Posts from November 2023

Selfridges could be sold as its co-owner Signa Group faces a financial crisis. The parent group has called in restructuring experts to raise funds and help alleviate a cash crunch. It is believed that Signa’s stake in the department store chain is likely to be auctioned with its other co-owner, Central, the most likely buyer, The Sunday Times has reported. Signa and Central, which jointly purchased Selfridges for £4bn last year, own a number of department store businesses across Europe. Signa – a retail and property group – has recently been hit by increasing borrowing costs and falling property valuations as it has looked to expand. Last week, its shareholders looked to remove the group’s chair René Benko. Central told The Sunday Times it remained committed to all of its department stores. Selfridges said: “This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders. “We are delighted to have the ongoing and unwavering support of Central Group. We are very focused and excited by the Christmas period and welcoming our customers into our stores for an exceptional experience”. In October, Selfridges reported it had recorded an increase in revenue for the year ending 28...

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Shein eyes Topshop bid

Fat-fashion retailer Shein has formally registered its interest in acquiring fashion brand Topshop. However, a source told The Times that the person leading the sales process of Topshop is “not keen” on Shein. In October, it was reported that Topshop’s owner ASOS was considering a sale of the brand as it looked to turnaround its struggling fortunes. ASOS had posted a near-£300m loss in the previous financial year. ASOS had purchased the Topshop brand alongside Topman, Miss Selfridge, and HIIT in February 2021 in a deal which reached a value of £330m. A purchase of the Topshop brand could see it make its return to UK high streets after it fell into administration in 2020. The news follows Shein’s recent acquisition of Missguided and its intellectual property rights from retail giant Frasers Group. Last month, Shein also extended its partnership with Authentic Brands, the owner of Forever 21.

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Gail’s looks to expand

Gail’s has laid the requirements for its new stores as the artisanal bakery chain continues to expand. The operator is seeking units around 1,400 sq ft in size in any location in which it is not currently represented. Corner units with outdoor seating are preferred, but not essential. Gail’s – which first opened in Hampstead in 2005 – now operates in over 120 locations, predominantly in the South East. Recent openings include in Knutsford and Witney. Stephen Fixman of Forty Group has been appointed to find suitable locations in London, Essex, Kent, Surrey, Hampshire, East Sussex, and West Sussex. Four & Co’s Gareth Storer has been appointed for the Manchester, Oxfordshire, Berkshire, Buckinghamshire, Hetfordshire, and Bedfordshire regions.

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Lounge to make Liverpool debut with pop-up

Lounge is set to make its Liverpool debut with the opening of a Christmas pop-up at Liverpool ONE. Taking a 4,000 sq ft space, the underwear brand will be launching its pop-up store on South John Street this December. The store will feature the brand’s range of lingerie, loungewear, and nightwear. It will be fitted out in Lounge’s ‘modern luxury’ style, with neutral-toned interiors and curated lighting. Following a number of successful pop-ups, Lounge made its first venture into bricks-and-mortar retail earlier this year at Westfield White City. The brand is targeting a further seven locations over the next 12 months. Rob Deacon, asset management director at Grosvenor, said: “Lounge is becoming increasingly renowned across the UK and internationally, so the launch of the upcoming Christmas pop-up at Liverpool ONE is a hugely exciting moment for us. We are seeing a growing amount of successful online retailers like Lounge seek physical locations, so we are very pleased to be welcoming them to South John Street in their city debut, reemphasising Liverpool ONE as the go-to destination for expanding, innovative retailers, and the continued resilience of the high street.” The announcement follows the successful return of ARNE’s pop-up at Liverpool ONE....

