Posts from March 2024

Rosa’s Thai is set to open its first restaurant in East Anglia after securing a unit at Chantry Place in Norwich. Taking a split of the former Byron unit, the Thai restaurant operator will occupy 3,100 sq ft of space and join the likes of Wagamama, The Real Greek, and Urban Outfitters on Chantry Square. The expanding Thai food concept is planning between to open around 10 further sites in 2024. The chain opened its first site in Surrey in Guildford in January and launched in Scotland for the first time in September 2023. Lunson Mitchenall acted for the landlord Catella APAM, whilst P-Three acted for Rosa’s Thai.

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GCW hires former JLL director to bolster investment team

GCW has announced the appointment of James Waldock as investment director, covering the shopping centre, out-of-town, and broader retail capital markets. Waldock has over two decades of experience in the industry, having previously worked as senior director in the retail capital market division at JLL. Over the course of his career, he has advised clients on close to £4bn worth of retail assets. Waldock said: “It’s time for me to have a fresh outlook and a change. I’m looking forward to using my experience and the clients I have, in a dynamic environment. “GCW is incredibly agile and has a great platform for growth. The investment team is established and growing. The leasing team is strong and it’s exciting to be working alongside them in this ever-changing retail market. “The retail investment market is witnessing a notable shift. Whilst there will be selective activity in the super-prime market, the nature and scale of shopping centre investment has changed and continues to evolve, and it’s essential to have occupier-led advice, a service GCW are best placed to provide”. Oli Horton, partner and head of investment at GCW, added: “Where people are cutting costs, hoping the market returns, we believe in the...

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M&S boss calls to fix “broken” business rates system

The chief executive of Marks & Spencer has called on the Chancellor to fix the “broken” business rates system, ahead of Wednesday’s Spring Budget. Speaking on LinkedIn, Stuart Machin said that government policy makes being an employer and running stores difficult, particularly in a difficult economic environment. “It’s like running up a downwards escalator with a rucksack on your back”, he wrote. Machin said that business rates are the reason behind tight profit margins within the retail sector: “We’re all proud to pay our way and support the country and the communities we serve. But the balance is wrong and is stymying growth”, he said, adding that the decision to increase the business rates multiplier by nearly 7 percent from April is “economically illiterate”. Machin called on “decisive action” to reduce the multiplier back to its original level or – at the very least – an adjustment to the current inflationary uplift. The M&S boss also joined a host of figures within the retail sector calling for a reinstatement of tax-free shopping for tourists. He said the decision to introduce the ‘tourist tax’ is costing the UK £10.7bn in GDP a year, with the impact felt beyond the retail sector....

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Greggs has appetite to grow estate by 160 stores in 2024

Bakery chain Greggs has said it is aiming to increase the size of its estate by between 140 and 160 stores in 2024, following a record year of openings. Greggs – which operated 2,473 shops by the end of 2023 – said there is “clear opportunity for significantly more than 3,000 UK shops over the longer term”. In 2023, the chain opened a record 220 new shops and closed 75, whilst relocating 42 shops and refurbishing 122. Over the course of the year, Greggs continued to expand its partnerships with retailers including Primark, Tesco and newest addition Sainsbury’s. The operator also extended its travel presence in London with new shops in Canary Wharf and Waterloo railway stations, as well as a branch in Gatwick Airport. The chain also said it is increasingly competing in the evening market, with over 1,200 Greggs sites competing for food-on-the-go sales until 7pm or later. This comes as Greggs releases its preliminary results for 2023, a period during which the chain’s sales increased to £1.81bn, up from £1.51bn in 2022. The operator recorded a pre-tax profit (excluding exceptional income) of £167.7m, up from £148.3m. Roisin Currie, Greggs chief executive, said: “Despite an economic backdrop that continued to be...

