Retail Property News

Bensons for Beds opens 15 stores in three weeks at ex-Carpetright sites

11th October 2024

Bensons for Beds has opened 15 stores in three weeks at former Carpetright locations. In August, the furniture retailer acquired 19 former Carpetright stores following the flooring retailer’s collapse into administration. The acquisitions formed part of Bensons for Beds’ long-term expansion strategy, as it targets up to 40 new stores over the next few years. The retailer has also opened its first high street store in Sutton, and has returned to Northern Ireland for the first time in four years with an opening in Belfast. The new stores are located in: Nick Collard, chief executive of Bensons for Beds, said: “The scale of openings we have managed to take on in the last few weeks is unprecedented by us as a business and is a huge feat for any retail business, particularly in the current economic climate. “Whilst market conditions have remained challenging, Bensons will be well placed to capitalise on a recovery in the market. “This is all due to the continuing transformation of the business to become the leading bed specialist, offering expert advice and fantastic value for money, all going towards helping our customers get a great night’s sleep.”

PURESEOUL opens at Bullring amid boost in heath and beauty sales

11th October 2024

Korean beauty brand PURESEOUL has opened at Hammerson’s Bullring & Grand Central in Birmingham, as the scheme sees a boost in health and beauty sales. The retailer has made its Midlands debut, opening only its second store outside of London on Bullring’s middle level. The 800 sq ft unit stocks over 900 different products across make-up, skincare, and haircare, and offers personalised skincare advice from staff specialising in Korean beauty. The opening comes as health and beauty transactions at Bullring & Grand Central have jumped by 26% year-on-year. In July alone, sales in the category increased by 69% compared to the same period in 2023, making it the best performing category at the scheme. This comes as other health and beauty brands at the centre such as Rituals, Jo Malone, and L’Occitane invested in new cosmetic lines and customers purchased more self-care products. Katy Letch, head of leasing UK at Hammerson, said: “From the all-encompassing luxury experience at Selfridges, premium wellness brands Kiehl’s and L’Occitane, to household names such as Boots and MAC, Bullring & Grand Central is the home of health and beauty in Birmingham. Customer appetite for beauty and wellbeing products reflects the demand we are seeing from...

Canada Life sells Devon retail park above asking price

11th October 2024

Canada Life Asset Management has completed the sale of a retail park in Devon for a final price that exceeded the quoting level. Roundswell Retail Park in Barnstaple had been placed on the market earlier this year with a minimum price tag of £14.5m. Located on a 7.19 acre site, the 73,500 sq ft asset is anchored by Aldi, with other tenants at the scheme including Dunelm, Home Bargains, Sports Direct, McDonalds, and Costa Coffee. At the time the sale was launched in May, the retail park had a weighted average unexpired lease term of 8.56 years to expiry and 7.44 years to break. TW Keil – which acted for Canada Life Asset Management – said the sale received strong depth of bidding. FMX Urban Property Advisers acted for the purchaser.

Centre:mk makes quartet of F&B signings

11th October 2024

Centre:mk in Milton Keynes has completed signings with a quartet of food and beverage brands, with Bill’s, Chaiiwala, Cornish Bakery, and Starbucks all committing to the scheme. Making its city debut, all-day restaurant concept Bill’s will take a 3,500 sq ft unit on the corner of Centre:mk’s Queens Court and Silbury Arcade. Opening in November, the restaurant will offer a range of day-to-night dishes, and is set to be the first of multiple locations the brand is launching across the UK. Also opening in Milton Keynes for the first time is Indian street food café Chaiiwala, which is taking the former 1,748 sq ft Starbucks unit on Silbury Arcade. Promising a ‘sip of the East’, Chaiiwala Centre:mk will offer hot and cold drinks, all-day breakfasts, wraps, Bombay bowls, roti, and desserts. Meanwhile, Cornish Bakery has selected Centre:mk’s Deer Walk to open its first site in the region. Taking a 2,650 sq ft unit, the brand will offer its range of handmade Cornish pasties, coffee, and pastries. In addition to the new signings, long-standing tenant Starbucks has recommitted to Centre:mk, relocating to a larger 2,800 sq ft unit. The coffee shop will be located opposite the soon-to-launch Bill’s restaurant on Queens […]

