Retail Property News

Watch: “Stronger” ESG considerations will shape out-of-town retail

4th October 2023

“Stronger and stronger” ESG (environmental, social, and governance) considerations will shape the out-of-town retail market, said James Honeyman, partner at Quadrant Estates. Whilst the retail market has “dabbled” in electric vehicle (EV) charging and PV (solar cells), larger scale ESG requirements will become an increasing trend, he told Completely Retail News executive editor Lisa Pilkington. Speaking at the recent Completely Retail Marketplace event, Honeyman said that landlord-led scalable PV and the use of renewable energy on-site will be a feature of out-of-town destinations: “We’ve seen a lot of brown-to-green potential for stranded assets in the world of office. Clearly yet we haven’t seen a lot of environmental considerations to that scale in retail, but I believe that is certainly going to be a future trend.” Honeyman was joined by Paul Davis, founder of Nimbus Maps, who drew a comparison to the industrial market, in which he said the ESG agenda is “so hot”. He added: “In the retail space, the occupiers aren’t quite so big, but that ESG agenda is going to start biting further down. It’s very obvious in a supershed market of just how much that trend has hit, and that clearly is coming to retail.” The pair also discussed […]

Wilko store rescue deals could collapse as bidders renegotiate

4th October 2023

Rescue deals for a number of former of Wilko stores could fall through as potential buyers look to renegotiate more favourable terms. Despite agreeing to take a total of over 100 Wilko stores, B&M and Poundland are said to still be in talks with landlords, The Times has reported. B&M, which had agreed to take on 51 Wilko stores, has reportedly been accused of delaying the process to set up new rent and lease arrangements with more preferable terms. Poundland is also said to be in talks to line up back-to-back rent deals on 71 Wilko stores. The retailer said on Tuesday that it had taken over 20 former Wilko stores, with 10 set to open later this week. Sources have warned that the acquisition deals could fall through, resulting in more closures and job losses as well as smaller returns for creditors. Last week it was revealed that some of Wilko’s creditors could recover as little as 4p to the pound of the money they are owed. Wilko fell into administration in August after a difficult post-Pandemic period. The Range agreed to take control of Wilko’s brand and intellectual property, but all stores are set to close by October.

Goldsmiths doubles Liverpool ONE presence with biggest ever showroom

4th October 2023

Goldsmiths has opened its largest showroom to date after doubling its presence at the Liverpool ONE shopping centre. The watch and jewellery retailer has opened a two-storey, 13,000 sq ft store on Paradise Street, bringing the Goldsmiths Luxury concept to Liverpool for the first time. The new Liverpool ONE store features a premium hospitality bar and lounge area as well as VIP consultation rooms and repair services. Its showroom has also undergone a significant expansion, spanning across two floors with an elevated prominent frontage. Goldsmith’s new concept features a dedicated entrance for the Rolex boutique, whilst the main showroom also features designated areas for watch brands including Cartier, TUDOR, TAG Heuer and Zenith, as well as jewellery brands FOPE, Messika, and Roberto Coin. The Watches of Switzerland Group-owned brand joins a number of names that have committed to Liverpool ONE, with BOSS’ relocation and 130% upsize earlier this year as well as Hollister’s upsize and relocation. Rob Deacon, asset management director at Grosvenor, said: “Liverpool ONE continues to attract prominent UK retailers, and the recommitment of premium names such as Goldsmiths further establishes the scheme as one of Europe’s leading retail and entertainment destinations.” The opening at Liverpool ONE follows […]

