Posts from May 2023

JD Sports eyes acquisition of French sportswear retailer

9th May 2023

JD Sports has entered negotiations with French sportswear brand Courir over the possibility of an acquisition. The deal would see JD Sports take control of 100% of Courir’s share capital for a consideration of €520m (£452m). Courir was acquired in 2018 by Equistone Partners Europe following the carve out from Groupe Go Sport. It operates 313 stores across France, Spain, Belgium, Portugal, the Netherlands, and Luxembourg. A further 36 franchise stores trade in north west Africa, the Middle East, and French overseas territories, while two stores in Denmark trade under the Naked brand. As the deal is subject to European Union Law, completion of the acquisition is not expected before the second half of 2023. Régis Schulz, CEO of JD Sports, said: “Securing greater control over the long-term development of JD and prioritising the development of the JD brand is a key pillar in our growth strategy in Europe. It will give us simpler decision making which will allow us to use our assets with more efficiency.”

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Mediterranean restaurant debuts at Covent Garden

9th May 2023

Modern Mediterranean restaurant Olea Social has opened its debut site at The Yards, Covent Garden. The 7,000 sq ft restaurant is located on 10 Upper St Martin’s Lane and sits adjacent to Dishoom and the newly-opened Gura Gura. Created by the restauranteur behind HAZ Restaurant, the 200-cover Olea Social was designed by an in-house team and contains original artwork by Colores Art Studios. On behalf of Longmartin Properties, Simon Taylor, property director at the Mercers’ Company, said: “The opening of Olea Social brings The Yards one step closer to curating a fully let destination in the heart of central London that is rich in authenticity and difference. Olea Social adds yet another UK debut to the portfolio, highlighting the prominence of this location in attracting brand firsts”. The arrival follows the recent opening of Fair Shot Café at The Yards, with Olea Social joining a number of food and beverage concepts in the area including Lahpet, Miscusi, Buns From Home, and Gura Gura.

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Independent hotel launches at Liverpool ONE ahead of Eurovision

9th May 2023

School Lane Hotel has launched at Liverpool ONE ahead of the arrival of the Eurovision Song Contest at the city next week. The 17,500 sq ft independent hotel is located in the Russell Building and will accommodate 55 bedrooms over five floors. Operated by Hope Street Hotel, the hotel positioned on the corner of School Lane and Peter’s Lane will provide guests with close access to the city centre and its transport links. School Lane Hotel is looking to take advantage of the increase in visitors to Liverpool for the Eurovision Song Contest. Rob Deacon, senior asset manager at Grosvenor, said: “The city is going from strength to strength in its position as a leading tourist hotspot, and curating a well-rounded, varied tenant mix is crucial. The arrival of a high-quality, independent hospitality operators like School Lane Hotel only adds to this, and we look forward to seeing them thrive in this prime city centre location.” The hotel’s arrival follows the recent launch of the Eurovision Song Contest pop-up store at Liverpool ONE, which opened on May 1.

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Watch the Innovation Studio: Uncoventional places & spaces

5th May 2023

High streets aren’t dying, they’re evolving, according to John Abbate, special projects lead at Save The High Street. “High streets have a chance to be reborn, and you have all these online brands […], they now need to be physical. They ‘killed’ the high street, but now they’re actually the ones moving in”, he argued at Completely Retail Marketplace’s Innovation Studio session, ‘Unconventional places and spaces’. He also suggested London is not quite the ‘cool’ city it once was. John Abbate was joined by Fay Cannings, the founder of Seekd, who believes that more pop-up stores and department stores will be making an appearance on our high streets. “I think the department model works, but obviously a lot of department stores have sadly suffered over recent years, perhaps because they’re not keeping up with the times, they’re not really tuning into different trends and different shifts in the market”, she said. “I’d like to see more sustainable, environmentally friendly, and unique department stores which should really start to energise the high street more.” Chris Jukes, director of Liverpool ONE, also joined the discussion about how retail space has changed. “It’s not just about shopping, so for us as the landlord,...

