Posts from September 2023

Under Armour is set to make its bricks-and-mortar debut in Northern Ireland at The Boulevard in Banbridge. The sportswear brand will be opening in a 2,589 sq ft unit at the designer outlet centre in November. Under Armour’s signing at The Boulevard follow’s the centre’s best-ever trading period this summer, with sales increasing by 10% year-on-year. The scheme has also renewed long-standing tenant Next’s lease and has welcomed Molton Brown to a permanent lease following a pop-up campaign. Paul McCann, asset manager at Lotus Property, the owner of The Boulevard, said: “Year-on-year The Boulevard is consistently outperforming its own record-breaking sales figures and is shooting up the league tables against its counterparts across the UK and Ireland. We are excited to welcome Under Armour onboard. “The sports and fitness categories have consistently performed well at The Boulevard. It’s something our shoppers want and the arrival of Under Armour will really strengthen our offering.”

Deals

Sook to pop-up at Liverpool ONE for regional debut

Pop-up retail space operator is set to open its first site in the North West at Liverpool ONE’s Upper South John Street. The opening – set for the beginning of November – marks the third partnership between Sook and scheme owner Grosvenor, following two successful ventures in London. Taking a 1,250 sq ft space, Sook will operate at the Liverpool scheme for three months, offering leases ranging between three days and a month. Making use of digital display boards, screens, and fixtures, the space will be designed to offer flexibility to suit tenant requirements. Sook also supplies retailers with a number of data analytics and digital planning tools, helping tenants operate with maximum efficiency. Rob Deacon, senior asset manager at Grosvenor, said: “Supporting all brands from independents and local businesses to established names in retail has always been a huge part of our strategy at Liverpool ONE and Sook’s unique model allows local brands the opportunity to have a physical presence where they may not have been able to otherwise. Having Sook at Liverpool ONE for the three month period will showcase a refreshing selection of new brands, and we’re looking forward to seeing the success it will bring to...

Deals News

Wilko creditors could recover only 4% of debts

Some creditors of collapsed high street retailer Wilko could recover as little as 4p to the pound of the money they are owed. The retailer’s administrators PwC informed unsecured creditors on Thursday evening that they were only likely to see recoveries of between 4% and 8%, Sky News has reported. According to documents from PwC, the Pension Protection Fund is expected to be paid in full the £20m it is owed as an secured creditor, however it is also owed millions of pounds as an unsecured creditor. Barclays and Homebase owner Hilco are also expected to be paid in full the £2.4m and £39.9m they are respectively owed. The Wilkinson family, which had run the business since the 1930s, has faced calls to hand back money it had received from the company in recent years through dividend payments. According PwC proposals seen by Sky News, the most recent payout to shareholders, amounting to £750,000, was made in February 2022. Between January 2019 and February 2022, the Wilkinson family had received £9m in dividend payouts. The retailer fell into administration in August after a difficult post-Pandemic period. The Range agreed to take control of Wilko’s brand and intellectual property, but all stores are set...

News

Extend empty rates relief to a year, says BPF

The British Property Federation (BPF) has called on the Government to extend empty rates relief from three months to 12. Currently, owners of vacant shops are given a three-month exemption from business rates to allow time for upgrades and re-letting. However, the BPF argues that the current rates relief is “not sufficient” for property owners to re-let their space. The federation has also called for a reintroduction of a 50% rate cut for long-term empty stores. This comes following an analysis into shop vacancy from Local Data Company (LDC), which looked at over 1,000 retail locations including high streets, shopping centres, and retail parks comprising over 124,000 individual shops. The analysis found that just 9% of vacant shops were reoccupied within six months, whilst almost a third (31%) of vacant units took over two years to become reoccupied. LDC’s data also showed a regional disparity across the UK, with only 4% of vacant stores in Yorkshire re-let within six months, along with 5% in the East Midlands and North East, compared to 13% in the South West and Greater London. The analysis also found that re-letting empty stores is a challenge across all location types, with 9.9% of high street...