Dalata acquires Edinburgh hotel development site

4th October 2023

Ireland’s largest hotel operator Dalata Hotel Group has acquired a development site at 26 St. Andrew Square in Edinburgh. The site – located in Edinburgh’s New Town – sits adjacent to top luxury shopping destination Multrees Walk and is situated nearby to Edinburgh Waverley train station. The development site was acquired for a total consideration of £12.5m from Aviva Life & Pensions UK, which was paid from Dalata’s existing cash and banking facilities. It comprises a vacant Category A listed building which is currently approved for office use, with planning permission granted for an extension to the rooftop and rear of the property. Dalata intends to submit a revised planning application in the first quarter of next year to enable the construction of a new 4-star Clayton Hotel, which is expected to be completed by the middle of 2026. Subject to a successful revised planning application, the hotel will comprise 153 bedrooms, a bar, restaurant, a gym, and two large meeting rooms on the first floor overlooking St. Andrew’s Square. The overall investment in the project, including the site purchase, will be around £48m. Dalata is also set to enter the hotel market in the Netherlands after acquiring the leasehold […]

Tesco “committed” to doing all it can to drive down food bills

4th October 2023

Tesco is committed to doing everything it can to drive down food bills, the supermarket retailer’s chief executive has said. “We know how challenging it is for many households across the country, as they continue to grapple with the ongoing cost of living pressures”, said Ken Murphy. He added that a “relentless focus on customers” – which included investments in value and own brand products – has driven a strong performance during the first half of the financial year. During the six months to the end of August, Tesco reported a year-on-year increase in sales of 8.4% to £30.7bn, primarily due to an rise in prices. The retailer also reported an increase in retail profit of 13.5% to £1.4bn, as it cut costs and attracted more customers. Tesco said that looking forward, it will continue to prioritise investment in its customer offer by working with its supplier partners to reduce prices wherever its can. The retailer said: “This relentless focus on customers, combined with significant cost reductions from our Save to Invest programme, resulted in a strong performance in the first half of the year which means we now expect to deliver between £2.6bn and £2.7bn retail adjusted operating profit […]

Marketgate welcomes Mountain Warehouse amid flurry of lettings

4th October 2023

Mountain Warehouse has agreed a deal to join Marketgate in Lancaster, as the scheme completes a number of lettings. The specialist outdoor retailer has signed a 10-year lease for a 3,529 sq ft unit at 17-19 Market Street. Mountain Warehouse’s new store will feature outdoor clothing and equipment, as well as its Animal branded coastal fashion and accessories range. The Lancaster scheme has also signed Poundland to replace the former 22,000 sq ft former New Look store, with the retailer agreeing a 10-year lease and upsizing from its existing store in the city. New leases have also been agreed with existing tenants, Meet the Makers and Designer Clearance, with both retailers committing to longer lease terms after a year of good trading. Marketgate will also welcome Sushi restaurant and takeaway Sushi Cat, which has taken a six year lease. It will join the scheme’s existing food and beverage offering including Caffé Nero and local restaurant Vincenzo’s.

Watch: Next generation US department stores eye UK market

3rd October 2023

Next generation department stores are eyeing the UK retail market with a view to getting a foothold on the British high street. Speaking at the recent Completely Retail Marketplace event, P-THREE co-founder Hannah McNamara told Completely Retail News executive editor Lisa Pilkington, that international brands have formed the “bedrock of the UK retail industry.” International brands including Zara, Nike, and Sephora will continue to dominate the sector, however she added: “… At this point in the market, there’s probably fewer international retailers than at other points who have been looking [for space]. McNamara said: “There’s interesting American concepts that are the next version of a department store – so [brands such as] Neighborhood Goods, Showfields – that curate interesting types of retail. That would be really interesting [for them] to come over to the UK, in terms of the next generation of what a department store might be.” Asked how these next-gen department stores would look, McNamara said: “It would be a similar concession-type model in terms of a mix of different retail brands within a location, but that combined with a sense of community like other brands have created – like GymShark on Regent Street for example, where they […]

Exclusive: Sosandar on verge of making bricks and mortar retail debut

3rd October 2023

Online womenswear brand Sosandar is looking to make its bricks-and-mortar debut and has set out an initial target of 20 stand alone, physical stores, Completely Retail News has learned.