Gaming entertainment company opens flagship store in Doncaster

11th October 2024

Gaming entertainment company The Arcade Warehouse has opened a flagship store on Doncaster’s High Street. The operator has taken a 14,000 sq ft open-plan property in close proximity to Doncaster’s historic Mansion House and Frenchgate Shopping Centre. The opening comes after three years of growth for The Arcade Warehouse, which has established bases across Yorkshire, Lincolnshire, and Tyne and Wear. The property was leased by consultancy group Barnsdales, which also let a 4,574 sq ft office unit at Carolina Way office park to IT services and cybersecurity provider, Wavenet. Jason Barnsdale, managing director of Barnsdales, said: “I’m very happy to welcome The Arcade Warehouse and Wavenet into our growing portfolio of commercial property leases throughout Doncaster, South Yorkshire and the UK. “The commercial property market is truly starting to recover from the unsettling impact of a tough few years and these lettings are a testament to the fact that the market is adapting towards experience and infrastructure-led enterprises like these two businesses.“ Caton Airey, regional manager of The Arcade Warehouse, added: “We’ve been looking to establish a foothold in Doncaster for years now, but the right property was proving quite evasive. Barnsdales showed us around the high street premises and we simply fell […]

Cinema operator set for growth following acquisition

10th October 2024

Cinema and entertainment operator The Light is set for growth after being acquired by hospitality entrepreneur Luke Johnson and Risk Capital Partners. The deal has been facilitated with a co-investment from Melcorpo and is supported by a new banking facility which will enable the business to invest over £15m into expansion. The Light – which currently operates 13 venues – is planning to double its size over the next two years. The operator provides a core cinema offering, alongside bowling, mini golf, interactive darts, climbing and karaoke. Luke Johnson said: “I have spent 40 years building businesses in the leisure and hospitality sectors, ranging from Pizza Express to Gail’s. We think the combination of cinema together with competitive socialising is a compelling offer for both consumers and landlords and believe the disruption facing the cinema industry provides opportunities. “The Light model offers a long-term, exciting solution to the challenges facing high street and existing cinema locations rather than short term fixes.   “Risk Capital Partners is thrilled to be part of the next phase of The Light’s journey, harnessing the power of cinema to bring their game-changing offer to more places across the UK.”   James Morris, chief executive at The Light,...

Loungers to join Merry Hill’s leisure quarter

10th October 2024

Hospitality operator Loungers is set to join the leisure quarter at Merry Hill in Dudley, operating under its Lounges brand. Opening in January 2025, Toledo Lounge will take a 3,200 sq ft space – adding a casual dining offer to the destination’s nearly-completed 55,000 sq ft leisure quarter. The venue will serve Lounges’ all-day menu, which includes a drinks offer that transitions from breakfast hot drinks into evening cocktails. Since opening its first location in 2007, Lounges has evolved through ambitious growth plans which saw it open its 200th site last year. Toledo Lounge will join anchor tenant Hollywood Bowl at Merry Hill’s leisure quarter, as well as fellow casual dining restaurants ASK Italian, Wagamama, Wingstop, and Bon Pan Asia. Following the leisure quarter’s full launch in September 2023, leisure and restaurants have been the two highest growth categories for sales at the destination. Alistair Winning, asset manager at Sovereign Centros from CBRE, said: “Several dining brands have been added to Merry Hill’s new leisure quarter in the past 12 months, and Lounges are another who will help shape this vibrant hub for eating and entertainment. Lounges relaxed environment will fit seamlessly with Merry Hill’s vision to create a welcoming […]

Blackstar joins ATCM in mission to revitalise town centres

10th October 2024

The Association of Town & City Management (ATCM) has welcomed Blackstar Real Estate to its network, with the firm set to provide support on structural changes to town centres. Blackstar – which was launched in August by Sabri Marsaoui – will work with owners, investors, and local authorities on town centre evolution. The firm will provide expertise on the role of retail within the current market, as well as insight on food and beverage, co-living, health, community space, and public realm. Ojay McDonald, CEO of ATCM, said: “It has long been our desire to see those who manage buildings in town centres work hand-in-glove with those who manage the spaces between buildings to end fragmentation. Blackstar joining ATCM is a huge step forward. “Blackstar gets it. They understand the ultimate goal of ensuring place management and property interests are round the same table working to the same vision. It is why Sabri was originally invited to be part of the Advisory Council.” Sabri Marsaoui, founder of Blackstar, added: “I am delighted to be working alongside Ojay and the ATCM Board leading the discussions and bringing about positive change for our town centres up and down the country.”

