Posts from June 2024

Liverpool ONE has become the first retail destination to introduce a new sustainability facility, with the installation of a Mobile Segregation Unit (MSU). The patented system is set to significantly boost recycling rates across the Liverpool scheme, with the destination aiming to recycle 90% of waste by 2025, improving on its current rate of 41%. Supplied by The Green Block, the MSU sorts waste into fifteen individual streams instead of the current five, allowing more items to be recycled, and giving brands a better range of options for recycling commercial waste. The MSU also enables the digital tracking of waste, which became UK law in April 2024 and will be mandatory by April 2025, with access to real-time waste data available via the Plaza technology system. Previously, the MSU has only been used at major transport hubs in the UK, meaning the Liverpool ONE launch marks the first time the technology has been adopted within a retail-led destination. Liverpool ONE has consistently met industry standards on waste management and maintained a ‘Zero Waste to Landfill’ status. Every year, the scheme keeps 2,560 tonnes of waste out of landfill, efforts which are set to be further bolstered by the introduction of...

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Watches of Switzerland to invest in “higher returning” UK market

The Watches of Switzerland Group, the UK’s largest luxury watch retailer, has said it intends to reallocate investment from the European market into the “higher returning” regions of the UK and the United States. This comes as the retail group releases its final results for the 2024 financial year, a period during which it continued the rollout of its showroom development programme. This included the expansion of the Patel Philippe space in the Regent Street Watches of Switzerland store, and the continued rollout of the Goldsmiths Luxury concept, with seven showrooms refurbished or expanded including in Liverpool, Birmingham Bullring, and the Trafford Centre, Manchester. The group also opened one multi-brand Goldsmiths showroom in Bromley, along with eight mono-brand boutiques. Other highlights included the launch of the Mappin & Webb contemporary concept in Glasgow, York, Guernsey, and Bluewater. The Watches of Switzerland Group said it had also made progress on important projects, including the flagship Rolex boutique on London’s Old Bond Street, and the Audemars Piguet Townhouse and Mappin & Webb luxury jewellery boutique in Manchester, all opening in the 2025 financial year. The group also completed the acquisition of 15 luxury watch showrooms from Ernest Jones, which have since been...

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Roadside Real Estate focused on “scaling its pipeline”

Roadside Real Estate says it is focused on “scaling its pipeline” and is in negotiations on a significant number of target assets via its joint venture (JV) with Meadow Partners. The specialist investment and development firm, formerly Barkby, said it has continued to focus on its JV roadside real estate strategy, whilst also executing on disposals. Roadside said it expects to deploy much of the £100m capital allocation it has agreed with Meadow by the end of the 2024 financial year. This comes as the group releases its interim results for the six month period ending 31 March, during which it completed three JV acquisitions. The acquired assets were in Stoke (£5.3 million), Gosport (£2.8 million), and Coventry (£3.3 million), and were acquired in line with the agreed JV funding split, whereby Meadow owns and funds 97% of the JV whilst Roadside owns and funds 3%. Roadside’s two-wholly owned assets, in Wellingborough and Maldon, are now fully let. The Wellingborough asset is valued at £3.9 million and has a contracted rent of £237,000 per annum from tenants including Greggs, Formula One Autocentres, City Plumbing Supplies, and Brewers Decorator Centres. The Maldon development is valued at £4.8 million and has a...

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ELEMIS opens first standalone UK store at Covent Garden

Global beauty brand ELEMIS has opened its first standalone store in the UK at Shaftesbury Capital’s Seven Dials neighbourhood in Covent Garden. Spanning 1,000 sq ft, the store at 23 Monmouth Street joins Covent Garden’s significant line-up of cosmetics and beauty brands. The store will boast interactive features such as a product play table with digital halo screens, an in-store scent experience, and an LED kinetic wall surrounding the treatment area. ELEMIS’s new Monmouth Street location has been designed with sustainable materials and features a specialised multi-brand ‘Beauty Swap & Drop’ recycling area, allowing customers to recycle existing product packaging in exchange for complimentary products. ELEMIS joins a host of beauty retailers at Covent Garden, including Charlotte Tilbury, Chanel, Glossier, Guerlain, NARS, and Tom Ford, as well those also on Monmouth Street, including Aesop, DECIEM, Kiehl’s, and Le Labo. Michelle McGrath, executive director at Shaftesbury Capital, said: “Marking yet another debut from a globally renowned retailer, Covent Garden is the perfect destination for a leading beauty pioneer to flourish and innovate with its debut standalone store. This expansion underscores Covent Garden’s reputation as a premier destination for ground-breaking beauty experiences and is further evidence of the continued momentum of leasing activity in...

