Posts from October 2024

British jewellery brand Boodles has recommitted to Victoria Leeds after investing into the launch of a new entertainment room and increasing its trading space. The brand – which joined the Leeds scheme in 2022 – has more than doubled the size of its Victoria Quarter store, from 1,200 sq ft to 2,700 sq ft. The entertainment space, dubbed The Rose Garden Suite – is located on the second floor and will offer a setting to host personal experiences such as private dinners or champagne and canapé evenings. This investment and refurbishment of previously unused space reflects Boodles’ continued success at the destination, as scheme owner Redical looks to deliver a world-class retail environment. Jody Wainwright, managing director and a member of the Boodles family, said: “At Boodles, we have always strived to create a deeply personal connection with our customers, and this expansion at Victoria Leeds allows us to take that to the next level. The Rose Garden Suite is a perfect extension of our vision, offering a luxurious setting for our clients to enjoy unforgettable moments.” Rachel Bradburn, leasing director at Victoria Leeds, added: “Boodles’ decision to refurbish and expand its flagship store underscores the strength of Victoria Leeds...

Deals News

LCP signs supermarket to Swansea retail park

LCP, part of M Core, has completed the signing of The Food Warehouse at M Parc Fforestfach in Swansea. The retailer – which is part of Iceland Foods and is one of the UK’s fastest-growing supermarkets – has signed a 10-year lease for a 15,000 sq ft unit. LCP will initially invest in a series of enabling works which are expected to complete by January 2025. These will look to deliver a modern fit out designed to appeal to the local community and provide an enjoyable shopping experience. Doors to The Food Warehouse are expected to open in April 2025. Adam Martin, director and head of LCP’s Bristol Office, said: “We are delighted that The Food Warehouse has decided to open a large format store in Fforestfach. The commitment made is a strong indication of the underlying strength of the local retail catchment. Increasing the diversification of retailers will benefit the local community and visiting shoppers.” Following the recent acquisition of M Parc Fforestfach by Sheet Anchor, also part of M Core, LCP said it is looking forward to announcing other new lettings at the retail park in the near future.

Deals

Metrocentre fashions Reiss signing

Metrocentre has announced the signing of Reiss, with the fashion retailer set to open at the Gateshead scheme in November. Opening in Metrocentre’s Lower Red Mall, the 3,933 sq ft store will stock the brand’s range of menswear, womenswear, and accessories. Reiss will look to diversify the fashion offer at Metrocentre, providing a premium option that complements existing brands at the Red Mall, including the likes of Zara, Flannels, and Levi’s. Ben Cox, director at Sovereign Centros from CBRE, asset manager of Metrocentre, commented: “This signing is the latest demonstration of the progression of Red Mall in the last couple of years, a true home to international fashion brands. We’re delighted to welcome Reiss to Metrocentre as they add greater choice and premium quality to the most compelling fashion offer in the region.” The news follows a series of retail announcements at Metrocentre in recent months, including Mango’s arrival at the Red Mall. Additionally, a refurbishment of River Island’s 25,000 sq ft store is currently underway, reaffirming its commitment to the centre.

News

One year on: Park Place Retail on their first anniversary

It’s been one year to the day since the launch of Park Place Retail. Founded last November by eight former Avison Young colleagues, the firm specialises in retail warehousing, providing advice on the out-of-town retail, food store, and leisure sectors. Having also worked together at Wilkinson Williams prior to their time at Avison Young, the founding team has advised on a significant number of prominent investment and leasing deals over the past three decades. Completely Retail News caught up with James Potter, Partner within Park Place Retail’s agency team, to find out how the firm’s first year went: Today marks one year since Park Place Retail launched – how have the first 12 months been? “It has been a whirlwind! We set up the business from scratch in literally just a few weeks. Everyone pulled together and we managed to open for business with an office, a website and everything else we needed on 1st November 2023. “A big plus was finding a new home on Kingly Street in the Carnaby Estate, which is a fantastic location. We are big believers in working collaboratively, and having a great office with everyone regularly attending is essential in an agency business. “We have been incredibly...

