Posts from July 2023

Australian Cake Box takeover crumbles

20th July 2023

British bakery chain Cake Box Holdings has rebuffed an offer from a privately-owned Australian company to take over the company. The chain released a statement in response to press speculation after Sky News reported that The Cheesecake Shop offered to purchase Cake Box for 160 pence a share. Cake Box, which trades from around 230 locations across the UK and specialises in egg-free products, was valued at 150 pence per share when the market closed on Wednesday (19th). The Cheesecake Shop is owned by Melbourne-based River Capital. The chain confirmed the existence of the offer, which it said was made in early June. However Cake Box said its board had “unequivocally rejected” River Capital’s offer, describing it as “materially undervaluing” the company. It added that no further discussions with River Capital had taken place. Last month, Cake Box revealed plans to almost double the size of its store estate, despite a fall in profit.

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Dunelm expects profits to exceed expectations

20th July 2023

Dunelm has said it expects its profits for the 2023 financial year to be “slightly ahead” of its current market expectations. This comes as the homeware retailer reports its results for the year to 1 July 2023, during which it recorded total sales of £1.64bn, a year-on-year increase of 6%. Compared to 2019, the last full financial year unaffected by the COVID pandemic, Dunelm’s total sales were up by 50%. Digital sales are also making up a larger chunk of Dunelm’s business compared to 2019, up to 36% from 20%. Dunelm said it expects its profit before tax for the full year to be ahead of current analysts’ estimations of £188m. The retailer said the performance reflects its “continued robust sales performance, strong commercial disciplines and tight operational grip on costs”. Dunelm added that it sees “very significant headroom” to deliver further growth. The retailer said it will continue to invest in digitalising and developing its business to improve both its customer offer and to increase operational efficiency. Nick Wilkinson, Dunelm chief executive officer, said: “We have a strong business model, with committed colleagues and suppliers, who strive every day to improve our customer proposition. We continue to focus on further strengthening our...

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How to open a restaurant

19th July 2023

Congratulations on embarking on the exciting journey of opening your own restaurant! As a first-time restaurant owner, it’s crucial to approach this endeavor with careful planning and organization. This guide will walk you through how to open a restaurant and set your business up for long-term success. Step 1: Develop your concept Before you open a restaurant you’ll need to develop a strong concept. Decide on the type of cuisine, ambiance and unique selling points that will make your restaurant stand out from the competition. Research the market to identify gaps and trends, ensuring your concept meets the demands and preferences of your potential customers. From this you can start to build the brand of your new business. Your restaurant name, logo, design, and any merchandise should all present a cohesive image of your brand. Step 2: Create a menu Craft a well-curated menu that reflects your concept and caters to your target audience’s preferences. Your menu will dictate the type of equipment you’ll need, the skills you should look for in your staff, and the type of customers you hope to attract. A well thought out menu can guarantee the success of your restaurant. Offer too many choices and you...

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UK sees surprise drop in inflation in June

19th July 2023

Inflation in the UK fell to 7.3% in the twelve months to June, down from 7.9% in May. This is the lowest level of inflation recorded in over a year. According to the Office for National Statistics (ONS), the biggest contributor to the drop in inflation was a fall in fuel prices, while food prices are rising at a slower rate. On a monthly basis, the consumer price index rose by 0.1% in June 2023, compared with an increase of 0.8% in June 2022. Notable falls in inflation were seen in the food and non-alcoholic beverages market, which dropped from 18.4% in May to 17.4% in June, as well as furniture and household goods, which decreased from 7.5% to 6.6%. Restaurants and hotels also saw their rates of inflation drop between May and June, from 10.3% to 9.5%. However, inflation in the UK still remains well above the Bank of England’s target of 2%, and is well above other developed economies, such as in the United States (3%) and the Eurozone (5.5%).

