Retail Property News

BII calls for further investment in pubs ahead of Autumn Statement

11th October 2023

The British Institute for Innkeeping (BII) has written to the Chancellor calling for greater support for pubs ahead of November’s Autumn Statement. This comes as the organisation reveals that only half of pubs are profitable, according to a survey of its members. Whilst two-thirds of respondents reported trading at back-to-normal or increased levels over the past year, only 50% of these have made a profit. The BII said that pubs have seen significant cost increases driven by high inflation as well as “inflated and unfair” energy prices. In a letter to the Chancellor Jeremy Hunt, BII chief executive Steve Alton called for an immediate extension of business rates relief for another year, and a “fairer” and more proportionate level of taxation. This includes lower VAT for pubs and hospitality venues. The letter said that “investment will be paid back through growth in every community”. Alton’s frustrations regarding business rates echo the views of a number of leading retailers including Tesco, M&S, and B&Q, who called for a freeze on the business rates multiplier in September. The BII has also launched the #MyPub campaign, calling on licensees to write to their local MPs and ask for their backing for the continuation of the […]

Manahatta to bring New York to Newcastle

11th October 2023

Bar group Arc Inspirations is set to open its second Newcastle venue in November. Opening on the 18th, New York-inspired Manahatta Newcastle will launch in the Grade II-listed former bank on Collingwood Street. Offering a total capacity of 450 covers, the venue will feature a second bar on the mezzanine floor with availability for parties and private functions. Manahatta Newcastle will join the existing Arc Inspirations venue Banyan bar, which opened in the city in 2019. Martin Wolstencroft, chief executive at Arc Inspirations, said: “Manahatta is the perfect match for Newcastle, a city known for its bustling nightlife and restaurant scene. “We’re so excited to be opening here following the success of Banyan and we know it’s going to be the ideal place for locals and people visiting Newcastle to gather, celebrate, and make memories.” Arc Inspirations recently announced that it would be making its regional debut in Nottingham, with the launch of BOX Bar.

Tiger Woods and Justin Timberlake on course to open UK sports bar

10th October 2023

Golfing legend Tiger Woods and pop star Justin Timberlake have teamed up with the aim to open a luxury sports bar in St Andrews. The pair are shareholders in real estate firm Nexus Luxury Collection, which is leading the development. Under the proposals, which are subject to approval from councillors, the New Picture House cinema will be redeveloped to accommodate golf simulators, duckpin bowling, and darts, and will also screen sporting events. If the plans go ahead, the cinema will retain one screen for theatrical releases. The venue would be the duo’s second ‘T-Squared Social’, following the concept’s debut in New York City last month. Woods said that the idea came to fruition when the pair went golfing in the Bahamas. “Justin and I thought it would be cool to create a place that combines our favourite things and brings people together to just have a great time”, he said. David Morris, managing director of the New Picture House, said: “Since opening for the first time in 1930, the New Picture House has been an integral part of the town’s entertainment base. The planned T-Squared Social investment will enable the local community, students and visitors, the opportunity to experience a […]

Camden’s Koko venue to reopen next spring after £70m revamp

10th October 2023

Camden-based music venue Koko is set to reopen in spring 2024 after undergoing a revamp worth £70m. The venue – which has previously been known as the Camden Palace and the Camden Hippodrome – closed in March 2019. Included in the redevelopment is a four-storey upwards extension, taking the venue’s total size to 50,000 sq ft, as well as the creation of a pizzeria and tap bar, a rooftop terrace, and a cocktail bar. The venue has also expanded into two neighbouring buildings, a disused factory and the former Hope and Anchor pub. A small performance area has been created out of space discovered during renovation and will be known as the Sky Tower, allowing fans to watch the stage from an elevated gallery. In January 2023, the reopening of the venue was pushed back following a fire which damaged part of its roof. “It’s been a challenging two years since the fire and then rolling straight into the pandemic, so to be on the last stretch and looking forward to launching next spring is obviously a great moment for my team and everyone at Koko”, the venue’s chief executive Olly Bengough told the Evening Standard.

