Posts from January 2024

Struggling fashion retailer Superdry has called in advisers to explore its financial options, following a pre-Christmas profit warning. The retailer – which saw its shares fall to a record low last month – has appointed PricewaterhouseCoopers (PwC) examine further debt-raising options, Sky News has reported. In a trading update released just before Christmas, Superdry had blamed milder-than-expected Autumn weather for lower sales. The results had capped off a year in which the retailer had undertaken a number of measures to strengthen its balance sheet. Superdry already has at least £100m in debt facilities available to it, through partnerships with Hilco and Bantry Bay Capital. It has previously been speculated that Superdry’s founder, Julian Dunkerton, plans to take the retailer private. In February 2023, Superdry responded to press speculation, with Dunkerton denying that he planned to delist the company. In March, he then drafted in restructuring firm Interpath Advisory in a bid to reverse the retailer’s fortunes. Superdry has not yet provided an update on its Christmas trading, although some analysts believe that colder weather may have contributed to a boost in sales, Sky News reports.

News

Dublin’s Clerys Quarter fully let following Decathlon signing

Dublin’s newly-restored Clerys Quarter is now fully let following the signing of sporting goods retailer Decathlon. Taking a 30-year lease for a 30,000 sq ft unit, Decathlon will join the likes of H&M, Pret A Manger, and the already-opened sushi chain Rolled in the new development. The new store will be the French retailer’s third in the Republic of Ireland. Clothing retailer Flannels had originally planned to lease the ground floor and basement area unit, but terminated the agreement in July 2023, leading to a legal dispute. The Clerys building was reopened last year, with the building’s historic features such as the clock, internal staircases, and colonnaded façade retained as part of restoration works. Luxembourg-based investment group Europa, along with local partners Core Capital and Oakmount, is leading the development. James Keast, director of asset management at Europa, said: “The phased opening of the scheme will continue throughout 2024 and, as we near the completion of the project, we are looking forward to welcoming the community into the space.” Elena Pecos, CEO at Decathlon Ireland, added: “Clerys holds a special place in the hearts of many Irish people, with countless fond memories of shopping and generations of families creating traditions...

Deals News

Pan-Asian restaurant debuts in London’s Chinatown

Pan-Asian restaurant concept YiQi has launched its debut location within Shaftesbury Capital’s estate at 14 Lisle Street in Chinatown, London. The 2,000 sq ft restaurant offers a menu which takes inspiration from across Asia, featuring South East Asian delicacies, regional Chinese favourites, Korean classics, and Japanese art-like dishes. The recipes have been created by Chef Lum Wah Cheok, who has worked at celebrated restaurants Hakkasan and Yauatcha. YiQi’s interior has been designed to pay homage to Asian culture, featuring a mixture of rattan, wood, and the abacus, all chosen to complement the culinary offer. Andrew Price, executive director at Shaftesbury Capital, said: “The opening of YiQi’s debut restaurant is a brilliant way to start 2024, and is indicative of the unique experiences we look to introduce to Chinatown London. We are always looking to bring distinctive and creative new Asian concepts to the destination, and with its celebration of centuries of dining heritage paired with innovation, YiQi is a fantastic addition to our ESEA (East and Southeast Asia) food hub.” YiQi joins a range of Asian-inspired restaurants in Chinatown London, including 2023 arrivals such as Japanese ‘Staircase BBQ’ concept High Yaki, and casual Korean concept Pochawa Grill. Hanover Green and...

