Posts from November 2023

WHSmith has said it is planning to open 15 new UK stores during the 2024 financial year. The retailer said it has already contracted the opening of 12 stores, whilst four are expected to close during the period. This comes as WHSmith releases its preliminary results for the 2023 financial year, a period during which it opened 20 new stores in the UK. This included six in airports, eight in hospitals, and three in railway stations. During the period, the retailer closed 19 smaller and “less well located stores” in its travel division. WHSmiths’ chief executive, Carl Cowling, previously said the retailer would not be opening any more high street stores as it focuses on its travel estate. WHSmith closed 13 high street stores during the year. During the year ending 31 August 2023, WHSmith saw its group revenue increase by 28% year-on-year to to £1.79bn. Revenue in the retailer’s UK travel division was up by 36% year-on-year. Revenue in WHSmith’s UK air, hospital, and rail channels was up year-on-year by 48%, 32%, and 15% respectively. The retailer’s headline pre-tax profit was £143m, up by 96% compared to the prior year. Carl Cowling said: “Our global travel business is growing...

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Prime Newcastle retail unit brought to market

A prime Newcastle retail unit has been brought to market. The unit at 15-21 Northumberland Street, part of Monument Mall in Newcastle city centre, will offer 7,899 sq ft of prime retail space over two floors. The unit will be created with the reconfiguration of the Sports Direct store following the retailer’s relocation from the destination. The remaining space will be repurposed to create a number of basement and upper floor bar and roof terrace opportunities. The plans for the creation of the rooftop bar at the building were unveiled earlier this year. Monument Mall – which was reconfigured and refurbished in 2013 – provides over 130,000 sq ft of retail space, and is home to operators such as Hugo Boss, Reiss, Fat Face, Rox, Michael Kors, and The White Company. The scheme sits adjacent to Fenwick department store and Waterstones, with nearby occupiers including Barry Jewellers, Hotel Chocolat, Vans, Goldsmiths, Reid & Sons, and The North Face. Other retailers on Northumberland Street include JD Sports, Flannels, WHSmith, Footasylum, Superdrug, and M&S, whilst nearby bar and restaurant operators include 5 Guys, TGI Friday’s, and Chaophrya. Ian Angus of @retail and joint agent Stephen Henderson of Savills have been appointed to...

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Uniqlo lines up Oxford Street opening and Scottish debut

Uniqlo is set to continue its London expansion with the opening of a new store within the One Oxford Street development. The Japanese clothing retailer has also confirmed it will be making its Scottish debut in Edinburgh, as Completely Retail News previously reported. The Oxford Street store will span approximately 16,501 sq ft, and will join a number of Uniqlo stores in the West End. The company – which operates 17 UK stores, opened in Covent Garden in April and on Regent Street in 2022. The store will sit at the Tottenham Court Road tube station, which has become increasingly important since the opening of the Elizabeth Line. Meanwhile, Uniqlo’s Edinburgh store will span 15,392 sq ft across two floors in the former BHS store at 64 Princes Street. Alessandro Dudech, chief operating officer of Uniqlo UK, said: “We are excited to take this next big step in the UK’s expansion plans with two new stores in spring 2024. It’s an honour to be opening in not only a new city but a new country, Edinburgh is a city of great cultural and historical heritage, we have many existing Scottish customers who shop through our e-commerce site, and Edinburgh has...

Deals News

Sweaty Betty set to open in Sheffield

Sweaty Betty is set to open at Meadowhall shopping centre in Sheffield before the end of the year. The 2,200 sq ft store will be the women’s activewear brand’s largest in the region, and the second of its new ‘customer-focused’ concept stores in the UK. The brand offers a range of items including leggings and performance pieces for running, yoga, and swimming. Sweaty Betty in Sheffield will feature newly-designed fitting rooms and be fitted out with sustainable and environmentally friendly materials. Sweaty Betty’s Meadowhall store will be located on upper level of the The Avenue, a newly-renamed section of the scheme which is currently undergoing a transformation to enhance the shopping experience. Darren Pearce, centre director at Meadowhall, said: “We promised the reveal of more amazing new brands coming to the centre, and specifically The Avenue, and I’m so pleased to be able to confirm Sweaty Betty as one of those, with its doors opening in the very near future. Not only will it be the biggest store in the region but the only one in South Yorkshire, and will join an exciting line up of new openings over the coming months and into next year. I’m sure this one...

