Look, B&Q, Paperchase, Tk Maxx, and M&Co. The Burnley-headquartered value retailer says it has 80 roles to fill across 185 stores. Recent estimates suggest that nearly 15,000 retail workers have lost their jobs so far in 2023. Charlie Cuthbert, The Original Factory Shop’s talent acquisition lead, said: “This pledge will hopefully mean more people will remain employed while at the same time bringing their retail expertise and fantastic transferable skills to The Original Factory Shop.” The Original Factory Shop recorded its first return to profit since the beginning of the Pandemic when it posted a pre-tax profit of £6.6m in September.

News

Slow refunds denting consumer spending

22nd February 2023

Delays in refunds are causing customers to cut their spending, according to research from a European open banking platform. Data from Tink found that almost a third (30%) of UK consumers are choosing to spend less online because refunds are taking too long, while over a half (52%) of those surveyed said they were less likely to shop with a retailer again if a refund takes too long to be transferred. The research also found that over half (54%) of online retailers said they are or expect to be forced to no longer offer free refunds due to financial pressures, with four in ten focused on cutting costs as a result of the current financial climate. Particular issues raised by retailers include the cost of processing returns (43%) as well as the length of time taken for customers to get their money back (40%), however Tink say that online retailers risk damaging relationships with customers should they start charging for returns. The research also found that over a third (36%) of those surveyed felt that instant refunds would improve customer experiences, while 32% feel that these would reduce costs to their businesses in the long term. Tom Pope, head of...

Insights

Remaining Paperchase stores set to fold

22nd February 2023

The remainder of open Paperchase shops are to close after the retailer’s administration process failed to find any further investment. In January, Tesco purchased Paperchase’s brand and intellectual property, but not its stores. Administrators from insolvency practitioners Begbies Traynor said on Tuesday that they did not anticipate any further sale of all or part of the business. Paperchase’s remaining stores will continue to trade at a discount while stocks last, while the retailer suspended online trading on February 17. Some 106 stores are set to close, at the cost of around 900 jobs. Paperchase previously went into administration in January 2021, and was later purchased by retail investor Steve Curtis, before being put up for sale again four months later.

News

Lush accused of failing to acknowledge £216.8m share transfer

22nd February 2023

Handmade toiletries retailer Lush has been accused by its ex-boss’s firm of failing to acknowledge the acquisition of a £216.8m stake in the company. Silverwood Brands said the purchase of a 19.8% stake in the retailer, announced in December, had not been recorded by the retailer. Silverwood executive director Andrew Gerrie is listed by the firm as a co-founder of Lush, although this is not listed on the retailer’s website. Gerrie is also a non-executive director for Hotel Chocolat. The firm, which invests in various self-care and cosmetic brands, said the notification it had received from Lush had given no reason as to why the transfer of shares was not recorded. It added that Lush’s actions had “no merit”. “Together with its legal advisers, Silverwood will seek to engage with Lush and its solicitors to resolve the current situation, however the company will explore all options available to it to protect its interests for the benefit of its shareholders as a whole”, the firm said in a statement. “As a purported arbiter of fairness, ethics and champion of environmental, social and governance issues, the company is surprised that Lush is behaving in this manner and expects that ultimately it will...

News

Treetop Adventure Golf tees up at Metrocentre

22nd February 2023

Indoor minigolf operator Treetop is set to open its fifth UK location at Metrocentre in Gateshead. The indoor leisure operator has agreed to take a 25-year lease for a 17,500 sq ft unit, set to launch this summer. Treetop said it is committing to investing over £2.5m to the Gateshead site, which will will join the minigolf concept’s list of locations alongside St David’s in Cardiff, The Printworks in Manchester, Highcross in Leicester, and Birmingham’s Bullring and Grand Central. As well as featuring two indoor 18-hole courses, Treetop Adventure Golf at Metrocentre will serve cocktails and mocktails at The Thirsty Toucan bar, while customers can also grab a coffee from the Jungle Buzz Café. Elizabeth Stanway, CEO and co-founder of Treetop Adventure Golf, said: “Metrocentre is a landmark location, and we’re looking forward to working with the Sovereign Centros team to bring a unique experience for the centre visitors and to being part of the fantastic offering.” Ben Cox of Sovereign Centros, senior asset manager for Metrocentre, said: “The mix of leisure, dining and retail is a key component to the success of Metrocentre so it’s important that we continue to invest and refresh our offer.”