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Chipotle ‘pre-opens’ in Guildford

19th July 2023

Chipotle has ‘pre-opened’ its latest restaurant in Guildford, offering customers free food ahead of the official opening on Friday (21st). Customers will also be able to grab a free bite to eat on Thursday as part of an ongoing promotion. The Mexican restaurant concept agreed to join Redevco’s White Lion Walk shopping arcade earlier this year alongside bubble tea operator Mooboo. Opening in a 1,700 sq ft unit, Chipotle has taken over part of a former Next store which has been divided up into multiple units. Redevco has invested £8m into the development, which will see the creation of a number of offices on the upper floor above the arcade’s ground floor retail offering. Other operators at White Lion Walk include Starbucks, Robert Dyas, and The Works.

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Westminster seeks start-ups to kick out Oxford Street candy shops

19th July 2023

Westminster City Council is looking for start-up companies and creatives to push out Oxford Street’s candy, vape, and souvenir shops. The council, in collaboration with the New West End Company and placemaking business Someday Studios, is offering up-and-coming companies the chance to take space on Britain’s prime shopping street for free. Over the next three years, the leases on unwanted stores will be taken over and offered for six months to prospective businesses, free of charge. The new retailers will also be offered a 70% reduction on business rates liability throughout their tenancies. Retailers will also be offered mentoring from Someday Studios and Westminster City Council, including PR and marketing support. Many candy shops took over sites from gift shops during the Pandemic, and were able to remain open as they sold food. In March, it was reported that over £1 million of illegal and counterfeit goods were seized from Oxford Street’s souvenir shops and candy stores.

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Final King’s Cross masterplan building approved

19th July 2023

Proposals for the redevelopment of a building in London’s King’s Cross to create a mixed-use property have been given the go-ahead by the London Borough of Camden. Property developer Related Argent’s proposals for Building F1 will see the creation of over 54,000 sq ft of commercial space, as well as flexible retail units and public realm space. This marks a step towards the completion of the Kings Cross masterplan, with the outline planning permission for the project having been granted 17 years ago. The current site has been let to a number of occupiers over the years, including Shrimpy’s restaurant, the Gasholders London sales and marketing suite, a Chapel Down bar and restaurant, and most recently, Gas Station by Barworks. F1 is set to be the 50th building delivered on the King’s Cross estate. Related Argent has said it estimates that 42,000 people will be living, working, and studying at King’s Cross. The area is home to some global giants including Meta, AstraZeneca, Google, and Nike. Around 100 shops, bars, and restaurants, as well as 1,750 homes and 10 public spaces are found at the estate. Designed by Lee Wilson Architecture, the building sits at the intersection between York Way...

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Metrocentre welcomes largest Apricot store to date

19th July 2023

Womenswear retailer Apricot has opened its largest store to date at Gateshead’s Metrocentre. The store becomes the retailer’s 17th bricks-and-mortar site and is part of an “exciting phase of expansion”. Apricot joins a number of other fashion retailers at the centre, including Zara, Primark, and Marks & Spencer. Ben Cox of Sovereign Centros, senior asset manager for Metrocentre, said: “We’re delighted that Apricot has chosen Metrocentre for the region’s first standalone store providing further choice in womenswear, and adding to the range of new & exclusive brands in Platinum Mall, including Rowen Homes, Moda in Pelle and Skopes. “This is an exciting year for Metrocentre, with the Zara store re-opening in the autumn alongside an exciting roster of new openings planned for November.”

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Wagamama owner targets eight openings a year

19th July 2023

The parent group of Wagamama has said it feels confident in its ability to open seven to eight new sites every year. The Restaurant Group (TRG), which also owns Frankie & Benny’s and Brunning & Price Pubs, said that Wagamama’s recent openings had traded “ahead of expectations”. TRG said it has confidence in its expansion plan to deliver highly attractive returns for shareholders. This comes as the group releases a trading update for the first half of the 2023 financial year, during which its opened four new Wagamama restaurants and one pub restaurant in Shrewsbury. TRG has also been continuing its leisure estate ‘rationalising’ programme, in which it is closing or repurposing existing sites. By the end of the financial year, TRG expects to have closed around 35 leisure sites, including eight freeholds. The group expects to generate between £8m to £10m of cash proceeds from the freehold sales. During the period, which covered the 28 weeks to 16 July, Wagamama saw an increase in year-to-date (YTD) like-for-like (LfL) sales of 5%, while TRG’s pubs division increased by 9%. TRG’s leisure division saw a YTD LfL decrease in sales of 4%, while its concessions business saw an increase of 28%.