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Two signings set to open at Luton’s The Mall by Christmas

Sovereign Centros, on behalf of scheme owner Frasers Group, has announced the signing of two new tenants at The Mall in Luton. The Range has signed for a 35,000 sq ft unit which it will operate under the Wilko fascia which it acquired in September. The store – which was previously operated by Wilko – is one of five opening under the brand during the festive period. Starbucks will also join the centre, having signed a 15-year lease for a 1,720 sq ft unit in the middle of the centre. Both brands intend to open this side of Christmas. Mark Stapleton, asset manager at Sovereign Centros said: “These two openings are great news for the centre and the town ahead of that critical pre-Christmas period and will give shoppers an added reason to visit us.” In March, Frasers Group acquired the Luton scheme for £58m from Capital & Regional. The 900,000 sq ft shopping centre is home to retailers such as Primark, Tk Maxx, H&M, River Island, and Boots. Its grocery offer includes Lidl and Tesco Express, whilst food and beverage operators at the scheme include Costa and Muffin Break. The Mall’s retained letting agents are JLL and NM Real...

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Gloucester outlet centre could be sold for £85m

Gloucester Quays could be put on the market with an £85m price tag, according to reports. The scheme’s owner, Peel Lifestyle Outlets, has appointed Cushman & Wakefield to handle the sale, according to React News. The centre was previously put up for sale in 2021 with an asking price of £105m. Gloucester Quays first opened in 2009 following a £248m investment. It is home to brands such as Adidas, All Saints, Crew Clothing, FatFace, Jack Wills, and Ted Baker. A further £60m development saw Cineworld open in 2009, as well as the arrival of a number of food and beverage operators. The scheme is now home to Bills, Cote Brasserie, Five Guys, Pizza Express, Nando’s, and TGI Fridays, amongst others. Recent arrivals at the Gloucester development include Puma, Next Outlet, Roller Express, Claires, and pop-ups Calendar Club and Berrey’s Pick ‘n’ Mix. However, the scheme has recently lost key tenants such as Gap, Calvin Klein, and Nike.

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Asset manager appointed at Centre:mk

Retail property advisor Time Retail Partners has been appointed to the leasing team at Milton Keyne’s Centre:mk shopping centre. The firm will be working alongside the scheme’s existing leasing agents FMX Urban Property Advisers. The 1.79m sq ft scheme – which is located in Milton Keynes’ central business district – has recently welcomed tenants such as Reiss, Mango, H&M, Pho, and Itsu. FMX said: “As one of the UK’s top 10 retail and leisure destinations, it’s fantastic to see centre:mk backing niche retail specialists to lead on its leasing strategy, demonstrating confidence in our market-leading expertise and breadth of industry contacts.” Nick Symons, David Justice, Filippa Mudd, and Charlie Spilsbury are FMX’s agents appointed to the scheme. Antony Carroll, Matthew Cassell, and Alice Deadman have been appointed by Time Retail Partners.

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Loungers to open in South Wales shopping centre

Loungers is gearing up to open Consurio Lounge at Castle Court Shopping Centre in Caerphilly, South Wales, this December. The name – consurio meaning ‘conjuring’ in Welsh – is a nod to comedian and magician Tommy Cooper’s home town. James Taylor, asset manager at ESTAMA UK, said: “We are absolutely delighted to be welcoming Loungers to Castle Court Shopping Centre. Loungers are a superb occupier who will enhance the offer that the shopping centre provides to the town and community. This is a real show of faith in the town as it embarks on exciting regeneration plans.” In October, Loungers – which owns the Lounge, Cosy Club, and Brightside brands – said it is on track to open a total of 34 new sites during the 2024 financial year – a record number for the group. EJ Hales acted on behalf of ESTAMA.

