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Retail Property News

Industry comment: Looking ahead to 2026 – part two

18th December 2025

This article is a continuation of our Looking ahead to 2026 piece. You can find part one here. Neil Hockin, joint managing director at LM: “This year has highlighted the speed at which consumer-facing sectors evolve, and our industry must keep closing the gap between fast-moving customer behaviour and the traditionally slower pace of property. Covid showed how quickly habits can shift and that pace has not eased. We have strengthened our team with fresh talent to deepen our insight and deliver best-in-class advice across our four divisions: retail leasing, lease advisory, investment and restaurants and leisure. “High streets and shopping centres continue to diversify, with more leisure, community and experiential concepts. Recent additions such as Guinness World Records at The O2 and the immersive gaming brand Activate show how demand for social, engaging activities is growing. Quick-service restaurant operators remain active, particularly in the chicken sector where competitive tension from new and exiting brands is driving rental growth, while high street staples like Next, Primark and TK Maxx continue to trade strongly. We are also seeing regional growth from iconic brands with a strong West End presence, including ALO Yoga and Wax London’s signing in Victoria Quarter Leeds. Although our principal […]

Comment: How retailers are nailing Christmas 2025

15th December 2025

Catherine Evans, senior surveyor at LM, takes a deep dive into the strategies that retailers are deploying this Christmas.

Aldi to open five new stores over 24 hours

12th December 2025

Aldi is set to open five new stores over 24 hours across the 11th and 12th of December. The supermarket retailer will be opening stores in Uxbridge, Northallerton, Pershore, London’s Old Kent Road, and Yate in Bristol. Aldi said the openings represent its ambition to open a total of 1,500 UK stores, up from its current 1,070. The retailer is set to invest £650 million into new openings and refurbishments in 2025, and has committed a further £1.6 billion over the next two years. Jon Neale, real estate managing director at Aldi UK, said: “Opening any new store is exciting, but opening five in 24 hours, just before Christmas, will make a huge difference for customers in each of these areas. It reflects the demand we’re seeing right across the UK and the scale of our ambition as we continue to grow. “We’re committed to growing in the right places, with the right teams, bringing our low prices and high-quality products to even more communities – and we’re committed to moving as fast as we can to deliver that.”

Comment: Partnerships are the new competitive edge in retail

12th December 2025

Helen Cowie, centre director at Eldon Square, comments on how retail assets can form partnerships to gain a competitive edge. For many years, the success of a shopping centre was defined by the strength of its anchors and the diversity of its retail mix. Those fundamentals remain important but no longer tell the whole story. Today, the most valuable retail destinations are those that create economic opportunity, sustain local identity and build a sense of belonging.

Popeyes makes regional drive-through debut at Coventry’s Arena Shopping Park, anchoring 30,000 sq ft of new lettings

12th December 2025

Popeyes has opened its first drive-through in the West Midlands at Coventry’s Arena Shopping Park, as the scheme welcomes over 30,000 sq ft of new lettings. The fried chicken chain’s new location extends to 2,281 sq ft, offering its full menu of chicken, tenders, wraps, with up to 66 internal and 24 external covers. The brand joins the existing F&B offer at Arena Shopping Park which includes the likes of Costa, Burger King, Nando’s, and M&S Café. Also adding to the F&B lineup at the scheme is Five Guys, which has also opened a drive-through restaurant. The operator has taken 3,100 sq ft, offering its burgers and fries to up to 65 inside diners with a further 36 external covers. Meanwhile, Smyths Toys has opened a 15,104 sq ft store within the scheme, adjacent to Next. Also joining the scheme is The Works, which has opened a 1,228 sq ft location within The Mall, offering a range of arts and crafts, stationery, toys, and books. Finally, PureGym has opened a 24-hour facility within a 8,730 sq ft space, becoming the first gym operator to join Arena Shopping Park. Louisa Butters, head of retail asset management UK at CBRE Investment Management, […]

