Retail Property News

ASOS considers sale of former high street fashion giant

30th October 2023

ASOS is eyeing a potential sale of the Topshop brand as part of efforts to turnaround its struggling fortunes. The online fashion retailer is said to be in the early stages of a sales process although it is unclear if any talks are currently underway, Sky News has reported. A potential asking price for the brand is also currently unknown. ASOS purchased the Topshop brand alongside Topman, Miss Selfridge, and HIIT in February 2021 in a deal which reached a value of £330m. Other parties which lost out in this bidding process – including Ted Baker owner ABG and JD Sports – are likely to show an interest in any potential sale. Frasers Group and Next are also expected to show an interest in the brand, with the two companies making a number of acquisitions over recent months. A purchase of the Topshop brand could see it make its return to UK high streets after it fell into administration in 2020. ASOS boss Jose Antonio Ramos Calomonte – who took over as chief executive last year – unveiled a 12-month turnaround plan in October 2022 with the aim of improving its performance and reducing costs. However, like many others, the […]

FHP completes hat-trick of Nottingham lettings

30th October 2023

FHP Property Consultants has secured three deals in Nottingham city centre on behalf of private landlords. Rudy’s Pizza, which now has over 20 UK sites, has completed a letting for the former FCUK building at 6-10 Victoria Street. The building is now undergoing a fit-out of the ground and basement floors in preparation for an opening in late November. Regional jeweller Grace & Co has secured the former TM Lewin unit at 17 St Peter’s Gate. The building – which sits between White Company and Molton Brown – has seen refurbishment at ground and first floor with the upper levels converted to residential accommodation. The letting brings Grace & Co’s total store count to 11. Meanwhile, tea shop Bird & Blend has relocated from its previous spot at Victoria Street to a larger unit at 24 Bridlesmith Gate. The new store spans 1,193 sq ft of trading space over two floors. Oliver Marshall, director at FHP Property Consultants, said: “It is always great to bring new tenants to the city and to relocate existing ones to secure their long-term commitments to Nottingham. These are three really strong brands in different sectors that really add to the vitality of the city...

Restaurant giant behind Pizza Express eyes Wagamama owner bid

27th October 2023

The owner of Pizza Express is eyeing a bid for the group behind the Wagamama and Brunning & Price chains. Wheel Topco joins a bidding war alongside a vehicle owned by asset manager Apollo Global Management, which previously proposed an offer valuing the company’s share capital at £506m. The bid was recommended to shareholders by Wagamama owner The Restaurant Group’s (TRG) board. TRG confirmed that it had received a request from Wheel Topco for diligence information on the group, and said it would provide this information in line with the City Code on Takeovers and Mergers. However, TRG said that “no certainty that an offer by Wheel Topco will be made for the company, nor as to the terms on which an offer might be made”. TRG operates around 230 restaurants and pubs. In September, it agreed the sale of its “loss making” leisure business, which includes the Frankie and Benny’s and Chiquito chains, to rival Big Table Group for £1.

Poundland plans huge three-month expansion drive

27th October 2023

Poundland is planning to open 75 stores over the next three months, with the discount retailer’s pipeline including both new stores and relocations. The expansion programme is set to be the retailer’s largest ever. Many of the openings come as part of Poundland’s continuing conversion of the 71 Wilko stores it acquired in September. The retailer is set to convert a further 19 stores over the next fortnight, bringing the total to 56 conversions. One of the new stores set to open is at the former John Lewis store in Watford. Austin Cooke, managing director of Poundland, said: “To open 75 stores in the space of a single quarter is nothing short of a super-human effort from every member of the Poundland team. To each and every one of them I say ‘thank you’. “But we’re working at this pace because we’re on a mission – ambitious to grow, create jobs and serve new communities by opening shops customers and communities can be proud of.”
Wilko

Wilko stores to return to high streets by Christmas

27th October 2023

Standalone Wilko stores are set to make their return to British high streets, as its new owner plans an aggressive store roll-out for the brand. The Range owner CDS Superstores acquired the Wilko brand in September, following its collapse into administration in August. The group is planning to open five new concept locations before Christmas, beginning in Plymouth and Exeter. These will be followed by two further openings in the south east of England and one in the north of England. For the first time, Wilko is also set to open stores in Northern Ireland. Earlier this month, CDS relaunched the Wilko website and introduced the brand’s products to a number of The Range Stores. CDS chief executive Alex Simpkin said: “The public reaction to the loss of Wilko stores was undeniable. It’s clear that there’s a huge love for Wilko and we’ve seen an encouraging demand for the return of its own-brand products. “That’s why we’ve taken the decision to reintroduce Wilko back to many of the high streets and communities that it used to so proudly serve. “Our team from Wilko that joined us through the acquisition has shown true resilience, they’ve set to work to integrate the […]

Asset manager appointed to Tunbridge Wells scheme

27th October 2023

Asset management firm RivingtonHark has been appointed to advise on strategic decisions at Royal Victoria Place in Tunbridge Wells. Tunbridge Wells Borough Council – which has owned the freehold of the centre since its construction in 1992 – recently acquired the long leasehold ownership of the scheme from British Land. The purchase of the asset had cross-party support, with the council saying that is committed to ensuring the 475,000 sq ft scheme continues to play a strong role in maintaining the town’s attractiveness for residents, employers, and visitors. Day-to-day management of the scheme – which contains 99 units and is anchored by Fenwick and M&S – will be handled by Knight Frank. Mark Williams, executive director and co-founder of RivingtonHark said: “RivingtonHark is delighted to support Tunbridge Wells Borough Council following this strategically important acquisition. Royal Victoria Place offers huge potential to improve the wider town offering and we look forward to working with the Borough Council in evolving and influencing those plans.” Earlier this year, RivingtonHark was appointed as asset manager on regeneration projects in Shrewsbury and Fareham.

