Posts from February 2024

White Stuff could be sold in a deal valued in the region of £50m, according to reports. The fashion retailer’s founders George Treves and Sean Thomas have approached investment bank Rothschild after receiving an unsolicited approach from a prospective buyer, Sky News reports. City sources told Sky News that the pair – who founded White Stuff in 1985 – had not committed to a sale of the chain, with a decision to do so dependent on the valuation it attracted. White Stuff trades from over 100 stores on British high streets, and has partnerships with large retailers including M&S, Next, and John Lewis. During the last financial year, the retailer saw an increase in sales of over 13%.

News

Sales surpass £6.6m as London Designer Outlet enjoys record January

The London Designer Outlet (LDO) is celebrating a record January, as sales surpassed £6.6m last month. This followed on from the Wembley Park-based shopping destination’s best-ever December, including an all-time high trading day on Boxing Day, and record-breaking sales performance in 2023. Menswear proved a highlight, seeing a 90% increase in sales, bolstered by the recent additions of BOSS and Timberland. Meanwhile, outdoor sales grew by over 26%, benefitting from the recent expansion of The North Face, which upsized its store by 35%. Matt Slade, retail director at Quintain Limited, said “These results underscore the choices of increasingly price-conscious consumers, as they continue to prioritise great deals at great brands. They also demonstrate LDO’s continued appeal as a day-out destination amongst our extensive catchment. “As we look ahead to the remainder of the year, and the programme of world-class entertainment at Wembley Stadium, Troubadour Theatre and The OVO Arena, Wembley, which will see millions of visitors enjoying all that Wembley Park has to offer, we can be confident that this positive start to the year will continue.” You can read more from Matt Slade on Wembley Park here.

News

Four new brands sign for Bristol’s Cabot Circus

Four new brands have agreed to take space at Cabot Circus, as scheme owner Hammerson looks to invest into and reposition the Bristol-based centre. Womenswear brand Stradivarius has agreed to open in a prime unit on Concorde Street, bolstering the scheme’s fashion offering which includes the likes of Inditex-owned brands Zara, Pull&Bear, and Bershka. In a portfolio-first for Hammerson, athleisure headwear brand Lids is also set to open at the scheme, after agreeing to take a 600 sq ft store. The brand will look to tap into Bristol’s young demographic with an offer including NBA, NFL, and MLB-branded baseball caps. Arabian-inspired British perfume brand Sunnamusk will also be opening at Cabot Circus as it continues to expand through Europe. The brand has previously opened at a number of Hammerson-owned destinations. Finally, fast-growing kebab brand German Doner Kebab will also take space at Cabot Circus, diversifying the scheme’s food and beverage offer. The signings come as Hammerson looks to reposition its city centre assets, through the targeting of popular brands and the introduction of entertainment and social offers to engage and excite audiences. At Cabot Circus, this has included: Toby Tait, director of asset management at Hammerson, said: “These new signings...

Deals News

Sainsbury’s opens flagship store in Wales

Sainsbury’s has opened the doors to a new flagship supermarket in Talbot Green, Wales. The 53,000 sq ft store is centred around a food hall, which offers both branded and own-branded products, supplemented by digital signage and displays. The new supermarket also features the retailer’s Habitat and TU Clothing ranges, as well as an Argos concession allowing customers to purchase toys, home products, and electrical devices while picking up their groceries. Sainsbury’s Talbot Green also benefits from an attached car park with an ultra-rapid electric vehicle charging service, Smart Charge. The service enables customers to charge their electric vehicles at one of six 150kW+ charging bays in as little as 30 minutes. The supermarket is Sainsbury’s second location in Wales to feature Smart Charge and its 30th in the UK. Customers will also be able to make use of a new Pay@Pump petrol station, a Starbucks coffee shop, and an on-site Timpson store. Patrick Dunne, Sainsbury’s director of property, procurement and EV ventures, said: “I’m immensely proud of everyone who has helped to deliver this fantastic new store. We’re determined to be first choice for food, ensuring more customers in more of our stores can enjoy more brilliant Sainsbury’s food...

