Posts from July 2023

How to succeed in retail

13th July 2023

Learning how to succeed in retail isn’t easy. It can take blood, sweat, and tears, but getting it right can be extremely rewarding. It can feel daunting, starting from scratch. However, many successful retailers started from garage projects or out the back of vans. Take Richard Branson for example; his story with Virgin began selling records via mail-order out of his house. Now, his media empire is worth billions. So to help you learn how to succeed in retail, here are our top tips. Be prepared Success in retail can really come down to getting a good start. You can start by writing a business plan. This is a formal way of laying out your goals ahead of you, the timeframe for these goals, and the next step. Plenty of websites offer pre-formatted plans, or you can design your own. Knowing the costs associated with your business and ensuring you’re prepared in advance will benefit you greatly. If you’re opening a physical store, it helps to know costs such as rent, business rates, and fit-outs. You can read more about the costs of opening a store here. In a world of high inflation and lower consumer spending some retail businesses...

Advice

Gateshead arena and conference centre given green light

12th July 2023

Plans for a 12,500-capacity Sage Arena and an International Conference Centre (ICC) in Gateshead have been given the go-ahead by local councillors. Located on the River Tyne, the development looks to transform the area into one of the UK’s most dynamic visitor locations, and is expected to bring in over one million visitors to the quayside on an annual basis. The Sage ICC is set to include 61,570 sq ft of exhibition space, 27,125 sq ft of adaptable meeting spaces, 17 conference rooms, and a banqueting suite. Also included in the proposals are revised plans for 344-bed dual-branded hotel, which has been relocated to vacant land within the Baltic Quarter opposite the Sage development. The land occupied by the hotel in the original proposals is now set to be opened up as an urban park, which will aim to improve biodiversity in the area and provide improved pedestrian access. The updated proposals include plans to change the timeline of the original development, with the ICC and hotel expected to open in autumn 2025, and the arena set to open in 2027. Gateshead Council said the potential economic impact of the development will be “transformational” for local residents and businesses. It...

News

The Whiteley to welcome health club as part of £1bn mixed-use redevelopment

12th July 2023

The Whiteley is to welcome luxury health club Third Space to its first West London location as part of the former department store’s £1bn redevelopment. Taking a 25-year lease, Third Space will take 34,000 sq ft of space over three floors, with 21,000 sq ft of gym space benefitting from natural light pouring in from the Grade II listed façade and a new glass dome. A swimming pool will also be developed on the ground floor. The Whiteley, which was once London’s first department store, is currently under development by Finchatton with MARK and CC Land working as joint investment partners. Alongside 19 retail units and an Everyman Cinema, 139 residences will also be constructed. The development is also set to become home to the UK’s first Six Senses hotel and spa, which will look to provide residents with exclusive spaces, services, and experiences. The Whiteley development forms part of the wider £3bn regeneration of Queensway, which includes a new retail strategy, public realm improvements, tube station upgrades and re-greening, and a new entrance to Hyde Park. Marcus Meijer, founder and chief executive of MARK, said: “The redevelopment of The Whiteley breathes new life into a historic symbol of London...

Deals News

Hotel transaction volumes fall 60% year-on-year

12th July 2023

Hotel transaction volumes reached £860m during the first six months of 2023, representing a fall of 60% compared to the same period in 2022, according to research from Knight Frank. The property adviser said the figures represent a larger-than-ever gulf between hotel trading performance and transactional activity. Knight Frank said there had been a “strong recovery” of the trading performance of UK hotels despite the headwinds they are facing. Data from HotStats found that London’s revenue per available room (RevPAR) was 50% higher year-on-year during the first five months of 2023. The data also found that the year-to-date gross operating profit per available room (YTD GOPPAR) in London’s hotels had equalled pre-Pandemic performance. Regional hotels also saw a 20% increase in RevPAR in the first five months of the year compared to the same period in 2022, while YTD GOPPAR is trailing its pre-Pandemic performance by 1.5%. The data revealed that London’s average daily rate (ADR) is tracking above inflation, while ADR for regional UK hotels is on par with 2019 prices. Knight Frank said this resilience is attracting investor sentiment in the sector, especially from those with a good understanding of the sector. The adviser said the appetite to...

