Posts from December 2023

Outlet retailing has proven itself to be a “robust and compelling investment choice” in 2023, the managing director of retail outlet specialist Realm has said. Dan Mason said the turnover lease model often employed in outlet centres allows owners and operators to “adapt swiftly to evolving consumer preferences and harness the best of innovative operational practices”. He continued: “This was a year that saw many brands fine-tune their offer, right-size their spaces and enhance their customer experience, as outlets have proven their value in the omnichannel retail strategy. As we move into 2024, we expect brands to continue to evolve the “flagship outlet experience” – elevating their visual merchandising and in-store aesthetics and creatively working with concessions and pop ups – to meet rising consumer expectations. “In 2024, as consumer confidence grows steadily, we’re optimistic about the enduring attraction of outlets that offer quality and value while engaging and surprising shoppers with the ‘full price’ experience that so many brands are successfully re-creating in their outlet stores. This balance of flexibility and an elevated experience will influence new outlet schemes, as well as redevelopment and asset management activity both in the UK and Europe over the coming year.” These sentiments...

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Begbies Traynor: Thousands of retailers in “critical” financial distress

Nearly 4,500 retailers are in “critical financial distress” in the run up to Christmas, according to insolvency firm Begbies Traynor. The firm said a combination of lacklustre Christmas sales, persistent inflation, and high interest rates were to blame. The data – which covered the first 10 weeks of the fourth quarter – found that ‘critical’ financial distress had risen considerably across the whole retail sector compared to the previous quarter, up by around 10% for food and drug retailers and increasing by around 13.7% for general retailers. Almost 46,000 retailers are in ‘significant’ financial distress, said Begbies Traynor, 7.5% higher than in the third quarter and 4.6% higher than in the same period last year. Interestingly, the firm found that over 20% of all retailers in ‘critical’ financial distress are online-only. Julie Palmer, partner at Begbies Traynor, said: “There is no doubt about it, the last 12 months have been incredibly difficult for British retailers as an increasingly tough economic backdrop continued to pile on the pressure, with businesses that were only just standing on two feet again now feeling the pain this Christmas. “And, after a year where consumers faced one of the worst cost-of-living squeezes on their wallets, the...

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Green light for former Cardiff department store revamp

A redevelopment of part of a former House of Fraser department store in Cardiff has been approved by councillors. The proposals for the Grade II-listed Howells building were backed by Cardiff City Council at a Special Committee meeting on Thursday (21 December) night. They include a partial demolition of the department store to create studio apartments and flexible commercial floorspace. The proposals – submitted by TE Cardiff 7 – also include the restoration of the nearby Bethany Chapel and Sunday School, as well as the extension of additional storeys to the Percy Thomas Warton Street block, and improvements to public realm space, infrastructure, and engineering. Developer Thackeray is looking to transform these buildings to create a retail element comprising 15,000 sq ft, as well as 40,000 sq ft of food and beverage space and 25,000 sq ft of offices. There are also proposals for 25,000 sq ft of basement leisure space next to the chapel site, with the aim of attracting bar and restaurant operators. Nearby, there are further plans for 62 studio apartments and 40,000 sq ft of office space. Thackeray acquired the site out of receivership last year. Local advisory firm EJ Hales and CBRE have been acquired...

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Hartlepool planning authority completes shopping centre takeover

A local planning authority has completed the takeover of a Hartlepool shopping centre. Hartlepool Development Corporation (HDC) has acquired the long lease for Middleton Grange Shopping Centre, which is located in the heart of the town’s Development Corporation Zone. The local council will retain the freehold of the site, with the HDC board appointing asset and property managers to oversee the scheme on its behalf. Under the authority’s current plans, the scheme’s public spaces would be regenerated, new store frontages would be installed, and the centre will opened up to allow uses beyond retail. Tees Valley mayor Ben Houchen, chair of the HDC board, said: “Middleton Grange is a hugely important part of our plans to transform Hartlepool town centre and the completion of this agreement is a vital step in this process. “We can now get on with the job of transforming the centre to make it a thriving location for the brilliant local businesses already based there, while attracting new stores to the town. “This deal also unlocks major redevelopment opportunities that can deliver a reinvigorated town centre that people want to spend time in – supporting jobs, boosting the economy and making our region an even better...