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All-day dining concept to debut at Covent Garden

A new all-day dining concept is set to open its debut location at Covent Garden. Thirty7 – which has been created by The Oystermen founder Hampton Lovell & Co – will open a 45-seater restaurant in a 1,544 sq ft space at 37 Bedford Street. The restaurant will become founders Matt Lovell and Rob Hampton’s third hospitality venue in the Covent Garden neighbourhood, and will look to showcase a dedication to old-school dining values and sustainability. Thirty7’s menu – will be delivered by head chef Grant Clark – will draw from a range of culinary influences from cities such as New York and Paris and source products from a network of local suppliers. Opening later this month, Thirty7 joins Covent Garden’s mix of dining concepts, including the recently opened NOTTO, as well as Ave Mario, Balthazar, GAUCHO, Story Cellar, SUSHISAMBA, The Barbary, and The Ivy Market Grill. Matt Lovell and Rob Hampton said: “We are hugely excited to be opening thirty7 later this month, introducing our innovative new concept to the destination. Covent Garden has been the ideal location for our other concepts to thrive, offering us the opportunity to share our love for food with a diverse range of visitors...

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Arc’teryx opens flagship Covent Garden flagship

Shaftesbury Capital has announced that Arc’Teryx has opened the doors to its flagship Covent Garden store, following a relocation from Long Acre. Taking 8,000 sq ft in the newly refurbished listed building at 41-42 King Street, the outdoor apparel retailer’s store offers a range of technical gear, footwear, and accessories across a number of activities including trail running, climbing, hiking, and skiing. The new store also offers a range of services such as Arc’teryx’s circularity programme which focuses on the care, repair, and upcycling of its products. Arc’teryx’s new flagship store sits alongside a number of retailers on King Street, including Creed, Glossier, Hackett, Jo Malone London, Mejuri, Polo Ralph Lauren, and Reformation, and joins the likes of HOKA, Peloton, Axel Arigato and Vivo Barefoot as part of the performance wear line-up across the whole portfolio. Michelle McGrath, executive director, Shaftesbury Capital, said: “We are pleased to support Arc’teryx’s growth within Covent Garden and deliver a newly refurbished heritage space for the brand to thrive. Its significant upsize onto King Street is a testament to the unique opportunities we provide as well as our role in nurturing and investing in our customers, whilst we continue to create a thriving, experiential...

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Space NK joins Manchester Arndale as existing tenants renew

Manchester Arndale is set to welcome beauty retailer Space NK, as a pair of existing tenants sign lease renewals at the scheme. Signing a 10-year-lease, Space NK will offer a range of products including skincare, cosmetics, and gadgets from brands such as Drunk Elephant, Nars, Charlotte Tilbury, and Diptyque. This comes as Manchester Arndale secures lease renewals with Timberland and Jack & Jones, which have both signed five-year extensions for their units. These lease renewals, alongside the signing of Space NK, follow the arrival of a several international brands at Manchester Arndale over the past 12 months, including Nike, Moss, Manchester City, Dune, Clarks, Sunglass Hut, and French Connection. These arrivals have helped footfall grow by 6.3% with over 46 million people visiting Manchester Arndale and New Cathedral Street during 2023, as occupancy grew to over 95%. The scheme’s asset managers Global Mutual and M&G are now in talks with a number of retailers over the remaining space at Manchester Arndale, as they aim to ensure it offers a diverse range of retail, leisure, and F&B operators to attract visitors from the North West and beyond. Steve Gray, head of European retail asset management at Global Mutual, said: “Space NK...

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White Stuff flagship opening leads flurry of Liverpool ONE lettings

Liverpool ONE has welcomed the opening of a regional flagship store for White Stuff as part of a number of new lettings. Launching on Peter’s Lane, the 1,800 sq ft store features the fashion retailer’s new design format and will offer a range of both menswear and womenswear. The new store forms part of White Stuff’s strategy to become a multi-channel, modern lifestyle brand. Also joining Liverpool ONE is fast-growing womenswear retailer Sisters & Seekers, which has selected South John Street to bring its range of clothing, activewear, and accessories to Liverpool for the first time. Meanwhile, online contemporary clothing and footwear brand ARNE opened its third pop-up activation at Liverpool ONE earlier this month. Bringing its custom-built ‘Grab Machine’ to Paradise Place, the activation follows the brand’s two pop-ups at the scheme in 2023. Rob Deacon, asset management director at Liverpool ONE, said: “Liverpool ONE continues to be the destination of choice for regional flagships and immersive activations from pioneering, online-only brands. We are proud to have welcomed White Stuff’s elevated regional flagship store, ARNE’s third activation with us, and look forward to hosting Sisters & Seekers’ city debut pop-up sample sale next month.” Jo Jenkins, CEO of White...