Insights

Coventry Building Society Arena appoints managing director

12th July 2023

Coventry Building Society (CBS) Arena has appointed Paul Michael as its new managing director. Michael joined the multi-purpose venue in 2016, when he became the general manager of the newly-opened Doubletree by Hilton hotel at the arena. He has held the role of commercial director at the venue since 2019. He began his career as an operations manager for Holiday Inn at Birmingham Airport, before becoming operations manager of Hilton Hotels’ Warwick location. His first role as a general manager was at Hilton Basingstoke, before joining Hilton Nottingham in 2011 and becoming chairman of the Nottingham Hoteliers Association. He is currently chairman of the oversight board for destination management organisation Destination Coventry, and is also a director for the Association of Event Venues. Michael’s promotion is the second key appointment made by the venue in recent months, after Gary Hoffman was appointed as a non-executive chairman of Coventry Building Society Arena. Michael said: “I’m proud to be moving into the role of managing director to continue to drive the venue forward. “We have a superb team here at Coventry Building Society Arena, and with significant investment being made in the venue, means we are well-positioned to establish our name as...

News

Wetherspoon closes dozens of pubs as it navigates £688m debt

12th July 2023

JD Wetherspoon has said it has sold, closed, or surrendered 28 pubs in the financial year-to-date, while only opening three, as the chain looks to deal with a £688m debt. However, the group said that the idea that the pub disposals were a money-raising exercise is a “misinterpretation” adding that the disposals had raised “relatively modest amounts”. JD Wetherspoon said that of the disposed pubs, 15 were leasehold, where the lease had either expired or the group had exercised a ‘break clause’. It said that 12 of these properties had a nearby JD Wetherspoon pub within around a one mile radius. Regarding the remaining 13 pubs, 11 of these also had another Wetherspoon pub nearby, the chain said. The 28 disposals generated a net cash inflow of £6.5m. 22 of the chain’s pubs remain on the market or are under offer. JD Wetherspoon currently has a trading estate of 827 pubs. JD Wetherspoon’s £688m debt was around £114m lower than what was reported in its 2020 financial year interim results, immediately before the start of the Pandemic. Since then, the chain said it has invested £116 million into new pubs, £82 million into freehold reversions and has raised equity of...

News

Goldsmiths to upsize at Bullring

12th July 2023

Goldsmiths is set to significantly increase its presence within Hammerson’s Bullring & Grand Central, creating one of the brand’s largest UK flagship stores. The watch and jewellery retailer, which is part of the Watches of Switzerland Group, will extend its space at the Birmingham scheme to nearly 8,000 sq ft. The store will feature a double-height glazed shopfront, a multi-brand showroom with a bar and lounge area, and VIP consultation rooms. Goldsmiths’ decision to upsize reflects Hammerson’s wider strategy as it looks to enhance its assets through new brands, concepts, and market firsts. Toby Tait, director of asset management at Hammerson, said: “The Watches of Switzerland Group’s decision to expand its presence to create one of the largest Goldsmiths store within its portfolio is testament to Bullring’s quality and location in the heart of the city. Jewellery and watches continue to be a top performing category across our portfolio, so we are looking forward to Goldsmiths’ strengthening the offer with its new elevated store later this year.” The news follows a number of new signings in recent months such as Inditex’s Bershka and Pull&Bear brands, while M&S, Footasylum, EL&N, Lane7, and Sandbox VR are all set to open in the...