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Nike to Rise at Trinity Leeds

Nike is set to open its third ‘Nike Rise’ concept store in the UK outside of London at Trinity Leeds in 2024, after agreeing to open in the 10,000 sq ft former Victoria’s Secret store. The Nike Rise concept looks to utilise digital services and experiences to “enliven the sporting pulse of the city”. The Leeds store is set to feature a digitally powered ‘Footwear Fastlane’ to share product information and stories, as well as Nike’s personalisation service ‘Nike by You’. Head of brand account management at Landsec, Nik Porter said: “Guests are looking for more from their shopping experience and are seeking out concepts which combine convenience with the opportunity to try something new. “As a result, brands are increasingly prioritising prime locations that drive footfall, enable customer service and have the ability to integrate in-store and online shopping experiences.” “The Nike Rise concept encapsulates this and, with more international brands investing in Leeds, the new store will only enhance the city’s retail offer further.” This follows the recent news that Nike has selected Bullring & Grand Central to open its second UK Rise Concept store outside of London, after opening at Manchester Arndale.

Deals

LGIM offloads Leicester leisure park for £25m

Legal & General Investment Management (LGIM) has sold a leisure park in Leicester for £25m. Meridian Leisure Park – which is anchored by Vue Cinemas and Hollywood Bowl – was acquired by London-based investor Greenridge Opportunities. The leisure park comprises a gross internal area of 155,071 sq ft across a 19.8-acre site southwest of Leicester city centre. Other tenants at the scheme – which is 99% let – include David Lloyd, Nando’s, Five Guys, Burger King, Pizza Hut, and Frankie & Benny’s. Meridian Leisure Park has been owned by LGIM’s Leisure Fund since 2002, and has benefitted from a number of new leases and regears during this period. The park’s income benefits from rental indexation or fixed uplifts and a term certain of approximately 12 years. Bik Bhuptani, partner at Greenridge said: “We are excited about the addition of Meridian Leisure Park to our portfolio. This acquisition perfectly aligns with Greenridge Opportunities LP’s strategy of investing in high-quality, income-generating assets. The park’s robust tenant mix and prime location underscore our commitment to identifying and capitalising on unique opportunities in the leisure sector. We see significant potential for value creation and look forward to enhancing the park’s offering, further cementing its...

Deals News

Lounge Underwear to open at Manchester Arndale

Lounge Underwear is set to open its fifth UK store at Manchester Arndale shopping centre. The brand – which was founded in 2015 – has agreed a 10-year lease for a 2,746 sq ft unit at the Manchester scheme, as it continues to expand. As well as underwear, Lounge offers a range of swimwear and apparel including t-shirts, hoodies, leggings, shorts, loungewear, dressing gowns, and accessories. Lounge’s arrival at Manchester Arndale is the latest in a series of fashion lettings at the scheme, following the likes of Nike, The North Face, Moss, and Dune. River Island has also committed its future to the scheme, refitting its store and taking an additional 3,686 sq ft of space for a unit spanning a total of 22,415 sq ft on a long-term lease. Steve Gray, head of European retail asset management at Global Mutual, said: “It is great testament to Manchester Arndale’s appeal that Lounge has selected it for its newest store, and comes off the back of a series of high-profile lettings at the centre in recent months. We are continuing to grow the amount of fashion brands at Manchester Arndale as we look to cement the centre’s place as the North...

Deals News

Liverpool ONE Debenhams transformation bolsters scheme performance

The introduction of new tenants into the former Debenhams department store at Liverpool ONE has increased performance at the scheme. Both retailer M&S and leisure operator Gravity MAX opened at Liverpool ONE in August following a redevelopment of the Debenhams department store. M&S had relocated from its former store in Liverpool city centre to the lower two floors of the former department store, whilst Gravity invested £10m to create its latest concept, MAX, on the upper two storeys. According to analysis conducted by asset manager Grosvenor and CACI, footfall at Liverpool ONE has increased by 7.9% against the national benchmark following the arrivals of M&S and Gravity MAX. Sales on Liverpool ONE’s restaurant terrace, which sits opposite Gravity MAX, have increased by 9.6% during the same period. Grosvenor said that Gravity MAX is attracting more people from its secondary, tertiary, and quaternary catchments, with the proportion of spend in each area up by 2%, 4%, and 1% respectively, compared to the scheme’s benchmark performance. The research found that M&S has played a similar role, attracting increasing numbers of visitors from the primary catchment than Liverpool ONE’s benchmark (40% versus 31%). Chris Jukes, Grosvenor’s director of Liverpool ONE, said: “Our active...

