Posts from June 2023

Falkirk Council has reached a development agreement with joint venture partners Hargreaves Land and Fintry Estates to create a £100m mixed-use scheme. The £100m development would see Falkirk Gateway become home to a 27 acres of leisure facilities, food and drink outlets, offices, and new homes. The agreement paves the way for a planning application to be submitted to Falkirk Council, which is expected to be delivered late in the summer. The development would see the creation of 100 new homes, a pub/restaurant, and a 120-bedroom hotel at a site to the south east of the town adjacent to Forth Valley College and Falkirk Stadium. Over 120,000 sq ft of commercial space has also been outlined, with the construction retail and leisure facilities designed to support the ongoing regeneration of the town. Falkirk Council is also carrying major road improvements to support the Falkirk Gateway, including around Falkirk’s Westfield roundabout as part of a multimillion pound investment to improve the flow of traffic. Should planning permission go through, development is expected to commence in the second half of 2024 with the development anticipated to conclude in 2026. Councillor Cecil Meiklejohn, leader of Falkirk Council said: “This is a significant step forward for...

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Primark opens fifth Greggs concession at revamped Liverpool store

Primark has opened its fifth ‘Tasty by Greggs’ café as part of its newly-expanded store in Liverpool. The concept follows the launch of Greggs cafés in Primark’s stores in Birmingham, London, Newcastle, and Bristol. Featuring a vibrant interior, the 114-seater café hosts a sausage roll swing, doughnut-inspired booths, and a Yellow Submarine seating bank to play homage to Liverpool legends The Beatles. The wider store upgrade is part of Primark’s £140m investment into its high street stores, which it announced last year. A £3m extension sees Primark’s Liverpool store expand to 94,000 sq ft of total space across five floors, with the clothing retailer taking over an adjacent unit. Primark Home has moved from a small section on the top floor into a dedicated space on the ground floor, allowing the retailer to provide a greater offering of homeware and accessories. Primark’s kids and womenswear sections has also been granted more space. A WornWell concession is also now available in the revamped store, marking a seventh partnership with the vintage wholesale company. With the extension, Primark Liverpool becomes the retailer’s sixth largest store in terms of space. Store manager Chris Cassidy said: “We’ve seen that our local customers love our home...

Deals News

Cinema visits fall as competitive socialising venues prosper

The cinema sector is continuing to struggle following the Pandemic, while competitive socialising venues are enjoying growth, according to CACI’s data platform Brand Dimensions. Comparing October 22nd to March 23rd to the same period the previous year, transactions at competitive socialising venues increased by 9%, with sales up 5%. Hollywood Bowl and Flight Club have seen particularly good performances, with transactions rising by 31% and 22%, while sales increased 13% and 17%, respectively. Meanwhile the cinema sector’s top six operators have seen a fall in transactions of 27% and a dip in sales of 23%. However, average transaction value has up by 5% on average at five out of six leading operators. CACI’s location intelligence platform has found that 72% of city centres have increased their leisure provision within the last year alongside 64% of regional malls. This is compared to an average increase of 29% across all destinations, with the likes of Hollywood Bowl and Flight Club undertaking aggressive growth strategies. However satellite and suburban centres have seen falls in their respective leisure occupancy rates of 72% and 50%, with both destination classes growing their food and beverage portfolios by 91% and 58% and their health and beauty provision...

Insights News

Inditex fashion brands make regional debuts at Bullring

Two Inditex-owned fashion brands are set to open at Birmingham’s Bullring, marking regional debuts for both retailers. Bershka and Pull&Bear will both be opening new stores at the scheme, with centre owner Hammerson saying that the signings reflect a wider strategy to enliven its assets. Both brands will make use of a 36,453 sq ft space on Bullring’s upper level, with each having their own dedicated entrance. Bershka’s three main product lines – Bershka, BSK, and Man – will all be available alongside Pull&Bear’s collection of menswear and womenswear. Opening their first sites in the West Midlands, both retailers join Inditex-owned Zara’s two stores at Bullring. Toby Tait, director of asset management at Hammerson, said: “Inditex more than doubling the size of its presence is a clear sign of their confidence in Bullring, amplified by the decision to place these two West Midlands debuts at the leading destination. Bershka and Pull&Bear will complement the extensive line-up of powerhouse names in fashion on the upper level, adding more choice for our visitors, and brands they cannot shop anywhere else in the region.” The news follows the recent arrival of luxury watch retailer TAG Heuer at the Birmingham scheme, which opened its...