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M&S wins high court challenge after Oxford Street demolition blocked

Marks & Spencer has won a high court victory over a decision to block the retailer’s plans to tear down its flagship store on London’s Oxford Street. The secretary of state for Levelling Up Michael Gove rejected the proposals in June last year on the grounds that the public benefits would not outweigh the harm to local landmarks. At the time, M&S chief executive Stuart Machin branded the decision as “utterly pathetic”, with the retailer launching its legal challenge in August. The Marble Arch store has stood for nearly 100 years. Following the high court decision announced on Friday morning, M&S operations director, Sacha Berendji, said: “Today’s judgment couldn’t be clearer, the court has agreed with our arguments on five out of the six counts we brought forward and ruled that the secretary of state’s decision to block the redevelopment of our Marble Arch store was unlawful. The result has been a long, unnecessary and costly delay to the only retail-led regeneration on Oxford Street which would deliver one of London’s greenest buildings, create thousands of new jobs and rejuvenate the capital’s premier shopping district. “The secretary of state now has the power to unlock the wide-ranging benefits of this significant investment and...

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Nuveen’s 50% stake in Exeter’s Princesshay up for sale

Nuveen has placed its 50% stake in Exeter’s Princesshay Shopping Centre up for sale. The 400,000 sq ft asset comprises retail units, food and beverage and leisure space, and offices. Savills has been appointed to handle the sale, as is reported to be seeking around £40m for the 50% stake. The remainder of the asset is owned by The Crown Estate. Key tenants at Princesshay include Next, Zara, and Reiss, with F&B operators at the scheme including Nando’s, Wagamama, and Yo! Sushi. Included in the estate are the Princesshay and Summerland Gate car parks, providing over 500 car parking spaces. Nuveen purchased its 50% stake in 2014 from Landsec, as part of a deal which saw Landsec take control of Buchanan Galleries in Glasgow. Total gross income across the Princesshay assets is around £9.1m per annum, producing a net operating income of approximately £6.3m per annum.

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Bayswater’s The Colonnades sold for £33.5m

FTSE 250-listed investment trust TR Property has announced the sale of The Colonnades in Bayswater, London to a private family office for £33.5m. The property extends to two acres and comprises a mixed-use block featuring a Waitrose supermarket and upper residential sections, which were sold in 2022 for £5m. TR Property has conducted significant asset management on the property, including a 16,000 sq ft extension and refurbishment to the Waitrose store in 2015, with the supermarket – which is let on a 20 year lease – doubling in size to 44,000 sq ft. Whilst TR Property primarily invests in real estate investment trusts and other listed property companies, it is able to hold up to 15 per cent of its assets in physical UK real estate. The investment trust said the sale of The Colonnades is in line with its strategy to recycle capital out of mature assets. George Gay, direct property fund manager at TR Property, said: “Through this sale we have been able to unlock in excess of £30 million to invest into higher-yielding assets such as multi-let light industrial. Having transformed the Colonnades, this is the right time to exit and turn towards future opportunities and growth.”

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The O2 enjoys record start to 2024

The Entertainment District and Outlet Shopping at The O2 have enjoyed their strongest ever start to a trading year, with the destination expecting to top 2023’s record-breaking year of results. Between 1 January and 25 February, The O2 welcomed over 1.5 million visitors, an increase of 46% compared to the same period last year. During the same period, sales increased by 25% compared to 2023, with average weekly sales up by 18%. Outlet Shopping at The O2 specifically recorded a year-on-year increase in sales of 18%, bolstered by the sample sales of fashion retailers Hackett and Scamp & Dude. The Entertainment District also recorded strong results, with a 30% rise in sales compared to 2023. February half-term was particularly robust, with sales at Outlet Shopping at The O2 up by 54% and average transaction value increasing by 13% compared to the same period in 2023. Meanwhile, the Entertainment District recorded a sales increase of 29%, with average transaction value up by 5% compared to last year. This coincides with the destination reaching full leasing completion, following the signing of Asian restaurant concept Chopstix, which will join operators such as Chipotle, Afrikana, iFLY Indoor Skydiving, JD Wetherspoon’s ‘The Stargazer’, and Mamma...

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All-day club house concept hungry for more London sites