Posts from June 2024

BOXPARK has signed a long-term property management deal with Transport for London’s property company, Places for London, to assume operational management of Camden’s Buck Street Market. The 12,000 sq ft shipping container food and retail complex – which was acquired by Places for London in October 2023 – is set to undergo a significant refurbishment, subject to planning permission from Camden Council. Buck Street Market is home to 23 retail units and 23 food units and attracts some 30 million visitors a year. An initial investment from BOXPARK will look to refresh the site, with plans for further investment in collaboration with Places for London due in the coming year, following engagement with local businesses and communities. BOXPARK said the vision for Camden Market Buck Street aligns with its dedication to supporting independent businesses and fostering vibrant community spaces. As part of the deal, BOXPARK said it will support over 40 independent food operators and retailers. Simon Champion, CEO of BOXPARK, said: “It’s an exciting challenge for BOXPARK to reinvigorate an iconic destination like Buck Street Market. It’s no secret we have a love of locations beaming with culture and community, and Camden is no different. Camden Town boasts a world...

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Bradford’s largest sensory room opens at The Broadway

Asset manager Ellandi has launched Bradford’s largest sensory room at The Broadway shopping centre. The custom-built room was officially opened by Bradford’s new Lord Mayor Councillor Bev Mullaney. The space – which was designed by Shipley-based company SpaceKraft – has been praised as a serene environment for neurodiverse people. Features include mood lighting, mirrors, a musical hand and touch wall, an LED colour curtain, and an acoustic bed. Christina Beggan, director of asset management at Ellandi, said: “Incorporating a sensory room at The Broadway isn’t just about providing a space; it’s about creating a haven where every individual, regardless of their specific needs, feels understood and included. It’s about transforming a shopping trip where everyone feels supportive and can enjoy memorable shopping experiences for years to come. We have always been driven to create an inclusive community for our shopping centres and we are looking forward to shoppers and visitors using this space’ Councillor Sue Duffy, portfolio holder for children’s and young people’s neurodiversity, added: “We have recently started a journey working closely with our partners with the aim of making Bradford a neurodiverse friendly district so that when we refer to our city being inclusive it means neurological differences are...

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High street revenue down at WHSmith despite strong travel performance

WHSmith has recorded a small decline in high street revenue, despite the retailer’s travel division performing well internationally. During the 13-week period ending 1 June, WHSmith’s high street revenue declined by 4% compared to the same period in 2023, with like-for-like sales down by 1%. The retailer said that early feedback on its five Toys “R” Us shop-in-shops has been “good”, with the retailer on track to open a further 25 concessions in the balance of the financial year. Last year, WHSmith said it will not open any more stores on UK high streets. In the retailer’s UK travel division, total revenue during the period was up by 9% compared to 2023, with like-for-like sales up by 8%. Globally, WHSmith’s travel division saw revenue increase year-on-year by 8% during the period, with like-for-like sales up by 5%. The retailer said it is well positioned as it enters the peak summer trading period, with good trading momentum continuing across all travel divisions.

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Bonmarché and Co-op make in-store outlet debut

A Bonmarché outlet has launched within a revamped Co-op store in Lincolnshire, in what has become the first opening in a partnership between the two retailers. The value womenswear retailer – which has announced plans to ramp up its expansion in UK high streets over the next 18 months – has taken 3,000 sq ft within the new-look Louth store. The Co-op store has undergone a 12-week programme of works and improvements, with new additions including an updated look and layout with hot food, a bakery, and a Costa Coffee express. Parcel collection services are now also on offer. Mark Matthews, director of format and innovation at Co-op, said: “We are delighted to partner with Bonmarché. As we invest in transforming our Louth store we are committed to creating added services which provide a compelling customer offer in the community. The addition of a Bonmarché store will offer further value and choice for our member-owners and customers in Louth.” Founded in Wakefield in 1982, Bonmarché is one of the UK’s largest women’s only value retailers. It currently operates over 200 stores across the United Kingdom.

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B&M on-track with accelerated store opening programme

B&M is on track with its accelerated store opening programme, having opened 47 stores in the last financial year. The variety retailer – which currently has an estate of 741 stores – is targeting at least 45 new store openings per annum over a three year period. B&M previously increased its long-term target to operate no less than 1,200 UK stores, up from its previous guidance of 950. Over the course of the financial year, which ended on 30 March, the retailer’s new openings were bolstered by its acquisition of 51 stores from Wilko. B&M said it moved rapidly as it selected the stores it wanted and renegotiated leases, and is now opening these stores at speed. Of the 25 B&M stores opened in the fourth quarter of the last financial year, 21 were former Wilko stores, which B&M said are delivering strong sales densities. The retailer said it expects to open between 15 and 20 B&M stores in the UK during the first quarter of the 2025 financial year, many of which will be former Wilko branches. This comes as B&M releases its results for the 2024 financial year, a period during which it recorded a 10.1% year-on-year increase...

