Posts from July 2023

Swords Pavilion Shopping Centre in Dublin has welcomed The Perfume Shop as its latest tenant. Located at unit G28, the new store features the cosmetics retailer’s latest experience, with digital screens, personalised ribbon machines, and fragrance consultations. The retailer, in line with its current expansion programme, has aimed to put sustainability at the forefront of the store design. The Perfume Shop’s Dublin store benefits from LED lighting as the retailer looks to reduce its energy consumption by 30% by 2030, compared to 2015. Where possible, existing materials and equipment were retained or reused in the construction of the store, with all principal contractors ISO14001-approved to ensure on-site waste management was adhered to.

Deals

Former Sunderland department store acquired by council

Sunderland City Council has taken ownership of a former high street department store, with plans to attract retailers and food and beverage (F&B) operators to the site. Jopling House was transformed into student accommodation five years ago, with some suggestions the building could be repurposed or sold. However, the Council has said that the acquisition will allow the building to keep its current use, albeit with a number of changes. Sunderland City Council has said the former department store will be improved at ground floor level, as it aims to bring retailers and F&B operators into the building, while its upper levels will also see investment into an improved fascia which was left unfinished by its previous owner. The 140-apartment building sits between two areas going through a number of transformations: Riverside Sunderland and Sunniside. Councillor Kevin Johnston, dynamic city cabinet member at Sunderland City Council, said: “We cannot buy or develop every single building in the city centre, but what we can do is nurture an environment in which our traders are given the best possible chance of success, by ensuring the right developments move forward and with our plans for Sunniside – which will see the development of...

News

Argos plans to shut 100 stores within a year

Argos is planning to shut 100 stores within the next year, as a number of its branches are due to close down next month. The Sainsbury’s-owned chain has already closed 37 stores in 2023, including its entire Republic of Ireland estate. Despite not all the locations of the closures being fully confirmed, the retailer intends to close the stores between 2023 and 2024, The Sun has reported. The move represents Argos’ general shift in operations from high street stores to supermarket concessions, with some of the stores that are closing set to reopen in nearby Sainsbury’s supermarkets. In the 12 months to March this year, the retailer closed 45 branches while opening 25 within Sainsbury’s stores during the same period. Argos is reportedly planning to open 30 more supermarket concessions, leaving 70 locations without an Argos. The retailer, like many others, has struggled as customers spend less money during the cost-of-living crisis. The opportunity to move into Sainsbury’s supermarkets represents the chance to spend less money on rent in high street properties.

News

Empire Cinemas collapse sees six sites close the curtains

Empire Cinemas has closed six of its sites and 150 jobs have been lost following the chain’s collapse into administration. A further eight sites remain open, but are also at risk of closure. The chain’s administrator, BDO, said the impact of the COVID-19 pandemic along with the cost-of-living crisis had “significantly affected” Empire’s business. Empire’s screens in Bishop’s Stortford, Catterick Garrison, Sunderland, Swindon, Walthamstow, and Wigan have all now closed. The remaining cinemas in Birmingham, Clydebank, High Wycombe, Ipswich, Sutton, Bath, and Cheltenham will continue to trade while administrators look for a buyer. Founded in 2005, Empire was created following the mergers of Odeon and UCI, and Cineworld and UGC. The Office of Fair Trading ruled that both of the newly-formed groups should lose a number of their cinemas, creating a gap in the market for Empire to fill. Before the closure, the chain operated 129 screens nationwide. Rival chain Cineworld also collapsed into administration last month.

News

Trio of fashion brands sign for Solihull’s Touchwood

Solihull’s Touchwood Shopping Centre has expanded its fashion offering with the signing of three retailers. Levi’s will be bringing its jeans collection to a 2,350 sq ft unit, while shoes and accessories brand Dune has signed for a 3,200 sq ft store, with both retailers taking on five-year leases. Womenswear label Mint Velvet will also be joining the scheme, opening a 3,544 sq ft store on a ten-year lease. The new arrivals are in line with the combined strategy of Touchwood owner The Ardent Companies UK alongside asset manager Sovereign Centros to attract premium brands to the scheme. They will join existing retailer’s at the shopping centre including John Lewis, Mango, Tag Heuer, Polestar electric cars, Apple, Miele appliances, Zara, Rituals and H&M. Since acquiring the asset in July 2021, Ardent says it has completed 185,000 sq ft of new lettings and lease renewals and driven the occupancy rate to over 96%. Simon Phipps, asset manager at Sovereign Centros, said: “The arrival of these major brands underlines just how much of a fashion destination Touchwood has become, and reflects the success of the leasing strategy we have put in place. All three are fantastic additions to Touchwood, and it is...