UK still a retail expansion hotspot, says MAPIC

9th October 2024

The UK is still a hotbed for international retail expansion, according to the latest findings from MAPIC’s newly-launched Observatory of Cross-Border Retail & Food. The report, developed in conjunction with Cushman & Wakefield, looks to serve as a guide for stakeholders considering entering or expanding within the UK market. Francesco Pupillo, director of MAPIC, said: “The UK has always been a prime destination for ambitious international retailers due to its dynamic consumer base and established retail infrastructure. Our Cross-Border Retail Observatory highlights the renewed interest in the UK, and MAPIC serves as the ideal platform for brands to connect with key landlords, advisors, and partners to drive their expansion plans forward.” The report will be presented at November’s MAPIC event in Cannes, which will feature a retail gallery and sessions for international retailers to pitch to property partners who can support their UK entry. The gallery will include notable brands with significant expansion strategies, including: MAPIC’s Observatory of Cross-Border Retail & Food will aim to continue monitoring and reporting on emerging trends to help stakeholders stay ahead of the curve in identifying and partnering with high-growth brands.

Vue recommits to Norwich’s Castle Quarter for another 20 years

9th October 2024

Cinema operator Vue has committed its future to Norwich’s Castle Quarter shopping centre, signing a lease for an additional 20 years. As part of its recommitment to the eight-screen cinema, Vue has also completed a significant refurbishment of its auditoria, including the installation of recliner seats as well as a refreshed foyer. Vue’s commitment to Castle Quarter underline’s the scheme’s repositioning towards social, leisure, and lifestyle operators whilst retaining its traditional retail core. As a key pillar of the destination’s leisure offer, Vue complements competitive socialising brands such as Boom Battle Bar, Putt Putt Social, and Escape Hunt, to create a hub which is unrivalled in central Norwich. The scheme has also introduced a number of independent and innovative dining options, further enhancing the scheme’s appeal. This repositioning of the asset towards leisure and social has resulted in increases across footfall, dwell time, car park usage and occupier turnover at Castle Quarter, with at least 75% of occupiers reporting higher year-on-year trading figures. Will Ashdown, asset manager at RivingtonHark, said: “Vue has long been a central part of what Castle Quarter has to offer visitors, and as such it is fantastic to see the chain commit to the destination for a...

Immersive leisure concept to make UK debut at The O2

9th October 2024

Immersive and interactive game concept Activate is set to make its UK debut at The O2 in London this winter. Hailing from Canada, Activate has been brought across the pond by experiential group We Do Play, which specialises in leisure and hospitality concepts. Spanning 10,000 sq ft, the new venue will be located in close proximity to popular venues such as Mamma Mia! The Party and TOCA Social. Activate will look to deliver a lively gaming facility for The O2’s customer base, with multiple game rooms where visitors can navigate and take part in physical and mental challenges. Activate’s decision to join the O2 follows a significant year of growth for the destination’s leisure category, which has seen an increase in like-for-like sales of 6.6% compared to 2023. This comes after the destination’s Entertainment District reached full leasing completion earlier this year, bringing in operators such as Clip ‘n Climb – which opens this month – and Padel Social Club. Janine Constantin-Russell, managing director of the Entertainment District and Outlet Shopping at The O2, said: “Leisure has always been a core part of The O2’s offering, consistently delivering an unmatched experience that speaks volumes on how we resonate with operators […]

Beaverbrooks invests £1.5m into major upsize of Peterborough store

9th October 2024

Beaverbrooks has invested £1.5m into the relocation and refurbishment of its Peterborough store, increasing its floorspace fivefold and introducing a new TAG Heuer boutique. The diamond, jewellery, and watch retailer has relocated to a larger and more central location within the Queensgate Shopping Centre, taking 4,324 sq ft of retail space – upsizing from 820 sq ft. The new location features a wider array of luxury and designer watch brands as well as dedicated areas for RADO, Tissot, and Beaverbrooks Diamonds and Weddings. Beaverbrooks –which operates 89 stores across the UK, including three Loupe boutiques and 23 dedicated luxury mono-brand watch boutiques – has continued to expand its luxury offering over recent months. Anna Blackburn, managing director at Beaverbrooks, said: “This investment into the future of Beaverbrooks and Peterborough is very exciting for us. The Peterborough store – which is five times bigger than our previous location – marks our fourth refit of the year, with a further two planned before Christmas. We are continually investing where there’s opportunity and driving value for the business to safeguard the future of the company.” A spokesperson from Queensgate Shopping Centre added: “Queensgate Shopping Centre is excited to see Beaverbrooks upgrade their store, bringing...