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WoolOvers snaps up Hotter Shoes for £6.7m

19th July 2023

Privately-owned clothing company WoolOvers has acquired Hotter Shoes from Unbound Group in a pre-pack deal worth £6.7m. WoolOvers, which specialises in knitwear, home accessories, and jewellery, acquired the struggling footwear brand on Tuesday afternoon. The transaction is not expected to create any value for Unbound’s current shareholders. Unbound Group announced on Monday morning that it had appointed administrators and suspended its shares on the London Stock Exchange. The sale may allow the group to stay out of insolvency proceedings and give its board more time to consider its future. It was previously reported that that Unbound Group was considering a sale. In April, WoolOvers looked to buy Hotter solvently but were beaten out by another offer which fell through. Hotter Shoes currently trades from 17 stores and a number of concessions in garden centres. In May, Hotter announced that a £10m investment from Marwyn Investment Management had failed to materialise. Unbound then said in June that the sales process has been terminated. In 2020, the retailer launched a company voluntary arrangement (CVA) which led to the permanent closure of 46 stores.

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Red Run to kick off flagship at Liverpool ONE

19th July 2023

Women’s activewear brand Red Run is set to open its flagship store at Grosvenor’s Liverpool ONE shopping centre. Taking a 1,400 sq ft unit on Manesty’s Lane, the retailer will open in the autumn and stock a range of active streetwear for women, including exclusive collections and limited edition pieces. The brand has previously only had a physical presence through concessions in Harvey Nichols Manchester and Flannels Liverpool, as well as pop-ups in Leeds and Birmingham. The brand, which was founded during lockdown by three women, will now look to deliver an enhanced customer experience through a permanent physical format. As a Liverpool ONE exclusive, the store will host monthly in-store offerings, VIP events and collaborative activations with like-minded brands, people and businesses within the city. Rob Deacon, senior asset manager at Grosvenor, said: “Red Run is an extremely exciting brand, one which has gathered huge momentum, very quickly and clearly resonates with the Liverpool ONE visitor. To contribute to their evolution and play a part in their next big step within physical retail is an enticing prospect for us and we know the brand will be a huge success at Liverpool ONE.” The news follows the recent launch of...

Deals News

Grocery price inflation eases for fourth consecutive month

18th July 2023

Grocery price inflation fell by 1.6% during the four weeks to 9 July, marking the fourth month of consecutive easing and the steepest fall since March. At 14.9%, however, grocery price inflation still remains incredibly high. Kantar, which provided the figures through its Worldpanel platform, said that while the shift in prices reflected a change in the cost of many staple goods, many customers turned to promotional items, which now make up over a quarter of the market. Major supermarkets are currently under scrutiny from the Competition and Markets Authority, who have reason to believe that they are unfairly profiteering from rising prices. Speaking to MPs last month, executives from Britain’s biggest supermarket said the market is at its “most competitive” level ever. They rejected the notion that they have been making excess profits, instead claiming that they were shielding customers from high costs. Fraser McKevitt, head of retail at Kantar, said: “One of the biggest shifts we’ve seen in this [promotions] area is retailers ramping up loyalty card deals like Tesco’s Clubcard Prices and Sainsbury’s Nectar Prices. “This could signal a change in focus by the grocers who had been concentrating their efforts on everyday low pricing, particularly by...