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Arc Inspirations brings biggest BOX bar to Brum’s Brindleyplace

5th May 2023

Bar group Arc Inspirations is set to open it largest BOX bar yet at The Water’s Edge at Birmingham’s Brindleyplace. The 10,000 sq ft venue in the former Pizza Express site will be spread over two floors and is due to open on June 3rd, in time for the FA Cup final clash between Manchester United and Manchester City. Arc Inspirations also operates the Manahatta and Banyan brands. BOX Brindleyplace will have the capacity for 575 guests, and will accommodate an open kitchen, island bar, two shuffleboards, as well as 32 TV screens for live sport. The venue will also boast an upstairs bar and private dining room complemented by an outdoor seating area. A live band will on Friday and Saturday nights and a resident ‘Bandeoke’ will be hosted every Thursday, for patrons brave enough to sing in front of an audience. A private karaoke room will also be available.

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Four luxury hotels up for sale after owners retire

5th May 2023

Four hotels have been put on the market after their owners decided to retire. The Robert Parker Hotel Collection includes the 35-bedroom Dalhousie Castle & Aqueous Spa in Edinburgh, the 41-bedroom Doxford Hall Hotel & Spa in Alnwick, the 33-bedroom Ednam House Hotel in Kelso, and the 24-bedroom Eshott Hall in Morpeth. The four properties are being brought to the market by Christie and Co. following Robert Parker, 80, and his wife Gina’s decision to depart the hospitality trade. Based eight miles from Edinburgh, Dalhousie Castle & Aqueous Spa is Scotland’s oldest inhabited castle, while Doxford Hall Hotel & Spa is a 200-year old mansion and home to Europe’s largest yew tree maze. Ednam House sits on the banks of the River Tweed and is home to the largest ballroom in the Scottish Borders, while Eshott Hall is a 17th century manor house and is being jointly marketed by Galbraith and Sanderson Young with potential in the residential market. Gary Witham, director of hotels at Christie & Co., said: “These are stunning heritage assets in prime locations, which Robert and his team have placed well to perform very profitably going forward.”

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Brits to spend more than £8 billion over Coronation weekend

5th May 2023

Brits are expected to spend £8.01bn over the Coronation bank holiday weekend, according to research from savings website VoucherCodes. This is a whopping £3.22bn more than the average bank holiday weekend. Around £1.76bn is expected to be spent in retail, with supermarkets, convenience stores, and corner shops enjoying the majority (£1.17bn) of the spend as people stock up on food and drink. Hospitality venues including pubs, bars, and restaurants are expected to bring in a further £1.21bn. VoucherCodes predicts that a headache-inducing 35.5 million pints of beer, 5.3 million bottles of wine, 2.4 million bottles of sparkling wine, and 200,000 bottles of British staple Pimms will be consumed over the course of the weekend. The event is expected to bring in huge numbers of tourists, with 2.3 million people headed to London and 125,000 foreign visitors joining the celebrations. The tourism sector is expected to deliver a further £0.25bn to the economy. 25.1 million people in the UK plan to celebrate the coronation, however the majority of those surveyed (53%) said they would be opting out, with 26% unexcited and 15% extremely unexcited about the event.

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Easter shopping boosts April footfall

5th May 2023

Footfall in April rose by 7.2% month-on-month, following a dip of 2.8% in March. Data from MRI Springboard showed that the week of Good Friday and Easter Saturday saw footfall increase by 14.2% week-on-week. However the following week saw a subsequent fall of 10.2%, with footfall hampered by Easter Sunday and Easter Monday. Year-on-year footfall in April increased by 4.7%, compared to 0.7% in March. The gap to pre-Pandemic footfall levels in 2019 reached -12%, an improvement on the -14.9% recorded in March. Springboard had predicted in March that footfall would rise in April due to Easter Shopping, and now expects retailers to benefit from the three May bank holidays. Diane Wehrle, Springboard insights director, remained cautious: “An increase in the vacancy rate to 11% in April from 10.2% in January demonstrates that high streets remain challenged by tight trading conditions, which has resulted in the closure of some businesses. “The hope is that the three bank holidays in May – one of which surrounds the once-in-a-lifetime event of the King’s coronation – will deliver a further fillip to retail destinations and stores.”