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Leisure operator Clip ‘n Climb to take The O2 to new heights

International climbing leisure operator Clip ‘n Climb is set to open its second site in London at The O2‘s Entertainment District. Taking 3,731 sq ft of space adjacent to Mamma Mia! The Party, the concept will consist of a vertical drop slide and different climbing challenges for children and adults alike. The concept – which operates in 43 countries with over 350 locations worldwide – will also host sessions for toddlers as well as those with special educational needs. The arrival of Clip ‘n Climb at The O2‘s Entertainment District follows the announcement earlier this year that the destination’s leisure and F&B real estate is now fully leased. Clip ‘n Climb will join leisure brands at the destination such as roofwalk attraction Up at The O2, TOCA Social, Boom Battle Bar, Oxygen Freejumping, and iFLY Indoor Skydiving. Janine Constantin-Russell, managing director of the Entertainment District and Outlet Shopping at The O2, said: “We have built an impressive leisure offering at The O2 over the last few years, but being fully let does not mean that this curation and innovation has to come to an end. Our visitors are always at the forefront of everything we do, and therefore it is...

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LondonMetric doubles size of portfolio in first year since merger

LondonMetric Property has doubled the size of its portfolio to £6bn in the first financial year since merging with LXi. Over half of the real estate investment trust’s (REIT’s) portfolio contains long-income assets, of which the LXi merger added £2.6bn worth. Prior to the merger, LondonMetric’s long income exposure mainly focused on convenience retail, with the acquisition of LXi’s properties adding to this. The merger also provided LondonMetric access to the entertainment, budget hotels, and healthcare sectors. Over the last financial year, comprising the year ending 31 March, the REIT sold £43 million of long income assets and has made further disposals since the year end including some from the LXi portfolio. This included the recent sales of £31m worth of retail assets. At year end, LondonMetric said its long income portfolio is 100% let, offers a topped up net initial yield of 5.8%, a weighted average unexpired lease term of 24 years, and contractual rental uplifts on 90% of income. The convenience sector now makes up 17% of the REIT’s portfolio, whilst the entertainment and leisure sectors make up 21%. LondonMetric said that despite a growth in online shopping, the store network remains integral to retailers, with well located...

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Asda drafts in Lidl exec in leadership shake-up

Asda has appointed the current chief operating officer of Lidl to head up its stores and depots operation, as the supermarket retailer makes a number of changes to its senior leadership team. Matt Heslop has worked with Lidl for over 20 years in various senior operational roles. Under his new position, he will be responsible for the 470 stores in the newly-established Asda Express division. Asda said his experience in the convenience sector will be particularly important in helping accelerate Asda Express’ position in the £40bn convenience retail market. In addition, Matt Kelleher – whose recruitment as chief digital officer was announced in January – will join in July to oversee Asda’s ecommerce and data functions. He joins from Morrisons, where he was previously chief information officer. Simon Gregg, senior vice president of ecommerce and Retail South, will leave Asda in July via mutual consent. Mohsin Issa, Asda co-owner, said: “I’m delighted to announce Matt Heslop’s appointment to lead a critical part of our operation and drive the next stage of our growth journey. He is an experienced operator with a proven track record in managing substantial retail operations in a fast-growing company. Along with Matt Kelleher, who assumes the role of...

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Arc Inspirations to open three new venues in expansion drive

Hospitality group Arc Inspirations is set to open three new venues in Sheffield, Nottingham, and Edinburgh this autumn. Arc Inspirations – which owns and operates the BOX, Manahatta, and Banyan brands – will be opening its second location in Sheffield with the launch of a BOX bar. This follows the opening of a Manahatta Bar near Sheffield’s City Hall in early 2023. In Nottingham and Edinburgh, the group will be opening two New York-inspired Manahatta Bars. Arc Inspirations – which is eyeing further launches in London, Liverpool, and Cardiff – has a long-term target to open 50 bars by 2030. The comes after the group secured £7m of funding to help support its expansion plans. This included a £4m loan from its banking partner HSBC as well as £3m of additional equity from shareholders. Arc Inspirations is aiming to open at least four new sites every year for the next five years, with the additional capital also being used to refurbish existing Manahatta sites.