Deals News

B&M store target increases to 1,200

B&M has increased its long-term store target to no less than 1,200 locations, as the variety retailer ups its earnings guidance for the 2024 financial year. This target is increased from B&M’s previous ambition of 950 new stores it set in 2017. Currently, the retailer operates 712 UK stores under the B&M brand and 328 under the Heron Foods and B&M Express brands. It also operates 119 B&M stores in France. Over the next three years, the retailer plans to open at least 125 stores, supported by its recent acquisition of 51 former Wilko stores. In total, B&M has a store target of 35 new units in the current financial year and no less than 45 in each of the next two years. During the first half of the 2024 financial year – which comprises the 26 weeks ending 23 September – B&M opened 13 new stores, a net increase of five. B&M said that during the period, its existing UK stores saw a like-for-like sales increase of 6.2%. The retailer’s group revenue increased by 10.4% year-on-year to £2.5bn, whilst adjusted operating profit increased by 19.1% to £263m. As a result, B&M has adjusted its earnings (EBITDA) guidance for the...

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NOTTO set to open second restaurant in Covent Garden

Italian inspired restaurant NOTTO is preparing to open the doors to its second location in London’s Covent Garden. The concept – which is led by Michelin-starred chef Phil Howard – will be opening at 4 Henrietta Street, building on its success at its flagship destination in Piccadilly. Opening in a 1,485 sq ft unit, the 96-cover restaurant will launch on 13 November and offer a range of pasta dishes along with focaccia, starters, and desserts. Covent Garden is owned and managed by Shaftesbury Capital. Thomas Pain & Company acted on behalf of NOTTO to secure the site. CBRE acted for Covent Garden.

Deals

The Real Greek set to open debut Liverpool site

Authentic Greek restaurant The Real Greek is set to make its Liverpool debut after agreeing a deal to open at Grosvenor’s Liverpool ONE shopping centre. Occupying a 3,900 sq ft unit on Paradise Street, the Fulham Shore-owned operator’s arrival will take the total area of food and beverage and leisure space signed at the scheme in 2023 to 156,000 sq ft. The 162-cover restaurant will offer hot and cold meze, souvlaki Wraps, Greek salads, and sweet treats such as baklava. The drinks menu will include Greek wines, beers, and aperitifs. In addition, Caribbean restaurant and bar Turtle Bay has upsized its existing location on Hanover Street to create a 3,700 sq ft flagship, whilst independent café and cocktail bar Loretta’s Parkside Tavern has recently opened on Chavasse Park. The other food and beverage and leisure operators to take space at Liverpool ONE this year are Gravity MAX (100,000 sq ft); Flight Club (10,000 sq ft); MOJO (3,500 sq ft); Byron (3,200 sq ft); Leveltap (6,500 sq ft); Joe & The Juice (1,800 sq ft); Bean Coffee Roasters (4,400 sq ft); and School Lane Hotel (17,400 sq ft). Rob Deacon, asset management director at Grosvenor, said: “The Real Greek is an...