Asda begins Co-op forecourt conversions

10th October 2023

Asda has begun the programme of converting 116 convenience stores and petrol stations it acquired from the Co-op Group to its Asda Express convenience brand. The supermarket retailer has now rebranded 11 sites, with the remaining 105 expected to be converted to the Asda Express brand by the first quarter of next year. Asda acquired the sites last year in a deal worth £438m deal as part of its long-term strategy to become the UK’s second largest supermarket. The deal received approval from the Competition and Markets Authority in June, after Asda agreed to divest 13 sites to satisfy competition requirements. The newly-converted stores opened all over the UK, including in Yorkshire, Leicestershire, Lancashire, Somerset London, Scotland, and Devon. In addition to the recently converted Asda Express stores, the supermarket retailer currently has three standalone Express stores in Sutton Coldfield, Tottenham Hale, and Calne. Sites in Manchester Oxford Road and Romford Station are due to open in the coming months. Asda has also confirmed that its acquisition of EG Group’s UK convenience estate is on track to complete in the final quarter of the year.

The Lexicon welcomes eight new lettings

10th October 2023

The Lexicon shopping centre in Bracknell – which is owned by a joint venture between Schroders Capital and Legal & General Capital – has secured eight new lettings. The Bracknell scheme has signed the retail and food and beverage operators for a combined 23,500 sq ft of space. Thai restaurant Giggling Squid opened in a 4,750 sq ft unit earlier this summer, whilst Danish retailer Søstrene Grene and Robert Dyas have taken 6,000 sq ft and 4,000 sq ft of space respectively. Five Guys has opened it first restaurant in Berkshire, taking a 3,500 sq ft unit, whilst Pan-Asian eatery ChopStix has signed a ten-year lease for a 2,000 sq ft unit. German Doner Kebabs has also opened in a 2,000 sq ft unit on the high street, whilst Mexican restaurant chain Tortilla has opened a 700 sq ft outlet. Also opening at The Lexicon is Mr Simms Sweet Shop, which has signed a ten-year lease for a 500 sq ft unit. Alongside the new singins, The Lexicon has also completed a number of lease renewals and regears with existing occupiers including Fat Face, Mountain Warehouse, Flying Tiger, Timberland, Clintons, Costa, L’Occitane, and New Look. Tom Woolven, asset manager at...

The Caviar Bar to debut at Medici Courtyard

10th October 2023

The Caviar Bar is set to open its debut location at Great Portland Estate’s (GPE) Medici Courtyard development, near Mayfair’s Hanover Square. Taking a 700 sq ft mezzanine unit, the seafood restaurant will offer a day-to-night dining experience, as well as a retail element for customers to purchase produce to be enjoyed off-site or given as gifts. As well as a selection of caviar, the restaurant will offer oysters, sushi, small plates, and seafood platters, whilst the drinks list will comprise a selection of wines, champagne, and premium sprits. The Caviar Bar will join the mixed-use Hanover Square development later this year, one of the first public courtyards to open in Mayfair in over a century. It will join a number of premium names at the development including Bang & Olufsen, Canali, Pronovias, Opera Gallery, Seiko, and Moyses Stevens, as well as WatchHouse coffee house and The MAINE restaurant, which are located in the heart of the newly-created Medici Courtyard. Sarah Goldman, head of retail at GPE, said: “Adding The Caviar Bar to our retail offering within Hanover continues to establish Medici Courtyard as a luxury retail and dining destination, on the doorstep of Bond Street and the Elizabeth Line […]