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Hammerson survives Lighthouse revolt

5th May 2023

Hammerson’s shareholders have voted against proposals put forward by investment vehicle Lighthouse. Resolutions to appoint Nick Hughes and Craig Tate to the board were voted against by around 59% of participating shareholders at Hammerson’s annual general meeting (AGM). Lighthouse has expressed discontent with the current strategy of Hammerson, who own schemes such as the Bullring and Cabot Circus. It wants the real estate investment trust (REIT) to speed up asset sales and resume dividend payments. The investment vehicle is headed by former Hammerson director Desmond de Beer and controls nearly 23% of the REIT. In a letter published in its annual report, it said it did “not have confidence in the Hammerson board as currently constituted, having regard to the operational and strategic weaknesses reflected in Hammerson”. Robert Noel, chair of Hammerson, said: “We acknowledged the issues raised by Lighthouse in the notice of AGM and were pleased to further engage with Lighthouse and other shareholders on these matters during the AGM process. We continue to recognise the importance of ongoing engagement and dialogue with all shareholders.” In April, Hammerson sold its stake in the Croydon Partnership, a package which includes The Whitgift and Centrale shopping centres, as well as a number of high...

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Goldsmiths doubles up at Liverpool ONE to create largest store yet

5th May 2023

Goldsmiths is set to increase its presence at Liverpool ONE, doubling the size of its store to create the luxury jewellery retailer’s largest yet. Due to open later this year, the upsized store will introduce the retailer’s Goldsmiths Luxury concept to its showroom. The store will join the existing Rolex unit on Paradise Street, undertaking an extensive refurbishment to accommodate the concept. Goldsmiths Luxury will feature a bar and lounge area, as well as VIP consultation rooms with service and repair specialists. Rob Deacon, senior asset manager at Grosvenor, said: “The considerable upsize, substantial investment and exciting introduction of Goldsmiths’ luxury concept at Liverpool ONE is a significant moment for both the brand and the destination.” The news follows the recent signing of cosmetics brand Space NK at the Liverpool scheme, which makes its debut in the city this June. Metis Real Estate and CBRE acted for Liverpool ONE.

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LDC pops up in Islington

4th May 2023

Lone Design Club (LDC) is preparing to open its latest pop-up store, called The Corner Shop, at Angel Central in Islington. The curator of fashion and lifestyle brands will be opening from May 1 to June 12, and will kick off the Islington scheme’s Do Good Festival on May 17. The Do Good Festival is a community-focused event which looks to celebrate moving towards a more sustainable future. It will run until June 22. LDC’s founder and CEO, Rebecca Morter, said: “Our mission is to support sustainable brands and provide a platform for them to showcase their products. We want to make sustainable fashion accessible and inclusive for everyone”. Louisa Butters, head of retail asset management at scheme owners CBRE Investment Management, added: “Angel Central’s calendar of festivals and events have been geared towards driving support for local people and businesses, and the Do Good Festival is no different. Having LDC as part of this only amplifies our values, as they match our emphasis on promoting independents and sustainable choices.”