Deals News

Rituals doubles presence at Manchester Arndale with new lease signed

Rituals is set to double its presence at Manchester Arndale after signing a new 10-year lease. The beauty retailer will relocate to a 2,194 sq ft store on New Cannon Street, which will be twice as large as its current unit on the lower mall. The upsized store will allow Rituals to offer more customers its range of personal wellbeing products, and helps cement Manchester Arndale as the North West’s go-to destination for cosmetics brands. Earlier this year, the centre agreed a 10-year lease with Space NK, which will open later this year and bring its range of products including skincare, cosmetics, and gadgets. As well as cosmetics retailers, Manchester Arndale has welcomed a number of fashion brands over the last few months, with French Connection, Lounge Underwear, and Nike all opening new stores at the scheme. The centre has also added several F&B and leisure operators with King Pins, Sides, and HOP Vietnamese joining the line-up. Joint asset managers Global Mutual and M&G Real Estate said they are close to agreeing new leases with several retailers over the final remaining spaces at Manchester Arndale, as the centre nears 100% occupancy. Steve Gray, head of European retail asset management at...

Deals News

World’s largest drone maker to open Regent Street flagship

DJI, the world’s largest drone maker, is set to launch a new flagship DJI-Hasselblad concept store on London’s Regent Street later this month. Opening on June 29th, the 1,550 sq ft store at 52 Regent Street promises to deliver an “immersive experience” for customers. The store will feature DJI drones, gimbals (a stabilisation device for cameras), and accessories, as well as medium-format cameras and lenses from Hasselblad, which DJI acquired in 2017. The flagship concept store will also host in-store live streaming, demonstrations, and product training. DJI, which currently has 12 stores across its home continent Asia and one in the United States, will be launching only its second location in the UK, after opening on Birmingham’s Corporation Street last year. As with the Birmingham location, the Regent Street lease was secured in conjunction with property consultancy FHP, with DJI-Hasselblad and FHP eyeing further locations in the UK. Majid Shah, director at DJI, said: “We are looking forward to launching our flagship UK concept store in one of the country’s most iconic retail destinations. Many of our existing customers are London-based, so our new store opening at 52 Regent Street offers us the perfect platform to service their needs, as...

Deals News

Entries now open as The Revo’s return for 2024

Revo has announced the return of its industry award programme, The Revo’s, with entries now open across 13 categories. The awards – which launched for the first time in 2023 – aim to recognise outstanding achievements in the retail, leisure, and placemaking property sector. This year’s celebrations are set to be bigger and better, taking place on December 4th at Flipper’s Roller Boogie Palace, Westfield London. The event will be hosted by TV presenter, entrepreneur, and property and travel expert Laura Hamilton, best known for presenting Channel 4’s A Place in the Sun. Since launching over 38 years ago, Revo has looked to recognise and celebrate talent within the sector, with The Revo Gold, ACE, and Purple Apple Awards all having stood as hallmarks of excellence. The Revo’s have been designed as an all-encompassing awards series, which looks to combine the best elements of previous campaigns to honour achievements across development, investment, asset management, operations, customer experience, and destination marketing. Revo is now inviting applications from individuals, businesses, and teams across the sector for categories such as Outstanding Asset Management & Leasing, Innovation in Operations and Technology, ESG Excellence, Destination Marketing Mastery, Retail and Leisure Excellence, Community Engagement, Design and...

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Blackstone acquires 33-strong hotel group

Blackstone Real Estate has completed the acquisition of Village Hotels, a hotel owner, operator, and developer, from KSL Capital Partners. Village Hotels owns and operates 33 assets in large regional cities and suburban areas across the UK. The business operates as an “all under one roof” leisure destination, offering full-service hotel stays, fitness clubs, food and beverage outlets, and co-working spaces. This range of amenities has seen Village Hotels acquire a customer base which includes domestic business travellers, tourists, large groups, and local visitors. Village Hotels CEO Gary Davis said the business sees “great opportunities to expand the number of hotels” with Blackstone. James Seppala, head of real estate Europe at Blackstone, said: “We are delighted to add Village Hotels, a standout hospitality brand with a unique business model, to our real estate portfolio. We see great potential in lodging and leisure as a sector, especially where we can support strongly positioned businesses that deliver exceptional experiences to their customers. We look forward to partnering with Village Hotels’ seasoned management team and support them as it embarks on its next stage of growth.” Jens Blomdahl, principal at KSL Capital Partners, added: “We are pleased to have partnered with the Village...

