Posts from July 2023

Søstrene Grene has is set to open its latest store in York, as the Danish homeware retailer continues a string of openings. Taking a 5,000 sq ft unit, the retailer will open in the former Royal Bank of Scotland building at The Coach House, located on the corner of Nessgate and Low Ousegate. The news follows a number of recent openings for Søstrene Grene, including in Sheffield, Manchester, London, Chester, and Derby. The ground floor of the property, which is owned by The Helmsley Group, was originally set to be turned into a bar, however The Alchemist pulled out of an agreement to move in earlier this year. Søstrene Grene’s signing will be seen as another positive move for the local area, with The Helmsley Group looking to regenerate neighbouring Coney Street via its Coney Street Riverside masterplan. The group has secured a number of retail and leisure operators in the area over the last few months. Tom Riddolls, development surveyor at Helmsley Group, said: “We’re proud to be bringing such an exciting and growing brand to York for the first time. The Coach House’s offer is perfect for a modern retailer of this type and, with its location in...

Deals News

Uniqlo set for Scottish debut on Princes Street

Uniqlo is set to open its first store in Scotland at 64 Princes Street in Edinburgh. The Japanese clothing store is set to take a two-storey 24,380 sq ft unit at the former BHS store on a long-term lease. A number of proposals have been submitted to Edinburgh City Council outlining the installation of new signage and changes to the frontage of the building. This follows confirmation from architectural firm CDA that the former department store will be redeveloped to create new retail space on the basement, ground, and upper floors. The retailer is aiming to open before Christmastime, subject to the completion of works on the site. The news follows the recent demolition and redevelopment of an adjacent building on Rose Street to create two restaurant and retail units, as well as an entrance to a 136-bedroom hotel and rooftop restaurant. The hotel and restaurant form the upper levels of the Princes Street and Rose Street buildings. Ian Whelan of EYCO advised the landlord on the deal, while Uniqlo was advised by Culverwell.

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Over 100 jobs on the line at Frasers Group

More than 100 head roles at Frasers Group’s Manchester head office are set to be axed as the group enters a company-wide efficiency drive. The retail group has reportedly entered a consultation period with staff members from its subsidiaries Missguided, I Saw It First and Studio Retail, according to Drapers. This comes as the group looks to downsize on its traditional department store model, instead focusing on smaller assets. Frasers Group’s plans to cut the amount of staff members come despite it reporting improved profits for the last financial year. The group has made a number of acquisitions in recent months, and has upped its stake in companies such as Currys and Boohoo. Last month, Frasers Group cut 200 roles at its Shirebrook and London offices, and had previously axed 90 roles following the acquisition of 14 JD Sports businesses at the beginning of the year. Frasers chief executive Michael Murray warned last week of more cuts to its House of Fraser business, which has seen over half of its store portfolio close since it was acquired by Mike Ashley’s retail group in 2018.

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Superdrug to open tenth store in Ireland

Superdrug is set to open its tenth store in Ireland at Dundrum Town Centre in Dublin. The health and beauty retailer will launch in a 3,760 sq ft store on 3 August, offering treatments, toiletries, and fragrances. The store will also feature a fragrance counter and a beauty studio where customers can access treatments for eyebrows, piercings, lashes, and nails. Nigel Duxbury, property director at Superdrug, said the opening will allow the brand to continue to grow its presence in Ireland. Don Nugent, centre director at Dundrum Town Centre, said: “‘We are delighted to welcome the anticipated Superdrug store to Dundrum Town Centre. We know the centre’s visitors will be excited by the impressive range of health and beauty brands on offer. This is an exciting addition to the extensive offer in Dundrum Town Centre adding to its unique line-up of Irish and international brands.”

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Retail destinations embrace independents since Pandemic

The majority of shopping destinations have taken on more independent retail since the Pandemic, according to new findings. Research from CACI’s Centre Dynamics Platform analysed a range of shopping destinations including city centres, shopping malls, and regional towns. It found that 38% of regional malls, 31% of outlet centres, and 29% of suburban centres have increased their independent provision compared to 2019. City centres were also found to be a hotspot for independent retailers, with only one across the country – Belfast – having a smaller amount of independent retailers compared to before the Pandemic. CACI’s data also identified a number of regional trends, with 22% of London locations losing independent retailers, the highest national rate. However, London as a whole has seen an increase in independents of around 2%, equating to about 15 operators per destination. Although the capital has the highest number and proportion of independents, other regions have seen a greater amount of relative support for local brands since the Pandemic in the north. Northeastern, Northwestern, and Scottish destinations have grown their independent provision by 32%, 28%, and 26% respectively. Olivia Longmore, senior consultant in location analytics at CACI, said: “There is a clear indication that shopping...