Deals

Gordon Ramsay opens Bread Street concept at Stratford Cross Pavilion

Gordon Ramsay Restaurants has opened its sixth Bread Street Kitchen & Bar in London at Lendlease’s landmark Pavilion building at Stratford Cross. The 10,000 sq ft space extends to all three levels of the Pavilion and houses areas for private dining and events. In addition, a 3,000 sq ft rooftop bar offers al fresco dining with views of The London Stadium, Aquatics Centre, and Olympic Park. The venue’s ground floor café also serves as a community space, offering coffee and pastries from 8am Monday to Friday. The new Bread Street Kitchen & Bar offers customers a menu featuring Gordon Ramsay’s famous dishes, as well as an exclusive offer unique to Stratford, alongside a cocktail and wine list. Guy Thomas, head of retail and place assets at Lendlease, said: “The opening of Gordon Ramsay Restaurants’ multi-dimensional venue provides a second-to-none experience for Stratford Cross’ workers, residents, and visitors. As a key focal point and leisure anchor of the destination, the Pavilion is deserving of a hero hospitality brand, and we have certainly found that in Bread Street Kitchen & Bar.” Andy Wenlock, CEO of Gordon Ramsay Restaurants, added: “Stratford Cross’ Pavilion building is the ideal location for this brand-new flagship Bread...

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Zara takes former Debenhams unit at Glasgow’s Silverburn

Zara is set to upsize to a new unit at Silverburn in Glasgow, taking residence in the former Debenhams department store. Spanning 47,000 sq ft over two floors, the new store – which has been taken on a 15-year lease – will be one of Zara’s largest in Scotland. The new store will feature Zara’s latest store concept and integrate online services into its offer. The upsize follows other recent announcements at Silverburn, including the addition of retailers such as The White Company, TAG Heuer, All Saints, Polestar, and Rituals. Other new food and beverage and leisure additions at the centre include King Pins, Bread Meets Bread and The Real Greek. Silverburn is owned by a joint venture between international private equity real estate firm Henderson Park, and Eurofund Group, a pan-European real estate investment and development company. Christophe Kuhbier, head of investments, Europe at Henderson Park, said: “Zara’s new and enhanced store at Silverburn is a clear illustration of where we see the future of physical retail – a striking, experiential flagship that complements a successful brand’s omnichannel offering. This letting represents a key milestone in the execution of our intended business plan as, in addition to significantly strengthening the...

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UNIQLO signs for Kings Cross’ Coal Drops Yard

UNIQLO is set to open at King’s Cross this autumn in what is the most significant retail deal at Coal Drops Yard since it launched in 2018. The Japanese fashion retailer will occupy 12,000 sq ft over three floors in the former Wolf & Badger store, located at the southern gateway of the shopping destination. UNIQLO’s arrival supports King’s Cross’ evolving retail and leasing strategy for Coal Drops Yard, which is establishing itself a popular shopping, dining, and leisure destination. The deal follows two years of record-breaking growth at King’s Cross, with sales increasing year-on-year by 48% and 20% in 2022 and 2023 respectively. Footfall also increased year-on year, by 34% in 2022 and 21% in 2023. James Rayner, head of retail at King’s Cross, said: “It is no secret that we’ve been working with UNIQLO for some time to find the right opportunity in the right location, so we’re delighted to finally be welcoming this much-loved high street brand to Coal Drops Yard this autumn. “By its own definition, UNIQLO is ‘made for everyone, everywhere’ and that is an ethos which really resonates with us. This deal supports our retail strategy and cements King’s Cross as somewhere that everyone...

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Hollywood Bowl aims for 130 venues in the next decade

Hollywood Bowl has said it is “well positioned” to grow its global estate to over 130 venues over the next ten years. The bowling concept operator said its new centre pipeline in the UK has six sites already signed with more in heads of terms and legal stages. The group – which operates over 70 sites in the UK – is currently on-site at new centres in Westwood Cross in Kent and at the Northern Gateway leisure complex in Colchester. Hollywood Bowl said it remains confident in its ability to deliver on its plan of opening at least three new openings a year. This comes as the operator releases its results for the first half of the 2024 financial year, a period during which it added one new site to its estate in Lincoln, following the conversion of a previously-owned family business. Post-period end, the operator has also opened a new venue in Dundee. Hollywood Bowl also continued its refurbishment programme, completing three projects. The group is currently on-site refurbishing its venues at London’s The O2 and at Portsmouth’s Gunwharf Quays, and said it will complete at least two more refurbishments in the second half of the year. During the half...

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Lululemon more than doubles presence at Covent Garden