Posts from October 2023

Evolve Estates, a commercial property and investment firm under M Core, has acquired 9-73 St Stephens Street in the heart of Norwich city center, spanning 160,000 sq ft. The purchase was made through an agreement with an undisclosed pension scheme. This property includes retail units on St Stephens Street, Queens Road, and Surrey Street, along with office accommodations on Surrey Street. Evolve’s Founding Partner, Joe O’Keefe, said the acquisition presented multiple improvement opportunities, adding that it is already in negotiations to fill more than 65,000 sq ft of vacant space. “The site is fantastically located, in a busy part of the city centre, close to the bus station and the main shopping area.” “Our strategy is simple: we invest in our retail sites, making the necessary improvements to enhance them and make them more attractive to both potential tenants and to the local communities who use them.” Evolve boasts a substantial pipeline of retail acquisitions, aiming to surpass £300 million by the close of 2023. M Core, including Evolve Estates, has invested more than £160 million in 25 retail centers within the past year. Clarke Wilmott represented Evolve, while Prime Retail and JLL acted as agents during the acquisition process....

Deals News

Zara to expand Watford store

Zara is set to expand its presence at Atria Watford, with plans to open a spacious 43,000 square-foot store across two floors, a significant upgrade from its current 18,000 square-foot location. The decision to upsize reflects the strong performance of Zara’s existing store at Atria Watford and the positive relationship established with the management team. The new store is expected to open its doors in 2024. Atria Watford, owned by property company SGS and managed by Global Mutual, houses a variety of well-known brands, including Next, Mango, Uniqlo, and Hollister.

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Frasers Group to combine offering at retail park

Frasers Group is set to open a new superstore at Boucher Retail Park. The retail giant reportedly paid £40 million for the Belfast shopping asset in March 2022 and now plans to amalgamate a number of its brands into a single Frasers anchor unit. The purchase was made from Corbo Properties and houses major retailers like B&M, Superdrug, Greggs, Boots, Next, and TK Maxx. Frasers has been heavily investing in the Irish market, dedicating over 500,000 sq ft of retail space across various brands in the last two years. The deal marks Frasers Group’s first acquisition in Northern Ireland since it bought House of Fraser stores in 2018. This previous deal included the House of Fraser department store at Belfast’s Victoria Square Shopping Centre. The purchase underlines Frasers’ continued interest in physical retail spaces, expanding their presence in a key out-of-town retail destination.

Deals

Discount retailer plans for 75 new stores

Poundland is embarking on an extensive three-month expansion strategy, aiming to open or relocate 75 stores in the final quarter of the year. This expansion follows the acquisition of 71 Wilko store leases by Pepco, Poundland’s parent company, after Wilko went into administration. 37 former Wilko stores are already operating as Poundland, this number will increase to 56 by November 4th. The locations include 19 former Wilko stores set to reopen in the next two weeks and a move into a section of the former John Lewis department store in Watford. Among the new locations are the Birmingham Fort and six former M&Co units (Portishead, Crewkerne, Midsomer Norton, Faversham, Newport, and Wells). Since its establishment in 1990, Poundland has developed a network of over 800 stores in the UK and the Republic of Ireland. Pepco Group operates in 21 territories, with more than 4,300 stores in regions including the UK, the Republic of Ireland, Spain, and across the CEE region. Additional store openings and relocations are planned in various locations.

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Rituals makes Watford debut

Rituals is continuing to expand to meet consumer demand, announcing its next location at Atria Watford Shopping Centre. Last month the cosmetics company announced its intention to open 25 stores in 2024, on top a further 10 stores before the end of 2023. The 10 stores include locations in East Midlands Designer Outlet, Ashford Designer Outlet in Kent, Belfast and Birmingham. Covering 1.4 million square feet, Atria Watford houses numerous brands and is owned by SGS, managed by Global Mutual. Steve Gray, Head of European Retail Asset Management at Global Mutual, was pleased with Rituals joining the center, enhancing the premium health and beauty brand presence. The new store is set to attract shoppers, especially as the festive season approaches.