Deals

Green light for London REIT merger

22nd February 2023

The Competition and Markets Authority (CMA) has cleared plans for a merger between two of London’s biggest real estate investment trusts (REITs), which would see the creation of a combined portfolio worth around £5bn. The boards of Shaftesbury and Capital & Counties (Capco) announced in July 2022 that they had reached an agreement on the terms of an all-share merger, which would see the creation of a combined group, called Shaftesbury Capital. On December 23 2022, the Competition and Markets Authority announced the launch of its phase one review into the merger, which following today’s approval, is expected to be completed on March 2. In a joint statement, Shaftesbury and Capco said they welcomed the CMA’s decision. The two firms estimated the deal would see an annualised gross rental income of around £166m and an estimated rental value of approximately £218m (as of March 2022). Under the terms of the proposed merger, Shaftesbury’s shareholders would control approximately 53% of the combined business, while Capco’s shareholders would control the remaining 47%. Shaftesbury focuses on retail, hospitality and leisure in London’s West End, while Capco’s portfolio is based mainly in the Capital’s centre, and includes a 1 million+ sq ft estate in...

News

Retail and leisure specialists team up to form FMX

22nd February 2023

Specialist agents MMX Retail and Fawcett Mead have this week joined forces to create FMX Urban Property Advisors. The two founding firms, which both formed in 2010, said the merger will provide a full range retail, leisure, food and beverage, and urban property specialist service. FMX said the move provides the opportunity to become a more dominant market presence, allowing the firm to support clients in multiple disciplines while allowing greater opportunities for growth in the business. The newly merged consultancy will continue to work out of MMX’s and Fawcett Mead’s London offices in the near term, whilst retaining operations in Bristol and Yorkshire. David Justice, partner, said: “Our longstanding association with the team at Fawcett Mead and the natural likeness of our business culture, values and client delivery approach has made for a very comfortable coming together of like minds that will ultimately result in the delivery of a greater level of expertise and opportunity for our combined client base.” Graham Fawcett, partner, added: “We have worked side by side on a number of instructions over the years and it is this mutual understanding that initiated the talks of a merger. We have always had the utmost professional respect...

News

Bar and restaurant set to open at Grade II Hampshire site

21st February 2023

A former Pizza Express site in Hampshire is set to be transformed into a bar and restaurant called The Town House. The new restaurant in the 3,770 sq ft Grade II listed site in Alresford, near Winchester, has been leased to the owners of nearby village Bighton’s The Three Horseshoes pub. The Town House will sell breakfasts, brunches, lunches and coffees in the front of the building, while the remainder of the ground floor space will be reserved for a bar and restaurant. The upper floors will host private dining and co-working spaces. There will also be a garden to provide additional dining and drinking space. The new tenants, Glaister Inns, was established in 2021 by Henry Glaister and Minnie Hawley after their acquisition of The Three Horseshoes. Savills agreed the letting of the property, at 32 Broad Street, on behalf of the landlord, while Preston Redman Solicitors acted as legal advisors.

News

Zambrero receives £143m to help open 25 more sites

21st February 2023

Mexican fast food restaurant Zambrero plans to open up to 25 more sites across the UK and Ireland, after receiving an injection of £143m in equity financing. The minority stake, taken by Metric Capital Partners, marks the first time Zambrero has seeked external funding. Founded in Australia in 2005, Zambrero has opened around 20 sites in the UK and Ireland within the last six years and is looking to open the next 25 sites by the end of the year. The brand now operates over 230 sites globally, also trading across New Zealand and the United States as well as the British Isles and Australia. Zambrero is owned by Prince Group, which operates a number of other restaurants including Mèjico, INDU, and Kid Kyoto, all based in Australia.

News

Pandora targeting 10 new UK and Ireland stores this year

21st February 2023

Danish jewellery retailer Pandora plans to open up to 10 UK and Ireland stores in 2023, after having opened nine last year. Currently operating 230 stores in the UK and Ireland, by the end of 2022 Pandora was trading out of 2540 stores globally, having launched 88 stores on a net basis. The retailer says it is looking to open between 50 and 100 more stores worldwide in 2023. Four of the new stores will open in London, with one due to launch at Great Portland Estate’s 70-88 Oxford Street Development, which is set to open this summer. Pandora says it anticipates more launches in the Capital in 2024.

News

Filter by Categories