Deals News

The Cwmbran Centre saw a 6% increase in visitor numbers in 2023

The Cwmbran Centre welcomed 1.6 million more visitors in 2023 than in 2022, an increase of 6% – and a bucking of national trends. Christmas footfall at the scheme – which is owned by LCP, part of M Core – also increased by 700,000 to 2.38 million. Spanning over 740,000 sq ft, The Cwmbran Centre is home to 180 retail units and is anchored by the likes of Dunelm and Primark. It also welcomed a number of new tenants last year, including The Range, Coffee#1, Loungers, One Beyond, and a number of independent traders. Alex Williams, of LCP, said: “The arrival of several high calibre retailers at Cwmbran Centre has contributed to a continued increase in footfall and ensured that the town centre remains the leading shopping experience in the region.” “Over Christmas, our markets, festive events and themed lights switch on were all huge hits, helping us to achieve a 29% growth in visitor numbers.” “It’s important to us to understand what makes a local community tick and what kind of shops and brands will work in a location. This means working closely with the community and talking to shoppers regularly about what they want. We look forward to...

News

Dunelm targets more London locations

Dunelm is looking to open more sites in London’s inner boroughs, an area in which the retailer is relatively underrepresented. Nick Wilkinson, CEO of Dunelm, said the retailer would “like to have more stores in London, particularly in the London boroughs where we don’t have any stores. It’s just a question of finding the right size and doing that in a gradual way”. The home furnishings retailer currently operates 183 UK stores, with 10 in London boroughs. Dunelm said it has seen growth in shopper numbers across all demographics, with its highest rates of growth seen in London and within the 16-24 age bracket. This comes after the retailer reported yesterday that it had seen an increase in profit during the first half of the financial year. Sales were also up, increasing by 4.5% to £872.5m during the 26 weeks to 30 December.

News

Construction firm appointed to transform former Oxford Street House of Fraser

Publica Properties Establishment has appointed McLaren Construction to carry out a £132m refurbishment and extension of the former House of Fraser store at 318 Oxford Street. The ex-department store is set to be repurposed as a 365,973 sq ft mixed-use development, featuring retail on the ground floor, office space, two restaurants, and a gym. McLaren will be responsible for repairing the building’s Portland stone façade, reinstating architectural features, and completing the Chapel Place façade. The 6th and 7th floors, originally designed with low ceilings for back-of-house uses, will also be reconstructed with the addition of a new terrace. A new 8th-floor extension will be utilised as a top-floor restaurant with a terrace. Public realm improvements will include wider footpaths with new paving to indicate the new layout and entrance points into the building. Decorative paving will also feature along Chapel Place. The project’s development manager, Joseph McNeil, said on behalf of Publica Properties Establishment: “The project has been a fantastic opportunity to work with McLaren Construction on a truly ‘retro-first’ approach, bringing this building back to life with the minimum whole-life embodied carbon impact.” McLaren Construction’s London and South managing director, Darren Gill, added: “More of these asset repurposing projects...

News

Poundland invests into 150 stores

Poundland is set to invest into makeovers at 150 of its stores by the end of August. Dubbed ‘Project Evo’, the transformations mark the first significant investment into a number of the retailer’s stores in over five years. Refurbishments are already set to complete at Poundland stores in Urmston, Keynsham, Darlington and Plymouth, and in Dealz stores in Mullingar and Cavan in Ireland. Store makeovers in Keighley, Leeds, Coventry, and Chatham, and at a Dealz store in Athlone, will complete on 24 February. A further 31 refurbishments will take place on subsequent Saturdays, bringing the total number of stores transformed under Project Evo to 42 by Easter. Under the transformations, both store aisles and staff areas will be renovated, and all the stores will be refitted to offer more baby and kids clothing. Alan Smallman, Poundland’s director of property services, said: “Project Evo represents a significant investment in a substantial number of stores to make them brilliant places to shop and work. “Over the past five years we’ve transformed our offer for customers, adding extensive ranges of clothing, homewares, chilled and frozen food. “We’re now embarking on a programme that will show off those ranges in a modern and bright...