Insights News

Charity pop-up launches at Covent Garden

Shaftesbury Capital has partnered with UK charity Smart Works for a second time to open a clothing pop-up at Covent Garden. Opening between 3rd-23rd August, the store at 62 Neal Street will stock a number of items from different fashion brands at a discounted price. Proceeds from the sales will go directly to the charity, which aims to empower unemployed women through clothes and coaching and aid them in getting back to work. Brands available at the pop-up will include Anthropologie, Bobbi Brown, and LK Bennett, amongst others. Smart Works operates at eight centres across the UK providing styling sessions and employment advice. Michelle McGrath, executive director of Shaftesbury Capital, said: “We are incredibly proud of the difference that Covent Garden can make by bringing the retail community together, delivering a positive impact for women within the UK. We’re delighted to support Smart Works once again, with their important mission of empowering unemployed women, giving them the confidence they need to reach their full potential.”

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Rotherham set for £50m of retail and leisure funding

The Borough of Rotherham could receive £50m of investment into a number of retail and leisure developments, with local councillors set to give the proposals the go-ahead. Members of Rotherham Council will meet on 7 August to discuss the potential investments. If approved, nearly £11m will be committed to the development of Dinnington Town Centre. This would include improvements to the outdoor market and the creation of a commercial square. It is hope this would boost the town’s retail and food and beverage offering while improving the public realm. A further £5.5m is set to be provided to fund the creation of a waterfront café in Rother Valley. The site would see improvements to the parking facilities, a relocated cycle hub, an events space, and a landscaping scheme. Proposals also outline the creation of a £2.5m scheme at Thrybergh Country Park, which would see the development of a waterside café, improved public realm, and visitor facilities. Both the park projects are part of a wider £20m investment in leisure economy and skills in Rotherham. Other attractions receiving improvements include Gullivers, Wentworth Woodhouse, Magna and Maltby Skills Academy. Cabinet members will also be asked to approve a contract tender and enabling...

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Pension fund offloads West London property duo for £21.9m

Real estate asset manager Catella APAM (APAM) has completed two separate sales for a duo of West London properties for a combined value of £21.9m. The sales of 84-86 King’s Road, Chelsea, and 376-384 Chiswick High Road, Chiswick, were completed on behalf of Greater Manchester Pension Fund. APAM was appointed to manage the properties in November 2021 and has undertaken a number of asset management initiatives over the last 18 months. This includes securing new tenants for both sites, extending leases to enhanced covenants, and taking back possession of residential dwellings at the Chelsea property. The King’s Road asset fetched a price of £10m while the Chiswick High Road property was sold for £11.9m. APAM said that both sales produced a significant premium over take on valuation. Rhys Williams, senior asset manager at APAM, said: “We are delighted to have completed on both disposals during a difficult investment market. These results show how strong returns can be achieved through proactive asset management.” GCW acted on behalf of the vendor for the Chiswick sale. Catella APAM acted directly on the disposal of King’s Road, Chelsea.

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Manchester City scores approval for £300m Etihad stadium upgrade

Treble-winners Manchester City have received approval for a planning application which would see the capacity of its Etihad Stadium increase from 53,400 to over 60,000. The developments will also see the creation of a 400-bed hotel, a sky bar, a 3,000-capacity fan zone, as well as a new club shop and museum. The plans approved by Manchester City Council also contain provisions for office spaces for businesses looking to collaborate with the club. Manchester City anticipates that the main construction works will commence in November, with the North Stand itself expected to be completed and open during the 2025/26 football season. The hotel, workspace and public realm works would then be completed by late 2026. Danny Wilson, managing director for Manchester City Operations, said: “This development will not only enable the club to enhance and expand its offering to fans and visitors on both matchday and non-matchday, but it will also create lasting long-term economic and social benefits for our local community, building on the regeneration work City Football Group has delivered in East Manchester since 2008.” The stadium was previously expanded in 2005 and currently has the fifth-largest capacity of any Premier League stadium.