Deals

Chopstix joins Festival Place with local food operator set to upsize

Pan-Asian noodle bar Chopstix has opened at Basingstoke’s Festival Place, and will be joined by local street food operator Festival Street Kitchen, which upsizes into the centre. Sitting adjacent to Pret A Manger, the 2,490 sq ft unit accommodates up to 54 diners and offers a range of noodle-based dishes. The Festival Place opening marks a Basingstoke debut for Chopstix, which is the largest Asian-inspired quick-serve restaurant in the UK. Meanwhile, Festival Street Kitchen will relocate from its previous home on Festival Square into a larger 4,523 sq ft unit, opening opposite recent additions Kokoro and Café Giardino. The 82-capacity local restaurant will continue to offer its regularly-updated menu, which includes the likes of burritos and quesadillas. Poppy Radford, asset manager at Sovereign Centros, said: “Festival Place continues to establish itself as Basingstoke’s go-to hub for diverse, all-day dining options, and the commitment of popular operators like Chopstix and Festival Street Kitchen is evidence of this. Having already welcomed Chopstix, and supporting the growth of a local operator in Festival Street Kitchen is a sign of where we want to take Festival Place, delivering a bigger and better experience to its visitors, incorporating ever-popular national names as well as community...

Deals News

Norwich’s Castle Quarter sees footfall surge 9%

Norwich’s Castle Quarter saw a year-on-year increase in footfall of 8.8% in 2023, following the scheme’s pivot into a social, leisure, and lifestyle destination. Visitor numbers at Castle Quarter increased by seven times more than in Norwich as a whole (+1.2%), and more than twice the rates in the East of England region (+3.5%) and the UK (+3.1%). The increase in visitors was reflected in a number of performance indicators across the scheme, with over 75% of occupiers posting higher trading figures compared to 2022. Footfall, average dwell time, and car park usage all increased year-on-year during every month of 2023. Whilst maintaining its traditional retail footprint, an increase in the number of uses now means leisure, food and beverage, and community services account for 50% of Castle Quarter’s footprint. Notable additions to the scheme include Boom Battle Bar, Putt Putt Noodle, Escape Hunt and Vector VR, independent restaurant chain Silhouette, and Castle Social, a ‘market hall’ style street food and entertainment concept. More growth is expected in 2024 as new operators arrive and the adjacent Norwich Castle reopens following a £14m refurbishment. Mark Harvey, executive director and head of asset management at RivingtonHark, said: “To see Castle Quarter show...

News

Wilko to open two new concept stores

The Range owner CDS Superstores is continuing to rollout the Wilko brand across the UK, with two new stores set to open in spring. The new Wilko stores will open at The Maltings in St Albans and Parkgate Shopping Park in Rotherham. The retailer said that the exact opening dates will be announced shortly, alongside news of further openings. In December, Wilko opened new concept stores in Plymouth, Exeter, and Luton, which the retailer said had seen an “incredible reaction” from customers. This, alongside the return of customers to the newly-enabled Wilko website, has given the brand encouragement to reopen in communities it previously served. Alex Simpkin, CEO of CDS Superstores, said; “The initial reaction to the new concept stores has been even better than we’d hoped, we’ve seen queues of both returning and new customers at the store launches and the feedback is giving us the confidence we need to continue with our store opening plans.” CDS Superstores said its property team is encouraging landlords across the UK to open conversations if they’re interested in being considered for the Wilko roll-out programme. Wilko’s website and intellectual property was acquired by CDS Superstores in September following its collapse into administration.

Deals News

Mike Ashley emerges as frontrunner for Meadowhall purchase

Mike Ashley’s Frasers Group has emerged as a frontrunner to purchase Meadowhall shopping centre in Sheffield. The retail group is one of a number of parties interested in a purchase, The Times has reported, after the 1.5m sq ft shopping mall was put on the market by British Land and Norges Bank in September with an asking price of £750m. Any potential buyer would have to take on a debt of £450m which is secured against the centre, which had struggled in the run-up to and aftermath of the pandemic. The cost of this debt means that British Land and Norges had received no income from the scheme for three years. Should Frasers Group acquire the centre, Meadowhall would be added to the group’s growing list of retail assets, which includes the likes of the Overgate shopping centre in Dundee and Luton’s The Mall, which were both acquired in March 2023. The group also purchased Junction 32 in Castleford in November.

