Posts from September 2024

The arrival of Hollywood Bowl to anchor a newly-created leisure quarter at Merry Hill in Dudley has seen an increase in footfall at the destination. Since the bowling operator’s arrival one year ago, footfall within the leisure quarter area of Merry Hill has risen by 43%, with the entrances around the area now the busiest in the centre. Featuring 24 bowling lanes and a number of amusements, the 36,000 sq ft Hollywood Bowl at Merry Hill sits alongside a variety of recently-added food and beverage establishments including Wagamama, ASK Italian, and Wingstop. All four additions were made as part of an initiative by the centre’s asset manager Sovereign Centros from CBRE to create a hub for family-friendly entertainment in the destination. Since Hollywood Bowl’s arrival, overall footfall at Merry Hill has increased by 5.4%, whilst sales have risen by 4.8%, with over half of that increase directly attributable to the new leisure quarter tenants. Alistair Winning, asset manager at Sovereign Centros from CBRE, said: “The past year has been transformative for Merry Hill, with Hollywood Bowl and the leisure quarter playing a crucial role in its success. The centre’s ability to attract leading operators across retail, dining, and leisure is...

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The Centre Livingston strikes deal with Hollywood Bowl

The Centre in Livingston is set to expand its leisure offering with the arrival of bowling operator Hollywood Bowl. The 26,000 sq ft venue is set to open within the next year and will feature 22 bowling lanes, an amusements area, as well as a bar and diner. Hollywood Bowl will join the scheme’s existing portfolio of over 150 stores and restaurants, including Flannels, H&M, Wagamama, Nando’s, and Five Guys. The Centre is planning to expand its leisure offering to encourage people to ‘shop, eat, and play’ when they visit the scheme. The asset was acquired in November 2023 by LCP, part of M Core, and has since welcomed the arrival of Scotland’s first Cinnabon branch, Rituals, BeLeaf Juice Bar, Beauty’s Inn, Pop Specs, Buzart, Afro Crest, and Elite Smile Dental Clinic. Furniture retailer The Designer Rooms has also recently opened a 10,000 sq ft showroom at The Centre. Neil Woodward, asset manager at LCP, said: “We are delighted to have exchanged with Hollywood Bowl to take approximately 26,000 sq ft of new leisure space at The Centre, Livingston. “The opening of a 22-lane bowling venue next year will be a major milestone for us as we plan to expand...

Deals News

The Gym Group “well on track” with new opening pipeline

The chief executive of The Gym Group has said the operator is “well on track” to delivering its target of around 50 new gyms over the next three years. This comes as the gym operator releases its interim results for the first half of the year, a period during which it opened four sites, located in London Euston, Welwyn Garden City, Orpington in Greater London, and Manchester. Since the period end, The Gym Group has opened a further three venues, and said it has secured the locations enabling it to open between 10 and 12 new gyms in 2024, as per its previous guidance. The operator said its “strong pipeline” is building, aided by its partnership with Savills – which is expected to deliver between 15 and 20 new sites in 2025. This aggressive expansion policy comes amid strong results for The Gym Group, which recorded a revenue of £112.1m during the six months ending 30 June, a year-on-year improvement of 12%. The group also saw a return to the black, recording an adjusted pre-tax profit of £0.5m in the first half of 2024, up from a loss of £5.2m during the same period the previous year. The operator – which...