Deals

Loungers eyes at least 600 sites

12th July 2023

Loungers has said it has identified potential for at least 600 sites across the UK. The Lounge, Cosy Club, and Brightside operator said it had identified a “strong pipeline” of new sites, with the capacity to open a record 34 openings next year. This comes as the group posted its results for the year ending 16 April 2023, during which it opened its 200th site at Cosy Club Chester. It ended the 2023 financial year with 222 total sites, which included the opening of its first Brightside roadside restaurant near Exeter. A second Brightside restaurant recently opened near Saltash, while a third is expected to open near Honiton in early August. Loungers said it had been “encouraged” by how Brightside has traded and remains “excited” by its potential. Loungers said the 2024 financial year would be “overwhelmingly dominated by Lounge openings”. It added that it would open its first sites in the north east. The Lounge chain itself is expected to reach 200 sites by the end of the financial year. Loungers also said it would be “selective” of new Cosy Club sites, as it looks forward to opening its first in Oxford, a city the group sees hosting four...

News

LCP acquires Kidderminster retail park from Nuveen

12th July 2023

LCP has acquired Weavers Wharf Shopping Park in Kidderminster from Nuveen Real Estate for an undisclosed sum. The 220,000 sq ft retail park is located nearby to the town centre and is home to tenants including Marks & Spencer, Next, TK Maxx, Café Nero, Boots, Sport Direct, McDonalds, and TruGym. A Premier Inn is also located on the site. LCP, a commercial property and investment company which is part of M Core, said the purchase is part of its “proactive acquisition drive” in retail assets across the country. Its recent purchases include Cwmbran Centre, Cwmbran; The Galleries, Washington; and Three Spires, Lichfield. The group said it has £300 million available to invest is actively seeking sites for acquisition. James Buchanan, LCP group managing director, said “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value. “As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs.” Simon Eatough, director of landlord and tenant...

News

GCW makes trio of promotions in Owner team

12th July 2023

GCW has made three promotions within its Owner team, which advises property owners and stakeholders on retail assets within town centres and shopping schemes. The property consultancy has appointed Archie Morriss as director, Callum Stephenson as associate director, and George Cook as senior surveyor. Morriss joined the firm in 2017 as a graduate surveyor, working his way rapidly up the company and now provides advice for leasing and asset management. He has worked with a number of high profile clients such as CBRE IM and Aviva and has provided advice on high street instructions across the country. Stephenson joined GCW as a graduate surveyor in 2019, while Cook was recruited to the consultancy last year. Nick Warr, Owner team partner, said: “We consider our team members to be our most important asset and we pride ourselves in providing our employees with a clear pathway for progression. These promotions reward the outstanding contributions these individuals have made to both GCW and our clients and they are integral to helping us achieve our exciting future growth plans.”

News

Sosandar hits annual profits for first time

11th July 2023

Womenswear brand Sosandar has recorded its first full year of profitability. In the year ending 31 March 2023, the retailer delivered a profit before tax of £1.6m, up from a loss of £0.6m the previous year. Sosandar’s revenue also grew by 44% to £42.5m, as it continued to benefit from third-party partnerships. The retailer said its trading through retailers such as Next and Marks & Spencer had been extremely strong, while the initial rollout of its partnership with Sainsbury’s has performed “in line with expectations”. It expects to complete the in-store rollout of its curated collection in Sainsbury’s stores by September. The retailer said it had accelerated its investment in strategic growth initiatives following a successful fundraising of £5.5m in January 2023. Sosandar said it had made a strong start to the first quarter of the current financial year, with revenue of £11.4m, up 10% against a the previous year’s comparative. Ali Hall and Julie Lavington, co-CEOs of Sosandar, said: “We are delighted to report on what has been a transformational year for Sosandar. Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party...

News

Bagel Factory set for southern debut

11th July 2023

Bagel Factory is set to make its debut in the south of England with an opening at Southampton’s Westquay. The chain has reached a deal with Hammerson to open in a 770 square foot venue in the food court, which will become Bagel Factory’s third opening in 2023 and its 23rd nationwide. Bagel Factory was acquired by one of Europe’s biggest food operators, Cremonini Group, in summer 2012 in a deal rumoured to be worth around £2m. Earlier this year, the group said it planned to more than double the size of its estate by 2025.

