Retail Property News

John Lewis starts on multimillion pound store makeovers

25th October 2024

John Lewis has unveiled the first phases of a multimillion pound investment into its store network. The retailer’s flagship stores on Oxford Street, as well as its locations in High Wycombe and Cheadle, become the first to benefit from new, larger beauty halls. The Oxford Street store has also seen investment on all six of its floors, with upgrades to areas including home, technology, jewellery, and electricals. John Lewis has also announced a partnership with celebrity chef Jamie Oliver, who will bring his Cookery School to the Oxford Street flagship in spring 2025. The flagship store also welcomed the opening of a Waterstones concession earlier this month, which forms part of an £800m investment in John Lewis’ customer offering made over the last four years.  Peter Ruis, executive director for John Lewis, said: “The buzz is back in John Lewis and we’re giving our customers even more reasons to shop in our brilliant stores. We’re backing ourselves with significant investment to ensure customers get the exceptional quality, outstanding service, and competitive prices they love about our unique brand.” Deputy mayor for business and growth, Howard Dawber, added: “John Lewis’ continued investment in Oxford Street and the West End shows that […]

EYCO relocates Glasgow headquarters

25th October 2024

Scottish commercial agency EYCO has opened a new office in Glasgow, relocating from its previous position at Blythswood Square. The firm’s new office at 204 West George Street will be headed up by Kevin Hughes, a partner in EYCO’s development team. EYCO said it has relocated to a better premises in an improved location, with the intention that it will continue to develop its Glasgow business and make further new appointments over the coming months. This comes after EYCO opened its first office outside of Scotland at Winsley Street in London’s West End, led by Patrick Over, partner. Founded in 1983 as Eric Young & Co, EYCO is currently active on 23 shopping centres and retail parks. The firm also operates a business space team which provides bespoke advice on office property throughout Scotland.

Touchwood Solihull nearly fully let after signing four new brands

25th October 2024

Touchwood in Solihull is nearly at full occupancy after the signing of four retail and dining brands to the scheme. Wing Kingz, House of Tweed, Yankee Candle, and Indico Street Kitchen will all open at the shopping centre within the coming months. Costa Coffee is also set to relocate at Touchwood, opening an upsized store spanning two floors at the beginning of November. The first of the new arrivals to open will be House of Tweed, with the fashion and accessories retailer opening on 1 November. It will be followed by restaurant and bar chain King Wingz, which will open on 16 November for its fourth location. Also joining the scheme in mid-November is Yankee Candle, which will take residency in the former Costa Coffee unit. Finally, Indico Street Kitchen will look to bolster the centre’s dining options when it opens over the next few months. Tony Elvin, general manager of Touchwood, said: “We are thrilled to be welcoming Wing Kingz, House of Tweed, Yankee Candle and Indico Street Kitchen to Touchwood this autumn. “We continue to work hard to enhance our offering with the addition of new retail outlets and restaurants. These latest new openings take our tenant occupancy […]

Luxury retailer relocates Covent Garden store

25th October 2024

Strathberry, the Edinburgh-based luxury leather goods retailer, has relocated its store within Covent Garden’s Market Building. Following the success of its debut store, Strathberry has doubled its presence at Covent Garden, taking a new 1,200 sq ft unit. The upsized unit will enable the brand to expand its offering of exclusive products, signature bags, and luxury accessories. Currently stocked in over 90 locations globally, Strathberry operates three standalone stores, of which Covent Garden is the largest. Strathberry has also opened a new office alongside its upsized store, solidifying the brand’s presence in Covent Garden. William Oliver, retail leasing director at Shaftesbury Capital, said: “Shaftesbury Capital takes great pride in the collaborative, long-term relationships we foster with our partners, and Strathberry’s decision to not only significantly upsize their store, but to also open their new London office in Covent Garden, is testament to this. It’s extremely rewarding to see our partners go from strength to strength within the destination and continue to deepen their commitment to the area.” Guy and Leeanne Hundleby of Strathberry, added: “Whilst Strathberry is an internationally recognised brand, known globally for our elegance, outstanding quality and minimalism, the way in which we operate remains focused on the strong knit […]