News

John Lewis considers £150m sale of 12 Waitrose stores

The John Lewis Partnership is in talks regarding the sale and leaseback of 12 Waitrose stores in a deal worth £150m. The stores – which are predominantly based in the South East of England with 20-year inflation-linked leases – are expected to hit the market next week, Bloomberg has reported. CBRE is understood to be marketing the stores, although sources told Bloomberg that there is no certainty a sale will take place. John Lewis announced earlier this month that its recovery plan has been pushed back by two years to 2028, with the retailer citing inflationary pressures and greater than expected investment requirements. The retailer said that high rates of inflation in 2022, which led to an increase in costs of £179m, had led it to sharpen its focus on its “long-standing productivity challenge”. It has been a tumultuous period for the retail group, with chair Dame Sharon White enduring a vote of confidence from shareholders in May. She has previously sparked discontent over suggested plans to sell part of the business, meaning that John Lewis would no longer be entirely employee-owned. The group has also come under fire from campaigners over its plans to build a multi-storey residential scheme in Ealing,...

News

Watch: High streets must kick “addiction to transactional retail”

High streets must kick their "addiction to transactional retail", said Ibrahim Ibrahim, managing director of Portland Design, speaking with Lisa Pilkington, executive editor of Completely Retail News, at Completely Retail Marketplace on Tuesday (26th of September).

Insights News

Cardiff Market restoration secures £2.1m lottery funding

Cardiff Council has secured £2.1m of funding from the National Lottery Heritage Fund to aid its Cardiff Market restoration project. If the project receives full funding – which is expected to require a total investment of around £6.5m – the development would see the reveal of original design features, the restoration of traditional entrances and original stalls, the glass roof repaired, and improvements to the Victorian drainage system. Repairs would also be made to the H.Samuel market clock, whilst a ‘false floor’ installed at the Trinity Street entrance in the 1960s would be removed. The project would also see the introduction of a new activity and education room, as well as a new 70-seat eating area. The plans also detail the installation of new energy-efficient LED lighting and roof-mounted solar panels. Cardiff City Council leader Huw Thomas said: “Coming hot on the heels of cabinet agreeing the plans last week, this support from The National Lottery Heritage Fund marks a significant step towards achieving our aim of protecting, preserving and future-proofing Cardiff Market. “The market has been an important city centre space for small independent traders for almost 130 years, and now welcomes more than two million people through its...

News

Healthtrack Clubs targeting 150 sites by 2030

Family-focused health club chain Healthtrack Clubs has announced plans to expand across the UK, setting a target of 150 new sites by 2030. The chain – which currently has five sites in development – has appointed Savills to advise on its plans, targeting business parks, leisure destinations, and retail locations. Healthtrack Club’s existing sites include a mixture of new builds and refits ranging from around 48,440 sq ft to 75,350 sq ft in size. The chain’s flagship sites will span two floors across around 77,500 sq ft, with car parking space for 300 vehicles, as well as outdoor fitness areas, trim trails, zip wires, youth urban sports, and 3G football pitches on the roof. The clubs first two venues in Birmingham and Swindon will each be a £6m refit, and a £14m investment over two phases in 2024 and 2025. A number of experiences leisure entrepreneurs, teachers, coaches, property experts, construction companies, technology innovators, and brand experts have been brought together by the company’s CEO Andy Baker to lead the development of the project. Baker has said he is keen to meet landlords and organisations to discuss opportunities: “The two concepts go hand-in-hand, exercise and leisure are integral and what...

Requirements

Former Edinburgh Debenhams brought to market

Legal & General has brought the former Debenhams department store on Edinburgh’s Princes Street to market. A £50m revamp of the property which would see the former store converted into a 207-bedroom hotel was given the green light by councillors in 2021. Also included in the proposals is the creation of a rooftop bar and restaurant, a café and bar on the lower floors, and a spa and wellness facility. JLL, which has been appointed to market the property, said the potential hotel would benefit from a footfall of over 400,000 pedestrians per week due to its position on the prominent shopping street. Kerr Young, head of UK national hotel transactions at JLL, said: “Edinburgh is the UK’s best performing hotel market and one of the most sought after in Europe, having enjoyed sustained growth in average room rates and revenue per available room over recent years. “109 Princes Street provides an outstanding hotel development opportunity. “We have worked with our clients over recent years to optimise the design and density of the proposed scheme, and we anticipate an exceptional level of interest from a variety of owner operators, developers and investors from across the globe.”