Deals

Chelsea star partners with Inca founders to kick off Mexican restaurant

11th July 2023

Chelsea FC footballer Hakim Ziyech has teamed up with the co-founders of Inca in Mayfair, London to kickstart a new Mexican restaurant concept. Taco Taco is set to open at 141 Commercial Street, Shoreditch later this month, according to Hot Dinners. The restaurant will look to create untraditional tacos, with a variety of toppings such as scrambled eggs and sautéed shrimp. A breakfast and all-day menu will be on offer, as well as takeaway options and items for vegetarians and vegans. The co-founders behind Inca are Damien Aiudi and Nathaneal Dadoun, while Ziyech will also be working with Alex Peircy, who works in property and recruitment.

News

Prezzo appoints property director

11th July 2023

Prezzo has appointed Matthew Leggatt as property director, just days after the Italian restaurant chain received approval for its restructuring plan. He joins the chain after spending over four and a half years at David Lloyd Leisure as head of property maintenance, before which he was group property manager at Andrew Brownsword Hotels for more than three and a half years. Last week, a high court judge ruled in favour of Prezzo’s restructuring plan, which brought the chain’s strategic review to the end, which included the closure of a third of its restauarants. Dean Challenger, chief executive of Prezzo, said the decision enables the chain to focus on building a “quality-led, profitable and sustainable” business. Prezzo previously went into administration in late 2020 before being purchased by private equity firm Cain International, which recently said it is remaining committed to the long-term future of the business.

News

Ann Summers names CEO in leadership reshuffle

11th July 2023

Ann Summers has appointed Maria Hollins as chief executive officer, following on from the death of its former boss, Jacqueline Gold, in March. Hollins is currently managing director at the lingerie brand, having joined the company in February 2019. Prior to joining Ann Summers, she worked in various roles at retail firms including Asos, House of Fraser, and Kidly. Ann Summers said: “Maria’s excellent leadership, strategic vision, and unwavering passion has led Ann Summers to enjoy great success in recent years, and as CEO she will continue to lead the way, shaping the future of our brand.” She succeeds Vanessa Gold, who took over as CEO in February while Jacqueline Gold stepped back into the position of executive chair a month before her death. Maria Hollins said: “I could not be happier to follow in the footsteps of two fabulous women Jacqueline Gold CBE and Vanessa Gold leading this iconic brand & brilliant team through the next chapter of our story. Honoured & delighted.”

News

Pelicana’s UK business under threat

11th July 2023

South Korean fried chicken brand Pelicana’s UK business could be under threat following the collapse of its parent company and the temporary closure of its two sites. The concept was brought to the UK in April 2021 by Wasabi founder and franchise rights owner Dong Hyung Kim, opening its first site at The Broadway, Hammersmith. A second site was opened in Angel Central last year. Kim also operates two London sites under Pelicana’s sister brand Myungrang Hot Dog in Wimbledon and Angel Central, Islington. Globally, Pelicana operates in over 1,800 stores across Asia, the United States, and Australia.

News

Sun shines on retailers as sales up in June

11th July 2023

Sunbathers and holiday-goers weren’t the only ones enjoying the sunshine in June, as retailers saw improved sales helped by warmer weather. According to the BRC-KPMG Retail Sales Monitor, UK total retail sales increased by 4.9% in June, against a decline of 1% in June of 2022. This was above the 3-month average growth of 4.6% and the 12-month average growth of 4%. Like-for-like retail sales grew by 4.2% in June, against a decline of 1.3% a year before. This fell below the 3-month average increase of 4.3% but was higher than the 12-month average growth of 3.6%. Food sales increased by 9.8%, and were up 10.1% on a like-for-like basis over the three months to June. Non-food sales grew by 0.3% but were down 0.5% on a three-month like-for-like basis. Helen Dickinson OBE, chief executive of the British Retail Consortium, said: “Retail sales growth ticked up slightly in June as hot weather prompted purchases of summer essentials. Sun-seekers headed to their favourite retailers to buy swimwear and beach towels, and outdoor games, garden furniture and barbecue food were boosted as families came together to celebrate Father’s Day. People were much more cautious about big-ticket purchases like furniture and technology equipment....