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The Budget: Industry reacts to business rates changes

The Chancellor Rachel Reeves has laid out the Labour Party’s plans for the economy in the Government’s first budget. Amongst the new measures to be introduced is a number of changes to business rates which include: Prior to the election, Labour had pledged to abolish the business rates system, replacing it with “a new system of business property taxation”. Here is some reaction to the Chancellor’s budget from leading industry figures: John Webber, head of business rates at Colliers: “The Chancellor’s announcements concerning business rates today were desperately disappointing. Despite pre-election promises of business rates reform, nothing of significance was announced. There is to be no consultation, just a discussion document, and the measures announced hardly put a sticking plaster over the gaping wound rather bringing in any fundamental reform.” “And the outlook for the high street is not good either. The Chancellor said she was heading off the knife edge that the retail/hospitality/leisure sectors might face, when the 75% discount relief that sector currently enjoys, comes to an end in April 2025. “Far from heading off a cliff edge, the Chancellor’s measures potentially are driving the sector to the wall. By replacing the current 75% discount to business rate bills, with...

News

Swiss watchmaker picks Covent Garden for second London boutique

Swiss watchmaker Longines has selected Covent Garden for the location of its second boutique in London. Opening this autumn at 6 James Street, the 1,000 sq ft store will be fitted out in the brand’s signature style and showcase its full range of timepieces. Longine will join fellow Swatch Group-owned watch brands located in Covent Garden, including Tissot at 7 James Street, and OMEGA at the destination’s Royal Opera House Arcade, which is home to a number of luxury watch and fine jewellery brands. William Oliver, retail leasing director at Shaftesbury Capital, said: “Covent Garden offers an unmatched line-up of premium watch brands right in the heart of the city, so the entrance of Longines is a natural fit. Longines’ distinct character aligns closely with Covent Garden’s, showcasing a commitment to tradition and elegance, whilst remaining at the cutting edge of innovation. We look forward to seeing it deliver this commitment, opening alongside James Street’s roster of retail pioneers.” Matthias Breschan, CEO of Longines, added: “The opening of our second London boutique marks an exciting chapter for Longines in the UK. Covent Garden is the perfect setting for us to display our iconic collections and share our values of elegance,...

Deals News

Dreams opens “first-of-its-kind” concept store in London

Dreams has opened a “first-of-its-kind” concept store in London’s East Sheen neighbourhood. The bedding and furniture retailer’s new store spans 4,000 sq ft across two floors, and forms a “significant milestone in the company’s new growth strategy”. In addition to Dreams’ range of products, the store’s features include illuminated lightboxes and floating shelves, two 55-inch digital screens, and an in-store ambiance with the brand’s signature blue walls, mood lighting, and textures. The opening forms part of Dreams’ wider expansion and growth plan, with further store openings expected over the next few months. Jonathan Hirst, CEO of Dreams, said: “The opening of our new concept store in East Sheen demonstrates our dedication to giving customers the best possible experience when shopping for a bed. “We’ve designed a welcoming, premium environment where our bed experts are on hand to guide customers and help them find the perfect bed for their needs. “By bringing this experience to smaller high street locations, we’re making Dreams more accessible, without compromising on quality.”

Deals

Cashmere brand secures Covent Garden flagship

Scottish cashmere brand Kiltane has secured a new flagship store in London’s Covent Garden. The brand – which was founded in Edinburgh in 1997 – has signed a 15-year lease and will occupy 320 sq ft at 38 Floral Street. The unit is located a short walk from Covent Garden market and underground station. Savills acted for Kiltane. Olly Eades, associate in Savills Retail, said: “We are delighted to have secured this beautiful corner location for Kiltane to open their second London store and flagship, underscoring the strength and quality of the brand.” Mark Keane, chief executive officer at Kiltane, added: “Kiltane is the symbol of timeless luxury, woven into the fabric of Edinburgh, and we are thrilled to launch our second London store in Covent Garden.”

Deals News

Lindt to open flagship store under Piccadilly Lights

Lindt is set to open a new flagship store in central London under the Piccadilly Lights next year. The chocolatier – which described the store as “the first of its kind in the UK” – will open in the 6,000 sq ft former Gap store at Piccadilly Circus the spring. The Swiss brand currently operates 14 smaller stores and concessions in the UK, including at London Designer Outlet and in Greenwich. Faythe King, D2C and ecommerce director at Lindt & Sprüngli UK & Ireland, said: “We are thrilled to bring the exquisite taste of Lindt Chocolate to the heart of London, offering a unique, enchanting experience for chocolate lovers – something truly unique to the UK. “This marks a significant milestone for Lindt & Sprüngli as we expand our presence in one of the world’s most dynamic and vibrant cities.” Pablo Sueiras, head of retail brand account management at the unit’s landlord, Landsec, said: “The best brands look to invest in the top destinations that command the highest levels of footfall. “Located directly below the world-famous Piccadilly Lights, which attracts millions of visitors from all over the world each year, Lindt’s UK flagship will bring their brand to life with new experiences...