Deals

Islington Square 95% let after independent signings

Cain International’s Islington Square has agreed the signing of five independent brands, bringing the mixed-use scheme’s retail and leisure space to 95% let. Joining the development is childrenswear brand Wheat, which will make its debut in London with the opening of a 1,919 sq ft store. Lettings have also been agreed with artisan florist brand The Rooms and women’s clothing brand Percy Langley, which will be opening their second London locations with 370 sq ft and 1,439 sq ft units respectively. Meanwhile, clothing brand The Good Neighbour has agreed to take a 1,715 sq ft unit on a six-month basis. The retailer will open a pop-up store with the potential for conversion to a permanent site. The new lettings bring the total amount of deals completed at Islington Square this year to eight, with The King’s Head Theatre, Energise Games, and Sticky Mango all agreeing to join the development in 2023. Islington Square is also home to brands such as Anthropologie, Borough Kitchen, Arlo & Jacob, APC, and Duck & Dry, and restaurants including Megan’s, Sticky Mango, Prezzo, Bewliehill, and Omnom. Robert van Vliet, vice president for asset management at Cain International, said: “Joining our existing strong leisure, retail and...

Deals News

M Core completes £35m retail portfolio acquisition

M Core has completed the £35m acquisition of the Harrier portfolio, which spans over 334,000 sq ft of retail assets across England and Scotland. The most dominant asset in the portfolio is Antelope Retail Park near Southampton, which comprises nearly 138,000 sq ft of retail space. It is anchored by national retailers including The Range, Lidl, Ninja Warrior, KFC, The Gym, Greggs, and Costa Coffee. M Core has also added Meynell Road Retail Park in Darlington, a 28,866 sq ft asset anchored by B&M and McDonald’s. Also included in the Harrier portfolio is a 37,500 sq ft Matalan store in Newport, the Isle of Wight, a Morrisons store in Coventry, a The Range store in Dumfries, a Wickes in Bury, and two Co-op stores in Southport and Malmesbury. The portfolio will be managed by commercial property and investment company LCP, which is part of M Core. LCP group managing director James Buchanan, said: “We could not let up this exceptional opportunity to acquire such a high-quality, multi-site portfolio, spanning much of the UK. These assets include significant retail destinations in affluent locations, of a size, scope and social impact that supports our investment goals. “We are excited by the potential...

Deals News

Avison Young appoints co-managing directors to London office

Avison Young has announced the appointment of two co-managing directors to its London office. Kat Hanna, who is the commercial property firm’s current director of strategic advisory and place strategy, has been appointed along with Adrian Boyce, who is currently principal and head of project management, workplace, arts and culture. Hanna joined Avison Young over a year ago, supporting the Management Committee in business planning and corporate strategy. She has worked in politics, policy, and development in London over the last decade. Hanna is also the chair of the NLA NextGen Committee and a trustee of the London Society. Prior to her time at Avison Young, Hanna worked as masterplan strategist for Lendlease, overseeing the over-station development of Euston in London. She has also held roles at Cushman & Wakefield and Centre for London. Adrian Boyce joined Avison Young earlier this year, bringing experience within project management and a background in occupier-focused solutions. He has over two decades experience in London’s real estate market, having previously held the role of head of capital project solutions at JLL for seven years. There he worked across a number of leadership roles across project management, sales, and occupier solutions. Prior to his time...

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JD Sports requires retail park space for expansion

JD Sports has set out its store requirements as the retailer looks to continue its expansion into the retail park market. The sportswear retailer opened 16 new retail park stores in 2021 and 2022, with a further eight all to open by the end of the year, including its 100th retail park site. The eight sites are: In March, the JD Sports said it is looking to open 10 retail park stores a year, as part of wider expansion plans which would see the retailer launch hundreds of new stores annually. Ideal units will be between 6,000 and 10,000 sq ft on the ground floor with 2,000 sq ft at mezzanine level. JD Sports is looking to open in retail parks which contain other high street retailers. James Potter of the newly-launched Park Place Retail has been appointed to find suitable locations.