Deals News

Grosvenor secures pop-up partner

Pop-ups have gained momentum as a solution for landlords and occupiers to test new locations and drive community engagement. In early 2023 Liverpool ONE announced thier intention to add more independant pop-ups into thier offering. Grosvenor have now announced thier pop-up partnership with Lone Design Club. Running from October 26 to November 15, 2023, “The October Issue” pop-up will showcase over 30 innovative brands that share a commitment to sustainable fashion. The collaboration seeks to provide a premium, immersive, untraditional retail experience. Attendees can look forward to various activities, such as cocktail evenings, luxury beauty treatments, crystal reiki sessions, and interactive art workshops. Jane Macdiarmid, Belgravia Retail Director at Grosvenor, said: “This pop-up store represents a unique opportunity for emerging brands to showcase their creativity and beautiful design to a new audience in Grosvenor.” “This collaboration perfectly aligns with our ethos of fostering innovation and sustainability. We believe this event will be a highlight leading into the festive period for both residents and visitors alike.” Featured brands in the pop-up store will include Kina and Tam, How Pabissi, Emily Carter, and Anape.

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Sephora announces second UK store location

After a long hiatus Sephora returned to the UK in March 2023 with a 6,000 sq ft space in Westfield London. After surpassing sales expectations the retailer has confimed it’s second location. Sephora’s second store is set to open on November 15 at London’s Westfield Stratford City. Exclusive brands, including Adwoa Beauty, Relevant, STRAAND, Salt & Stone, and Naked Sundays, will be available alongside Sephora’s existing portfolio. According to Christopher de Lapuente, the head of LVMH’s selective retailing division, the store in White City exceeded expectations with sales 300% better than anticipated in the first eight weeks. The new Stratford location aims to replicate this success.

Deals News

Merry Hill welcomes italian restaurant chain

Merry Hill recently celebrated the opening of the UK’s largest ten-pin bowling center, Hollywood Bowl, offering 24 bowling lanes and an amusement arcade area. The scheme is adding to it’s leisure offering with the opening of a 3,350 sq ft ASK Italian this November. With over 65 restaurants across the UK since its inception in 1993, ASK Italian offers an array of antipasti, stone-baked pizzas, fresh pasta dishes, and a variety of vegetarian, vegan, and gluten-free options, always drawing inspiration from Italy. The restaurant will complement the vibrant dining scene, nestled between Bon Pan Asian Restaurant and the successful newcomer, wagamama. Jack Gordon, Senior Asset Manager at Sovereign Centros, expressed excitement about ASK Italian joining Merry Hill’s dining scene, following the successful launch of wagamama. He emphasized the area’s potential to introduce diverse food and entertainment experiences. Merry Hill is represented by JLL and Time Retail Partners, while ASK Italian negotiated directly.

Deals News

Tapas restaurant debuts in Central London neighbourhood

Ukrainian-born Spanish concept Boca a Boca - a Spanish idiom meaning ‘word of mouth’ - is set to establish its first UK store in Fitzrovia, Central London.

Deals News

New sportswear brand to join Spitalfields

Swiss sportswear brand On is gearing up to launch its second store in the UK, situated in London’s Spitalfields. On is scheduled to open on November 3rd in a 310 sq ft unit at 37 Brushfield Street and aims to become a hub for community activities and running clubs. Diana Dowling, the Head of Retail Design at On, expressed enthusiasm for the new location, emphasizing the area’s historical charm and modern vitality as an ideal backdrop for the new store. The retailer introduced its first standalone European store on Regent Street in February. Much like On’s debut store, Spitalfields visitors can expect a Hybrid Explorer Display allowing customers to instantly compare different shoe models.

Deals News

Schroders appoints new Non-Executive Director

Schroder European Real Estate Investment Trust (SERE) has named Mark Beddy as an Independent Non-Executive Director, effective from January 1, 2024. Beddy, formerly a senior audit partner at Deloitte LLP, will join several committees, including audit, valuation, risk, nomination, and remuneration. He is also set to take over as Chair of the audit, valuation, and risk committee after Jonathan Thompson’s retirement in March 2024. Beddy boasts a rich career auditing and advising listed companies, particularly in real estate investment, development, and construction. Apart from his role at SERE, he takes on key positions in various organizations including a non-executive director of Portfolio REIT PLC, where he leads the Audit Committee and a trustee of a private real estate portfolio and an independent member of the credit committee for a real estate income fund.