News

Aldi unveils priority locations as it targets 1,500 stores

Aldi has revealed its priority locations for new supermarkets as it looks to hit its long-term target of 1,500 stores. The retailer – which opened its 1,000th UK store in Woking earlier in September – is set to invest £1.4bn into its estate over the next two years. The areas which Aldi is prioritising include: The retailer is searching for freehold town-centre, edge-of-centre, and retail park sites suitable for development. Ideal sites will be able to accommodate a 20,000 sq foot store with around 100 parking spaces. Locations near a main road with good visibility and access are preferred. Richard Thornton, communications director at Aldi UK, said: “The areas we’ve identified in our latest list are places where there is demand for stores and we are committed to continue investing until we can bring our quality products and unbeatable prices to as many people as possible.”

News Requirements

Historic Scarborough pier set to be revamped in £11m development

Formal plans for an £11m revamp of Scarborough’s historic West Pier are due to be submitted to councillors. The proposals will look to bring a number of benefits to the town’s fishing industry, businesses, residents, and visitors. The plans for the West Pier include a new seafood restaurant and a new public space, which could be used for outdoor events and cultural activities. Also proposed are new kiosks, parking, vehicle and pedestrian management, improved offices, sheds and warehousing for the fishing sector, and new public toilets. Scarborough was awarded £20.2m of funding in 2021, £5m of which will contribute to creating modern facilities on the pier for the harbour users with improvements for existing pier tenants and businesses, as well as restoration work of some of the historical buildings. Prior to the application’s submittal, North Yorkshire Council has launched a wide-ranging consultation with local stakeholders to ensure that a variety of views are heard. This includes face-to-face consultations and online surveys to allow as many people as possible to provide their opinions. Councillor Derek Bastiman, executive member for open to business, said: “The West Pier project is one of the key cornerstones of the regeneration of Scarborough. “It will respect...

News

New CEO appointed as Morrisons records fifth consecutive period of growth

Morrisons has appointed a new chief executive as the retailer reports a fifth consecutive quarter of like-for-like growth. Rami Baitiéh, the former chief executive of French retail and wholesaling company Carrefour, will take over from David Potts – who has led Morrisons for nine years – in November. Sir Terry Leahy, senior advisor at private equity company CD&R, which acquired Morrisons in 2021, said: “Rami is an exceptionally talented and highly capable leader with a strong track record of driving performance wherever he has been posted. Rami will bring energy, innovation, and dedication to expanding Morrisons loyalty programmes and digital reach, while ensuring that the company’s long legacy of quality, and mission to deliver value for shoppers is preserved.” This comes as the retailer revealed that its like-for-like sales increased by 2.9% during the 13 weeks to 30 July. During the period, Morrisons’ total sales grew by 3.1% to £3.8bn. The retailer has continued to grow its convenience offering during the period, adding 122 Morrisons Daily stores. It has also opened a further 89 during the current quarter so far to take the total to 607. David Potts said: “We are shaping a broader and stronger Morrisons. Alongside the growth in...

News

Five key opinions from Completely Retail Marketplace

Over 1,600 delegates and almost 500 retailers came through the doors at the largest Completely Retail Marketplace event ever on Tuesday. Completely Retail News sat down with some expert figures in the retail and leisure property market to get their views and forecasts. Here are some of the key takeaways: The industry just needs “to get on and do it” We don’t need more high street reviews such as 2011’s Portas Review and 2013’s (and latterly updated in 2018) Grimsey Review, instead the industry should focus on action, said Ruth Moorhouse, director at Ellandi. “We’re in a position now where we just need to get on and do it as a retail environment”, she said. “We just need to… put our foot down and get on with making some of this change and start making some smaller steps and try and move our high streets forward”, Moorhouse added. Her sentiments were echoed by Ibrahim Ibrahim, managing director of Portland Design: “[It’s] time to stop reviews, time to stop talking, and let’s put some great initiatives forward and use those as best practice and share them, really understand what the data is, how it happened, and show some really good benchmarks...