News

Firm appointed to manage Birmingham’s Exchange Square

Re:Volve Real Estate has been appointed to manage the public realm and retail offering at Birmingham’s Exchange Square development. Forming part of the latest phase of developer Nikal’s £350m Masshouse project, Exchange Square comprises three buildings including a hotel, residential apartments, and 30,000 sq ft of retail and leisure space. This phase of the project will create apartments, cafés, and restaurants. Anna Main, managing director at Re:Volve Real Estate, said: “Even after just six months of trading, our team is able to leverage its extensive industry experience and robust network of contacts to maximise tenant attraction and retention on a project of this size to add value to the initial phase of the development. “We’re proud to not only have won such a competitive pitch but also to be a part of the Masshouse project which is set to have an immense impact on the regeneration of the Eastside area.” Melanie Jones, operations director at Nikal, added: “Re:Volve immediately impressed us with their rigorous attention to detail and authentic and transparent approach to delivering results. “It was this extensive expertise from Anna and the Re:Volve team that assured us the property would be skilfully marketed to broad investor audiences, adding...

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Tortilla secures “exciting pipeline” of 2024 openings

Tortilla says it has secured an “exciting pipeline” of new sites in high-footfall city centre and shopping centre locations. The Mexican restaurant operator added that it is ahead of its long-term target of 45 new sites by the end of 2026. In 2023, Tortilla opened seven new sites – including one franchise restaurant – and closed two, bringing its total estate to 87 locations at the end of the year. The restaurant chain said it was “excited” by its franchise growth opportunities both in the UK and internationally, and said it has four openings lined up in 2024 in collaboration with franchise partner SSP. In the first half of the year, the operator saw record franchise sales. This comes a Tortilla releases a trading update for the year ending 31 December 2023, a period during which it expects revenue to have increased to £65.7m, up by 13.8% compared to 2022. The operator said this figure was slightly below its previous expectations, citing “subdued” customer confidence impacting demand, particularly in the fourth quarter. Richard Morris, chief executive officer of Tortilla, said: “As a management team we are taking proactive actions to adapt to the changing market environment. We know that in...

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First phase of £5m Glasgow Central upgrade begins

Work has begun on the first phase of a £5m upgrade of the retail provision at Glasgow Central train station. The three-phase project will see changes to the layout of a number of existing retail units on the station’s concourse. As the development progresses, existing tenants on the concourse will be relocated, new retail units will be developed, and the current office accommodation will be refurbished. Three retail units have already been closed in preparation, with the removal of signage, illuminated advertising boards, and a photo booth. Conor Mclaughlin, Network Rail’s project manager for the work at Glasgow Central, said: “We’re excited to be progressing this multi-million-pound investment to improve the retail offering for passengers at Glasgow Central. “We’ll work with stakeholders throughout this project to deliver the work and we will do what we can to minimise any inconvenience both inside and outside of the station. “We’d like to thank passengers and lineside neighbours for their patience while this work is ongoing.”

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Asda opens record Express stores and is “on track” for 1,000 stores

Asda has opened a record 81 Asda Express stores in December, as the supermarket retailer confirms it is on track to operate 1,000 UK stores by March 2024. The retailer now operates 229 Asda Express stores following the conversions of recently-acquired Co-op and EG sites, as well as the opening of eight standalone convenience stores. Should Asda hit its target of 1,000 stores, this will be the retailer’s largest-ever estate in its 58-year history. The openings include Asda’s first convenience store in Manchester city centre, as well as three new London stores in Romford, Acton, and Ealing. Asda is aiming to open a further 11 Express stores in the capital next year, an area where it has traditionally been underrepresented. Andy Perry, managing director of convenience at Asda, said: “It has been a Herculean effort by the teams involved in our Asda Express roll out to convert 81 stores in one month as part of our commitment to bringing Asda’s great value offer to even more communities. “Expansion into the growing convenience market is a key pillar of our long-term strategy to become the UK’s second largest supermarket retailer – and we know how important Asda’s great value is to...

