Retail Property News

Superdry could close stores after advisers called in

30th January 2024

Superdry could close stores as part of restructuring plans, as the retailer confirms it has called advisers in. The retailer said it is exploring the feasibility of “various material cost saving options”, but added that there is “no certainty” any of these options will be progressed. This comes as a response to press speculation after it was reported that PricewaterhouseCoopers had been appointed to examine the retailer’s further debt-raising options. Options being considered by the embattled retailer is a company voluntary arrangement or a restructuring plan, Sky News reports. Both options would aid the retailer in reducing its liabilities to creditors. Sky News said that detailed proposals have not yet been worked up, and the future of the retailer’s 3,350 staff and 215+ stores remains in the balance. In a trading update released just before Christmas, Superdry had blamed milder-than-expected Autumn weather for lower sales. The results had capped off a year in which the retailer had undertaken a number of measures to strengthen its balance sheet. Superdry already has at least £100m in debt facilities available to it, through partnerships with Hilco and Bantry Bay Capital. It has previously been speculated that Superdry’s founder, Julian Dunkerton, plans to take […]

Loungers celebrates 250th site opening

29th January 2024

Loungers is celebrating reaching 250 sites across its Lounge, Cosy Club, and Brightside brands, with the opening of Pionero Lounge at Riverside in Rochdale. The 3,080 sq ft venue comprises two combined units, following an extensive refurbishment. Loungers’ arrival at Riverside follows the opening of Starbucks at the scheme in 2023, further adding to the scheme’s food and beverage offering. The centre saw footfall reach over 1.6 million in 2023, a 8.5% increase year-on-year. This comes after the group stated its belief that there is scope for at least 600 Lounge sites across the UK, with Loungers on track to open 34 new sites in the current financial year. Since announcing its interim results in November, the group has opened new Lounges in Cramlington, Penrith, Paignton, Caerphilly, and Ashby-de-la-Zouch. Further openings are scheduled in the coming months including in Bromsgrove, Chepstow, Westwood Cross, Macclesfield, Bracknell, Ilkley, Sidcup and Yeovil. The sites range from new developments to former banks, retail outlets, and restaurants. Alex Reilley, chairman and co-founder of Loungers, said: “The opening of our 250th site is a hugely satisfying landmark for a business that started in 2002 in Bristol with a single cafe-bar called The Lounge. A lot has changed since then but our commitment to providing...

Wingstop has appetite for 15 new stores this year

29th January 2024

Fried chicken restaurant chain Wingstop is looking to open 15 new UK stores in 2024, its most ambitious opening pipeline since arriving in Britain. The chain’s master franchisee, Lemon Pepper Holdings, said that nine new sites are set to open this year with a further six under negotiation. Wingstop will open new restaurants in Clapham High Street, Croydon Valley Retail Park, Hounslow, Lakeside Shopping Centre, Merry Hill, Watford, Westfield Stratford City, Wood Green, and a second location in Leeds. The Stratford City restaurant will be the chain’s largest UK site to date, spanning 5,000 sq ft and accommodating over 160 covers. Tom Grogan, co-founder of Lemon Pepper Holdings, said: “2024 is going to be our biggest ever year of growth. We are proud to be opening across the country and creating up to 750 new jobs. “In just five short years as a business, we have certainly made our mark, offering the best-tasting wings in the business alongside an authentic and customised dining experience. There is huge momentum, and we are just getting started.” Wingstop currently operates 39 sites across the UK.

Zara to double size at Dublin South King Street store

29th January 2024

Zara is set to more than double the size of its existing store at South King Street in Dublin, expanding into the space formerly occupied by fashion rival H&M. The retailer will increase the size of its store at Hines’ Chatham & King mixed-use development from 14,000 to 33,000 sq ft, becoming the largest fashion store in the Grafton Street area. Niall Ryan, senior director of asset management at Hines, said: “We are delighted to see Zara commit to such a substantial expansion of their flagship city centre store. “It not only reinforces Grafton Street as Dublin’s premier retail destination, it also underscores the vibrancy of the local retail commercial landscape moving into 2024. “Chatham & King has proved to be a centrepiece development in the rejuvenation of this historic quarter and is home to the world’s leading fashion and luxury brands and today’s announcement by Zara is yet another strong endorsement of the success we have seen to date with this portfolio.”