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Sustainable menswear brand’s UK debut leads trio of Covent Garden signings

Shaftesbury Capital has announced a trio of signings at its Covent Garden estate, led by a UK debut standalone store for sustainable menswear brand NN.07. Spanning 125 sq ft, the new store at 7 Earlham Street showcases NN.07’s collection of menswear essentials, which includes trousers, shirts, knitwear, and accessories. NN.07 – short for ‘No Nationality’ – is known for its commitment to sustainable consumption. The brand’s new store has been fitted out in its signature minimalist style, featuring contemporary design elements, including natural materials and stainless steel accents. Anders Rahr, CEO of NN.07, said: “The interest and buzz around our brand in the UK is remarkable, and we’re thrilled to bring the full NN.07 experience to the heart of London in vibrant Covent Garden. Opening a flagship store in London is a step in our vision to establish NN.07 in iconic cities globally, where growing interest has created an opportunity for us to carefully select locations and partners that resonate with our vision and values. We are excited about the opportunity to meet and connect with the wonderful people of London and building new friendships and becoming an even more integral part of this dynamic community is something we have long been looking...

Deals News

Overgate signs five leases as Frasers Group continues scheme transformation

Dundee’s Overgate Shopping Centre has signed five new leases with high street retailers, as owner Frasers Group continues to transform the scheme. These brands include Søstrene Grene, which opened in August, and Muffin Break, which is relocating to the ground floor. In addition, Castore, Mooboo Bubble Tea, and Cinnabon have all signed new leases at Overgate and are set to open their doors in the coming months. The scheme is also in the final stages of signing a high street fashion brand and a footwear retailer. These new signings will look to complement the 70,000 sq ft Frasers concept store opening in late spring 2025. The store will offer a range of premium, lifestyle, and sport brands across fashion, homewares and beauty. It will also feature other Frasers Group brands such as Sports Direct, USC, Evans Cycle, and GAME. Since Frasers Group’s acquisition of Overgate Shopping Centre in March 2023, the scheme has been undergoing a substantial transformation with the introduction of a number of new brands such as Rituals, Pandora, Lovisa, Bee Inspired, and The Leith Collective. Numerous existing tenants have also reinvested back into their stores with refits, refurbishments, and renewals. Malcolm Angus, centre manager at Overgate Shopping...

Deals News

Brother Marcus opens its largest restaurant yet at Covent Garden

Eastern Mediterranean restaurant concept Brother Marcus has opened its largest location to date at The Yards, Covent Garden. The concept – which was founded by Alex Large and Tasos Gaitanos – has opened within a 4,190 sq ft, two storey unit at 23 Slingsby Place. The restaurant includes two terraces overlooking St Martin’s Courtyard and features a bar on each floor, as well as an open kitchen. Looking to complement the day-to-night offer at The Yards, the menu will begin with breakfast before moving onto all-day mezze. During weekends, brunch will be served until 4pm before the menu changes to sharing plates. Designed by Finch Interiors, Brother Marcus Covent Garden becomes the brand’s fifth location. On behalf of Longmartin Properties – a joint venture between Shaftesbury Capital and the Mercers’ Company – Jamie Thipthorpe, asset management director at CBRE, said: “The Yards has developed a reputation as a unique F&B hub comprising market firsts, debut concepts and exciting experiences, and sustaining the location’s authenticity is a vital element of our leasing strategy. Brother Marcus is yet another leading day-to-night operator to join the destination, and its selection of The Yards to launch its flagship site further strengthens the destination’s credentials as...

Deals News

Agents appointed to lease New Bond Street flagship store

International real estate adviser Savills has been appointed by the City of London to lease a flagship unit at 95-96 New Bond Street, a corner store currently occupied by L.K. Bennett. The property comprises 7,048 sq ft of premium retail space, with an option to consider an additional 2,886 sq ft of office space. With its location nestled between a number of global brands including Hackett, Bang & Olufsen, Georg Jensen, and Maison Diptyque, Savills said the site offers excellent exposure and high foot traffic, making it an ideal location for businesses seeking visibility to attract high-end shoppers. According to research from Savills, the prime West End vacancy rate tightened again during the last quarter (Q2), reducing by 21 basis points to 3.7% – the lowest level since Q2 2019. The firm said that this combination of limited availability and high demand means prime locations like the asset in question are increasingly sought after by retailers and businesses looking to establish a presence in the area. Richard Scott, director in Central London retail at Savills, said: “Occupiers are increasingly being driven to prime retail corners and this offers a rare large store in this location with visibility to Oxford Street. The...

