Retail Property News

Focus AM makes second UK acquisition with Fife shopping centre purchase

7th June 2024

Focus Asset Management’s Focus Estate Fund has acquired its second retail in the UK, with the purchase of The Kingdom Centre in Glenrothes, Fife. The 428,000 sq ft asset is situated in a prime location and let to tenants including Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa, and Poundland. The acquisition follows the fund’s first foray into the UK, with the purchase of Island Green Retail Park in Wrexham. Maxim Shkolnik, general partner of Focus Estate Fund, said: “We are thrilled to welcome the Kingdom Shopping Centre into the Focus Estate Fund family. Recognising the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the city’s development. As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with local authorities, creating a vibrant hub for residents, visitors, and tenants alike. “Our mission is to continuously improve and innovate, establishing it as the premier destination for shopping, leisure, and community engagement. In line with our commitment to sustainability, the integration of the Kingdom Shopping Centre into our portfolio marks the beginning of a transformative journey. We are committed to transitioning all our shopping centres to solar-powered facilities, […]

Reimagining retail: how to breathe new life into old stores

7th June 2024

The reverberations of high-profile collapses are still being felt — from Debenhams and House of Fraser to Beales and Edinburgh's Jenners, as well as Fenwick’s sale of its store on London’s New Bond Street. But retail is not dead – it is embracing change. With clever reimagining, reinvention and retrofitting of spaces, new life is being breathed into old stores.

LCP continues expansion with five new appointments

7th June 2024

Property investment company LCP – part of M Core – has made five new appointments as it continues to expand its portfolio in the commercial property and retail sectors. Careen Haines joins LCP from Savills as the company's new associate director and credit manager. With 30 years in credit management, she is experienced at analysing risk and implementing effective credit policies.

Central London mixed used building changes hands

6th June 2024

Commerz Real has sold a fully-leased office and commercial building in Central London to an investment management platform on behalf of multiple family offices. The German asset manager has offloaded Paternoster Square – part of its open-ended real estate fund hausInvest – to CLI Dartdriver, which belongs to German real estate investors Conren Land and Indigo Invest along with London-based Dartriver. The building – which is located in the City of London close to St Pauls Cathedral – comprises five floors spanning 20,420 sq ft, with around 80% of the property consisting of office space. The ground floor accommodates a number of retail units. Developed in 2002 as part of the wider Paternoster Square urban development, the eponymous building was acquired by hausInvest along with its neighbour, Paternoster House. Following the fund, hausInvest will continue to be present in the UK. Its largest asset in the portfolio is the 2.7 million sq ft Westfield London shopping centre, with other assets including 180 Great Portland Street in London, the Mann Island office building in Liverpool, and Victoria Square shopping centre in Belfast. Paternoster Square was sold for an undisclosed sum.

Lidl lines up Southside opening as London expansion continues

6th June 2024

Lidl is preparing to open a new store at Southside Shopping Centre in Wandsworth, as the supermarket retailer continues to expand in London. The 12,200 sq ft store represents a significant investment by Lidl, and will be opened by the Mayor of Wandsworth Sana Jafri on 13 June. Rebecca Ruddle, centre director at Southside Shopping Centre, said: “We’re thrilled to be home to the area’s first Lidl store. The new addition signifies the start of several enhancements we’re making here at Southside to ensure we continue to provide a great retail, food and leisure destination in the heart of Wandsworth.” The discounter hit a market share high of 8.1% and has been the fastest-growing bricks and mortar supermarket over the past nine months. In London alone, Lidl overtook Asda to become the third-largest supermarket last year. Lidl recently announced plans to open hundreds of stores across the country, as the retailer celebrates 30 years of trading in the UK. In London, target locations include Camden, Clapham, Shoreditch, and Notting Hill.

Charity Super.Mkt returns to Reading’s The Oracle

6th June 2024

Charity Super.Mkt is set to make its return to Reading, with a new pop-up store running for nine weeks at Hammerson’s The Oracle shopping destination. The ‘department store for second hand style’ – which has so far raised around £2m for charities – will be opening a concept store opposite Levi’s. During its first run in Reading, Charity Super.Mkt raised over £253,000 for charity. Charity Super.Mkt first launched last January at Brent Cross in London, with the concept bringing UK charities together under one roof to raise money. Since then, the concept has opened across the country – including at three Hammerson destinations. Hammerson said that through pop-ups at its destinations, Charity Super.Mkt has raised over £1m, sold over 134,000 pre-loved items, and saved 39 tonnes from landfill. Sarah Tinsley, director of marketing and placemaking at Hammerson, said: “The continued success of Charity Super.Mkt demonstrates that with the right landlord support, new brands with a strong USP, can really thrive in the marketplace. Retail is evolving with a stronger focus on purpose and our vision for The Oracle, and all our assets, is to create vibrant multi-use destinations that have a significant social impact in the cities in which we operate.”