News

Frasers Group to revamp store at Maidstone’s Fremlin Walk

Frasers Group is set to create a new flagship store in Maidstone after signing a long-term lease renewal at M&G Real Estate’s Fremlin Walk. Under the new agreement, the group will fully refurbish its existing 101,921 sq ft House of Fraser unit to bring a number of its brands under one roof, including the likes of Flannels and Sports Direct. The current House of Fraser store will close from 30 March and reopen in the autumn. Kerry Williams, portfolio director for M&G Real Estate, said: “We are delighted that Frasers Group has not only committed its long-term future to Fremlin Walk, but also selected Maidstone as a location for one of its new flagship concept stores. House of Fraser has been a key footfall driver for the town centre for several years, and we firmly believe that this new enhanced store will attract shoppers from across Kent. “The continued presence of big name brands such as Frasers Group demonstrates the confidence that major UK and international retailers have in Fremlin Walk which continues to attracts strong footfall throughout the year. As we continue our efforts of creating a diverse and vibrant shopping environment, we hope to welcome share more exciting...

Deals News

PureGym secures Glasgow roadside location

PureGym has exchanged contracts with Ashfield Land for a proposed new build gym in Glasgow. Located of off Cambuslang Road, the two-storey building in Glasgow Rutherglen will sit adjacent to Topgolf with strong visibility to the M74 motorway. The agreement comes off the back of recent openings for PureGym in Griffnock and Milngavie. PureGym is currently looking to open more sites, with requirements for units ranging between 5,000 sq ft and 20,000 sq ft. In October, the gym operator secured an £805m refinancing deal to help support its expansion.

Deals

Veteran retail duo launch real estate advisory firm

Two experienced members of the retail property industry have launched their own advisory firm, ElevateRetail. Rob Hadfield and Gemma Pratt have both worked in-house for both investor and occupier clients, which ElevateRetail says will create a “uniqueness” which should add value to its services. Hadfield began his career in Jones Lang Lasalle’s retail agency team, before moving into in-house positions at Flight Centre, Costa Coffee, and then Debenhams for nine years where he worked as group property director. He then moved to Capital & Regional in 2019 as commercial director, focusing on the strategic direction and leadership of the leasing, diversified income, and commercialisation teams. Hadfield joined RivingtonHark in 2022 to lead on maximising income generation for the Redical Portfolio, the UK’s first ESG shopping centre fund. Pratt began her career as a retail agent, working for the likes of Savills, before working for a number of retail brands. She joined H&M in 2007, leading the retailer’s property team in the UK and Ireland, collaborating with both the UK team and H&M’s headquarters in Sweden. Pratt then took up the role of leasing director Landsec in 2010 before moving to Tesco in 2012 as head of leasing. In 2015, she...

News

Rollerskating concept to debut at Trafford Palazzo

American-inspired restaurant chain Archie’s is set to debut a new rollerskating concept at Manchester’s Trafford Palazzo. Opening in the summer, the 24,273 sq ft Archie’s Atomic concept will be centred around a 5,380 sq ft roller rink. The concept will be based on Trafford Palazzo’s ground floor, adjacent to NERF Action Xperience and opposite the SEA LIFE Manchester Aquarium. Alongside the roller rink, Archie’s Atomic will feature a family arcade area and an Archie’s shake bar. Space will also be available for brand activations, local graffiti artist takeovers, and private bookings. Archie’s opened its first restaurant on Manchester’s Oxford Road in 2010 and has since expanded to operate further sites in Manchester, as well as Birmingham and Liverpool. The brand also recently opened within Trafford Palazzo’s NERF Action Xperience site. Mark Whittaker, executive director of retail and leisure at scheme owner Peel, said: “We’re hugely excited to announce that Archie’s has selected Trafford Palazzo to be the first home of its Atomic leisure concept. The commitment of yet another debut concept is evidence of Trafford Palazzo’s appeal, catchment, and forward-thinking approach, and it’s great to play a part in the expansion of a local favourite. We’ve attracted a string of world...