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American QSR brand eyes UK debut on Shaftesbury Avenue

American quick-service restaurant (QSR) brand Dave’s Hot Chicken is could make its UK debut in London’s Piccadilly Circus. The brand has submitted an application to install illuminated lights at 40 Shaftesbury Avenue, W1, in the London Trocadero building. Savills is currently marketing the building, which is listed as ‘under offer’ on its website. It comprises a total of 5,325 sq ft across four floors, however it is currently unclear how much space Dave’s Hot Chicken is looking to take. The asset is currently let to a souvenir shop. Founded in 2017, Dave’s Hot Chicken operates over 200 sites globally, and recently signed a franchise agreement with Azzurri to open 60 sites in the UK. KLM Real Estate has since been appointed to support the rollout of the brand across the country. The brand is backed by big celebrity names such as Drake, Samuel L Jackson, and Usher, and is one of the fastest-growing restaurant brands in the US and on social media.

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Wickes has “exciting pipeline” of new stores as it targets 250 sites

Wickes has said it has an “exciting pipeline” of new stores planned, as the trade and DIY retailer targets a total of 250 locations in the medium term. This comes as the retailer releases its interim results for the first half of 2024, a period during which it opened two new stores in Long Eaton and Durham. During the same period, Wickes closed two underperforming stores in Ashton Gate in Bristol and Inverness, leaving the retailer with an estate comprising 229 stores at the end of June. Wickes said its property plans for the second half of the year are on track, with a branch in Aberdeen – the retailer’s first new Scottish store in over a decade – opening in August, and a store in Leamington Spa due to open in the final quarter. During the first half of the year, Wickes recorded a total revenue of £799.9m, a year-on-year decrease of 3.4%. Adjusted pre-tax profit also declined to £23.4m, down from £31.1m in the first half of 2023. However, Wickes said that trading in the third quarter so far has seen an improved trend. David Wood, chief executive of Wickes, said: “We are on track for the remainder...

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Praxis exits Capital & Regional bidding war

Property investment and management company Praxis has announced that it does not intend to make an offer for Capital & Regional, months after entering a bidding war for the real estate investment trust. This leaves NewRiver as the sole potential bidder for Capital & Regional, with the group having been given until Thursday to announce whether it intends to make an offer. Praxis first announced its interest in making an offer for Capital & Regional back in July, and alongside NewRiver had been given a number of extensions. NewRiver first submitted a preliminary expression of interest to Capital & Regional’s majority shareholder, Growthpoint, regarding a full takeover back in May. Capital & Regional had also received an offer from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. However, Vukile pulled out after being unable to reach an agreement with Growthpoint – which controls around 68.1% of Capital & Regional’s share capital – as to the terms and structure of any possible offer. Capital & Regional is specialist manager of shopping centres in the UK with six centres under management comprising over 520 shop units.

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Mountain Warehouse targets 50 new stores amid increasing sales

Mountain Warehouse is planning to open 50 new stores next year, as the outdoors retailer looks to build on record high sales. The expansion is being driven by a consumer desire for in-store experiences, with the retailer brushing off fears about the British high street, The Times reports. This year, Mountain Warehouse is set to add around 50 new locations worldwide, creating an estate totalling approximately 370 stores across nine countries. Mark Neal, Mountain Warehouse founder and CEO, told The Times: “We think there is lots of life left in lots of our high streets. “All that death of the high street stuff has been a bit overdone. We’re definitely very positive about physical retail at the moment.” This comes after the retailer reported record high sales of £386m in the year ending 25 February 2024. It also made a pre-tax profit of £26.2m, compared to a loss of £1.5m the prior year. Neale said Mountain Warehouse’s strong performance was thanks to shoppers heading back to the high street after the pandemic. To capitalise on this shift, the retailer opened 28 stores over course of the year and has opened 20 more since the year end. The new stores included...