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Aldi unveils updated list of priority locations

Aldi has unveiled its updated list of priority locations, as the retailer aims to hit its long-term target of 1,500 UK stores. Last month, the supermarket retailer asked members of the public to get in touch to highlight where they felt Aldi stores were needed the most. The retailer said it had received thousands of requests, and has since reviewed its list of priority locations for UK stores. The areas where Aldi is now targeting new openings include: The retailer – which currently operates over 1,020 stores in the UK – has also identified further locations in the UK where it believes there is demand for an Aldi store. This includes over 100 locations within the M25 and an additional 100 in the wider South East. Jonathan Neale, managing director of national real estate at Aldi UK, said: “We want to make high quality food accessible to all, but we can’t do that while there are still some towns and areas that either don’t have an Aldi or have capacity for additional stores. “We recognise there is huge demand in certain regions for more stores, which is why we decided to get the public’s input on our latest list of priority locations....

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Chopstix opens fourth Essex site at Basildon’s Eastgate Shopping Centre

Pan-Asian quick-service restaurant brand Chopstix has opened its fourth site in Essex at Eastgate Shopping Centre, Basildon. The opening of the 52-seat restaurant follows successful sites in Lakeside, Romford, and Ilford. With over 150 Chopstix Group sites in the UK, the business is continuing to open new sites through both company-operated and franchise ownership models. The Basildon restaurant marks the company’s fifth equity opening of 2024, in addition to a number of openings with its new and existing franchise partners, including Haven and Welcome Break. Jon Lake, managing director of Chopstix, said: “We’ve been keen to grow our presence in Essex for some time, so we’re delighted to open in Basildon, and Eastgate was the perfect location as the brand continues to show up well in shopping centres.” The Chopstix Group consists of over 100 Chopstix sites, in addition to 10 sites operating as Yangtze, and 25 sites under the Chozen Noodle brand, which the group acquired in 2023.

Deals

F1 Arcade eyes £100m funding to fuel expansion

F1 Arcade, the Formula One-based competitive socialising concept, is raising £100m from investors to support its growth. Sky News has reported that the operator is close to finalising a new debt facility with Liberty Media, which owns Formula One, as well as British bank Oaknorth and investment fund Cheyne. City sources told Sky News that the deal was expected to be completed within the next week, in the run-up to the British Grand Prix at Silverstone. The company’s current shareholders include Formula One’s own Lando Norris – who races for McLaren F1 – investment fund Imbiba, as well as the venture capital arm of Daily Mail owner DMG Media. One banking source told Sky News that the concept was now valued at around £200m. The operator – which operates three sites globally including a flagship location at London’s One New Change – has previously announced ambitions to open 30 sites worldwide by the end of 2027. The concept also operates sites in Birmingham, and Boston, Massachusetts. Last summer, F1 Arcade’s parent company Kindred Concepts secured a £30m investment to fuel the concept’s expansion. New locations in the concept’s pipeline include Washington D.C. and Las Vegas. F1 Arcade features racing simulators allowing...

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Morrisons wants 2,000 convenience stores in 2025

The chief executive officer of Morrisons has said the retailer is aiming to reach 2,000 convenience stores in 2025. The supermarket retailer – which now has over 1,600 stores under the Morrisons Daily fascia – said convenience “remains an important and strongly growing channel”. This figure has been boosted following the conversion of all McColl’s stores to the Morrisons Daily brand, with the supermarket purchasing the convenience chain out of administration in 2022. Morrisons also recently completed the acquisition of 38 convenience stores in the Channel Islands from franchise brand SandpiperCI. This comes as the retailer delivered a trading update for the second quarter of the 2023/24 financial year, a period during which it recorded an increase in group like-for-like sales (excluding fuel) were up by 4.1%. During the period, which covered January 29th to April 28th, the retailer recorded total sales (excluding fuel) of £3.8bn, a year-on-year increase of 3.7%. This was bolstered by the £2.5bn sale of 337 petrol filling stations to Motor Fuel Group earlier this year. Morrisons said it has made good progress across its three strategic pillars: commercial excellence, operations optimisation, and new value creation. Jo Goff, chief financial officer of Morrisons, said: “This has...