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Womenswear brand launches first permanent store on the King’s Road

Womenswear brand Chinti & Parker has opened its first permanent store on Chelsea’s Kings Road, following a number of successful pop-ups over the last two years. Opening at No.322, Chinti & Parker will offer a range of designs including luxury cashmere, and will sit nearby to retailers such as Birdie Fortescue and Love My Human Townhouse. The store has been designed by the retailer’s in-house team, and looks to deliver a minimalistic and sleek experience. Sustainable fashion brand Aspiga has also opened a larger store on the King’s Road this month, replacing its current unit. The 1,835 sq ft store at No.312-314 will be open until March next year and stocks a range of dresses, corduroy tailoring, wool knitwear, resortwear, and handcrafted accessories. A collection of menswear is also available. Hannah Grievson, property director at Sloane Stanley, said: “Welcoming Chinti & Parker back to the King’s Road as a permanent tenant demonstrates just how successful our ‘on-demand’ leasing strategy is. By trying out the location and testing the waters with a series of pop-ups and growing its appeal to the wider demographic and community, we’ve been able to convert this into a permanent store. “We always want to collaborate, enabling...

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Merry Hill welcomes fitness operator for UK debut

Fitness operator XTRAFIT is set to make its UK debut next summer at Merry Hill Shopping Centre in Dudley. The German brand will occupy 40,000 sq ft of space in the former Debenhams department store, providing athletic space and offering a range of courses. The open-plan unit aims to be an industry-leading workout zone for all fitness levels. Open 24 hours a day, XTRAFIT will provide members with additional services including saunas, massage chairs, and changing facilities. Graeme Jones, director of asset management at Sovereign Centros, said: “The commitment of XTRAFIT as a UK debut is evidence of Merry Hill’s appeal, and the destination’s leasing momentum brought about by our determination to deliver a unique and compelling experience for our visitors. Fitness is an important facet of a well-rounded and future-proofed retail and leisure offer, one that keeps customers coming back, so we are thrilled to be welcoming XTRAFIT next year. When we were appointed to asset manage Merry Hill, a key priority was to find a solution for the former Debenhams unit and the signing of XTRAFIT to occupy an expansive portion of the first-floor space is a significant first step in fulfilling this.” The remaining 90,000 sq ft...

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M&S to invest £80m into “biggest ever” month of openings

Marks & Spencer is set to invest £80m into its “biggest ever” month of store openings, in a move which the retailer said will create over 2,200 jobs. M&S will open nine stores in November, the highest number it has opened in a single month. This comprises six brand new stores and three store renewals. Kicking off the openings is a new 65,000 sq ft store in Birmingham’s Bullring, with the retailer planning to open a new store every seven days throughout the month. M&S will also be opening full line stores at Lakeside Shopping Centre, West Thurrock and the Trafford Centre, Manchester. The retailer will launch new food halls in Uckfield, Earlsfield, and Barnsley, with store renewals opening in Camberley, Handforth, and Newcastle. The openings are part of M&S’s long-term plans to become the UK’s leading omnichannel retailer. It is looking to pivot its estate from 247 stores to 180 higher quality, higher productivity stores, whilst also opening 100 food sites by the 2027/28 financial year. At the beginning of the year, M&S outlined a £500m investment into its store rotation programme, which has seen store relocations in Leeds White Rose and Liverpool ONE as well as a number...

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Cushman & Wakefield appoints head of UK valuation and advisory

Cushman & Wakefield has announced the appointment of Tom Nuttall as head of UK Valuation & Advisory. He will take on the role from the beginning of 2024, succeeding Karen Clements who will be retiring at the end of the year. Nuttal, who is an international partner at the firm, joined Cushman & Wakefield as a graduate surveyor in 2006 and was most recently head of the Specialist Markets Valuation & Advisory team. There he covered the valuation of healthcare, living, life sciences, student accommodation, self-storage, hospitality, infrastructure, and alternative asset types. Cushman & Wakefield’s UK Valuation & Advisory team provides data-led insight and commercial advice to clients. George Roberts, head of UK & Ireland at Cushman & Wakefield, said: “Both Karen and I are delighted that Tom has been able to develop his career with us and progress all the way from graduate to becoming Head of our UK Valuation & Advisory business. His appointment reflects our belief in the strength of our Valuation & Advisory proposition and the importance of extending our valuation services to cover non-traditional asset types which is key to supporting the strategies of many of our clients.” Tom Nuttall added: “Karen has done a...