Deals News

Wingstop opens fourth site in Manchester

Wingstop, the American fried chicken chain, has opened its fourth site in Manchester at Parrs Wood Entertainment Centre in East Disbury. The restaurant operator – which is being rolled out in the UK by master franchisee Lemon Pepper Holdings – has opened a 3,400 sq ft site with space for 70 covers. Wingstop at Parrs Wood joins the brand’s other locations in Manchester including restaurants at Piccadilly and the Trafford Centre, as well as its delivery hub in the city. Chris Sherriff, chief executive of Wingstop UK, said: “We’re excited to expand our reach across Manchester. The popularity and success of our current locations prove that Mancunians love our wings. We are on track to reach 60 sites by the end of this year – there is huge momentum, and we are just getting started.” Wingstop is looking to open 200 venues within the next five years. In September, the brand appointed a new head of acquisitions to support its growth across the UK.

Deals

Lidl to open 10 stores before Christmas

Lidl is set to open 10 stores before Christmas, extending the supermarket retailer’s reach across the country. The expansion includes locations such as Berwick Green in Bristol, Bovey Tracey in Devon, and Stirchley in Birmingham, as the discounter looks to grow its presence nationwide. In London – where last year Lidl was named the fastest growing supermarket – the retailer will be opening stores in Hoxton, Forest Gate, and Caterham, as it targets a greater foothold in the capital. In addition to the new stores, Lidl will reopen three existing stores that have either been relocated or refurbished and extended, including Chessington, Connah’s Quay and Dagenham Heathway. The announcement follows Lidl’s opening of a new store in the seaside town of Worthing at the end of the summer, followed by the launch of its new Fulham store in September. The news comes as Lidl exchanges on a £70m sale-and-leaseback deal with Roadside Real Estate and Meadow Partners’ joint venture. The deal includes 12 new stores in locations such as Crediton, Manchester, and Saffron Walden. Richard Taylor, chief development officer at Lidl GB, said: “Our plan to open 10 new stores before Christmas demonstrates our continued commitment to providing more communities across the country...

News

UNIQLO to make city debut at Liverpool ONE

UNIQLO is set to join Liverpool ONE shopping centre, with the Japanese fashion brand taking 25,000 sq ft of space for its first-ever store in Liverpool. Taking a double-height store on Paradise Street, UNIQLO will join a number of other flagship stores including BOSS, JD Sports, and Goldsmiths. The new Liverpool ONE store will house the brand’s range of signature womenswear, menswear and kidswear collections, as well as bags and other accessories. The store will also include features such as self-service checkout areas and dedicated collection points, as well as clothing repair, alteration, and recycling services to help extend the life of UNIQLO clothing. Rob Deacon, director of asset management at Grosvenor, said: “UNIQLO is yet another international fashion powerhouse taking a showcase space on Liverpool ONE’s Paradise Street. Creating a bold, compelling hub of best-in-class international brands has long been our strategy, playing to the needs and wants of our diverse mix of domestic and international visitors, and we’re thrilled to be welcoming Uniqlo to Liverpool for the first time.” The news follows the recent announcement that beauty brand Sephora is set to take 7,500 sq ft of space at Liverpool ONE. Joining it on South John Street will...

Deals News

Merry Hill flexes muscles with 40,000 sq ft XF Gym debut

Merry Hill has welcomed the opening of XF Gym, with the fitness operator making its UK debut on the Dudley scheme’s Upper Mall. The 40,000 sq ft venue is home to an open-plan workout zone which will play host to classes for activities such as yoga, dance, high-intensity interval training, cycling, and boxing. XF Gym at Merry Hill also features a number of other amenities, including a ladies-only workout space, a sauna, a steam room, massage beds, and changing facilities. Graeme Jones, executive director at Sovereign Centros from CBRE, on behalf of Merry Hill, said: “The launch of XF Gym is yet another example of how Merry Hill has evolved, taking its position as a focal point for the West Midlands to the next level. We remain committed to securing anchor tenants that respond to what the community needs, and XF Gym will provide residents and workers with a wellness-focused brand they can be proud of having in their locality. Hot on the heels of Harvey Norman’s launch, having XF Gym open means Merry Hill stands shoulder-to-shoulder with the leading destinations in the UK, adding nearly 100,000 sq ft of retail and leisure you can’t experience anywhere else in the...

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Revitalising the high street: challenges, opportunities, and the need for bold reform

Ahead of the Autumn Statement, Jason Tann, partner at Howard Kennedy, looks at the challenges facing our high streets, and how we can address them.