News

Hammerson’s Bullring & Grand Central ‘flight to quality’ continues with a strong start to 2024

14th February 2024

Hammerson has announced that footfall at Bullring & Grand Central continues to increase year on year with strong visitor numbers continuing through January, reflecting the group’s focus on its repositioning of the asset. Overall, footfall at Bullring has increased by 6% in January 2024, compared with a year earlier, reflective of the influx of new store openings (totalling 200,000 sq ft) and entertainment offers the group introduced last year. This further endorses the quality of Hammerson’s unique city centre portfolio which is fast evolving into vibrant 24/7 estates, part of the fabric and infrastructure of the city. High profile additions included Nike, which opened its first-ever ‘Rise’ concept store outside of London at Bullring, Inditex’s Bershka and Pull&Bear, who made their regional debuts, TAG Heuer’s first ever boutique in Birmingham, and M&S’s new 65,000 sq ft food-led flagship – its largest in the Midlands. Sports and streetwear brand, JD, led a number of important upsizes and expansions, after more than doubling its footprint with a new 27,500 sq ft store. This is now its best performing in the region, including Manchester and the West Midlands. Goldsmiths also upsized to a new 8,000 sq ft boutique meeting high-demand for jewellery, which continues to be a top performing category across Hammerson’s portfolio. ...

Insights

Freemans event partners to introduce unique food and drink retail offering at Lords Cricket Ground

13th February 2024

Freemans Event Partners, the UK-based global multi-service event partner, is set to launch a brand-new sports stadium food and drink retail concept at Lord’s Cricket Ground in 2024, building on its existing partnership with Marylebone Cricket Club, owners of the world-famous ground. The new two-floor structure will bring a wide variety of food and drink options together under one roof, giving spectators increased choice and, through the implementation of self-checkout kiosks, a significantly quicker experience with less queuing. The concept is set to streamline the purchasing process, including a bar/drinks outlet on one floor and takeout self-service food on the other. All items can be purchased in one location in one transaction, meaning more time can be spent watching the action out on the field. The outlet is set to be introduced in May, ready to be used by the 500,000 visitors that come to Lord’s each season for the domestic and international cricket matches, including England Men’s internationals against the West Indies, Sri Lanka and Australia, and the England Women’s match against New Zealand. Simon Hanna, chief operating officer, Freemans Event Partners, said: “We are committed to providing sports fans with the best matchday experience possible, and a key part...

News

Former Wolverhampton department store acquired for £6.15m

13th February 2024

The former Beatties department store in Wolverhampton has been acquired by Eden Property Group for £6.15m. The 376,636 sq ft building is set to be redeveloped into 400 homes following its sale, which was brokered by Robert Irving Burns on behalf of receiver Alexander Lawson Surveyors for KSEYE Capital. Three additional buildings were also included in the sale, but are set to be excluded from the approved plans. Antony Antoniou, chief executive of RIB, said: “The site represents a fantastic investment opportunity for the Eden Property Group, which has a proven track record in urban land planning and large-scale regeneration. “This scheme, with its combination of centrally located housing and wealth of additional amenities, will unlock the wider regeneration of Wolverhampton city centre.” Savvas Socratous, director of Alexander Lawson Surveyors, added: “It is always rewarding to be involved in a receivership sale where the end result is equally positive for the creditor as well as the regional regeneration and infrastructure – that generates true value.” The West Midlands Combined Authority (WMCA) has produced a letter of intent providing levelling up funding, and is working with the Eden Property Group to redevelop the site.