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Rare opportunity as South Molton Street estate put up for sale

A rare opportunity has arisen for investors as the City of London Corporation places its South Molton Street freehold estate in Mayfair on the market. The portfolio – which is being marketed by CBRE – has not been put up for sale for hundreds of years. The City of London Corporation is looking to use the proceeds generated from a sale for reinvestment, with a particular focus on environmental targets for the investment property portfolio. South Molton Street comprises 200 metres of prime retail space in a desirable London neighbourhood. The estate consists of 19 directly-managed freehold assets and 34 freeholds subject to long leasehold interests. In total, the net lettable area of the directly-managed freeholds is around 46,250 sq ft. Tenants at the destination include high-end retailers such as Sandro, Maje, Les 100 Ciels, and BA&SH. They are complemented by a mixture of offices and residential accommodation. CBRE said its data shows that there is over 2.5 million sq ft of redevelopment and repositioning of landmark buildings within close proximity to South Molton Street. This includes the £500m South Molton Triangle development, which is being led by Grosvenor and Mitsui Fudosan. The development is set to comprise high-end retail...

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Wilko names first locations for high street return

Wilko has named the first three locations it will be opening its new concept stores, as the once-stricken retailer prepares to return to British high streets. The Range owner CDS Superstores, which acquired Wilko in September, recently revealed that it was planning to open five new Wilko concept stores before Christmas. Wilko had fallen into administration in August as hopes of a rescue deal fell through. The retailer’s new stores are set to open in Plymouth’s Armada Centre and Guildhall Shopping Centre in Exeter on 1 December, whilst a further store will open at Luton’s Arndale Centre on 8 December. The remaining two locations are expected to be announced soon. CDS Superstores chief executive Alex Simpkin said: “This initial rollout is only the beginning for our plans for revitalising the Wilko brand on the nation’s high streets and retail parks, and we’ll be announcing further store launches and re-openings throughout 2024”.

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Wickes “confident” in 2024 store pipeline

Wickes has said it remains “confident” in its pipeline for new stores in 2024, as the home improvement retailer releases its results for the third quarter of 2023. During the quarter, the retailer has completed one refit and opened a new store in Chelmsford, whilst it has opened two new stores in Widnes and Torquay with a further four refits planned in the fourth quarter. For the 13 weeks to 30 September, Wickes like-for-like sales were broadly in line with the previous year, with a decline of 0.2%. For the year-to-date, Wickes has seen its total like-for-like sales increase by 0.4%. David Wood, chief executive of Wickes, said: “Once again thanks to our amazing colleagues we have delivered a solid performance in a challenging market as we continue to deliver against our strategic growth drivers. In our core business we have gained further market share and achieved a return to volume growth. We have fulfilled strong demand from our trade customers and been encouraged by greater stability in DIY. “As we continue to rollout our programme of store openings and refits, I am confident that we have the right product offer and the most attractive locations – enabling us to...

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CBRE snaps up one of UK’s largest asset managers

CBRE has announced its acquisition of Sovereign Centros, one of the UK’s leading asset management and development management businesses. The acquisition aims to enhance CBRE’s asset management and development management capabilities, particularly within the retail sector. Sovereign Centros focuses on retail assets such as shopping centres and retail parks, with nearly 14 million sq ft of space under its management. The company works with a number of global capital, banking, and financial institutions as well as pension funds. Key projects under the asset management of Sovereign Centros include The Metrocentre in Gateshead, Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, the Telford Centre in Telford, and the St Enoch Shopping Centre in Glasgow. The firm’s 30-strong team will join CBRE’s existing asset management and asset development teams, which will be headed up by Sovereign Centros chief executive Chris Greaves. He said: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.” Ciaran Bird, CBRE divisional president for advisory services, UK and Ireland, said: “The acquisition of Sovereign...

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Candle bar concept looks to sniff out Brighton location