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Four & Co expands London presence with Evans Pearson acquisition

Retail property specialist Four & Co has expanded its presence in the capital after acquiring the agency business of South West London-based firm Evan Pearson. The acquisition took effect at the beginning of September, and saw Four & Co’s frontline team expand to seven members. As part of the acquisition, James Dyson joins Four & Co as a retail agent, bringing extensive experience and his client base to the firm and expanding its range of services. Rod Pearson and Chris Evans, Evans Pearson principals, will become consultants and provide advisory support to Four & Co. Callum Mortimer, partner at Four & Co, said: “Taking over the agency business of Evans Pearson provides Four & Co with a stronger platform in South West London, opening up further opportunities for our firm. We are excited to see our existing retail and leisure agency function expand with the experience of James Dyson, whose expertise and local knowledge will be invaluable as we continue to grow our high street agency presence throughout Greater London.” James Dyson added: “I am delighted to join an experienced retail agency with a national presence and look forward to working with my new colleagues and contributing to the further success...

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Savills boosts retail research team with director appointment

Savills has looked to strengthen its retail, leisure, and food and beverage research capabilities with the appointment of Matt Thompson as director in a newly created role. With over 15 years’ of experience in retail and consumer insight delivery in the real estate sector, Thompson joins from Shaftesbury Capital, where he served as head of property insight. Prior to this, he was Colliers’ head of retail strategy for six years. In the newly-created position, Thompson will work with Savills’ retail and leisure agency and research teams to integrate analytics and consumer datasets to drive commercial value for clients. Alan Spencer, head of UK retail at Savills, said: “We are thrilled to welcome Matt to the team. His appointment bolsters our consumer intelligence offer for clients, and strengthens our consultancy offering, all while supporting our strong pipeline of activity.” Matt Thompson added: “I look forward to leveraging my experience to help clients navigate the ever-evolving consumer landscape, ensuring they make informed decisions that align with both current market trends and future opportunities.”

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The Body Shop’s remaining stores saved after rescue deal

Over 100 of The Body Shop’s stores have been saved from closure after the cosmetics brand was rescued out of administration. The retailer has been acquired by investment firm Aurea, which said it will “steer the Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered”. Sky News reports that there are no immediate plans to close any of The Body Shop’s remaining 116 UK stores. Aurea is headed up by the “Cosmetics King” Mike Jatania, who will head up the retailer’s new leadership team alongside former Molton Brown CEO Charles Denton. He also previously ran Lornamead – the owner of a number of personal care brands – before he sold it to rival Li & Fung for around £155m over 10 years ago. The Body Shop fell into administration in February, leading to the closure of 75 stores.

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Aldi to make biggest ever annual investment into store expansion

Aldi is set to make its biggest ever annual investment into its store estate, with the supermarket retailer committing £800m to accelerate its expansion plans. The retailer is planning to open 23 new locations before the end of the year, including in Muswell Hill, London and Caterham, Surrey – marking a record £800m annual investment programme and a £1.4bn two-year plan. The retailer is also refurbishing 100 existing stores. This comes as Aldi releases its annual results for 2023, a period during which the retailer saw an increase in sales of £2.4bn to £17.9bn, its highest ever period of growth. The retailer said its pre-tax profit had increased to £536.7m, up from £152.6m in 2022, driven by record sales combined with greater efficiencies across its stores and central functions. Giles Hurley, chief executive officer for Aldi UK and Ireland, said: “British shoppers are voting with their feet and choosing Aldi as their first-choice supermarket. We’re responding with our biggest ever annual investment in Britain. “For every £1 of profit generated last year, we’re investing £2 this year – opening more stores and building the supply infrastructure to bring high-quality, affordable groceries to millions more families the length and breadth of...

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ODEON to anchor Scarborough’s Brunswick Centre transformation