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Ocado UK performance demonstrates “potential” for international ambitions

18th July 2023

The chief executive of Ocado has said that the retail company’s UK operations are an “important demonstration of the potential” of its international ambitions. Tim Steiner said the company is seeking to “transform the economics of online grocery” and expand into other markets, namely automated storage and retrieval solutions. This comes as the retail company posts its half year report for the 26 weeks ending 28 May, during which the group saw revenue reach £1.9bn, an increase of 9%. Ocado’s retail division’s revenue grew by 5% and its logistics revenue increased by 2%. However it was the group’s technology solutions division which saw the biggest increase, of 59%. However, Ocado’s retail division saw a small loss in terms of earnings (EBITDA). Ocado said it had continued strong customer acquisition growth in its retail business, with items per basket stable since last October, while an improved customer focus and efficiencies delivered positive earnings throughout the second quarter. The retail group said its logistics division, which supports Ocado Retail and Morrisons in the UK, is continuing to perform “strongly”. Ocado’s technology solutions business saw a marked increase thanks to international expansion. During the period, two ‘Customer Fulfilment Centres’ (CFCs) were opened alongside...

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Public consultation launched for Oxford Street proposals

18th July 2023

Proposals for a number of redevelopments to Oxford Street have been revealed as the plans head towards a public consultation. Westminster City Council and the New West End Company are proposing various changes between Marble Arch and Tottenham Court Road, including the widening of pavements, the creation of amenity spaces, and increased trees and greenery. The current width of the historic shopping street varies from end-to-end, however the plans propose to create a consistent 6.5 metre width for the carriageway, allowing two-way traffic along the street. It is also hoped that the increased space will provide comfort for pedestrians. The proposals also include details of 16 designated “amenity spaces”, which are designed to provide a place for pedestrians to gather and rest, with seating and greenery to enhance the appeal of these spots. Other proposed changes include street lighting upgrades, upgraded and new pedestrian crossings, the creation of cycle lanes, updated bus stops, new taxi ranks, and bike and e-scooter parking. Members of the public have been invited to give their views on the proposals between 17 July and 31 August. Councillor Geoff Barraclough, Westminster City Council’s cabinet member for planning and economic development, said: “The West End constantly needs...

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Revolution Beauty CEO and chair to step down following Boohoo agreement

18th July 2023

Revolution Beauty’s chief executive officer and chair are set to resign following a settlement agreement with majority shareholder Boohoo. Bob Holt and Derek Zissman will step away from the board, although the former will remain in his role as interim CEO until 31 August 2023. Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will now join the board. Elizabeth Lake will remain as chief financial officer as the company looks to return to “sound financial health.” The news appears to draw a close to an ongoing war of words between the two companies, which begun in June when Boohoo declared its intention to vote out Holt, Zissman, and Lake. Revolution described the move as a “cynical” attempt to seize control of the cosmetics brand. They were then voted out at an eventful annual general meeting by 74% of Revolution’s shareholders, before being almost immediately reappointed by independent director Jeremy Schwartz. Boohoo said Schwartz’s actions “contravened corporate governance” practice and described them as an “abuse of process.” Boohoo upped its stake in Revolution to over 26% in November of last year as the London-listed cosmetics retailer dealt with an accounts probe which saw its shares suspended. A subsequent investigation found...

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Montblanc opens in Leeds

18th July 2023

Montblanc has opened its 9th boutique in the UK in Leeds. The German luxury goods retailer has taken a 431 sq ft unit on the Briggate shopping street, as it looks to continue expanding across the country. Customers at the Leeds store will be able to explore the retailer’s range of collections, including pens and watches. The retailer was drawn to the city due to its history in art and writing, citing the Leeds Art Club as an “influential forum” during the early 20th century. Georgia Noutsi, brand director of Montblanc UK and Ireland, said: “Leeds is a global cultural hub, and we are thrilled to be getting closer to our customers and to bring the Maison’s universe, collections, and customer experience to a city with culture so embedded in its history. We hope that with the new arrival of Montblanc, the Maison can continue to inspire those in Leeds to leave their mark, just like the members of The Leeds Art Club did”.