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Cribbs Mall reaches near-full occupancy in 2023

Cribbs Mall has reached nearly full occupancy, as the Bristol scheme welcomes over 110,663 sq ft of leasing transactions in 2023. The joint asset managers of Cribbs Mall – M&G Real Estate and Pradera Lateral – reported that 36 leasing transactions took place over the course of the year, bringing occupancy to 99.7%. This included new lettings to the likes of Victoria’s Secret, Mango, Charles Tyrwhitt, and Greggs, as well as renewals to retailers including Boots, Waterstones, and Fat Face. The scheme also welcomed pop-up tenants for the Christmas period. In addition, Cribbs Mall has seen the expansion of existing tenants Wagamama and Phase Eight. The former signed a 15-year lease renewal to upsize its unit from 3,455 sq ft to 4,499 sq ft, whilst the latter agreed a new five-year lease for an upsized 4,146 sq ft unit, set to open early in 2024. M&G and Pradera Lateral have also reported that over the course of 2023, footfall at Cribbs Mall increased by 8% compared to the previous year. The asset managers have also welcomed Longlands to the neighbouring Cribbs Retail Park, with the furniture retailer completing a 10-year lease for a 9,995 sq ft unit. The retail park...

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Clean beauty shopping destination opens its doors in London

19th December 2023

Leading beauty pioneer, Sherrille Riley, has launched her first concept store, Beauty Edit Mayfair, the ultimate shopping destination for clean beauty enthusiasts in the heart of London. Beauty Edit Mayfair is now open at 33 Berkeley Street, Mayfair As part of their commitment to sustainability and conscious beauty practices, the Beauty Edit Mayfair will prioritise sustainable, clean brands, encouraging customers to reduce their environmental impact. Following the stores’ launch, Sherrille commented: “Growing up in Jamaica, I witnessed the devastating effects of mindless consumerism, which has inspired my on-going commitment to creating a shopping experience, demonstrating that one can be both effective and environmentally mindful in today’s world.” “I have curated Beauty Edit Mayfair to be a luxurious sanctuary for beauty enthusiasts to not only explore the latest trends, but also discover an array of cosmetics, essential body care products, and innovative sun care solutions that will leave them feeling inspired.”

Insights News

High Streets missing the mark for over 55s

19th December 2023

A recent survey by CACI revealed a disconnect between the offerings of local high streets and the preferences of residents aged over 55. Despite being generally content with local services and leisure options, this demographic overwhelmingly desires a shift towards shops catering to their tastes and spending habits. The demand for improved retail options is particularly pronounced in the Northeast, with an astounding 64% of over-55s seeking more stores they favour. This sentiment echoes across other regions, with 62% in Scotland, 61% in Wales, and 60% in the Southeast expressing similar desires. Interestingly, affluence doesn’t seem to be a major factor in this trend. Across different Acorn groups representing older demographics, a majority voiced a lack of desired retail options: 63% of “mature success”, 68% of “constrained pensioners”, 61% in “semi-rural maturity”, and 52% of “stable seniors”. In contrast, local services like pharmacies, doctors, libraries, and opticians appear to be meeting the needs of over-55s, with only a quarter of “constrained pensioners” and “semi-rural maturity” groups, and slightly higher percentages for “stable seniors” and “mature success”, requesting more such options. Leisure options also rank low on the desired improvements list, with only around 11-22% across Acorn groups feeling a lack...