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Victoria Leeds at full occupancy following seven lettings

The Victoria Quarter in Leeds is now at full occupancy following agreements with seven new tenants to take space at the shopping centre. The scheme – which has not been at full occupancy since it opened in 2016 – will welcome the operators on either a permanent or temporary basis before Christmas. Home furnishings brand Cox & Cox will be opening in November, offering a range of home furniture and accessories, whilst spirits retailer Wolfe Bros of Yorkshire will be returning to the scheme for a second year, opening a temporary pop-up store. Also opening this month is beauty salon Allertons, which will offer a number of treatments, as well as lingerie specialists Pour Moi. Curated Makers will be bringing together a number of small artisanal businesses under one pop-up, whilst technology-focused charity Rasberry Pi will also be opening on a temporary basis. Another pop-up – rum retailer Libations – will also be joining the Leeds scheme. Jo Coburn, senior manager at Victoria Leeds, said: “We are thrilled that Victoria Gate is fully occupied, with every unit now filled and more to open in 2024. Victoria Leeds has long been a destination in its own right, but now fully let,...

Deals News

Sheffield retail warehouse plot acquired for £5.4m

Placemaking and regeneration specialist LCR has completed a £5.4m acquisition of a 1.82 acre site in Sheffield which is currently home to retail warehouses. The site on St Mary’s Road is a five minute walk from the city’s main train station, Sheffield Midland, and is part of an area earmarked for regeneration. The two-unit scheme is currently solely occupied by a DFS store following a relocation from the site by Wren Kitchens. The acquisition comes as part of LCR’s partnership with Sheffield City Council, South Yorkshire Mayoral Combined Authority, Homes England, and Network Rail to deliver regeneration around Sheffield train station. The partnership had previously established the Sheffield Midland and Sheaf Valley Regeneration Framework, which looks to improve the connectivity between neighbouring communities, optimise rail facilities, and enable the delivery of new homes, jobs, and public value. The regeneration programme aims to create an enhanced area around the train station, improved transport connections, new travel routes, better public realm, and the creation of mixed-use developments. Karl Drabble, regional director at LCR, said: “This is good news for the North’s rail infrastructure and this acquisition is an early milestone for progress around Sheffield Midland Station. Over time, regeneration around the gateway to...

Deals News

M&S targets nearly 700 updated stores by 2028

Marks & Spencer is aiming to accelerate its store rotation programme to create an estate of around 180 full-line and 400 M&S food stores by the 2028 financial year. The retailer said that is has been “constrained by its historic failure to modernise a legacy store base” for many years. M&S recently announced that it would be investing £80m into its “biggest ever” month of store openings in November. Its latest store, in Birmingham’s Bullring, opened on Tuesday. This comes as the retailer releases its results for the first half of the 2024 financial year, a period during which it decreased the size of its full line and food estates by two stores each. During the period, which comprised the 26 weeks ending 30 September 2023, the retailer’s store rotation included the relocations of full line stores at Leeds White Rose and Liverpool ONE as well as the opening of a new, smaller line format at Purley Way, Croydon. M&S renewed an additional six stores during the period, which it said were “performing well” and exceeding its objectives. During the second half of the year, M&S said it has a further six renewals planned, which – alongside new stores –...

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The O2 bolstered by record-breaking half term and major upsize

The Entertainment District and Outlet Shopping at The O2 have enjoyed solid October trading, bolstered by a record-breaking half-term and the upsizing of Calvin Klein. The fashion retailer has upsized its presence at the London destination by 87%, moving to a 6,576 sq ft store on the outlet centre’s upper level. The store has diversified to include a dedicated childrenswear section. Outlet Shopping at The O2 saw a year-on-year increase in sales of 19% in October, with year-to-date sales up by 51% compared to 2022. As well as Calvin Klein, the centre has been strengthened by upsized stores for Tommy Hilfiger and Lids, and recent additions of Carvela and French Connection. Meanwhile, the Entertainment District at The O2 saw a year-on-year sales increase of 47% in October, whilst year-to-date sales were ahead of 2022 by 39%. The destination has recently welcomed Afrikana and Chipotle, which joined over 30 food and beverage operators at the centre. During the half term week (21-29 October), year-on-year sales were up by 31% across the whole scheme, with The Entertainment District and Outlet Shopping seeing increases of 40% and 19% respectively. Janine Constantin-Russell, managing director at Outlet Shopping at The O2 and The Entertainment District,...

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London’s first carbon-negative coffee shop opens in Chelsea