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Plans lodged for £30m eco-hotel near UK’s longest dry ski slope

Proposals for a 140-bedroom hotel near Britain’s longest dry ski slope have been submitted to councillors. The £30m proposals for Calderstones Estate, near Edinburgh, would also see the creation of restaurants, a spa, a conference centre, and leisure facilities. Included in the proposals are 38 ‘eco-suites’. The site is located by the Hillend dry ski slope, operated as Midlothian Snowsports Centre, which is currently the subject of a multimillion-pound redevelopment plan. The project’s architectural designer, ADP, has submitted the plans to Midlothian Council on behalf of Landscape Hotels Scotland. Included in the proposals are a number of measures taken to reduce the environmental impact of the project, including using local products for manufacturing, the installation of solar panels, and the use of air source heat pumps. The centre risked closure in 2010 due to losses of £500,000 a year, however a campaign attracted 26,000 members on Facebook and councillors agreed to keep it open. A previous application to develop the site had met opposition from the local community and environmental groups over the potential impact on the local Pentland Hills.

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BRC: Gov’t must review “broken” business rates as 6,000 shops lost

The Government must review the business rates system to save shops and prevent closures, the British Retail Consortium (BRC) has said. This BRC Local Data Company (LDC) Vacancy Monitor revealed that Britain has lost 6,000 storefronts within the last five years. The BRC chief executive Helen Dickinson blamed “crippling” business rates and COVID lockdowns as key reasons behind store closures and a lack of new openings. “To inject more vibrancy into high streets and town centres, and prevent further store closures, the Government should review the broken business rates system”, she added. The monitor overall also found the overall vacancy rate had increased to 13.9% across Britain in the second quarter of this year, down 0.1% on the first quarter but up 0.1% on the same period in 2022. The number of shopping centre vacancies has not changed from the first quarter, at 17.8%, however high street vacancies increased 0.1% to 13.9%. Greater London, the South East, and the East of England again had the lowest levels of vacancies, with London showing an improvement due to flagship store openings, more tourism, and more office workers. The North East and the Midlands saw the highest vacancy rates, followed by Wales and Scotland. Helen Dickinson said: “The Government...

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Department store model is ‘broken’ according to Frasers Group

Frasers Group has announced the possibility of closing additional stores, after closing eight stores over the past year and claiming “the department store globally is broken”. Since its acquisition by Mike Ashley’s retail empire in August 2018, House of Fraser has undergone significant downsizing, reducing from 59 stores to 31. Michael Murray, the chief executive of Frasers, explained that the historical store sizes of 150,000 sq ft or larger are now considered too big, leading to insufficient investment in the past. The company now aims for stores of around 50,000 sq ft or smaller. Despite the closure of some stores, Frasers reported a substantial increase in pretax profits for the group, reaching £660m, with sales rising 16% to £5.6bn in the year ending on April 30. The group attributed the improved profit margins to a stronger relationship with key brands like Nike and additional profits from property disposals. Frasers’ financial performance was also boosted by various acquisitions, including the online specialist Studio Retail and several brands from JD Sports. Michael Murray hinted at the possibility of further acquisitions, emphasizing the group’s focus on building stakes in listed companies to foster strategic relationships. Looking ahead, the company expects to achieve up...

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Phase Eight unveils new concept at Centre:mk

Phase Eight has debuted its new flagship store concept at Centre:mk in Milton Keynes. Relocating from its former unit, the retailer has taken a 1,734 sq ft store on Silbury Arcade, offering a range of women’s fashion including event wear and day-to-night looks. The retailer is aiming to responsibly source 80% of its products by 2025, in tandem with Centre:mk’s 100% diversion from landfill scheme. Caraline Money, global group retail director at TFG Brands, the owner of Phase Eight, said Centre:mk is a destination in which it has “always traded beyond expectations”. Kevin Duffy, centre director of Centre:mk, said: “Centre:mk continues to enjoy strong demand from leading brands, with Phase Eight being the latest brand to make a significant commitment to the centre, it is a clear recognition of its position as a top ten destination in the UK. As well as being a great fit with our customer, the brand’s ethos, particularly its commitment to sustainability, aligns with our own and it has been great working with the team to realise its vision for Centre:mk.” The opening follows the recent news that premium international fashion brand Reiss has selected centre:mk for its latest location. The new store is set to...

Deals News

Shoezone to open new store in Beverley

Footwear retailer Shoezone is all set to open a new store in Beverley on Saturday, July 29th, located at Unit 7A in Flemingate Shopping Centre. Customers can expect an extensive assortment of affordable and trendy styles and brands at the new store, along with irresistible money-saving promotions and special deals during its grand opening. Among the exciting brands that will be available at the new Shoezone store are Lotus, Heavenly Feet, and Lunar, in addition to their complete core range. Anthony Smith, the Chief Executive of Shoezone, expressed his excitement, saying, “We’re thrilled to be launching this new Shoezone store in Beverley. Our customers will have easy access to our popular core range of own-brand everyday footwear, as well as well-known branded shoes, enhancing our entire retail collection.”