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Welsh leisure scheme fully let as it welcomes two new restaurants

Cwmbran Leisure, a popular leisure destination in South Wales, has reached full occupancy with the addition of two new restaurants. World buffet, Legend, will take over unit 2, formerly let by Dolce Vita Italian, and Yes Baba, a Turkish restaurant, will occupy unit 3a. The development is part of LCP Group’s expansion after acquiring the leisure scheme in early 2023, just a year after their ownership of Cwmbran Centre. The Cwmbran Centre has also expanded its offering with a national sports and gym operator set to take over the former House of Fraser unit, along with new openings like Coffee#1 and and Dunelm. LCP Group, part of M Core, has a strong appetite for investment and is actively seeking opportunities across the country. M Core has invested more than £160 million over 12 months in 25 retail centres, and has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million.

Deals News

Exclusive: Landlord’s changes to Poole scheme hailed as “the future of retail”

Changes made by Legal & General Investment Management (LGIM) to a high street in Poole are “the future of retail,” according to a leading industry figure. Ibrahim Ibrahim, managing director of Portland Design and director of the High Streets Task Force, tells Completely Retail News that LGIM’s changes in Poole have had “an amazing impact”. In April 2021, the asset manager waived rents and rates for 10 new retailers for two years, at Kingland Crescent, adjacent to the Dolphin Shopping Centre, following a redevelopment. Of the original occupiers, six remain at Kingland Crescent. LGIM has since welcomed four new tenants bringing the street to full occupancy, with all operators moving towards performance-linked leases. Between March and May 2023 – following the arrival of a number of new tenants – overall turnover across Kingland Crescent was up 9% and the average turnover per unit was up 36% year-on-year. Footfall across the scheme, including at the Dolphin Shopping Centre, was up 11% during the first half of 2023 compared to 2022. Completely Retail News spoke to Matthew Soffair, senior research manager for retail and leisure assets at LGIM, about the changes made and the impact they have had. “From our perspective it...

Insights News

Two new F&B tenants to land at Gatwick Airport

Black Sheep Coffee and Krispy Kreme are set to open their first stores at Gatwick Airport, opening outlets across both terminals. The Restaurant Group-operated Giraffe World Kitchen will also be extending its presence in the South Terminal. Café chain Black Sheep Coffee will have two locations at the airport – one landside in the South Terminal and one airside in the North Terminal – whilst doughnut specialist Krispy Kreme will opening airside in the North Terminal. Giraffe World Kitchen will be expanding by some 1,281 sq ft to accommodate almost 60 more covers as well as a new bar area. Scottish beer company BrewDog is also set to open at the airport later this year. In July, Greggs launched its first shop in a London airport at Gatwick’s South Terminal, opening in a 1,600 sq ft store.

Deals News

Wingstop secures two new sites for 2024

Wingstop has added two new sites in London for its 2024 pipeline, as the fried chicken chain continues its UK expansion. The company behind the chain’s UK rollout, Lemon Pepper Holdings, has secured new sites in Clapham and Hounslow. Wingstop, which currently operates 37 sites in the UK, will join the High Street Quarter development in Hounslow, alongside Cineworld, Starbucks, and Heavenly Desserts. It will also be taking up residence the former Bodean’s BBQ site on Clapham High Street. Wingstop opened its latest location in Birmingham New Street, and recently announced that it will be joining Dudley’s Merry Hill scheme later this year. The operator has also secured the former Chiquito unit in Croydon Valley Leisure Park, splitting the site with burger brand Five Guys. Wingstop has already confirmed openings at Glasgow’s St Enoch scheme and Fountain Park shopping centre in Edinburgh.

Deals News

Lush to return to iconic London location after 10 years

Lush is set to make its return to Covent Garden, ten years after leaving the London shopping destination. Opening as a festive pop-up on 3 November, the 2,745 sq ft store will be expanded in spring 2024 by 1,894 sq ft to accommodate the opening of a Lush Spa. The store sits within a listed building with entrances from both Long Acre and Floral Street. Lush’s previous Covent Garden store was open between 1998 and 2013. Ellen Peters, Lush UK and Ireland property director, said: “We’re excited to accommodate our Lush Spa concept within this space and look forward to providing an oasis of calm within central London where our customers can slow down to speed up. Our thanks to Picton, the landlord, who we are grateful to have entered into partnership with, as well as all agents and solicitors involved in the process.” Earlier this year, the largest Lush store in the world was sold, with the 37,000 sq ft superstore on Liverpool’s Church Street fetching £9m.

Deals News

Women’s activewear brand opens Liverpool ONE flagship