Manchester Council searches for regeneration partner

10th October 2023

Manchester Council is seeking a partner for a transformative 15-year development plan for Wythenshawe town centre in south Manchester. The plans aim to rejuvenate the 1970s Civic Shopping Centre and surrounding areas, converting them into a net-zero carbon commercial and cultural space, introducing new shops, a public square, and approximately 1,600 new homes. Following the acquisition of Wythenshawe Civic Centre in 2022, the Council engaged in consultations with local residents and businesses, receiving positive feedback. The selected partner will take a lead role in managing the existing shopping center and exploring redevelopment possibilities on Council-owned land, covering over 7.57 hectares. Savills has been enlisted by Manchester City Council to find a long-term delivery partner, with an expected announcement of the successful team in late spring 2024. Cllr Gavin White, the Council’s executive member for housing and development, said: “We know that the Civic is the heart of the Wythenshawe community and we have the key opportunity here to deliver a once-in-a-generation programme of regeneration – including new affordable housing – that will breathe new life into a vital space for local people. “We are looking for a team that share our long-term ambition for the Civic, who will help drive […]

Greggs opens first café inside Sheffield Sainsbury’s

9th October 2023

Greggs and Sainsbury’s have deepened their partnership with the launch of the first Greggs café within a Sainsbury’s store, located at Sainsbury’s Crystal Peaks in Sheffield. The café, open from 7am-7pm Monday to Saturday and 10am-4pm on Sundays, marks the third collaboration between Greggs and Sainsbury’s after a successful venture on a petrol forecourt in May. Customers at Sainsbury’s Crystal Peaks can now enjoy a selection of Greggs’ favorites, such as sandwiches, bakes, Fairtrade coffee, and sweet treats, with the option to dine in or take away. The partnership plans to expand further by the end of the year, introducing more locations, including petrol filling stations and cafés. Tony Rowson, Property Director at Greggs said: “Our first Greggs café with Sainsbury’s is helping us continue to expand and diversify our retail estate as part of our ambitious property strategy. The opening will allow us to provide Greggs favourites to even more customers, in a format that complements Sainsbury’s Crystal Peaks store.”

Cap Real Estate acquired by Colliers

9th October 2023

Colliers has expanded its UK national capital markets team through the acquisition of Cap Real Estate. William Jeens, Niall Crowley, Jeremy Toone and Robert Nelson will join Colliers as directors to offer comprehensive advisory services, covering the entire funding lifecycle from initial raises to exit strategies. The partnership enhances Colliers’ funding capabilities, with the team having already secured over £1.2 billion in funding since its inception in 2018. John Knowles, head of national capital markets at Colliers, noted that the addition of these experts addresses the growing demand for innovative funding solutions, particularly in alternative sectors, amid the evolving economic landscape. Tony Horrell, CEO of Colliers UK & Ireland, added: “Bringing Cap Real Estate on board is a continuation of our ongoing strategy to build scale with experts who share our culture of collaboration, entrepreneurship and a drive to provide our clients with the best service.”

Made.com to launch in Next store

9th October 2023

Made.com is gearing up to launch an in-store concession inside Next’s Sheffield Meadowhall shopping center store this December Made’s Head of Brand, Hollie Parkinson, emphasized the intention to maintain the brand’s distinct identity alongside Next and expand its physical presence. The company is exploring various expansion avenues, including brand partnerships, external stores, and a potential return to the European market in 2024. Made.com is also working on enhancing its furniture business’s design credentials and diversifying into new homeware and furniture categories. This move aligns with Next’s acquisition of Made.com last year when the fashion giant purchased the brand, domain names, and intellectual property for £3.4 million after Made.com faced financial challenges.

Lounge makes debut at Westfield

9th October 2023

After 7 years of trading solely online and scaling the business to £71m, Lounge Underwear has made its debut in Westfield’s White City in London on Saturday (October 7th). The lingerie retailer has had a few pop ups throughout 2023 across the UK and Germany, and has chosen to settle in a bright 2,500 sq ft unit on Westfield’s first floor. The store is equipped with tablets for customers to explore product images, view styles on different bust sizes and body shapes, and examine them from various angles. The space has also been designed to be cashless a offers click-and-collect options. In July the retailer revealed its expansion plans, explaining it would be opening eight new stores across the next 12 months, six more locations across the UK and one in Germany. The stores, between 2,000 – 3,000sq ft, will be fitted with click-and-collect and home delivery capabilities for a service-led experience.