Retail Property News

Pret a Manger makes city debut at Gloucester Quays

18th November 2024

Pret a Manger has opened its first café in Gloucester at Peel Retail & Leisure’s Gloucester Quays outlet shopping destination. The bakery chain has opened a 1,841 sq ft eatery with space for 85 people, offering a variety of sandwiches, wraps, salads, baked goods, and snacks. This comes following the recent opening of Subway at Gloucester Quays, which took a 603 sq ft unit next to The Real Greek and Bill’s, providing customisable sandwiches and salads. Gloucester Quays has also this year welcomed Krispy Kreme as well as a second unit in the region for Bakers & Baristas. Paul Carter, asset director at Peel Retail & Leisure, said: “Gloucester Quays is both an outlet for all-day shoppers and a focal point for our local community, so the variety of food on offer has to match that diversity. The openings of Pret and Subway at Gloucester Quays, following the likes of Krispy Kreme and Bakers & Baristas, demonstrate our commitment to delivering real choice, supplementing the array of casual dining we already have. By introducing these options, we are removing the either/or decision for our customers, ensuring everyone that comes here has access to something that meets their needs and type […]

Landsec “confident” to invest in retail sector

15th November 2024

Landsec has said it is “confident” in deploying further capital into the retail sector in the coming months. The real estate investment trust – which earlier this year acquired an additional £120m stake in Bluewater in Kent – said it sees the “most-attractive risk-adjusted returns” in retail, where income returns are in the high single digits and rents are growing. However, the group said that new supply is “non-existent” and that for the best assets, capital expenditure which does not add value is low, at around 20 basis points of the overall asset value. This comes as Landsec releases a report for the first half of the 2024 financial year, a period during which it recorded a pre-tax profit of £243m, up from a loss of £193m the previous period. During the period, which covered the six-month period ending 30 September, Landsec said it had capitalised on a continued focus from brands on fewer, but bigger and better stores. This resulted in upsizes and lettings from the likes of Primark, Pull&Bear, Bershka, Sephora, and JD Sports across its portfolio. The group’s occupancy across its retail portfolio is now higher than it was before the Covid pandemic, up 70 basis points...

Dune London joins Yorkshire outlet shopping centre

15th November 2024

Dune London is set to open at Junction 32 outlet shopping village in Castleford, Yorkshire. The brand will open a 2,257 sq ft store later this month, offering a range of footwear and accessories for men and women. The store at Junction 32 will form part of Dune London’s expansion, with the brand now operating 52 standalone stores in the UK, including four in Yorkshire. Dune London’s arrival comes during a busy 2024 at Junction 32, during which it has welcomed brands such as Lucy & Yak, Saltrock, Castore, and Sofa.com. Since being acquired by Frasers Group last year, Junction 32 has worked with asset managers Global Mutual and McMullen Real Estate, with operational support from CBRE as it looks to diversify its offering. Prior to Frasers Group’s acquisition of the centre, vacant retail space was at 14%, while by the end of 2024 this figure will have been reduced to only 2%. Rachel Scott, head of leasing at Junction 32, said: “We are thrilled to welcome Dune London to Junction 32, as part of our ambitious leasing plans with the outlet centre. The arrival of premium brands, such as Dune London, is indicative of how we are offering Junction […]

Tk Maxx recommits to Norwich’s Castle Quarter

15th November 2024

Tk Maxx has recommitted to Castle Quarter after renewing its lease at the Norwich scheme. The clothing and homeware retailer has penned a new ten-year lease – with a break after five years – for its 23,000 sq ft store. The signing is reflective of Castle Quarter’s updated leasing strategy, which looks to introduce social, leisure, and lifestyle operators whilst retaining its core retail offering, which includes brands such as Boots, Flying Tiger, and The Entertainer. This repositioning has brought competitive socialising brands such as Boom Battle Bar, Putt Putt Social, and Escape Hunt to complement the leisure offering at Castle Quarter, which is anchored by a Vue Cinema. The cinema operator recently recommitted to the scheme for another 20 years. The shift towards leisure and social has seen an uptick across footfall, dwell time, car park usage, and occupier turnover, with at least 75% of occupiers at Castle Quarter reporting higher year-on-year trading figures. Will Ashdown, asset manager at RivingtonHark, said: “What makes Castle Quarter such an attractive destination is the combination of leisure, social and retail it has to offer visitors, and TK Maxx is a key part of that mix. We are really pleased to see it recommit to Castle Quarter, demonstrating its confidence […]