Redevelopment of prominent Oxford Street block green lit

11th December 2025

Plans to redevelop the former BHS store and UAL College of Fashion site on London’s Oxford Street have been approved by Westminster City Council. Located at 33 Cavendish Square, the development will look to deliver 800,000 sq ft of office space, 102,000 sq ft of retail space, and 38,000 sq ft of space dedicated to cultural and creative activities, including an auditorium and flexible event space. The office space is targeting best-in-class credentials, including BREEAM ‘Excellent’. The building will be fully electric, net-zero aligned, and equipped with more than 1,000 cycle parking spaces. John Bushell, principal at architects KPF, said: “We are delighted to have received unanimous planning approval for 33 Cavendish Square. This development will be a distinctive expression of everything that makes the West End exceptional: world-class retail on one of the world’s most iconic shopping streets, cultural spaces designed to host events from major product launches to conferences, and contemporary workspaces that continue to attract and inspire leading businesses. It will enhance the area’s long-standing reputation for creativity, commerce and culture, delivering lasting benefits for businesses, residents and visitors alike.” Works are set to commence in 2029, with completion of the development expected in 2033.

Joint venture acquires St Albans retail block

11th December 2025

A joint venture between Peterborough Capital and George Capital has acquired a freehold retail estate in St Albans from Legal & General. Christopher Place comprises 30 retail units over approximately 88,000 sq ft of space on a 1.6 acre site, alongside a dedicated car park. Under the terms of the joint venture, George Capital will lead the asset management of Christopher Place. Together, the partners are planning to implement a series of initiatives to enhance the estate, including selective capital investment and activation of new leasing opportunities. The groups said that multiple prospective occupiers have already expressed interest, building on the momentum created by recent arrivals such as Cosy Club and Pho. Legal & General had only recently taken ownership of Christopher Place as part of its merger with Federated Hermes. Fritz Stoessel, managing partner at Peterborough Capital, said: “We strongly believe in the long-term income sustainability of Christopher Place, supported by its high-quality diversified tenant base and prime location. The scheme has demonstrated occupational resilience through a period of significant headwinds for bricks-and-mortar retail, and it is now well positioned to benefit from our targeted initiatives to unlock future growth. Having underwritten numerous comparable opportunities across the UK over […]

NewRiver enters joint venture agreement to deliver Sussex shopping centre regeneration

11th December 2025

NewRiver REIT and Mid Sussex District Council have formed a conditional agreement to create a joint venture, with the aim of regenerating of The Martlets Shopping Centre in Burgess Hill, Mid Sussex. The two parties will look to transform the 1970s-era shopping centre into a modern and vibrant retail and leisure destination in the heart of the town, creating new homes and jobs. The proposed development has planning consent to deliver 50,000 sq ft of new retail, including a 21,000 sq ft food store, as well as 172 new homes and a 102-room hotel. The joint venture will be formalised once a number of conditions have been met, including the sale of the residential site which is under offer, and pre-lets of the food store and hotel for which the legal negotiations are well advanced. It is anticipated that the conditions of the agreement will be satisfied by the end of March 2026, with construction due to commence summer 2026 and completing in 2028. Allan Lockhart, chief executive at NewRiver, said: “This conditional agreement represents a major milestone for the delivery of a flagship town centre regeneration and the creation of a high impact and transformative partnership. We have worked […]

Railpen’s 1 million sq ft Cambridge Beehive plans green lit by Secretary of State

10th December 2025

Railpen’s proposals to develop Beehive, a 1 million sq ft lab-led mixed use scheme in Cambridge, have been green lit by the Rt Hon Steve Reed OBE, the Secretary of State for Housing, Communities, and Local Government. Currently a retail park, Railpen plans to transform Beehive into a world-class innovation park which features workspaces for technology businesses, laboratories for research, a new community park, a youth and community hub, a science centre, alongside around 20 new shops, restaurants and cafés. Major public transport upgrades are also a part of the plans, with the objective to remove more than 10,000 cars from local roads. Railpen said the development would provide a number of benefits to the surrounding area, including an uplift in employment, a £600m boost to gross value added, and an increase in tex revenues and business rates. The planning consent will also facilitate Railpen’s plans to upgrade the neighbouring Cambridge Retail Park, where an improvements programme has been developed that will look to bring significant benefits to retailers and the local community, including the relocation of retailers. The first phase has recently been completed with the creation of a new Starbucks. Andy Bord, chief executive officer of Railpen, said: […]