Introducing Data Exchange: a one-stop-shop for finding retail property

25th October 2024

Completely Retail, the UK’s leading retail property platform, has announced the launch of Data Exchange, a new all-in-one search tool set to transform the way you find the ideal property. Data Exchange eliminates the need to trawl through multiple agents’ websites, instead listing over 600 agents’ retail properties in one easy-to-navigate database. Its streamlined search engine allows users to filter by categories such as unit size, location, rental value, and type of property, enabling them to narrow down properties to find the perfect match. The Data Exchange in list and map view Users will then be able to view the property on Completely Retail, or on the agent’s website, where they can find out key information and relevant contact details. A free trial of the Data Exchange is now available by contacting the Completely Retail team here.

Autumn Statement: Chancellor must cancel business rates hikes, says Colliers

24th October 2024

The Chancellor Rachel Reeves must announce a cancellation of business rates increases at this month’s Autumn Statement if the Government is serious about encouraging growth, Colliers has warned. John Webber, head of business rates at Colliers, said that if no action is taken, more retail and pub chains will go into administration, exacerbated by the £2.4bn retail, leisure, and hospitality relief which is due to come to an end at the same time. Business rates are due to increase in April by 1.7%, in line with the September 2024 rate of inflation. For large businesses – which are currently paying 54.6p to the pound – this will come on top of the 6.7% increase they faced earlier this year. Should the planned increase go ahead, Colliers estimates that businesses in the retail sector will pay over £105 million more in business rates. Colliers has also called on the Government to announce a plan to reduce the business rates multiplier in the long-term. Business rates currently sit at 49.9p and 54.6p to the pound for small and large businesses respectively, compared to the rate of 34p when they were first introduced in 1990. Colliers said that investor confidence could be restored if...

RICS releases new guidelines on property agency and management principles

24th October 2024

The Royal Institute of Chartered Surveyors (RICS) has published a new set of global standards for its members, entitled ‘Property Agency and Management Principles’. This standard, which looks to reflect the changing nature of real estate and the work carried out by RICS members and RICS-regulated firms, covers residential and commercial auctioneering, property agency and management, and mixed-use real estate. The guidelines will become a mandatory requirement for RICS members and RICS-regulated firms. Much of the new standard is focused on requirements for openness and transparency between businesses and clients. The objective of the standard is to protect consumers and enhance the reputation of the industry and the public’s confidence in surveyors. The requirements stem from RICS’ five key rules of conduct for its members: The standard was developed by an group of professionals chaired by Kelly Smith, chief operating officer of letting and management at Allsop, with the document’s authorship led by RICS senior specialist for property, Mairéad Carroll. The standard will become effective from 1 January 2025, and RICS is organising webinars for members over the coming months. Mairéad Carroll, RICS specialist, property, said: “This important standard sets clear expectations for RICS professionals when providing property agency and […]

DTZ acquires Edinburgh Waitrose and Kwik-Fit branches

24th October 2024

DTZ Investors has acquired a Waitrose store and a Kwik-Fit branch at Morningside, Edinburgh, in a deal that exceeded the asking price of £18.5m. The two properties are located on the same retail parade, with the Waitrose store comprising 33,347 sq ft of retail space whilst Kwik-Fit occupies the adjacent 12,795 sq ft garage. Knight Frank – which acted for DTZ – said the two properties are amongst the brands’ strongest trading locations. Euan Kelly, capital markets partner at Knight Frank in Edinburgh, said: “Both Waitrose and Kwik-Fit trade exceptionally well from their Morningside locations, with little in the way of nearby competition and an affluent local population. Broadly speaking, supermarkets are performing well, supported by solid fundamentals and long-term average growth of 4.1% in grocery sales, and we’re seeing strong demand from investors for these types of assets. “More generally, the Scottish commercial property investment market has solidified in the last few months. While there is less stock available than we perhaps expected going into the tail end of the year, it is shaping up to be a busy first half to 2025, assuming the macro environment remains stable and interest rates continue on their current trajectory.” Ewan Stewart, acquisitions manager at DTZ Investors, […]