Deals News

Stärka expands team to support client growth

Real estate advisory business Stärka has appointed Lauren Gavaghan as acquisitions and development consultant. Gavaghan will look to grow and support the business’ client base which includes recent wins such as Gravity, Bean Coffee Roasters, and Parthian Climbing. She started her career at JLL’s retail and leisure agency team advising operators, landlords, and developers. Her previous role was that of development manager at Bruntwood, Cityheart, and Genr8, working on the delivery of large-scale regeneration projects in the UK. Gavaghan’s new role involves providing advice on leisure, hospitality, and placemaking for clients, as well as aiding landlords, developers, and local authorities with development and regeneration consultancy. Sammy Jones, co-founder of Stärka, said: “Lauren is a fantastic hire, with her agency and client-side experience something we were keen to add to our team. Lauren is going to play a key role assisting our clients with their development strategies, while also helping us grow the depth and breadth of our client base.” Gavaghan’s appointment follows a number of client wins for Stärka this year, including sole agency instructions to lead the expansion of Gravity, which is set to launch its flagship Gravity Max at Liverpool ONE later in the year, Parthian Climbing, which...

News

Ultimate Performance launches flagship gym on Fulham Road

Ultimate Performance has launched its London flagship gym at 293 Fulham Road, part of the Sloane Stanley estate. The personal training business has opened in a 5,095 sq ft unit spread over three floors. The space features a cardio area on the basement level, a ground floor reception, and a large gym floor with changing rooms and consultation suites on the upper level. Ultimate Performance’s Fulham Road flagship marks a key moment in the brand’s expansion plans, as it looks to bring its services to a new audience. Hannah Grievson, property director at Sloane Stanley, said: ‘We are always evaluating ways that we can evolve and diversify our retail portfolio across the estate. We have a mix of creative and design-led brands which all offer something unique across the King’s Road and Fulham Road. We are very pleased to be tapping into the health and wellness market with the arrival of Ultimate Performance and especially thrilled to house the brand’s largest central London location, enabling the brand to deliver a vastly superior experience for residents and visitors alike.” The news follows a number of recent signings at the estate, including the return of homeware retailer Birdie Fortescue and a new...

Deals News

What is visual merchandising?

7th July 2023

Visual merchandising is a crucial practice that often gets overlooked by first time shop owners, but understanding how to use it effectively could significantly contribute to the success of your retail business. Why is visual merchandising useful? Visual merchandising is presenting your products in a way that is visually enticing to your target audience. It involves the placement of your merchandise, use of attractive displays, and creation of an immersive shopping environment. By employing effective visual merchandising techniques, you can capture the attention of potential customers, increase foot traffic, and ultimately drive sales. One of the primary goals of visual merchandising is to create a consistent brand image. Your shop’s visuals should align with your brand’s identity, conveying a clear message to your customers. This can be achieved through careful selection of colors, textures, and materials that reflect your brand’s personality. Visual merchandising techniques Lighting is a powerful tool that can significantly influence the mood and ambiance of your store. Consider the type of products you sell and the atmosphere you want to create. Soft, warm lighting can create a cozy and inviting atmosphere, while bright, white lighting can enhance the visibility of products and evoke a sense of modernity....

Advice

YO! Sushi owner appoints new retail director

The parent group of the YO!, Panku, Bento, and Taiko brands, Snowfox Group, has appointed Carl Webber as UK retail director. Webber has previously held senior positions at Atmosphere Bars & Clubs, JD Wetherspoon, and most recently, Pizza Express, where he worked as regional operations manager. Last month, Japanese foodservice company Zensho Holdings acquired Snowfox from Mayfair Equity Partners in a deal valued at $621m (£494.5m). In June, YO! opened its 300th in-store kiosk with Tesco at the supermarket’s Hatfield site. It has also opened Tesco kiosks in Bristol, Taunton, Ludlow, and Holyhead in recent weeks. A further 35 concessions are planned for later this year. The group also operates around 125 kiosks within Asda supermarkets through its Panku brand.

News

L’Occitane set for Trafford Centre return

French cosmetics retailer L’Occitane is set to make its return to Manchester’s Trafford Centre following a seven-year hiatus. Set to open on 20 July, the retailer will launch its new store in the Main Dome of the Manchester scheme. The boutique will offer a perfume table and refill fountain for customers, and has been fitted out in Provence style, featuring the brand’s signature sunshine yellow colourway. L’Occitane will join a number of brands at the shopping centre, including Selfridges, John Lewis, Zara, Next, and Marks & Spencer. Russell Loveland, director of UK asset management at Trafford Centre’s asset manger Pradera Lateral, said: “We are delighted to welcome the return of L’Occitane to Trafford Centre. It is a unique and much-loved brand that brings something different to the cluster of affordable luxury stores in our Main Dome area.”