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Sainsbury’s set to welcome Greggs cafes

Greggs has announced its plans to establish standalone cafés within several Sainsbury’s stores by the end of this year. The plan involves launching around “half a dozen” new sites in collaboration with the supermarket, featuring both in-store “coffee-style operations” and concessions at Sainsbury’s garages. These cafés will be operated by Greggs and will further expand upon their existing partnership with Sainsbury’s. This move builds upon their previous venture in May, where they joined forces to open a concession within one of Sainsbury’s petrol stations located in Bedfordshire. Greggs has also expanded its reach by partnering with other supermarket chains like Tesco and Asda, having introduced seven new locations within Tesco stores earlier in the year. These upcoming openings are part of Greggs’ broader strategy to establish 150 net new stores by the end of 2023.

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Frasers Group’s shopping spree pays off

Frasers Group has announced its plans to open flagship stores in Leeds and Cardiff, in addition to Gateshead’s Metrocentre. The company reported a significant increase in profits for the year ending April 30, with adjusted pre-tax profit reaching £478.1m, up from £339.8m the previous year. This impressive performance falls within the forecast range of £450m to £500m. Frasers Group foresees continued growth in the current financial year, expecting profit to rise by at least 5%. They project the adjusted pre-tax profit to be between £500m and £550m, indicating strong underlying trading profit progression. The revenue for the 12-month period showed a nearly 16% rise, amounting to £5.57bn. This growth was primarily driven by acquisitions made during the year, including Missguided and Gieves & Hawkes, as well as the impact of a 53-week reporting year. Excluding these factors, sales would have seen a modest increase of 1.3%. Frasers attributed the record performance to the success of their “elevation strategy” in the sports retail sector, which played a pivotal role in the positive outcomes for the company in 2023. Michael Murray, the Chief Executive, expressed his satisfaction with the strong overall performance of the group during his first full year in this...

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Lounge Underwear unveils expansion plans

Lounge Underwear has unveiled its ambitious expansion strategy, announcing the launch of eight new stores within the next 12 months. The lingerie retailer’s venture into permanent physical locations will start with Westfield White City in September, followed by six additional sites in various locations across the UK and one in Germany. Each store, spanning an area of 2,000 to 3,000 square feet, will be equipped with convenient click-and-collect and home delivery services to enhance customer experience. Daniel Marsden, co-founder of Lounge Underwear, shared that while they will continue their pursuit of flagship stores in international markets, their primary focus is making the brand more accessible to customers across the UK. The retailer also has plans to open a store in Germany, which already accounts for a substantial portion of their impressive £68.5 million sales in the 12 months leading up to June 2023. This move towards brick-and-mortar locations follows a successful run of pop-up shops last year in various cities across the UK and Germany, including Covent Garden in London, Manchester, and Berlin.

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Gap appoints Mattel executive as CEO

Gap Inc has appointed Richard Dickson as its new President and Chief Executive Officer. He is set to assume the role on August 22. Prior to joining Gap Inc, Dickson served as the President and Chief Operating Officer of Mattel, where he played a crucial role in transforming iconic brands such as Barbie, Hot Wheels, and Fisher-Price. Richard Dickson will take over the position from Bobby Martin, who has been serving as the interim CEO. However, Martin will continue to act as the Chair of the Board at Gap Inc to ensure a seamless transition. Mayo A. Shattuck III, the Lead Independent Director at Gap, expressed enthusiasm about Dickson’s appointment, highlighting his invaluable expertise and visionary leadership, which will be instrumental in strengthening Gap Inc for the long term.

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Lego to open at Blanchardstown Shopping Centre

Lego is set to open its second Irish store at Blanchardstown Shopping Centre in October. Among the exciting features of the new location, visitors can look forward to a Lego Pick Brick Wall and a Build a Minifigure Tower, where they can create personalized Lego minifigures by mixing and matching various pieces. The store will also provide numerous hands-on play opportunities, including free build challenges and monthly events, catering to builders of all ages. Sharon Walsh, leasing director at Falcon AM, the asset manager for Blanchardstown Centre, expressed excitement about welcoming the new Lego store. “We are hugely excited to be welcoming the Lego Group’s latest Irish store to Blanchardstown Centre. Creating unique customer experiences is increasingly important – and this interactive, fully-immersive store speaks directly to that. With the addition of this new store, Blanchardstown Centre continues to solidify its position as a prime retail space, as evidenced by several other successful store openings within the past year.

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Mountain Warehouse more than trebles size at Gloucester Quays