Nuveen sells Darlington’s Binns building

24th October 2024

Nuveen has completed the sale of the former Binns department store building in Darlington, County Durham, for an undisclosed price. The asset – which is currently occupied by way of license by House of Fraser – totals approximately 145,556 sq ft arranged over lower ground, ground, and four upper floors. The property is situated on the junction of Blackwellgate and High Row at the southern end of the town’s main retailing area, and benefits from frontages on to Blackwellgate and Mechanics Yard. It is located less than 200 metres from the Cornmill Shopping Centre, the town’s main shopping destination. Other nearby occupiers include Boyes, Greggs, Caffe Nero, and Darlington Covered Market. With House of Fraser set to vacate the property by December, the building is expected to be repurposed for an alternative use. Options include a new lease for an alternative occupier, the creation of a mixed-use development, or the introduction of a leisure operator. The asset was originally listed with an asking price of £1m, reflecting a capital value of £6.87 sq ft. Cited Property acted for Nuveen, whilst Parker Barras acted for the purchaser.

Dunelm to open up to 10 more stores by the end of the year

24th October 2024

Dunelm has said it is on track to open between five and ten superstores by the end of its 2025 financial year. The home furnishings retailer – which opened six stores in the last financial year – said the openings would be broadly split between smaller and larger sites. The retailer is also preparing to open its first store in inner London at Westfield London before the end of 2024. The 4,500 sq ft store will look to utilise the high-footfall location to expand the brand’s reach in the capital. In July, the retailer said has said it saw “significant opportunity” for the 2025 financial year, as it was “increasingly confident” in its smaller format stores. This comes as Dunelm releases a trading update for the first quarter of the 2025 financial year, during which it recorded total sales of £403m, a year-on-year increase of 3.5%. During the quarter – which comprised the 13-week period ending 28 September – the retailer saw an uptick in digital sales as a proportion of total sales to 37%, up by 2 percentage points compared to last year. The retailer said that despite some positive lead consumer indicators, it is still seeing volatile trading conditions. However, Dunelm...

Represent makes Manchester homecoming with debut UK store

23rd October 2024

Fast-growing fashion brand Represent is set to open its first-ever UK store in its hometown of Manchester. The brand will open the doors to its 5,419 sq ft store on New Cathedral Street on Saturday 26 October, its first permanent space in the UK. Founded in Manchester in 2011 by brothers George and Michael Heaton, Represent has seen its sales grow at an average of 81.4% over the past three years, and is on track for a record £100m turnover by the end of 2024, and £250m turnover by 2028. In June, the brand was named the 68th fastest-growing company in the UK by The Sunday Times. Represent’s Manchester store will be joined by a second UK location early next year, when the brand opens in London’s Soho. The two stores will form a portfolio alongside Represent’s boutique in West Hollywood, Los Angeles, which opened in March. Until this year, Represent had been a primarily online business selling via its website, although its had some dedicated bespoke retail spaces in department stores, including Selfridges, Harrods, and END. The new store on New Cathedral Street will position Represent alongside fellow luxury retailers such as Louis Vuitton, Selfridges, Paul Smith, Canada Goose, […]

London Designer Outlet brings pair of brands to Wembley Park

23rd October 2024

London Designer Outlet (LDO) has welcomed a pair of international brands to Wembley Park, with French Connection and Rituals taking space at the outlet shopping destination. Offering a range of womenswear, menswear, accessories, and footwear, French Connection opened the doors to its 1,919 sq ft store last weekend after agreeing a three-year lease. Meanwhile, bath, body, and home products specialist Rituals is set to open its 2,434 sq ft store at the end of October, after signing a 10-year lease. Both stores will be located on Level 1 and will look to complement the nearby brands, which include Levis, Boss, Nike, Tommy Hilfiger, and Calvin Klein. The signings come after the outlet centre reported a record breaking August, with sales growing by 12.5% year-on-year and exceeding £10 million. This was LDO’s strongest-ever sales performance outside of December, and follows a summer which saw sales reach almost £29 million in June, July, and August thanks to a series of major shows and events taking place at Wembley Stadium. Matt Slade, retail director at Quintain, said: “It is great to welcome two more high-quality brands to LDO as we continue to diversify our retail offering. We expect both French Connection and Rituals...