Deals

Gloucester Morrisons handed £21m price tag

A Morrisons supermarket in Gloucester has been put up for sale, with a price tag of £21m. Font Real Estate is marketing the 71,406 sq ft property on Metz Way, which hosts a 356-space car park and a six-pump petrol filling station. The supermarket sits in a prominent retail destination 1.6 miles south East of Gloucester city centre. It is in close proximity to the 114,400 sq ft Gloucester Retail Park and the 64,500 sq ft Eastern Avenue Retail Park. The two schemes are home to retailers including The Range, B&M, and Currys. It also sits adjacent to the newly-built Triangle Park, which accommodates a Costa Coffee drive-through, Lok’n’Store self storage, and a Mercedes-Benz commercial dealership. A number of solo units are also nearby, including Lidl, Homebase, and Halfords, while a number of industrial units sit west of the Morrisons store. The freehold site is let to Morrisons for 25 years, with the lease expiring in July 2038. It is subject to rent reviews every five years, with rent at the site expected to rise to over £1.9m per annum. The supermarket has a BREEAM ‘very good’ rating and an EPC certification of B.

News

Grade II Carlisle House heads to market

The Grade II-listed Carlisle House on Southampton Row in Holborn, London, has been brought to market. The Edwardian-era building is being listed by Watling Real Estate and is currently being used as a public house and nine residential units which extend to around 18,000 sq ft of space. Planning consent for the historical site includes provisions for the creation of an 85-bedroom hotel which could see the total used space extend to over 56,100 sq ft. However, this planning consent will expire within the coming days. The 0.2-acre site is a short walk from Holborn Underground Station which provides access to both the West End and The City. Potential buyers will need to obtain the price on application. The seven-storey building was constructed in 1905 as a hotel, and given listed building status in 1988.

News

Young’s credits improved performance to growing pub estate

Young’s pub and brewery company has credited its “improving and growing” estate with higher revenue figures during the beginning of the current financial year. In the first 13 weeks of 2023, Young’s revenue was up by 8.3% in total and 6.8% on a like-for-like basis against 2022. The group’s chair, Stephen Goodyear, has said that investment in its growing estate is the “key driver” behind its performance. He added that the group has already seen the benefits of acquisitions it made last year, which included the Griffin Inn in Fletching near Uckfield, East Sussex. A number of investments into Young’s existing estate were also credited, such as projects at the Marquess of Anglesey in Covent Garden, the Hare and Hounds in East Sheen, Hort’s Townhouse in Bristol, and the Clapham North in London, which is set to open in August. Young’s has also recently purchased the freehold interest in The Stag in Belsize Park and exchanged on three properties in the south of England. In May, the group said it was ensuring a “steady pipeline” of new openings. Goodyear said the Young’s board is optimistic for the year ahead, and is looking forward to this autumn’s Rugby World Cup and...

News

Durham retail park included in £43m LondonMetric sale

LondonMetric Property has offloaded a number of its assets for a total of £42.8m, including a retail park in Durham, which fetched £14.1m. Dragon Lane Retail Park spans 58,000 sq ft and is currently let to The Range and Lidl. The asset purchaser was not disclosed. Alongside the retail park, the real estate investment trust (REIT) has sold a 28,000 sq ft urban warehouse in Croydon for £8.1m and a “long income” property nearby to London Bridge for £3.1m. Additionally, LondonMetric has sold an urban warehousing estate in Croydon and another in Oxford as a portfolio, fetching £17.5m. The REIT said that the combined sales are in line with the book value of the assets as of the end of March. Andrew Jones, chief executive of LondonMetric, said: “We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35 million and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.” LondonMetric said that its total sales since 31 March have reached £64m in value. In...