Frasers Group takes over former John Lewis at Peterborough’s Queensgate

29th January 2024

Frasers Group is set to open a number of stores at Queensgate in Peterborough, occupying the former John Lewis unit. The group will open under the Frasers and Sports Direct brands in the former department store, taking a total of 92,500 sq ft of space. The Frasers concept store will house a number of brands across men’s, women’s, and kidswear, as well as a homeware and beauty offering. Sports Direct will offer products from a range of sports and leisure brands, as well as a wider offer from Frasers Group brands including USC, Jack Wills, and GAME. Ed Ginn, director of investment management at scheme owner Invesco Real Estate, said: “The signing of Frasers Group is a significant step in our drive to transform Queensgate into a leading retail and leisure destination. Positioned in the top 1% of UK shopping centres, we are committed to investing in brands that will not only enhance the centre, but share our ethos for excellence, innovation and providing an exemplary experience. The quality of offer that Frasers Group provides will help attract an even bigger catchment, repeat visits, and longer dwell time, as we continue to evolve Queensgate with the needs and desires of […]

Redevelopment of Sutton Coldfield shopping centre set to go ahead

26th January 2024

Gracechurch Shopping Centre in Royal Sutton Coldfield, Birmingham, is set to undergo a transformation after proposals were backed by councillors. The West Midlands Combined Authority (WMCA) has agreed in principle for a multimillion-pound investment to create leisure, retail, and commercial space as well as new homes at the scheme. The decision to redevelop the 250,000 sq ft shopping centre means that negotiations between the WMCA and the developers, Birmingham Property Group and SAV Group, will now commence. Andy Street, mayor of the West Midlands, and chair of the WMCA, said: “It’s wonderful to have good news to share about the well-known Gracechurch Shopping Centre site in Royal Sutton Coldfield. “I’m so pleased to see that the new owners have exciting plans to breathe new life into the town centre. “We will continue to work in close collaboration with them to help them realise their vision for Gracechurch – benefitting local people through job creation, leisure options and overall regeneration in the months and years ahead.” Councillor Ian Courts, leader of Solihull Council, and portfolio holder for housing and regeneration at the WMCA, added: “Our town centres and shopping areas are at the heart of our communities and it’s important that...

Atria Watford successfully relets anchor units

26th January 2024

Atria Watford is preparing for the reletting of two anchor units, as the scheme celebrates 371,000 sq ft of lettings over the past two years. Fashion and home retailer Next has significantly upsized at the Watford scheme, creating a new concept store in the 100,000 sq ft former Debenhams unit. Meanwhile, the former John Lewis store has been divided and leased to multiple tenants including Dunelm and Poundland, which have taken 33,000 sq ft and 14,500 sq ft respectively. Asset manager Global Mutual said that further new brands are set to be announced soon, including a family leisure concept. The 30,000 sq ft former next unit has been let to Watford-based Tk Maxx, satisfying a long-standing requirement for a store in the retailer’s hometown. A number of existing retailers are also upsizing at the scheme, including Zara – which will increase the size of its store from 18,000 sq ft to 43,000 sq ft – and JD Sports, which its tripling the size of its presence to a total of 19,000 sq ft. Watches of Switzerland is also increasing the size of its store, and additional lettings to Rituals, Moss, Pro Cook, and F. Hinds have also been agreed. Lunson […]

Sovereign Centros brings Rituals to two destinations

26th January 2024

Beauty and wellbeing brand Rituals is set to open at two Sovereign Centros-managed assets: Festival Place in Basingstoke and Merry Hill in the West Midlands. At Festival Place, the retailer has opened a 3,300 sq ft unit adjacent to EE and opposite MINISO, which recently celebrated its first anniversary at the scheme. Meanwhile at Merry Hill, Rituals has opened amongst the destination’s watch and jewellery brands, taking 2,000 sq ft of the former Phase Eight unit, with the womenswear retailer relocating and upsizing last year. Jack Gordon, senior asset manager at Sovereign Centros, said: “With Rituals now open at Festival Place and Merry Hill, visitors from across the South East and West Midlands have new opportunities to shop their great array of luxury goods, within two of the UK’s leading retail and leisure destinations. Securing a brand like Rituals at both destinations showcases the value we place on partnering with retailers, helping them to achieve their vision and supporting their growth in locations that match their aspirational demographic. They add a unique, luxury shopping environment wherever they are, so it’s fantastic for Festival Place’s and Merry Hill’s visitors to now be able to experience that.” The news follows Merry Hill […]