Insights News

Filishack expands to Elephant Park

19th December 2023

Filipino street food favorite Filishack is gearing up for a second London location, bringing its vibrant flavors and build-your-own delights to Elephant Park. Brothers Jonathan and Justice Cacho launched Filishack in 2014 out of food trucks, conquering South London’s taste buds. In 2021, they set up their first brick-and-mortar outpost in Peckham, and now, they’re ready to double down on their success. The brand has chosen a prime spot on Sayer Street, joining an eclectic mix of independent eateries like Pot & Rice, Koi Ramen, Tasty Jerk, and Miko’s Ecuadorian and Spanish Kitchen. Come January, Filishack will add its own unique flair to the street, offering an all-day menu featuring Filipino street food staples like grilled chicken inasal and beef adobo in customizable rice boxes, burritos, and salads. “We’re always looking for London heroes and concepts that match the community feel we’ve curated at Elephant Park,” says Guy Thomas, Lendlease’s Head of Retail & Place Assets at Elephant Park. “Filishack ticks all the boxes – it’s a South London favorite, an independent business, and a brand with a vibrant local identity. We designed our leasing plan to support emerging brands like Filishack, and we know they’ll be a fantastic addition...

Deals News

Class E Premises Let to National Food Chain

Flude Property Consultants are pleased to have just concluded a letting to Greggs in Fareham. The landlord acquired this substantial property at auction a number of years ago, which was previously tenanted by Argos. Following their closure, Flude worked with the landlord who subdivided the property to create six units over two floors. Greggs have taken Units 2 and 3, which occupy a prominent corner position on West Street in Fareham. The unit is much larger than the one they occupied a few doors down and totals around 2,900 sq ft. Flude also have Unit 1 under offer subject to planning and interest in the other ground floor units. Flude Director, Sebastian Martin, commented, “It is great to see a project like this coming to an end which has taken a number of years to put together. Greggs were great to deal with and have done a fantastic fit out as usual”.

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New French bistro to open on Fulham Road

Claude Bosi, a Michelin-starred chef, and his wife, Lucy Bosi are preparing to launch Josephine, a French bistro located at 315 Fulham Rd, London in January. The restaurant pays homage to Claude’s late grandmother by name and evokes the traditional Bouchons frequented by Claude and Lucy in his hometown of Lyon.. Claude, the culinary force behind the recent establishment of Brooklands at The Peninsula, will curate and supervise the menu, featuring dishes reminiscent of those cooked by Josephine herself. The offerings include French bistro classics, regional Lyonnaise specialties, a daily plat du jour, and a designated “Menu Des Canut,” named after Lyonnais silk and lace weavers known as ‘canuts.’ Guests can anticipate charming and friendly service in the 76-cover classic and timeless space, reminiscent of the character found in iconic Lyonnaise restaurants. Hannah Grievson, Property Director at Sloane Stanley said: “Chef Claude Bosi and his innovative concept Josephine will be a wonderful addition to Fulham Road, bringing a personal touch and a wealth of experience to our expanding offerings. Positioned prominently on our Estate, the new Lyonnaise cuisine is poised to appeal to the diverse international audience in the area, potentially attracting visitors from afar. We eagerly anticipate welcoming Josephine...

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Refurbished Islington cinema to be complete in early 2024

Film enthusiasts in Islington will soon have a revamped cinema experience as Vue Islington’s major refurbishment project is nearing completion, scheduled for early 2024. The 10-screen cinema in the heart of Islington is undergoing a comprehensive refit, transforming it into a full recliner seating venue with a refurbished foyer featuring the latest Coke Freestyle, Lavazza Coffee, and Tango Ice Blast machines. This eagerly anticipated refurbishment will bring a luxurious touch to Vue Islington, with 788 leather recliner seats that fully recline and come equipped with a fold-away tray and cup holder. Customers can also anticipate improved foyer, concourse, and toilet areas, along with new digital displays that will showcase the latest blockbusters and promotional material in stunning clarity. Manuk Asatryan, General Manager of Vue Islington, shared his excitement about the upcoming unveiling: “We can’t wait to introduce our brand-new site in the new year, showcasing the luxurious refurbishment that’s been underway. “Our patrons can expect to indulge in the ultimate big screen experience, from the latest blockbusters to classic titles, all while they immerse themselves in our signature recliner seating. “We’re thrilled to reflect the continuously improving leisure offering in Islington with these upgrades and provide even more reasons to...

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New Weird Fish CEO plans international expansion