Insights News

Tortilla set to expand travel portfolio with new franchise deal

Mexican restaurant chain Tortilla is set to expand its presence within travel locations after signing a new deal with its partner SSP Group. The new five-year agreement will see Tortilla’s presence in SSP-operated locations triple in size in the UK, from six sites to 18. The new deal follows the successful launch of Tortilla’s latest airport location at Glasgow’s main departure lounge in September. This expansion builds on strong performance metrics, with Tortilla’s UK franchise locations delivering over 10% sales growth in the first half of 2024. Andy Naylor, CEO at Tortilla Mexican Grill, said: “We’re delighted to extend our partnership with SSP for another five years, particularly given the strong sales performance we have seen this year. SSP’s ability to secure prime locations in airports and travel hubs has played a key role in driving brand awareness and fuelling our growth across these sites. Looking ahead, we see major strategic opportunities to accelerate growth through expanding our franchise network in the UK and Europe, both with existing and new partners.” Kari Daniels, CEO of SSP UK and Ireland, added: “We have growing momentum in our partnership with Tortilla, including new outlets in Glasgow Airport and Leeds train station. We’re now looking...

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Gym operator opens 100th UK & Ireland location

Gym operator Snap Fitness has opened its 100th location in the UK & Ireland, following the launch of its latest gym in Southport. Having opened its first site in Kent in 2012, Snap Fitness has grown to become the sixth-largest gym operator in the UK, with gyms in England, Wales, Scotland, and the Republic of Ireland. Between March 2023 and March 2024, Snap Fitness grew its membership base by 17.4%, against a fitness industry average of 4.1%. In addition, the brand’s new gyms in 2024 have opened with 44% more members than those that opened in 2023. The operator is also set to open up to four more gyms before the end of 2024 and over 20 in 2025. Kevin Yates, CEO of Snap Fitness, said: “This is a fantastic milestone for us but we’re just getting started. “The resilience of the fitness industry is amazing to see and it’s so rewarding for us to help ambitious entrepreneurs own their own gyms and capitalise on this momentum. “The key for us is not standing still and there are so many exciting developments in the pipeline for what we offer members in our gyms. We’re relentlessly ambitious and while there are...

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Waterstones becomes 25th brand to recommit to Merry Hill in 2024

Waterstones has recommitted to Merry Hill, becoming the 25th brand to invest in the Dudley scheme in 2024. The book retailer has updated its shop-fit and added a new shopfront at its two-storey branch near the scheme’s Leisure Quarter. Waterstones’ renewal means tenants have committed to 110,000 sq ft of space at Merry Hill in 2024. Renewals formed more than half of these. Other retailers which have recently recommitted to the scheme include jewellery brands Ernest Jones, H. Samuel, and Pandora, with the latter completing its store fit-out earlier this month. These deals take the total number of renewals at Merry Hill over the last three years to 92. Merry Hill has also welcomed back to the destination the likes of OFFICE, Swarovski, and Accessorize, highlighting its growth in recent years. The scheme is also set to welcome Harvey Norman and XF Gym for their national debuts, as well as the first Sides location outside London and a shopping centre debut for Nike Unite. Alistair Winning, asset manager at Sovereign Centros from CBRE, asset manager of Merry Hill, said: “2024 is shaping up to be another bumper year for Merry Hill. We’re really driving leasing momentum at the centre, welcoming...

Deals News

Roadside JV acquires £70m Lidl portfolio

Roadside Real Estate’s joint venture with Meadow Real Estate has acquired 12 under-construction stores from Lidl for a total consideration of £70m. Following an initial commitment of £30m, Lidl – which has acquired the relevant land and secured planning permission – will sell and leaseback the 12 stores to the joint venture once construction is completed. The stores are spread across England and Scotland, with locations including Alexandria, Birmingham, Bovey Tracey, Bristol, Crediton, Downham Market, Hull, Manchester, Northampton, Reading, Redcar, and Saffron Walden. Construction at the sites is expected to be completed between October 2024 and February 2025. The 12 stores range between 20,000 and 25,000 square feet and will add to Lidl’s existing portfolio of over 960 stores. The transaction is the joint venture’s fourth and largest deal to date, and the group said it remains in negotiation on several further site acquisitions. Roadside Real Estate was advised by Savills. Simon Jones, Roadside Real Estate’s property director, said: “We’re delighted to have worked with Lidl on the funding of 12 new stores across the UK, especially as it is one of fastest growing food retailers in the country. We have a strong pipeline of acquisitions and envisage reaching £150 million...

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Cutting costs : Commercial break clauses