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Three retailers sign for Cambridge’s Grand Arcade

4th May 2023

Cambridge’s Grand Arcade has welcomed three new retailers, all on 10-year leases. Fashion brand Oliver Bonas is set to open at a 3,000 sq ft ground floor space, while footwear retailer Dr Martens will take over a 2,100 sq ft unit previously occupied by Clintons Cards. Meanwhile, Bubble tea brand Bubbleology has already opened the doors to its first Cambridge store. All tenants have agreed to share meter readings and consumption data with the site owner, pension scheme Universities Superannuation Scheme, as part of its commitment to its ESG agenda. In December, the Cambridge scheme announced the signing of boutique cinema brand Everyman, who agreed to take a 15,600 sq ft ground floor space. Planning conditions for the cinema have now been met with Everyman now targeting an opening in 2024. This was followed by jewellery brand Beaverbrooks taking a 2,500 sq ft unit at Grand Arcade, with an adjoined TAG Heuer, JD Sports also joined the shopping centre in October, launching a 14,200 sq ft store. Martin Macwhinnie, centre manager for Grand Arcade, said: “The signing of the three new tenants is a major step in Grand Arcade’s plans to become a fully integrated lifestyle destination, with a wide...

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Watch the Innovation Studio: Should you buck the trend?

4th May 2023

Landlords and tenants must work together and share data to succeed, said members of the panel at Completely Retail Marketplace’s Innovation Studio session, ‘Should You Buck The Trend?’. The relationship between tenant and landlord has been historically “adversarial” with each party looking after their own data, said Matt Slade, retail director at Quintain. He explained: “The pandemic’s forced everyone to approach this as very much a partnership. So with all of your brand partners you need to come together and share your homework.” Slade’s thoughts were echoed by fellow panel member John Hoyle: “It should be open source effectively. Everyone’s trying to serve the same, ultimate, customer”, said the Sook CEO and founder. Hoyle added: “The adversarial nature of landlord/tenant, if we can change that, we’ll be much more profitable, fairer, and we’ll learn a lot more.” They were joined by Jason San Diego, CEO and founder of Pathzz, to discuss trends in the marketplace and how data can be used to bring more consumers to retail and leisure destinations. On the importance of data, he said that from the perspective of both landlords and retailers, it’s about “identifying the needs of the communities, and best serving them.” He believed...

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Sticks’n’Sushi set for Shoreditch launch

4th May 2023

Sticks’n’Sushi will launch its 11th UK site and its first this year with the opening of a restaurant in Shoreditch High Street. The Danish-owned Japanese restaurant chain will open its latest site next to hotel One Hundred Shoreditch and will cater to 200 people. Founded in Copenhagen in 1994, the chain now operates 25 restaurants across Denmark, the UK, and Germany. Having launched its first UK site in Wimbledon in 2012, Sticks’n’Sushi now operates eight restaurants in London, and is believed to be negotiating to open at a further site in Kingston’s Bentall Centre. Andreas Karlsson, chief executive at Sticks ‘n’ Sushi, said: “The area is brimming with bars, restaurants, and atmosphere – and I believe we will become a great addition to the local community.”

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Begbies Traynor acquires Lincoln property consultancy

4th May 2023

Begbies Traynor has continued the expansion of its property division with the acquisition of Lincoln-based firm Banks Long & Co. The financial services giant’s property arm, Eddisons, has acquired the firm of chartered surveyors for an initial consideration of £1.5m. Begbies Traynor said the move strengthens its regional presence across eastern England and South Yorkshire. The firm acquired Sheffield-based surveyors Mark Jenkinson & Son in March for £400,000, and Northampton-based consultancy Budworth Hardcastle in June 2022 Banks Long & Co. recorded revenue of £2.6m and pre-tax profits of £0.4m. Begbies Traynor said that trading is projected to at least maintain this level in the current financial year to date. Anthony Spencer, director at Eddisons, said that it was seeking “further opportunities for expansion across the UK”. Ric Traynor, executive chairman of Begbies Traynor, said: “The acquisition of Banks Long & Co. is in line with our strategy to develop our property advisory and transactional services division, by increasing both its scale and market position, as well as the scope of its service offering and geographical coverage.”