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Donutelier finds sweet spot on Carnaby Street

Donutelier, the boutique bakery specialising in handmade doughnuts and pastries, is set to open a new site on London’s Carnaby Street later this year. Spanning 1,300 sq ft, the store at 50 Carnaby Street will look to form a natural gateway from the famous shopping street into the dining hub at Kingly Court. Opening within the coming months, the bakery looks to put a modern twist on classic French patisserie whilst retaining a sense of tradition. Doughnut flavours such as Dulcey Pecan, Black Forest, and Vanilla Cookie Cream will be available at the Carnaby Street store alongside a range of croissants and Danish pastries. The signing of Donutelier introduces a food and beverage offer into the heart of Carnaby Street, designed to complement the destination’s surrounding retailers. Michelle McGrath, executive director at landlord Shaftesbury Capital, said: “F&B plays an important role in the shopping experience our visitors are looking for. Given Carnaby Street’s prominence as a retail hotspot, it’s a good fit to introduce a boutique, patisserie-inspired operation to the centre of the street, reflecting consumer demand. It will provide the opportunity for a stop-and-pause moment for visitors, and reinforces Soho’s position as a fantastic mixed-use destination, which is continuing...

Deals News

Søstrene Grene to make North East debut at Newcastle’s Eldon Square

Søstrene Grene is set to open its first store in the North East at Eldon Square in Newcastle, as the Danish brand continues to expand across the UK. Spanning 5,000 sq ft, the new store will be located on the scheme’s Upper Mall, adjacent to Swarovski. Søstrene Grene Eldon Square will feature the brand’s Scandinavian-inspired products across its homeware, kitchenware, stationery, and craft supplies ranges. In line with the retailer’s commitment to sustainability, the store will use sustainable materials and focus on reducing environmental impact. It will also feature areas dedicated to workshops and events for customers to engage in crafting activities and learn new skills. With over 30 stores across the UK, the new opening marks a continuation of Søstrene Grene’s expansion strategy, with the retailer planning to open 100 new stores by 2030. This strategy has seen the brand recently open its first store in Hampshire at Basingstoke’s Festival Place. Cormac Hamilton, general manager at Eldon Square, said: “We are very excited to welcome Søstrene Grene to the North East. Eldon Square’s central location allows for high footfall, providing a great opportunity for the Scandinavian brand to build awareness and rise in popularity in the North East.” Jonathan...

Deals News

Warehouse REIT acquires chunk of Tamworth retail park

Warehouse REIT, the real estate investment trust which focuses on investing in multi-let assets in industrial hubs, has acquired Phase 2 of Ventura Retail Park in Tamworth, near Birmingham, for £38.6m. Ventura Retail Park is one of the 20 largest retail parks in the UK by area, with Phase 2 comprising 120,000 sq ft of fully-let retail space. The asset – which is let to the likes of Boots, Sports Direct, and H&M – produces a contracted rent of £3.1m per annum and has a weighted average unexpired lease term of 6.4 years. The retail park forms part of a wider retail warehouse cluster covering 700,000 sq ft, with occupiers including Next, Primark, and M&S. Warehouse REIT said the acquisition is in line with its focus on multi-let assets. The group added that its management team has a strong track record of investing in and managing retail warehouses which, coupled with its experience in multi-let retail warehousing, makes the acquisition highly complimentary to the group’s portfolio. The REIT recently announced that it had completed £165 million of sales since announcing a disposal plan in November 2022, reducing its net debt to c.£235 million prior to this transaction. The group said...

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Landsec ups stake in Kent’s Bluewater

Landsec has completed the acquisition of an additional 17.5% stake of Bluewater in Kent from GIC for £120m, bringing its total ownership of the scheme to 66.25%. The real estate investment trust said that based on the income its existing interest in Bluewater generated during the last financial year, the acquisition will increase its net rental income by an additional £10.3m a year. Landsec said the transaction is in line with its objective to grow its investment in major retail destinations, recycling capital from recent disposals. Bruce Findlay, managing director of retail at Landsec said: “This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles. Bluewater is one of the UK’s top retail destinations and a key part of our strategy to further build our relationships with key brands.” Landsec first purchased a stake in the shopping centre in June 2014, taking 30% ownership. It then upped its interest by £172m in December 2021, increasing its stake by a further 25 percent.

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Slim Chickens cooks up Festival Place opening