Deals News

Multiple retailers upsize at London Designer Outlet

A number of retailers have increased the size of their units at Wembley Park’s London Designer Outlet (LDO). Fashion brands Guess, Levi’s, and The North Face have all upsized their stores; increasing to 5,016 sq ft, 3,744 sq ft, and 3,606 sq ft respectively. Timberland will now be joining LDO’s fashion line-up, occupying The North Face’s former 2,770 sq ft unit. Lindt will also be investing over half a million pounds into a new fit-out at its store at LDO, which is the chocolatiers best-performing UK location without an onsite café. These signings come as the shopping centre announces its sixth consecutive record-breaking month, with May’s trading figures exceeding £8m and beating the previous May record by 5%. Matt Slade, retail director at Quintain, said: “Brands are aware that consumers today expect more from their physical shopping experience, and outlets are no different. The LDO is a testbed for brands launching experimental stores and upsizes following the reassurance of years of successful trading and proven track record of brand performance at the centre.” The news follows a number of roll-outs by existing brands at the London shopping destination, with 20,612 sq ft of space being taken by leading retailers including Nike,...

Deals News

Consumer confidence increases for fifth month in a row

GfK’s Consumer Confidence Index continued its upwards trend in June, marking the fifth consecutive month of increasing scores. The index rose three points to -24, with the majority of scores ahead of those recorded in May. The long-standing index is measured in five measures: Of those surveyed, opinions on personal financial situation over the last 12 months rose five points to -20, while personal financial situation for the next 12 months jumped seven points to -1. Consumer opinions on the general economic situation over the last 12 months were unchanged, remaining at -54, while feelings about the next 12 months rose five points to -25. The major purchase index, which measures consumer likelihood to make larger, discretionary purchases, was the only score to fall, recording a dip of one point to -25. The savings index, which does not contribute to the overall score, was rose six points to 25. Joe Staton, client strategy director at GfK, said: “Despite the fierce economic headwinds of the cost-of-living crisis, double-digit grocery price increases, and the mortgage squeeze severely impacting both homeowners and renters alike, the UK Consumer Confidence Index has improved by another three points in June, the fifth monthly improvement in a row....

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Hotel Chocolat expects to make loss in “transition year”

Hotel Chocolat is expecting to make a loss in the 2023 financial year, which it has described as a “transition year to re-shape the business”. The chocolatier said that although “excellent progress” had been made on cost base efficiencies, they are materialising later in the year than previously anticipated. As a result, Hotel Chocolat now expects to deliver an underlying loss before tax during the year, despite sales sitting within market expectations. It added that cash generation was “healthy”, with cash at hand of £19m and zero debt. Looking ahead, the chocolatier expects sales and underlying profit before tax to be lower than current market expectations due to “ongoing weakness in consumer sentiment” and inflationary pressures. Earlier in the year, Hotel Chocolat announced ambitious plans to open 50 new stores in the UK after enjoying its strongest ever Christmas.

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Revolution Beauty hails “excellent trading” amid Boohoo takeover announcement

Revolution Beauty has said that trading for the first three months of the 2024 financial year has been “excellent”, as it looks to defend a boardroom takeover from majority shareholder Boohoo. The cosmetics brand said that during the first quarter of the year ending February 28, 2024, sales have increased 60% year-on-year. It added that gross margins had also improved, up from 41.7% last year to 48.2%. The group’s earnings (ebitda) on a constant currency basis were £3.5m in the first quarter of the year, up from a loss of £7.4m in the 2023 financial year. Revolution said this performance demonstrates the quality of its products and consumer offer. This comes amid increasing pressure from Boohoo, which owns 26.6% of Revolution’s share capital and is looking to vote out a number of Revolution board members and replace them with its own. The proposals would also include a change of CEO. Boohoo’s stated rationale for the proposed changes is to promote a “switch to growth”. Revolution said it hopes that shareholders are reassured that the current board is “similarly minded” and growth is currently being delivered. It added that the current trading performance has been delivered at the same time as...

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Battersea Power Station to offer 13 cuisines at new food hall

Arcade Food Hall at Battersea Power Station is set to launch in July, offering 24,000 sq ft of dining space. The food hall will provide cover for 500 people, while two bars, three restaurants, and a private dining room will also be opening. An offering of 13 cuisines at the food hall will include dishes from new brands such as Phed Power, which offers Thai stir fries and salads, Hong Kong-inspired Siu Siu, and Italian ice cream brand Leccami Gelato. Existing brands such as Indian fast food operator Hero, Sushi Kamon, Nepali street food brand Tipan Tapan, and Middle Eastern shawarma kitchen Shatta & Toum will also be on the menu. The two bars at the food hall include Tap Room, which will offer local cocktails and a range of beers from South London and international breweries, and ABC Bar, which will serve a menu of classic cocktails. US-style burger and fried chicken joint Manna, grilled chicken and steak brand Solis, and Taiwanese restaurant BAO will all have their own restaurants housed within Arcade at Battersea. The news follows the recent launch of Apple’s 40th UK store at the former power station. Completely Retail News took an early peek at...