Deals News

Aldi to invest over £550m into store and distribution network

13th February 2024

Aldi has said it will invest over £550m into its store and distribution network over the course of the year. This includes plans to open new stores across the country, as well as invest into its existing locations and distribution centres. The supermarket retailer said the new store openings will generate over 1,500 jobs nationwide, with further job opportunities in its stores, distribution centres, and offices. Aldi – which currently operates over 1,000 stores in the UK – has a long-term target of 1,500 locations across the country. Giles Hurley, CEO of Aldi UK and Ireland, said: “We’re continuing to welcome more and more new customers through our doors – with people coming for our low prices but staying for our award-winning quality and British sourcing. “However, there are still areas of the country that don’t have an Aldi, or that need more or larger stores to meet demand. That is what our 2024 expansion plans aim to address. We now have more than 1,000 stores across the UK but there are plenty more Aldi stores still to come, in 2024 and beyond.” The retailer is on the lookout for freehold town-centre or edge-of-town sites that are around 1.5 acres and...

News

British Land submits plans to open permanent venue at Printworks

British Land, in collaboration with super fund AustralianSuper, has submitted a planning application to open a permanent cultural venue at Printworks within its Canada Water development. Since opening in 2017, Printworks welcomed over 2.5 million visitors, 300 music concerts, 200 film shoots, and hundreds of cultural events. The venue closed its doors last summer. The new application aims to create a flexible leisure and cultural destination within the Canada Water Masterplan, expanding on the success of the meanwhile use venue. The permanent venue is set to occupy one half of the existing building, with the remainder hosting sustainable retail and working spaces – known as The Grand Press. The designs look to maintain the building’s volume and character whilst also creating a modern and sustainable venue. The new Printworks – which is scheduled to reopen in 2026 – will feature four new key cultural spaces, including: Emma Cariaga, joint head of Canada Water at British Land, said: “We want to deliver a permanent world-class cultural venue at Printworks that builds on its globally acclaimed legacy. Combining the best of the capital’s culture with next generation workspace at The Grand Press will create an unrivalled experiential destination, which generations will benefit from for...

News

GCW launches Sustainability Action Plan

London-based retail property consultancy GCW has launched its first Sustainability Action Plan, as it looks to put sustainability at the forefront of its business. The plan lays out key targets to achieve as GCW aims to reduce its environmental impact, refine its purpose and culture, and work to improve inclusivity and diversity within the business. The Sustainability Action Plan incorporates the United Nations Sustainable Development Goals as part of a wider ESG (environmental, social, and corporate governance) focus. The move looks to ensure GCW’s culture and ethos are aligned with those of its partners, as it aims to support sustainable communities and champion economic and environmental revitalisation. GCW has also pledged to undertake yearly regular reviews of its principles. Oli Horton, GCW partner, said: “Sustainability is an issue that should be on everyone’s radar across the property industry. “We have looked forensically at our business to understand our current position. We know we can do better, and we are committed to being better. We want to lead the debate, influence our stakeholders, and champion sustainability principles today to secure a better future for all.” GCW director, Philippe Micheal, added: “Many of our clients are embracing the green agenda and we...

News

Mexican restaurant to open first British site in Leeds

A Mexican restaurant chain is set to open its first restaurant in mainland Britain in Leeds. Boojum – which is owned by hospitality group Azzurri – currently operates 15 stores in Northern Ireland and the Republic of Ireland. As well as the new restaurant, Boojum will also invest in a new Leeds-based central production kitchen. Robert Powell, head of operations at Boojum, said: “We’ve seen other brands try to expand and not build out the necessary supply chain solutions to deliver the optimum experience. This often results in out-of-stock days or food sitting on shelves longer for the consumer, neither are ideal. “Our investment is aimed at delivering the freshest, highest quality Mexican product in the market.” The chain is looking to open 25 restaurants over the next five years in major UK cities including Nottingham, Birmingham, Liverpool and Manchester. Boojum founder David Maxwell added: “Boojum’s expansion into Leeds is no coincidence. The city’s bustling student life and reputation as a foodie paradise make it the perfect stage for our vibrant flavours. We’re not just serving food; we’re creating experiences and we’re excited to blend our Belfast roots with the dynamic spirit of Leeds.” Boojum owner Azzurri also controls the...

Deals News

The Body Shop set to call in administrators