Deals News

Harvey Norman flagship to open at former Merry Hill Debenhams

Lifestyle, entertainment, and technology retailer Harvey Norman is set to open at Merry Hill shopping centre, taking 57,000 sq ft of the former Debenhams department store. The flagship store will offer both indoor and outdoor furniture, as well as a homeware range which includes appliances, audio visual, and technology products. Harvey Norman will join fitness operator Xtrafit, which opens in the summer and will take 40,000 sq ft of the former Debenhams store. Graeme Jones, director at Sovereign Centros, said: “Attracting an international retail giant like Harvey Norman to Merry Hill, alongside a UK debut for fitness operator Xtrafit, provides Merry Hill with a comprehensive solution for the former Debenhams, one that no other destination in the country has. Harvey Norman will bring dedicated visits and benefit from our engaged and loyal catchment, and we look forward to introducing its accessible, high-quality offer, within a brand experience completely unique to Merry Hill.” Katie Page, Harvey Norman CEO, said: “With its exceptional connectivity and a population around the same size as New Zealand – where we have 42 stores – it’s clear that the West Midlands represents a significant growth opportunity for Harvey Norman. We have been in the UK for...

Deals News

Momentum at Battersea powers second year of success

Battersea Power Station is celebrating its second consecutive strong year since opening, ending in a 30% year-on-year increase of visitors in December. Over the course of 2023, the mixed-use development welcomed more than 11 million visitors. During the month of December, the scheme saw sales increase by 52% year-on-year, with fashion sales up by 33%. Since opening in October 2022, Battersea Power Station has welcomed over 40 shops, bars, restaurants, and leisure experiences. The development has also hosted a number of events and cultural activities with highlights including The Battersea Games and the annual Light Festival. Battersea Power Station also welcomed a number of pop-up retail experiences in 2023, including the Aperol Spritz Aperidisco, Jaeger-LeCoultre Golden Ratio Musical Show with TØKIO M¥ERS, and the NFL London Experience. In July, the development opened the Arcade Food Hall, which is home to 13 cuisines, two bars, and three standalone restaurants, alongside ping pong operator Bounce, Searcys Champagne Bar, Dishoom, and the first Tashas to open in the UK. Simon Murphy, CEO at Battersea Power Station Development Company (BPSDC), said: “The strong footfall over the Christmas period is further testament to the unique and constantly evolving offering at Battersea Power Station, and provides a fitting conclusion to a successful 2023. The unique...

News

Gymshark to open second UK store at Westfield Stratford

Gymshark is set to open its second UK store later this year. The activewear retailer – which made its debut on London’s Regent Street two years ago – will open in a 7,000 sq ft unit at Westfield Stratford City. Gymshark founder and chief executive, Ben Francis, said: “When we opened Regent Street, many people asked if this was the first of many stores. “The honest answer at the time was that we didn’t know. It quickly became incredibly successful for our brand, and store number two was on the horizon. It’s why we’re so happy to find our second home at the busiest shopping centre in the United Kingdom.” “To be able to bring them a second destination in such a great location that so many people visit is just incredible. I can’t wait for the doors to open”, he added.

Deals

John Lewis director returns to lead department store

The John Lewis Partnership has appointed Peter Ruis as executive director to lead John Lewis, who returns to the business after 11 years. Ruis, who joins the partnership’s executive team on 15 January, has over 30 years of leadership experience at a number of leading retailers and brands. He was most recently chief executive at Indigo in Canada, helping lead the business through the pandemic. Prior to that he led Anthropologie’s international drive as managing director, and was chief executive at Jigsaw for four years. Ruis previously worked at John Lewis between 2005 and 2013 as buying and brand director. His ealry career included roles at M&S, Ted Baker, and Levi Strauss Europe. He said: “It’s a great privilege to return to the John Lewis Partnership after 10 years. The John Lewis brand is iconic, loved and trusted by millions of customers across the UK and I’m excited to lead the next phase of the transformation. “As the biggest employee-owned business in the UK, we have a huge opportunity to make even more of the unique Partner difference to provide exceptional products and service for our customers.” Nish Kankiwala, CEO of the John Lewis Partnership, added: “It’s fantastic to welcome...

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Estama creates employee ownership trust