Cotswolds Designer Outlet: Q&A with the firm leading the development

27th October 2023

Work on the first phase of the 185,000 sq ft Cotswolds Designer Outlet destination, located at Tewkesbury Junction 9 of the M5, is due to start in the autumn. The development will offer retail and dining space for 56 new brands, with outlet retail specialist Realm leasing the scheme. Simon Tothill, property and development director at Robert Hitchins – which is delivering the project – shares an update on its progress with Completely Retail News: How is the development of Cotswolds Designer Outlet progressing? “We have now appointed Bouygues UK as main contractor to deliver the first phase of Cotswolds Designer Outlet, comprising 136,000sq ft of retail and F&B space for 56 new brands. Construction will commence on-site in November, with an anticipated launch in Spring 2025. “When fully complete, the new outlet centre will offer 90+ retail brands over 185,000 sq ft of outlet space.  The designer outlet is the final piece of our long-term aspirations for this 300acre mixed-use development site located immediately adjacent to Junction 9 of the M5 Motorway. We are creating new retail, F&B, garden centre, community play areas and new homes, and significantly contributing to the continued economic growth of this area. “Some of […]

Burnley Council seeks asset management

26th October 2023

Burnley Council is set to re-tender for strategic asset and development management services at Charter Walk shopping center. The current agreement expires on March 21, 2024, with a new agreement needed from March 22, 2024. The council acquired Charter Walk in October 2021 and is committed to regular tenders to ensure cost-effective, high-quality services. The council aims to appoint an experienced asset and development management company to optimize the center’s performance. This company will collaborate closely with the existing property management team and oversee the council’s investment. The prospective five-year Asset Management Agreement hinges on selecting a company with a proven track record, experience, and solid investment proposals.

Flying Tiger launching at two shopping centres

26th October 2023

Flying Tiger Copenhagen is set to open two new stores in November. The first store, located in Metrocentre, Gateshead, will open on November 2nd. This 3,434 sq ft site marks a consolidation of their presence in the Northeast. The second store will open on November 3rd at Bluewater in Kent, covering just over 3,154 sq ft. Michael Burke, managing director for Flying Tiger Copenhagen UK & IE said: “Metrocentre is an opportunity for Flying Tiger Copenhagen to return to northeast, whilst Bluewater is the largest shopping centre outside of London, making both great additions to our estate.” Flying Tiger Copenhagen’s philosophy of providing a richer life at an affordable cost sets them apart from other high street brands. They offer sustainable and unique products, with new limited-edition collections arriving weekly, designed by their award-winning team, making good design accessible to everyone.

Cotswolds Designer Outlet construction commences

26th October 2023

Property developer Robert Hitchins has selected Bouygues UK as the primary contractor for the initial phase of Cotswolds Designer Outlet in Tewkesbury. The development will offer 136,000 sq ft of retail and dining space for 56 new brands and is situated at the gateway to the Cotswolds. Construction is scheduled to commence in November 2023, with the grand opening set for spring 2025. The outlet will be delivered in two phases, and when fully complete, will create a 185,000 sq ft outlet destination with over 90 high-quality fashion, lifestyle and F&B brands. Outlet retail specialist Realm is leasing the scheme and will be the asset and property managers upon completion. Dan Mason, Managing Director of Realm said: “From the earliest stages of this project, there has been a strong focus on balancing a premium feel for the guest experience with flexibility for brands to optimise their position and offer.” “Outlet shopping continues to attract shoppers and tourists looking for a unique ‘full day out’, where they can combine quality and value, with an enhanced customer experience and the excitement of discovering unexpected treasures. That’s the enduring appeal of the outlet experience, and why retailers continue to incorporate outlet into their...

Krispy Kreme set to join prime London location

26th October 2023

Krispy Kreme is set to make a sweet splash on Oxford Street with the opening of their flagship store. Savills and Knight Frank facilitated the 10 year lease of the 2,783 sq ft retail unit at 27 Oxford Street on behalf of Emperor International Holdings Limited. This move reflects the renewed appeal of the area for both traditional retail brands and food and beverage operators. Recent months have witnessed an influx of businesses like Lids, Pandora, Foot Asylum, Fragrance Shop, and Reserved, expanding their presence around the Elizabeth Line. Jamie Dunning, President and Managing Director of Krispy Kreme UK & Ireland said: “I’m delighted to be bringing the joy of Krispy Kreme to the West End, offering London’s shoppers and workers a one of a kind experience to share an indulgent treat in world-class surroundings.

JD Sports to open at Dover retail park

26th October 2023

After expressing thier interest in opening a new store in Dover last month, JD Sports has received planning permission to expand an empty unit at St James’ leisure and retail park. This will increase the store’s size from 4,553 sq ft to 7,083 sq ft and is set to open on November 24. The unit was left vacant by mobile chain O2 who made an unexpected exit from the retail park. Although the chain had been reviewing its shops nationwide, it didn’t publicly announce its departure. Passersby noticed the closure when staff were seen packing up the shop on October 18.