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David Lloyd Clubs set for £6.5m transformation at Fulham Broadway

18th July 2023

Health, fitness, and wellness group David Lloyd Clubs is set to undergo a £6.5m transformation at Fulham Broadway, relaunching its new concept site in the first quarter of 2024. The leisure club has now begun an eight-month long programme of redevelopment which will look to transform its offering at the CBRE Investment Management-owned scheme. The new club will look to split 38,000 sq ft of leisure space over two floors, creating a redeveloped gym, group class studios, a kids area, a 20 metre indoor pool, and a spa retreat. Members will have access to a new-look clubroom, where they can relax and socialise with food and drink. A business lounge area will also be available. David Lloyd Clubs’ in-house design team has created a modern theme for the club, featuring marble and natural stone surfaces along with a neutral colour palette, as it looks to create a soft and welcoming environment for visitors. Louisa Butters, Head of Retail Asset Management UK at CBRE IM, said: “This new look bespoke David Lloyd Leisure Club will really set Fulham Broadway apart from other schemes in the capital. It will provide a destination-led leisure flagship and would be a first for West London....

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Brighton’s Royal Albion Hotel faces partial demolition following fire

17th July 2023

The Royal Albion Hotel in Brighton is set to be partially demolished following a huge fire which broke out on Saturday evening. George O’Reilly of the East Sussex Fire and Rescue Service told BBC Radio Sussex that part of the building will be demolished so that the fire could be extinguished. Around 100 people were evacuated from the local area and guests were given alternative means of accommodation. Britannia Hotels purchased the 180-bedroom hotel in 1997. The Royal Albion Hotel, part of which is Grade-II listed, was built in 1826 and previously suffered another fire in November 1998.

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Durham shopping centre refurbishment heads to consultation

17th July 2023

Plans for a £60m redevelopment of Prince Bishops Place in Durham have been revealed and are now heading towards a public consultation. The site, which was opened in 1998, currently has a high vacancy rate and little interest from large retailers. However, Citrus Group is now looking to transform the centre into a thriving retail hub. The proposals include the creation of a number of smaller retail units for independent operators, while a 130-bed hotel, leisure attractions, and public events spaces would also be constructed. The centre’s larger upper floors would be repurposed to create around 300 units of student accommodation, while the 400-space multi-storey car park is set to remain in place. Planning company Lichfields has now brought the project to a public consultation, with residents able to voice their views until August 16. Robert Dibden, associate director at Lichfields Newcastle office, said: “This is an exciting regeneration project that will deliver new opportunities, jobs and economic prosperity. It would herald the transformation of an important part of Durham City Centre; so we are extremely keen to hear the views of as many local people and stakeholders as possible before final plans are submitted.”

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YouTube’s Sidemen open first clothing store

17th July 2023

YouTube’s The Sidemen have begun their first venture into physical retail with the launch of their first clothing store. The group of YouTubers, whose channel boasts over 18 million subscribers, have opened the store in a 6,000 sq ft space at Kent’s Bluewater shopping centre. The opening follows the group’s venture into the food and beverage market, with its fried chicken concept, Sides, operating at Boxpark Wembley and through dozens of delivery sites nationwide. The Bluewater store sits on the scheme’s Upper Rose Gallery, next to Apricot. James Waugh, centre director at Bluewater, said: “With the ever-changing landscape of physical retail, it is important for us as industry leaders to bring digital-first brands to the centre and ensure our guest experience evolves and is enhanced. “The Sidemen shop really is something quite special and we’re in no doubt that the in-store experience will be a massive draw, not just to Sidemen fans living locally, but further afield too.” Matt Peters, managing director of Sidemen Clothing, added: “The Sidemen are undeniably pioneers in the rising world of creator-led brands and this is another huge moment which further cements that. The Sidemen and team at Sidemen Clothing are incredibly excited for the...

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