BRC launches ‘Manifesto for Retail’

25th January 2024

The British Retail Consortium (BRC) has released a ‘Manifesto for Retail’ – titled “Accelerating Investment in the Everywhere Economy”, which looks to lay the framework for a better future for the retail industry. The term ‘everywhere economy’ refers to the fact that retail is present in every village, town, and city across the country. The retail industry is the largest employer in the private sector, providing 3 million direct jobs and a further 2.7 million in the supply chain. The manifesto lays out three major ‘fixes’ to help support the retail industry, including: Helen Dickinson, chief executive at the British Retail Consortium, said: “The UK has one of the most developed retail offerings in the world, employing three million people and playing a key role in every community in the country. As political parties gear up for the next election, we need a different way of working with government so that we can use the industry’s size, scale and reach to deliver more. That means removing the blockages which hold the industry back, preventing it reaching its full potential. It’s time to support the upskilling of workers and accelerate our journey to net zero, while finding ways to address any […]

Operator chosen for Olympic Park events concept

25th January 2024

The London Legacy Development Corporation (LLDC) has chosen Peppermint Events to create a dining, drinks, and events concept at Queen Elizabeth Olympic Park. The two groups have signed a seven-year lease with the option to extend, which will cover the operation of the Podium building and external spaces situated by the ArcelorMittal Orbit and Slide on the Park. The development will create a rooftop garden with views over East London, a 300-cover café/restaurant and hospitality space across two floors, and a dedicated street food area. The space will offer outdoor screenings, DJs, markets and seasonal events all-year-round. The venue will also be available for private hires and corporate events. Peppermint has over 20 years of experience in the events industry, providing food and drink solutions to various venues across the UK, including festival and sporting events. Both the LLDC and Peppermint said they are committed to sustainable practices and eco-friendly initiatives. The venue will look to prioritise sustainability in its design, operations, and services, including with the use of regional suppliers and manufacturers. Edward Fane, head of venues at Queen Elizabeth Olympic Park, said: “We are delighted to be partnering with Peppermint Events to create another vibrant food hospitality and...

Sports Direct to take over former Liverpool M&S

25th January 2024

Sports Direct is set to create a new store and gym after acquiring the former Marks & Spencer store in Church Street, Liverpool. The Frasers Group-owned retailer will move into a 103,000 sq ft space at the Grade II-listed Compton House, Liverpool Business News (LBN) has reported. M&S relocated to the former Debenhams store at Liverpool ONE in August, after a 93-year tenure at its Church Street location. It is expected that Sports Direct’s fit-out will take around 18 months. It is not yet clear what will happen to the sportswear retailer’s existing location at Liverpool ONE. James France, head of acquisitions at Frasers Group, told LBN: “We are pleased to confirm that we have acquired Compton House located on Liverpool’s renowned Church Street. “We are big believers in physical retail and this acquisition marks an exciting time for the group as we continue to expand our store portfolio across the UK and Europe. “As the UK’s leading destination for sportswear, we are looking forward to bringing Liverpool customers a next-generation sports retail experience with the opening of a 70,000 sq ft Sports Direct flagship store. Subject to approval, Everlast Gyms will also open a 23,000 sq. ft hybrid gym […]

M Core’s Evolve Estates makes strategic North East acquisition

25th January 2024

Evolve Estates, part of M Core, has acquired Billingham town centre in County Durham as part of its strategic investment into the retail sector. The 320,000 sq ft open-air retail scheme is a dominant retail destination within the region, with anchor tenants including Asda, B&M, and Aldi. Attracting a total footfall of around 70,000 per week, the town centre contains over 90 retail units – 10 of which are currently vacant – and 673 car park spaces. The town of Billingham is located just outside of Middlesbrough and Stockton-on-Tees, and has a residential population of 80,000. Danny O’Keefe, founding partner at Evolve Estates, said: “Billingham shopping centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors.” Evolve Estates said its team of asset managers is already in talks with both national brands and local traders that are eager to elevate their businesses. Bradley Maher at Cited Property acted for Evolve, whilst James Pearson at Four & Co acted as agent for the vendor. M Core has invested over £200m into the market over the last 12 months, with notable acquisitions including the Livingston Centre in...