MGI Holdings acquires £7.75m multi-let Leicester retail parade

10th December 2025

MGI Holdings has acquired a multi-let retail parade in Leicester city centre for £7.75m. Located at 1/3, 17–19 Haymarket and 4–6 Humberstone Gate, the 110,219 sq ft block is anchored by a 40,000 sq ft TK Maxx store. Other occupiers include Deichmann, Evans Cycles, Costa Coffee, Burger King, Timpson, Ladbrokes, and a Halifax Building Society. The parade benefits from dual frontages to Haymarket and Humberstone Gate, strong footfall, and direct integration with the 214,000 sq ft Haymarket Centre. The asset produces a net income of approximately £1.37m per annum and has a weighted average unexpired lease term of 3.6 years. Blackstar Real Estate has been appointed as asset manager of the block. Ben Legard of GCW, which advised MGI Holdings, said: “This is a very exciting purchase of a multi-let prime retail block with excellent asset management opportunities. Its position in a high footfall location in the heart of Leicester at the centre of the consolidating retail pitch leads this to be a statement purchase for MGI Holdings.” KLM Real Estate advised the vendor.

Knight Frank to appoint new senior partner and group chair

10th December 2025

Knight Frank has announced that it will be appointing Rory Penn as the firm’s senior partner and group chair, following an election process. He will succeed William Beardmore-Gray in April 2027. To enable a smoother transition, Penn – who is currently Knight Frank’s head of London residential sales, chair of its Global Private Office, and a member of the UK Board – will join the firm’s executive board in April 2026. From then, he will begin a year-long transition period ahead of taking up the role. Penn joined Knight Frank in 2018, after Knight Frank acquired VanHan, a business he co-founded. He had spent a decade working client-side, starting his career at Grosvenor, with subsequent positions at private equity real estate firms Rowan and Palmer Capital. Over the course of his career, Penn has worked with a range of private capital, private equity, and institutional clients over his career. William Beardmore-Gray will retire from Knight Frank in March 2027 after a 36 year tenure. Having joined in 1991, he has built a career advising clients in London and across the firm’s global network. He was elected head of the occupier strategy and solutions global service line in 2013, and subsequently […]

Peppa Pig Market leads pair of openings at Metrocentre’s Green Mall

10th December 2025

Metrocentre in Gateshead has welcomed the arrival of Peppa Pig Market and Søstrene Grene, which have opened their doors within the scheme’s Green Mall. Occupying a 1,410 sq ft space in the Upper Green Mall, adjacent to Next, Peppa Pig Market offers a range of licensed toys, merchandise, and lifestyle products based on the hit children’s TV show. The opening comes as Metrocentre prepares to welcome the 19,000 sq ft Peppa Pig: Surprise Party experience, which is due to open in Spring 2026. Meanwhile, Søstrene Grene has opened a 5,167 sq ft store in the Lower Green Mall. The Danish lifestyle and homewares retailer’s new space features a selection of Scandinavian-inspired products, small furniture, and kitchenware. Søstrene Grene adds to a lineup of retailers in the Green Mall that includes ProCook, Next, and Victoria’s Secret. The mall’s retail offer has evolved over the year, with Peppa Pig Market and Søstrene Grene joining a refurbished Accessorize and a relocated Swatch store. East-Asian inspired lifestyle brand KENJI is also set to make its regional debut in March. Ben Cox, director at Sovereign Centros from CBRE, asset manager of Metrocentre, said: “Peppa Pig Market and Søstrene Grene are fantastic new additions to Green Mall,...