Deals News

Aqua chooses Covent Garden to debut latest restaurant concept

Aqua Restaurant Group has chosen The Yards, Covent Garden, to debut its latest Italian and deli concept, Luci. Opening in a 9,000 sq ft space at 136 Long Acre, the restaurant will operate over three levels with a grab-and-go counter on the ground floor. The restaurant’s first floor will become an intimate dining space offering woodfire pizza, pasta, focaccia, and gelato, whilst the basement will house a prep kitchen. Luci marks Aqua’s sixth location in London, alongside Aqua Shard, Shiro, Aqua Kyoto, Aqua Nueva, and Hutong. The group also operates restaurants globally with sites in Hong Kong, New York, Miami, and Dubai. The restaurant will join a number of recent debuts at The Yards, including Olea Social and Gura Gura, as well as local favourites such as Lahpet, Dishoom, and Dalla Terra. On behalf of Longmartin Properties, which manages The Yards, Abi Labbett, asset manager at CBRE, said: “Aqua Restaurant Group is a globally recognised, culinary empire with some of the most ground-breaking restaurants in the industry, and we’re delighted that it has selected The Yards as its destination of choice when expanding its portfolio within the capital.”

Deals News

Last dance for long-standing Guildford nightclub

The doors of Guildford’s Casino Nightclub are set to shut in July, after over 30 years of operation. A statement from the nightclub on Facebook read: “It comes with great sadness that we announce the closing of Casino Nightclub. […] We have stood here for many years bringing you some great memories but the time has come for a new beginning. “We thank everyone for your loyalty to us as a venue and we hope you will join us for our final weekend.” Clubbers have been invited to attend the venue’s final night on the July 8th. The nightclub opened in 1991 as Harper’s and has since undergone a number of name changes and rebrands over the years. In 2009, the venue reopened as Casino Nightclub. The venue has a capacity of 1500 and features multiple floors, a smoking terrace, and a VIP bar. The future of the property remains uncertain, however the site’s owner, Michel Harper, has attempted multiple times in the past to change the use of the site. In 2010, Harper was refused permission to construct an adult gaming centre in the site on Onslow Street. His other proposed plans include tower blocks, student accommodation, and a...

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Ibiza-themed bar launches at Bullring

An Ibiza-themed bar is launching at Birmingham’s Bullring & Grand Central in time for summer. Club Paradiso is located on St Martin’s Walk balcony and will open on Friday 23rd June. The bar’s debut will be supported by a live performance from Sweet Female Attitude, the group behind the chart-topping garage song ‘Flowers’. Club Paradiso is designed to mimic a trip to the Balearic Islands, complete with a pergola, covered seating, and a giant selfie deck chair. Nita Chambers, head of commercialisation at Bullring & Grand Central, said the scheme had a “jam-packed summer” ahead, hinting at more to come. The arrival of Club Paradiso follows a number of recent lettings at the Birmingham shopping destination, with EL&N Café, Sandbox VR, Lane7 and TOCA Social all set to open later this year.

Deals

Golf simulator signing sees St Martin’s Place fully let

St Martin’s Place in Birmingham is now fully let following the signing of golfing simulator experience Inner City Golf on a ten-year lease. Customers can tee off for the first time when the experience opens in September. The deal means that St Martin’s Place, which is located just off of Broad Street, is now at full occupancy with all five retail units now let within months of the development’s completion. The experience, at Unit 4, allows customers to hone their skills at virtual versions of the World’s most prestigious courses, such as St Andrews, Pebble Beach, Royal Troon, Wentworth, and Albany in the Bahamas. St Martin’s place is described by developers Seven Capital as Birmingham’s most exclusive residential development and is home to 228 apartments with hotel-style services including a concierge, gym, cinema, WiFi lounge, and outdoor terrace. Siddall Jones, which recently acquired the retail agency arm of property consultancy Centrick, is responsible for all five lettings at the development. Ed Siddall-Jones, managing director, said: “Broad Street appears to be in transition with a number of notable residential developments being completed and under construction. “The area is starting to reaffirm its position, once again, as a destination area for the...

