Retail Property Deals

Swiss watchmaker picks Covent Garden for second London boutique

30th October 2024

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, […]

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

30th October 2024

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.”

Cashmere brand secures Covent Garden flagship

30th October 2024

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.”

Lindt to open flagship store under Piccadilly Lights

30th October 2024

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 […]

Wingstop opens fourth site in Manchester

29th October 2024

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.

UNIQLO to make city debut at Liverpool ONE

29th October 2024

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...

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

28th October 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 […]

Touchwood Solihull nearly fully let after signing four new brands

25th October 2024

Touchwood in Solihull is nearly at full occupancy after the signing of four retail and dining brands to the scheme. Wing Kingz, House of Tweed, Yankee Candle, and Indico Street Kitchen will all open at the shopping centre within the coming months. Costa Coffee is also set to relocate at Touchwood, opening an upsized store spanning two floors at the beginning of November. The first of the new arrivals to open will be House of Tweed, with the fashion and accessories retailer opening on 1 November. It will be followed by restaurant and bar chain King Wingz, which will open on 16 November for its fourth location. Also joining the scheme in mid-November is Yankee Candle, which will take residency in the former Costa Coffee unit. Finally, Indico Street Kitchen will look to bolster the centre’s dining options when it opens over the next few months. Tony Elvin, general manager of Touchwood, said: “We are thrilled to be welcoming Wing Kingz, House of Tweed, Yankee Candle and Indico Street Kitchen to Touchwood this autumn. “We continue to work hard to enhance our offering with the addition of new retail outlets and restaurants. These latest new openings take our tenant occupancy […]

Luxury retailer relocates Covent Garden store

25th October 2024

Strathberry, the Edinburgh-based luxury leather goods retailer, has relocated its store within Covent Garden’s Market Building. Following the success of its debut store, Strathberry has doubled its presence at Covent Garden, taking a new 1,200 sq ft unit. The upsized unit will enable the brand to expand its offering of exclusive products, signature bags, and luxury accessories. Currently stocked in over 90 locations globally, Strathberry operates three standalone stores, of which Covent Garden is the largest. Strathberry has also opened a new office alongside its upsized store, solidifying the brand’s presence in Covent Garden. William Oliver, retail leasing director at Shaftesbury Capital, said: “Shaftesbury Capital takes great pride in the collaborative, long-term relationships we foster with our partners, and Strathberry’s decision to not only significantly upsize their store, but to also open their new London office in Covent Garden, is testament to this. It’s extremely rewarding to see our partners go from strength to strength within the destination and continue to deepen their commitment to the area.” Guy and Leeanne Hundleby of Strathberry, added: “Whilst Strathberry is an internationally recognised brand, known globally for our elegance, outstanding quality and minimalism, the way in which we operate remains focused on the strong knit […]

DTZ acquires Edinburgh Waitrose and Kwik-Fit branches

24th October 2024

DTZ Investors has acquired a Waitrose store and a Kwik-Fit branch at Morningside, Edinburgh, in a deal that exceeded the asking price of £18.5m. The two properties are located on the same retail parade, with the Waitrose store comprising 33,347 sq ft of retail space whilst Kwik-Fit occupies the adjacent 12,795 sq ft garage. Knight Frank – which acted for DTZ – said the two properties are amongst the brands’ strongest trading locations. Euan Kelly, capital markets partner at Knight Frank in Edinburgh, said: “Both Waitrose and Kwik-Fit trade exceptionally well from their Morningside locations, with little in the way of nearby competition and an affluent local population. Broadly speaking, supermarkets are performing well, supported by solid fundamentals and long-term average growth of 4.1% in grocery sales, and we’re seeing strong demand from investors for these types of assets. “More generally, the Scottish commercial property investment market has solidified in the last few months. While there is less stock available than we perhaps expected going into the tail end of the year, it is shaping up to be a busy first half to 2025, assuming the macro environment remains stable and interest rates continue on their current trajectory.” Ewan Stewart, acquisitions manager at DTZ Investors,...

Nuveen sells Darlington’s Binns building

24th October 2024

Nuveen has completed the sale of the former Binns department store building in Darlington, County Durham, for an undisclosed price. The asset – which is currently occupied by way of license by House of Fraser – totals approximately 145,556 sq ft arranged over lower ground, ground, and four upper floors. The property is situated on the junction of Blackwellgate and High Row at the southern end of the town’s main retailing area, and benefits from frontages on to Blackwellgate and Mechanics Yard. It is located less than 200 metres from the Cornmill Shopping Centre, the town’s main shopping destination. Other nearby occupiers include Boyes, Greggs, Caffe Nero, and Darlington Covered Market. With House of Fraser set to vacate the property by December, the building is expected to be repurposed for an alternative use. Options include a new lease for an alternative occupier, the creation of a mixed-use development, or the introduction of a leisure operator. The asset was originally listed with an asking price of £1m, reflecting a capital value of £6.87 sq ft. Cited Property acted for Nuveen, whilst Parker Barras acted for the purchaser.

Represent makes Manchester homecoming with debut UK store

23rd October 2024

Fast-growing fashion brand Represent is set to open its first-ever UK store in its hometown of Manchester. The brand will open the doors to its 5,419 sq ft store on New Cathedral Street on Saturday 26 October, its first permanent space in the UK. Founded in Manchester in 2011 by brothers George and Michael Heaton, Represent has seen its sales grow at an average of 81.4% over the past three years, and is on track for a record £100m turnover by the end of 2024, and £250m turnover by 2028. In June, the brand was named the 68th fastest-growing company in the UK by The Sunday Times. Represent’s Manchester store will be joined by a second UK location early next year, when the brand opens in London’s Soho. The two stores will form a portfolio alongside Represent’s boutique in West Hollywood, Los Angeles, which opened in March. Until this year, Represent had been a primarily online business selling via its website, although its had some dedicated bespoke retail spaces in department stores, including Selfridges, Harrods, and END. The new store on New Cathedral Street will position Represent alongside fellow luxury retailers such as Louis Vuitton, Selfridges, Paul Smith, Canada Goose,...