TOCA Social kicks off second UK venue at Bullring & Grand Central

6th June 2024

Interactive football and dining experience TOCA Social has opened its second UK site at Hammerson’s Bullring & Grand Central in Birmingham. The venue is the concept’s first site outside of London and occupies a space above M&S and Zara, completing the repurposing of the former Debenhams store. Featuring 23 interactive boxes and four bars, TOCA Social Birmingham looks to combines immersive football-based gaming with a food and drink offering designed to complement the experience. The venue is open seven days a week, and offers packages for corporate events, screenings, and special occasions. The launch reflects Hammerson’s strategy to broaden the appeal of its destinations through new uses including entertainment, leisure, and social. Toby Tait, director of asset management at Hammerson, said: “Our vision is to create vibrant, multi-use destinations which offer an exciting mix of complementary social uses, from retail and entertainment to culture and art. The opening of TOCA Social embodies this approach and demonstrates how we are expanding the proposition of our destinations. As a regional first, we are excited to welcome TOCA Social to Bullring and can’t wait to get playing!” Alex Harman, president at TOCA Social, added: “Launching our second UK site and first outside of the capital […]

BOXPARK to manage Camden’s Buck Street Market

5th June 2024

BOXPARK has signed a long-term property management deal with Transport for London’s property company, Places for London, to assume operational management of Camden’s Buck Street Market. The 12,000 sq ft shipping container food and retail complex – which was acquired by Places for London in October 2023 – is set to undergo a significant refurbishment, subject to planning permission from Camden Council. Buck Street Market is home to 23 retail units and 23 food units and attracts some 30 million visitors a year. An initial investment from BOXPARK will look to refresh the site, with plans for further investment in collaboration with Places for London due in the coming year, following engagement with local businesses and communities. BOXPARK said the vision for Camden Market Buck Street aligns with its dedication to supporting independent businesses and fostering vibrant community spaces. As part of the deal, BOXPARK said it will support over 40 independent food operators and retailers. Simon Champion, CEO of BOXPARK, said: “It’s an exciting challenge for BOXPARK to reinvigorate an iconic destination like Buck Street Market. It’s no secret we have a love of locations beaming with culture and community, and Camden is no different. Camden Town boasts a world […]

Bradford’s largest sensory room opens at The Broadway

5th June 2024

Asset manager Ellandi has launched Bradford’s largest sensory room at The Broadway shopping centre. The custom-built room was officially opened by Bradford’s new Lord Mayor Councillor Bev Mullaney.  The space – which was designed by Shipley-based company SpaceKraft – has been praised as a serene environment for neurodiverse people. Features include mood lighting, mirrors, a musical hand and touch wall, an LED colour curtain, and an acoustic bed. Christina Beggan, director of asset management at Ellandi, said: “Incorporating a sensory room at The Broadway isn’t just about providing a space; it’s about creating a haven where every individual, regardless of their specific needs, feels understood and included. It’s about transforming a shopping trip where everyone feels supportive and can enjoy memorable shopping experiences for years to come. We have always been driven to create an inclusive community for our shopping centres and we are looking forward to shoppers and visitors using this space’   Councillor Sue Duffy, portfolio holder for children’s and young people’s neurodiversity, added: “We have recently started a journey working closely with our partners with the aim of making Bradford a neurodiverse friendly district so that when we refer to our city being inclusive it means neurological differences are […]

High street revenue down at WHSmith despite strong travel performance

5th June 2024

WHSmith has recorded a small decline in high street revenue, despite the retailer’s travel division performing well internationally. During the 13-week period ending 1 June, WHSmith’s high street revenue declined by 4% compared to the same period in 2023, with like-for-like sales down by 1%. The retailer said that early feedback on its five Toys “R” Us shop-in-shops has been “good”, with the retailer on track to open a further 25 concessions in the balance of the financial year. Last year, WHSmith said it will not open any more stores on UK high streets. In the retailer’s UK travel division, total revenue during the period was up by 9% compared to 2023, with like-for-like sales up by 8%. Globally, WHSmith’s travel division saw revenue increase year-on-year by 8% during the period, with like-for-like sales up by 5%. The retailer said it is well positioned as it enters the peak summer trading period, with good trading momentum continuing across all travel divisions.

Bonmarché and Co-op make in-store outlet debut

5th June 2024

A Bonmarché outlet has launched within a revamped Co-op store in Lincolnshire, in what has become the first opening in a partnership between the two retailers. The value womenswear retailer – which has announced plans to ramp up its expansion in UK high streets over the next 18 months – has taken 3,000 sq ft within the new-look Louth store. The Co-op store has undergone a 12-week programme of works and improvements, with new additions including an updated look and layout with hot food, a bakery, and a Costa Coffee express. Parcel collection services are now also on offer. Mark Matthews, director of format and innovation at Co-op, said: “We are delighted to partner with Bonmarché. As we invest in transforming our Louth store we are committed to creating added services which provide a compelling customer offer in the community. The addition of a Bonmarché store will offer further value and choice for our member-owners and customers in Louth.” Founded in Wakefield in 1982, Bonmarché is one of the UK’s largest women’s only value retailers. It currently operates over 200 stores across the United Kingdom. 
A B&M fascia

B&M on-track with accelerated store opening programme

5th June 2024

B&M is on track with its accelerated store opening programme, having opened 47 stores in the last financial year. The variety retailer – which currently has an estate of 741 stores – is targeting at least 45 new store openings per annum over a three year period. B&M previously increased its long-term target to operate no less than 1,200 UK stores, up from its previous guidance of 950. Over the course of the financial year, which ended on 30 March, the retailer’s new openings were bolstered by its acquisition of 51 stores from Wilko. B&M said it moved rapidly as it selected the stores it wanted and renegotiated leases, and is now opening these stores at speed. Of the 25 B&M stores opened in the fourth quarter of the last financial year, 21 were former Wilko stores, which B&M said are delivering strong sales densities. The retailer said it expects to open between 15 and 20 B&M stores in the UK during the first quarter of the 2025 financial year, many of which will be former Wilko branches. This comes as B&M releases its results for the 2024 financial year, a period during which it recorded a 10.1% year-on-year increase...