Deals News

Green light for £500m Hertfordshire mixed-use development

A £500m mixed-use development in Cheshunt, Hertfordshire has been granted planning permission by the Borough of Broxbourne Council. Named Brookfield Riverside, the development looks to create a new town centre for the borough and is expected to consist of up to 315,000 sq ft of retail space, 250,000 sq ft of leisure and F&B space, public realm improvements, 160,000 sq ft of offices, around 250 homes and 100 assisted living units, and a 2,000-space car park. The site was highlighted in the Broxbourne Local Plan 2018-2033, which was approved by an independent planning inspector in 2020. New walking and cycling routes across the development have also been outlined, as well as bus services to connect it to the surrounding area. The development also has a biodiversity increase target of 10%, with over 15,000 trees expected to be planted across the site. Councillor Lewis Cocking, leader of Borough of Broxbourne Council, said: “The developments will create much-needed housing and affordable homes, a variety of leisure and retail facilities, including a new cinema and up to 2,500 permanent new jobs. This will not only be good for the local economy, but will also have environmental benefits; the new town centre will be...

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Joules faces bill of over £100m following Next rescue

Joules still reportedly owes over £100m to suppliers, lenders, and customers following its rescue by Next. The retailer’s administrators’ progress report has revealed that unsecured creditors are still owed some £112m, according to The Times. Clothing and fabric suppliers are reportedly owed a further £38.6m while associated property companies have been left short-changed by £3.8m. Customers who hold gift cards are also out-of-pocket by £1.3m, while the remaining debt is owed to other companies and creditors. The report revealed that those affected will receive just a fraction of what they are owed. In late 2022, Next announced that it had struck a £34m deal to rescue the retailer out of administration, after it failed to secure emergency investment. It is estimated that around 100 stores and 1,450 jobs were saved.

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Private equity firm eyes £500m Reiss purchase

Private equity firm Elliott Advisors, known for their corporate activism, has emerged as a leading name looking to purchase ‘affordable luxury’ fashion brand chain Reiss. Elliott Advisors, which owns books retailers Waterstones and Foyle’s, is reportedly looking to purchase the brand from current shareholders Next and Warburg Pincus, Sky News has reported. One of the firm’s senior executives, Paul Best, played a large role in Warburg Pincus’ acquisition of its stake in the retailer in May 2016. It is believed that at least three parties have expressed their interest in making a bid for Reiss, which may go to auction in a process overseen by bankers from Raymond James. Elliott Advisors already has an understanding of the UK retail sector through its ownership of specialist lender Bantry Bay, which has worked with Superdry and ASOS. It remains a possibility that Next and Warburg Pincus may choose not to sell Reiss, which could fetch a valuation of £500m. Next purchased a 25% stake in Reiss in 2021, before exercising an option to take majority shareholding of the chain last summer, bringing its total stake to 51%.

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Matalan makes double leadership appointment

Matalan has made two senior leadership appointments as part of its ongoing transformation programme. Phil Hackney has been appointed as chief supply chain operator and Katherine Davis has been made the fashion and homeware retailer’s chief retail officer. Taking up his position on July 3, Hackney will be tasked with providing “executional excellence” across Matalan’s logistics and supply chain. He has previously worked as chief operating officer at The Very Group and has also held roles at Pets at Home and Boots. Davis will join the retailer on July 10 and will look to execute Matalan’s retail strategy. Prior to this role, she was global retail director at Paperchase, and has held positions at Pets at Home, Asda, and Mark & Spencer, where she spent 18 years. Both new appointments will report directly to Matalan CEO Jo Whitfield, who said: “I am thrilled to welcome Phil and Katherine as two great new additions to the senior executive team as we continue to move at pace through our transformation. We will be able to benefit from their deep industry experience as they support Matalan’s executional excellence in their respective focus areas.” The two new roles have been created following the stepping...

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Nationwide commits to keeping branches open until 2026

Nationwide has said it will not leave any town or city it is based in until at least 2026, as part of a renewal to its ‘Branch Promise’. The building society said that many people still want to be able to bank face-to-face at high street locations, as well as digitally and on mobile. It added that it had invested over £46m into keeping its branches open during the past three years. Many banks have opted to close their doors as consumer patterns shift, including HSBC, which announced plans to close 114 banks late last year, while some are looking to alternatives such as TSB’s pop-up pods. Nationwide said that almost half of openings of its recently launched ‘Fairer Share Bond’ were arranged face-to-face and 36% of its current accounts opened so far this year have been done so in-person. It added that branches are also popular for customers needing advice and support. According to the building society’s research, the majority (63%) of 2,000 surveyed consumers said they valued their local branch. SaveTheHighStreet.org has endorsed Nationwide’s decision, and called on other high street retailers to do the same. Its co-founder, Alex Schlagman, said the move came “at a good time”....

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French Connection to open first outlet store in six years