Moss to open at London Victoria in store refurbishment drive

15th November 2024

Moss is set to open a new store at London Victoria, as the brand prepares to refurbish six of its existing locations in eight weeks. Formerly known as Moss Bros, the menswear retailer will open a two storey, 2,173 sq ft store at the London transport station later in November. This comes as the brand completes refurbishments at its stores in Salisbury, Metrocentre in Gateshead, Uxbridge, Rushden Lakes, Winchester, and Cambridge. Moss has also opened stores earlier this year in Edinburgh, Gloucester Quays, and Bluewater. These openings and refurbishments will bring Moss’ total store count to 114 by December. Brian Brick, CEO at Moss, said: “Our people are the heart of our success, our store expansion is a testament to their dedication and expertise. We’re incredibly excited about the future of Moss – despite a challenging retail environment, we’ve made bold moves to innovate and grow. Our drive reflects our belief in the strength of the Moss brand and our vision to deliver contemporary, versatile menswear. Across our ready-to-wear collections, hire and custom-made offerings, we’re committed to delivering the highest standard of service. This is just the beginning of an exciting new chapter.”

Goldsmiths relocates and upsizes at Centre:mk

15th November 2024

Goldsmiths opened its relocated and upsized store at Centre:mk in Milton Keynes. The luxury retailer’s new showroom features dedicated branded areas for leading watchmaker brands, such as TUDOR, Breitling, TAG Heuer, and Longines. The space also features a range of fine jewellery, including Goldsmiths’ own collections as well as brands such as FOPE and Roberto Coin. Goldsmiths is owned by the Watches of Switzerland Group, which operates seven watch brands including Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors, Betteridge, Hodinkee, and Analog:Shift, as well as a complementary jewellery offering. Kevin Duffy, centre director at Centre:mk, said: “Goldsmiths has enjoyed great success at Centre:mk and its reinvestment in the destination with this latest relocation, upsize and grand opening, is testament to the strength of the destination and commitment of the brand. Together with Goldsmiths, we remain committed to providing an exceptional retail experience for our guests and their latest store is guaranteed to deliver.” Craig Bolton, president of The Watches of Switzerland Group UK and Europe, added: “The relocation of our Goldsmiths Milton Keynes showroom not only offers greater visibility within Centre:mk but also enhances our clients experience by housing dedicated branded areas for prestigious names like TUDOR, Breitling, Longines,...

Sephora makes regional debut at Birmingham’s Bullring & Grand Central

14th November 2024

Sephora has opened its sixth store in the UK and its first in the West Midlands at Hammerson’s Bullring & Grand Central in Birmingham. The 4,925 sq ft store – which welcomes over 2,000 customers on the opening weekend – offers a range of products across across makeup, travel, fragrance, skincare, haircare, grooming, and wellness. The cosmetics retailer made its bricks-and-mortar debut in March 2023 at Westfield London, and has since opened stores at Westfield Stratford, Manchester’s Trafford Centre, Eldon Square in Newcastle, and Metrocentre in Gateshead. Sephora is also set to open stores at Kent’s Bluewater later in November and in Liverpool in spring 2025. Katy Letch, head of leasing UK at Hammerson, said: “As our customers’ most requested brand, Sephora’s launch at Bullring & Grand Central creates even more reasons to visit the destination, amplified further by a range of popular names in beauty exclusive to the Bullring store. It is this constant engagement with our visitors, paired with the creative repositioning of our offer, that maintains demand from both customers and leading brands alike.” Cushman & Wakefield acted for Bullring & Grand Central.

JD Sports to open at Northampton’s Grosvenor Centre

14th November 2024

Evolve Estates, part of commercial property and investment group M Core, is set to welcome a new JD Sports store to its Grosvenor Centre in Northampton next year. The sportswear retailer has signed a 10-year lease for a 14,000 sq ft unit, occupying the former Next store at 29-35 Newland Walk. The signing of JD Sports at the Grosvenor Centre follows the recent news that brands such as H&M, Nipa’s Hair & Beauty, and Bewiched will also be joining the scheme. Additionally, HMV has renewed its lease at the centre for another three years. Philip M Murphy, head of property and transactions at Evolve Estates, said: “Leveraging our strong relationships with high street retailers, we have secured JD Sports’ continued presence in Northampton; a huge win for the town and Grosvenor Centre. JD Sports is committing to a large format store at 14,000 sq ft, which flies in the face of perceived high street retail sentiment.” FMX Urban Property Advisers acted for the Grosvenor Centre.