Deals News

The White Company to make regional debut in Northern Ireland

The White Company is set to open its first standalone store in Northern Ireland after agreeing to join Belfast’s Victoria Square. The retailer will open in a 4,900 sq ft unit on the scheme’s lower ground level, sitting alongside Reiss, Ted Baker, and Sweaty Betty. The store is expected to open this autumn. The White Company offers a range of homeware products, including bedding, cashmere clothing, fragrances, sleepwear, and gifts. Russell Banham, UK head at asset manager Commerz Real, said: “Victoria Square has celebrated some significant new and exclusive retail launches and we are pleased to be welcoming the regional debut of the aspirational homeware and lifestyle brand, The White Company. This signing marks Victoria Square’s continued growth and appeal to premium brands who seek to engage with our catchment.” Sarah King, director of property at The White Company, said that Belfast had been identified as a “key part” of its UK expansion plans. The White Company will joins retailers including Gilly Hicks, Goldsmiths, Gym+Coffee, and Sweaty Betty which have all opened flagship stores at Victoria Square in the past 12 months. Lambert Smith Hampton and Savills acted as joint agents for Victoria Square. Victoria Square is managed by the Lambert...

Deals News

Center Parcs: £4bn sale under threat as frontrunners pull out

The race to purchase British holiday resort chain Center Parcs has cooled off as a number of frontrunners to purchase the business have pulled out. Center Parcs was put up for sale by its Canadian owner Brookfield in May with a price tag of somewhere around £4bn. The first round of bids were due at the end of June. Now it is being reported that private investment firms CVC and Blackstone have abandoned their plans of purchasing the six site-strong chain, according to The Times. Real estate investor Aermont is also believed to have pulled out of the race. Other interested parties including private equity firm KSL Capital Partners and GIC, Singapore’s sovereign wealth fund, are reportedly still in contention. The second round of bids is believed to be ongoing. A source told The Times that was there was “no juice” to tempt buyers. They added: “There’s not a lot to do to drive value and you can’t guarantee that you’re going to get a new site. I wouldn’t be surprised if they pulled [the sale] – Brookfield doesn’t need to sell right now.” Brookfield purchased the business from Blackstone in 2015 for around £2.4bn.

News

Golf concept pitch tees up for Canary Wharf opening

Indoor golf concept Pitch is looking to open its third London site at Canary Wharf, adding to its current portfolio of sites in Bishopsgate and Soho. Founded four years ago by golf professionals Elliot Godfrey and Chris Ingham, Pitch uses modern technology to provide a simulated golfing experience customers can enjoy alongside food and drink, live sports, and music from its venues’ resident DJs. It is now lining up to open under the WeWork site at 30 Churchill Place. The concept is looking to rapidly open in more venues across London, with an aim to roll out a number of sites within the capital over the next two years.

Deals

Hertfordshire Hollywood delayed as film studio construction put on hold

A contractor responsible for a £600m Hertfordshire film studio has stood down its supply chain, as the development comes to a halt. The owners of Hollywood’s Sunset Studios, Blackstone and Hudson Pacific, purchased the 90-acre site in Broxbourne to expand its filming and production capabilities on the other side of the pond. They had signed pre-construction agreements with contractor ISG late last year. The site had already been levelled by groundworks contractor Erith with construction expected to begin earlier in the spring. A supplier told the Construction Enquirer that they had received notification from ISG that all processes are on hold. The project may not start until next year according to suppliers, although no official statement regarding timelines has been released. It is believed that the project is under review amid high cost inflation and rising interest rates. The 2 million sq ft complex was originally expected to be completed within two years, with the construction of four main hubs which included 21 sound stages, nine workshops, and ancillary buildings. According to the Construction Enquirer, ISG said in an email to subcontractors that it will provide an update as soon as it has greater clarity on a revised programme schedule.

News

Developer submits plans for £4m Dudley entertainment quarter

Plans for a £4m development which looks to transform a number of historic buildings in Dudley into an entertainment quarter have been submitted by developers. Hush Property Developments has submitted the planning application for the Dudley Museum and Arts Gallery, which is part of the wider Dudley Entertainment Quarter project. As well as the museum and art gallery, the wider proposals involve the transformation of the Old Glasshouse restaurant and a neighbouring office block. The developments are expected to create a new leisure zone around Stone Street Square creating new jobs for local residents and attracting more visitors to the area. Under the proposals, the former Museum and Art Gallery will be repurposed into a hospitality and leisure venue, featuring food and drink operators, indoor cricket, laser-tag, mini-golf, escape rooms, and other activities. The Old Glasshouse restaurant, which has been vacant for the last year, is set to be reopened, while the nearby office block will be converted into a hotel. Paul Andrews, co-director of Hush Property Developments, said that seeing Dudley Council at last year’s MIPIM property event gave the developer confidence that Dudley was the “right place” to invest in. Patrick Harley, leader of Dudley Council, added: “Our presence at...

News

All but one Le Pain Quotidien bakeries to close following second collapse