Insights News

First former Wilko Poundland stores to open this weekend

The first Poundland stores in former Wilko branches are set to open this weekend (Saturday 30th September). The retailer will be opening the new stores in Barking, Eccles, Jarrow, Leigh, Maidenhead, Nelson, Scunthorpe, Southport, Stafford, and Stockport. Earlier this month, Poundland agreed to take the leases of 71 Wilko stores. Poundland said that the leases it had taken on are largely in areas where it has a “limited presence”. Wilko fell into administration in August after a difficult post-Pandemic period saw lower footfalls and a decline in consumer spending due to the cost-of-living crisis. At the time, it employed over 12,500 members of staff. Darren Kay, retail director and Poundland, said: “We’re pleased to be able to re-open so quickly – not least because our ambition is to provide job opportunities for former Wilko colleagues. “Of course, we’re not yet in a position to offer our fullest ranges in these stores, but we know customers will appreciate a shop that’s open, trading and employing colleagues to one that’s got its shutters closed.” Despite the closure of all Wilko stores, the brand is set to remain on high streets, trading through The Range, which purchased the retailer’s intellectual property. Rival retailer B&M also acquired up...

News

Liverpool ONE helps city’s retail ranking climb from 17th to fifth

Liverpool has gone from the 17th to the fifth most popular UK shopping destination since the opening of the Liverpool ONE shopping centre in 2008. In a study commissioned by scheme owner Grosvenor, consultancy firm Deloitte found that the centre has generated £4.1bn in economic activity since opening its doors. Grosvenor – which is celebrating Liverpool ONE’s 15th birthday – said the project is emblematic of how regeneration can transform a city. The study found that since opening, Liverpool ONE has welcomed 390 million visitors, played a key role in the 24% growth in economic value for the region’s visitor economy, and has supported an average of 4,700 jobs annually for Liverpool residents. The 2.5m sq ft scheme was developed as part of a joint partnership between Grosvenor and Liverpool City Council, and is an early example of ‘levelling up’ areas outside of London. Grosvenor said its management of Liverpool ONE has seen it become one of the UK’s leading retail and entertainment destinations, with average spend per head increasing by 89%, sales increasing by 195%, and the catchment area increasing by 77%. The group added that the scheme has demonstrated its ability to attract brands to open their first stores outside of London, or to choose Liverpool...

News

Plans unveiled for cultural experience at London’s spy tunnels

Plans to convert an underground tunnel system in London once used by spies into a cultural experience have been revealed. The London Tunnels group is looking to transform the mile-long Kingsway Exchange Tunnels into a space for entertainment businesses, artists, performers, and curators, in a project worth £220m. The site has been purchased from British Telecom, which has owned the tunnel system since the 1980s. Originally constructed for Londoners during the Blitz, the 86,111 sq ft tunnel system under Holborn was later repurposed during the Cold War to serve as a secure long-distance telephone exchange. It was once occupied by the Special Operations Executive – an offshoot of MI6 and the inspiration for ‘Q Branch’ in the James Bond novels. Subject to approval, The London Tunnels Group will look to bring the history of the tunnels to life, installing high-resolution large-scale curved immersive screens, as well as interactive structures, scent-emitting technology, and hundreds of individual pinpoint speakers. It could also see the return of Britain’s ‘deepest licensed bar’, 40 metres below ground. The group says the project, which is expected to open in 2027, could host an operational capacity of 2 million visitors a year. Paul Baker, director of architecture...

News

BOX to make regional debut in Nottingham

BOX is set to open its first venue in the East Midlands with the opening of a bar and restaurant in Nottingham. Taking a 16,000 sq ft Grade II-listed building on the corner of Thurland Street and Pelham Street, BOX Nottingham will extend over two floors and cater to 650 guests at a time. BOX is one of three brands owned by Arc Inspirations, alongside American-style cocktail bar Manhatta and bar chain Banyan. BOX is a sports-led concept, utilising various in-house competitive games whilst also offering live sports. BOX operations manager Kirsty Clarke said: “Nottingham is home to some of the best sports fans in the country, from football and cricket, to ice hockey and tennis, so it’s the perfect choice for our first East Midlands venue.” The new site will be the BOX brand’s largest, beating out its venue at Birmingham’s Brindleyplace which opened earlier this year. BOX Nottingham is expected to open on 11 November.

Deals News

MINISO to debut new format in London Chinatown