Capital & Regional shareholders green light NewRiver takeover

14th November 2024

Capital & Regional is set to be acquired by fellow real estate investment trust NewRiver after its shareholders approved the takeover. NewRiver submitted a formal bid to acquire Capital & Regional for £147m in September, which would see the creation of a combined retail portfolio worth around £900m. Capital & Regional announced on Wednesday that over 99% of its shareholders had approved the proposals following a court meeting and a company general meeting. The group’s shares on the London Stock Exchange will now be suspended on December 10. NewRiver first submitted a preliminary expression of interest to Capital & Regional’s majority shareholder, Growthpoint, regarding a full takeover back in May. Capital & Regional had also attracted the interests of the Johannesburg-based Vukile Property Fund as well as property investment and management company Praxis, however both firms pulled out of the race leaving NewRiver in the driving seat.

Roxy Leisure to open debut London venue

14th November 2024

Competitive socialising concept Roxy Leisure is set to open its first venue in London at St Mary Axe in the City. Roxy Ball Room London, which will be located opposite the Gherkin, will feature activities such as tech darts, basketball, beer pong, duck pin bowling, ping pong, shooting pods, pool, tech shuffle, karaoke, ice-free curling, and crazy pool. The strictly over-18 venue is set to open in spring 2025. Founded in Leeds in 2013, the group now operates 11 Roxy Ball Room and eight Roxy Lanes sites across its estate. In 2024, the group has opened venues in York and Nottingham whilst last year it launched sites in Birmingham, Leicester, Cardiff, Cheltenham, and Liverpool. Joel Mitchell, marketing director at Roxy Leisure, said: “We’re made up to announce we will be bringing our signature ‘booze & ball games’ concept to the capital for the first-time next year after spending the last decade cementing our name across the hospitality scene in the north. We understand that opening a venue in the capital is a whole new ball game which is why we’ve spent a great deal of time researching and sourcing the right site for the Roxy Ball Room brand.” In August, Roxy Leisure Holdings announced a name change to Professionals at...

Victoria Leeds bags Cambridge Satchel for city debut

14th November 2024

Victoria Leeds is set to welcome leather bag retailer Cambridge Satchel, which will make its city debut at the scheme this December. The store will be located at 3-5 County Arcade, Victoria Quarter, joining the brand’s existing stores in Covent Garden and Cambridge. Cambridge Satchel at Victoria Leeds will stock a range of women’s and men’s collections, including crossbody bags, satchels, handbags, tote bags, backpacks, briefcases, and trunks. The brand will also offer in-store personalisation services for customers. The brand will join Victoria Quarter’s existing portfolio of British brands, which includes retailers such as Vivienne Westwood, Barbour, Harvey Nichols, and Penhailgon’s. Rachel Bradburn, leasing director at Victoria Leeds, said: “Cambridge Satchel is well known for its quality, craftsmanship and clear identity but it is also a brand with real zest, a sense of fun and self-expression; a brand which is simultaneously evolving whilst embracing tradition, all qualities which reflect Victoria Quarter and Cambridge Satchel’s new home! We’re counting down the weeks until December when the store opens and our loyal visitors can enjoy this iconic brand.” This signing follows the news that British jeweller Boodles has recommitted to Victoria Leeds by investing in a new entertainment room, known as The Rose […]

The Range to acquire up to 75 Homebase stores in pre-pack deal

13th November 2024

The Range is lining up an acquisition of up to 75 Homebase stores as part of a pre-pack deal. Administrators are currently being lined up to handle the sale of dozens of Homebase stores in the hopes that around 1,500 jobs will be saved, Sky News has reported. Under the terms of the deal, The Range will also take control of Homebase’s brand and ecommerce business, and will bring around 1,600 members of Homebase staff under its management. This follows The Range’s acquisition of Wilko last year, following the latter’s collapse into administration. Teneo – which has been seeking a buyer for the embattled homeware chain in recent months – is also expected to find purchasers for around 50 remaining Homebase stores once appointed as administrator. Insiders told Sky News that interest has been registered by discount food retailers, DIY rivals, and other high street brands. A sale would mean an end to the six-year ownership of Homebase by Hilco, the retail investor which has previously rescued brands such as HMV. Prior to this, Homebase was owned by Australian group Wesfarmers, which in 2018 launched a company voluntary arrangement leading to the closure of a number of stores and a...