Tortilla ahead of target for new sites

3rd October 2023

Tortilla has said it is ahead of its long-term target of opening 45 new sites in five years. This comes as the Mexican restaurant chain releases its interim results for the first half of the 2023 financial year, during which it made three new openings in the UK including its first in Northern Ireland. The chain added that it had made a “successful integration” of the Chilango business. Tortilla also said it is currently assessing a number of European opportunities through franchising or strategic acquisitions. During the 26 weeks to 2 July, Tortilla saw revenue growth of 22% to £32.7m, and an increase in like-for-like revenue of 5%. However, the chain’s adjusted earnings (EBITDA) of £1.8m was was down year-on-year from £2.5m. Tortilla said this was in line with market expected financial performance and noted that the prior year amount had benefitted from £1.1m of Government support. During the period, Tortilla made a pre-tax loss of £0.6m, down from a pre-tax profit of £0.3m in the first half of 2022. Richard Morris, CEO of Tortilla, said: “Despite the challenging economic backdrop, during the first half Tortilla demonstrated its resilience and showed consistent progress, with revenue growth of more than 20%. We continued to expand […]

Dr. Martens to open 100th EMEA store on Oxford Street

3rd October 2023

Dr. Martens is set to open its 100th store in the EMEA (Europe, Middle East, and Africa) region on London’s Oxford Street. The iconic British footwear retailer has signed a 10-year lease for a 6,000 sq ft unit arranged over a basement, ground floor, and first floor. Taking residence at No. 184-188 Oxford Street, Dr. Martens’ new store will complement its existing flagship at No. 368. Savills, which completed the leasing on behalf of landlord The Langham Estate, said the deal highlights the surge in retailers looking to grow their brand in Oxford Street. The street is is currently undergoing a huge transformation set out by the City of Westminster which looks to strengthen its position as a world-class shopping destination. Callum White, central London retail and leisure agent at Savills, said: “Oxford Street continues to see a surge in take-up over the past year with availability significantly diminishing, those still on the market will no doubt benefit from the upcoming openings and new store announcements over the winter months.” Sam Foyle, co-head of prime global retail at Savills, adds: “Dr. Martens are a sign of the quality of new tenants signing to take flagship stores on Oxford Street following...

Greggs expects record 2023 for shop openings

3rd October 2023

Greggs has said it expects 2023 to be a record year for openings, and that it sees a “strong pipeline” for 2024. In the year to date, the bakery chain has opened 144 new shops and closed 62, bringing Greggs’ total estate size to 2,410 trading shops at the end of September. For the year as a whole, Greggs expects between 135 and 145 net shop openings. Greggs has previously said it plans to operate up to 4,500 UK stores including drive-throughs. This comes as the chain releases a trading update for the third quarter, during which it saw its sales increase by 20.8% in the 13 weeks to the 30 September. During the period, company-managed shop sales were up by 14.2% on a like-for-like basis. Greggs said it had seen a continued growth in market share driven by its strategic initiatives, with an increase in sales during evening trading periods and through the Greggs App. The chain is also rolling out a service with its second delivery partner, Uber Eats, following a successful trial. Greggs said it has strong product and promotional plans for the fourth quarter and the extension of its delivery service will make it more accessible. […]

Zara doubles its presence at Metrocentre

3rd October 2023

Zara has reopened its store at Metrocentre after a major refurbishment, doubling its presence at the Gateshead scheme. The fashion retailer has launched a 42,000 sq ft store in the scheme’s Red Mall, offering an expanded range of products across all departments. Ben Cox of Sovereign Centros, senior asset manager for Metrocentre, said: “As the only Zara store in the region it has been amazing to see the reaction from our shoppers for the return of this much-loved brand. To be the location of choice within the North East for another retail giant further reinforces Metrocentre’s position as the dominant trading location in the region. “The Zara opening comes at an exciting time for the centre and marks the first in a series of new additions with Treetop Golf opening next week and Flannels, Sports Direct, Everlast Gym and Flying Tiger set to open in November.” The upsize comes as part of Sovereign Centros’ strategy to bring the “biggest and best” flagship stores to Metrocentre. Zara joins a number of top retailers already at the scheme including Flannels, JD Sports, H&M, Harrods Beauty, River Island and Next.