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Occupiers look to location economics

4th May 2023

With lease lengths having progressively shortened and rents significantly rebased, property has become less of a financial factor for retailers and F&B operators who are looking to expand or reorientate their networks. While the level of business rates remains a material consideration and staff costs have risen since the pandemic and Brexit, occupiers are increasingly looking to data regarding the economic setting of potential new stores and how their offer may fit target locations. The retail industry and the property sector which supports it are no strangers to population demographics but a growing band of businesses are now looking to the wider economic picture across the UK to guide their strategy. There is a direct correlation between economic vitality and the drivers of a local economy with its ability to sustain certain types of retailing. And, of course, especially at times like these, retailers who are ‘value propositions’ will invariably not be looking for economies that are on the upgrade as they are targeting people who are carrying out a downward shift in their spending habits. To get a more complete picture of what is happening across a local economy, you need to consider more than the ‘ABC1’ etc demographic...

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Giggling Squid has 21 sites in the pipeline

4th May 2023

Thai restaurant chain Giggling Squid currently has 21 sites in legal discussions or under offer. The brand, which operates 26 restaurants, has more sites set to open in Muswell Hill, Shrewsbury, Bracknell, and two in Cardiff. It is also set for a 2024 launch at a former Bill’s restaurant in Epsom, Surrey, and has secured the ex-Loch Fyne site in Solihull. The financing of the openings will be provided by the company’s bank Barclays, and the chain is also believed to be making a number of investments across its supply chain. Company co-founder Pranee Laurillard said at the end of last year that the business intended to continue its “measured expansion as desirable sites become available in our target locations”.

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Nisa targets 400 new stores

4th May 2023

Nisa is set to open 400 stores as part of its recruitment drive. The wholesale and retail specialist opened 473 stores in 2022, and has recruited 130 stores in the current year to date. Nisa said its recruitment of wholesale partners including Greens Retail and MPK has almost doubled in the same period compared to 2022. During the last two years, Nisa has welcomed almost 900 stores to its fascia group. Greens Retail has recently announced expansion plans with Nisa, and is set to open over 20 stores across Scotland and eventually England. These stores will operate under the Greens fascia in partnership with Nisa. Nisa currently supplies 2,480 stores. Peter Batt, managing director at Nisa, said: “Following many strong years for recruitment, we’re pleased to have continued this momentum in 2022 and now into this year. The sustained growth in recruitment is not only down to the brilliant team at Nisa, who have gone from strength to strength, but also to the strength of Nisa’s proposition for independent retailers.”

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Domino’s wants bigger slice with 2023 store pipeline

4th May 2023

Domino’s says its new store pipeline for 2023 is around 75% greater than last year, with over 30 franchised stores in development. The pizza delivery chain has also accelerated its restaurant openings, launching 15 new stores in the year to date compared to nine in the same period in 2022. Domino’s said it has six stores currently under construction and over 35 with approved planning permission. It currently operates 1,274 stores in the UK and Ireland. This news comes alongside the chain’s trading statement for the first quarter of its 2023 financial year, during which Domino’s saw its total order count increase 2.8% against 2022 to 18 million. In the 13 weeks to March 26, the pizzeria group saw like-for-like collection orders increase by 23%, while delivery orders were down 4.9%. However, this was still an improvement on the last three quarters. Domino’s said it had seen an encouraging start to the second quarter, with like-for-like sales and orders up by 10.9% and 5.9% respectively in the first four weeks. Elias Diaz Sese, Domino’s interim chief executive officer, said: “We are well placed to succeed as we accelerate the execution of our strategy. We are focused on improving our franchise...

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Space NK to open first Welsh store

3rd May 2023

Space NK is continuing its expansion campaign with a debut bricks-and-mortar launch in Wales, Retail Week has reported. The cosmetics retailer’s Cardiff store is set to open at the end of the Summer. Space NK’s Cardiff store will be its 74th UK site and will feature its new format with larger experiential spaces designed to be more customer-centric and welcoming. The retailer is also reportedly looking to expand its most popular store at Duke of York Square in London. Space NK will make its Liverpool debut in June, opening at Liverpool ONE. Space NK has opened new shops in Battersea Power Station and Edinburgh and has redeveloped its Westfield London store to become its largest.

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