Insights News

Dunelm set to join Cwmbran Centre

11th July 2023

Dunelm has agreed to open at Cwmbran Centre, after signing a 10-year lease for a former Marks & Spencer store at the Welsh scheme. The home furnishings retailer agreed the move with the site owner and manager LCP, part of M Core, and is expected to open at the centre this autumn. Following M&S’ departure in May 2019, the 51,000 sq ft store at 5 South Walk has most recently been occupied by One Below which is set to move to a permanent residence at 2-4 Monmouth Walk. Will Thomas, partner at KLM Real Estate, which jointly leases the Cwmbran scheme alongside EJ Hales on behalf of LCP, said: “This is a major letting for the town centre and is the first of several key transformational deals we are working on. Cwmbran continues to buck the trend with rising footfall and performance. Dunelm are a great fit for the town.” LCP said that since it acquired Cwmbran Centre, it has increased occupancy rates to 95%, the highest figure in five years, and recorded footfall of 19.75 million people last year, an 8% increase year-on-year. The group snapped up the centre, which is home to 180 shops totalling over 740,000 sq...

Deals News

British Land: Retail parks “winning” format

11th July 2023

The chief executive of British Land has said that retail parks “continue to be the winning retail format”, ahead of the real estate investment trust’s (REIT) annual general meeting. Simon Carter praised retail parks for their “affordability, omni-channel capability, and low-capex (capital expenditure) requirements”. The REIT, which owns a number of shopping centres such as Surrey Quays and Ealing Broadway as well as retail parks nationwide, said it had completed 387,000 sq ft of retail leasing during the first quarter of the financial year. This included 227,000 sq ft of deals across retail parks, with a further 738,000 sq ft of space under offer. British Land said its retail park occupancy rate had reached 99%, with footfall and sales up 1% and 6% year-on-year, respectively. Simon Carter said British Land had continued to see “strong operational momentum in the business, despite ongoing macroeconomic uncertainty”, with good leasing activity reflecting a focus on execution and the “exceptional” quality of its portfolio. The REIT has also revealed plans for a 100,000 sq ft life sciences-led scheme at a former Debenhams department store in Bath.

News

Angel Central welcomes first sports pub

11th July 2023

Islington’s Angel Central will open its first purpose-built sports pub and kitchen after hospitality group Maven Leisure continues its London expansion. Called Northwood, the pub will cover 3,600 sq ft of space on the scheme’s first floor, adjacent to indoor golfing experience Birdies. Northwood will host 12 ultra high-definition screens and look to elevate Angel Central’s dining and leisure offer alongside anchor tenants Vue and the O2 Academy music venue. Maven Leisure, which as founded in 2021 by the current owners of ETM Group, currently operates over 15 dining venues and sports bars across the capital, including Goldwood, The Jugged Hare, The Botanist, and rooftop venues Wagtail and Aviary. The 176-cover Northwood pub will be the group’s first venture into North London, and offer a range of food inspired by classic sports bar options. Ed Martin, CEO of ETM Group and Maven Leisure, said that Islington had “been on [their] radar for quite some time”. Louisa Butters, head of retail asset management UK at scheme manager CBRE IM, said: “The signing of Northwood marks a significant moment for Angel Central, further enhancing the scheme’s day-to-night appeal and complementing the existing leisure and F&B operators we have on the first floor....

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