Retail Property News

TGI Fridays closes 35 restaurants despite rescue deal

9th October 2024

TGI Fridays is closing 35 branches despite the restaurant chain’s UK owner being bought out in a rescue deal. Breal Capital and Calveton UK – the owners of the D&D London restaurant group – have acquired TGI Fridays UK after its former owner Hostmore fell into administration last month. As part of the rescue deal, 51 restaurants will remain open, although administrators Teneo said TGI Fridays would be closing the 35 branches with immediate effect. However, TGI Fridays UK said it is working with landlords on a deal to save the closed restaurants. Julie McEwan, chief executive of TGI Fridays UK, said: “TGI Fridays is a much-loved brand with a rich heritage. The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole. We look to the future with confidence that the TGI Fridays brand will continue to attract loyal and new guests. “We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us. We are doing everything possible to retain our team and support those impacted.” Hostmore fell into administration after […]

Leicester Retail Park handed £18.6m price tag

8th October 2024

A community shopping centre in Leicester has been placed on the market with an £18.6m price tag. Beaumont Shopping Centre sits on a 10 acre site in the Beaumont Leys suburb of the city, and comprises 118,035 sq ft of retail floorspace. The property is arranged over a single level, open-air mall, and provides retail space across amixture of large and small units. The centre ownership also includes seven residential properties let on assured shorthold tenancies. The shopping centre is 99% occupied with a weighted average unexpired lease term of 5.16 years to break and 6.11 years to expiry. It is anchored by Tesco Extra (which is outside of the site ownership), B&M, Poundland, and Superdrug. Other retailers at the centre include Santander, Boots, Iceland, H Samuel, and Specsavers, which are accompanied by a family dining offer that includes Subway, McDonalds, and Fish & Chips. A new 1,835 sq ft pod unit has also been developed for Starbucks, which is due to open in October. The scheme is supplemented by a covered mall opposite the supermarket, which is outside the ownership but contributes to the shopping centre’s overall appeal. Beaumont Shopping Centre also houses three car parks with a total...

Frasers Group snaps up trio of retail assets amid continued expansion

8th October 2024

Frasers Group has acquired two shopping centres and a retail park as part of a continued acquisition spree from the retail giant. The group – which owns the Sports Direct and Flannels brands – has acquired Princesshay Shopping Centre in Exeter from Nuveen and The Crown Estate. Frasers Group had reportedly been in discussions regarding a full acquisition since the summer. Frasers Group has also added Fremlin Walk Shopping Centre in Maidstone to its portfolio. The group has already made investments into the scheme, with a 70,000 sq ft Frasers flagship and a 5,000 sq ft Flannels store set to open this autumn. The group has also acquired the Olympus Centre retail park in Quedgeley, Gloucester. Together, the three assets comprise over 1 million sq ft of retail space. Michael Murray, chief executive of Frasers Group, said: “The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail. “Securing properties which serve as the primary retail destination for the community remains a top priority for us. Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country. “At Frasers, we strive to re-invent and elevate retail […]

Gym operator to surpass 100 sites with flurry of retail park openings

8th October 2024

Gym operator Snap Fitness is set to operate over 100 gyms across the UK and Ireland with the opening of four new gyms at retail parks in the coming weeks. In October and November, the operator will open 24/7 gyms at Treliske Retail Park in Truro, M Park Central 12 in Southport, Parc y Llyn in Aberystwyth, Wales, and Tullamore Retail Park in the Republic of Ireland. In Aberystwyth and Tullamorem, Snap Fitness has taken over units formerly occupied by Carpetright. The retail park units were selected by Snap Fitness’ in-house property team based on detailed data and insights. Due to an increased consumer demand for gym memberships, Snap Fitness has seen its new gyms in 2024 open with an average of 44% more members than gyms that opened in 2023. Paul Stephenson, franchise operations director at Snap Fitness, said: “Retail parks tick a lot of boxes for a successful Snap Fitness gym and are a key part of our future growth. “Convenience is a huge consideration factor when joining a gym and retail parks traditionally give you large units with great, natural footfall near a town or city centre, as well as free parking for members. “The fitness industry […]

Gloucester Quays Retail Park serves up padel concept for city debut

8th October 2024

The Padel Club has launched at Gloucester Quays Retail Park, bringing the fast-growing sport to an indoor venue in the city for the first time. The operator invested £1m to create the 43,577 sq ft venue, which includes nine courts with LED lighting, as well as a wellness-focused restaurant and bar. Padel is a form of tennis played in an enclosed space about a third the size of a typical court, and is the fastest growing sport in the world. The Padel Club’s launch looks to broaden the leisure offer within Gloucester, and support the evolution of the tenant mix within the retail park as well as the adjacent Gloucester Quays outlet centre. Mark Whittaker, managing director at scheme owner Peel Retail & Leisure, said: “The popularity of padel has risen exponentially, and no doubt there will be plenty of people that live in, work in, or visit Gloucester that love the sport. Operators like The Padel Club will have had lots of options in the region for opening a new venue, so we wanted to make sure this is something we could bring to the city before anyone else. Gloucester Quays Retail Park, by virtue of its location, accessibility, […]

Sosandar picks Cardiff for fourth UK store

8th October 2024

Sosandar is set to open its fourth store in the UK after signing an agreement to join St David’s in Cardiff. This comes after the women’s fashion brand opened its first stores in Chelmsford, Marlow in Buckinghamshire, and the Metrocentre in Gateshead. Sosandar – which was originally founded as an online-only store – will join a number of other fashion brands at St David’s, such as AllSaints, Mint Velvet, and Reiss. Earlier this year, it was reported that Sosandar is looking to open up to 50 stores in its first venture into bricks-and-mortar retail. Ali Hall and Julie Lavington, co-CEOs of Sosandar, said: “It’s exciting to announce our fourth store location as we continue our transition to becoming a true multi-channel retailer. Aligned with our strategy and other store locations announced to date, St David’s meets our criteria of opening stores in top tier, thriving locations where Sosandar customers over-index, being the go-to shopping destination in Cardiff.” Pablo Sueiras, head of retail brand account management at St David’s owner, Landsec said: “Our guests want to experience new and exciting brands in the best stores, and Sosandar fits this description. Increasingly we are seeing digital-first brands broaden their multichannel offer. Destinations like...

YouTube troupe subscribes for second clothing store at Bullring

7th October 2024

YouTube group The Sidemen have selected Hammerson’s Bullring & Grand Central in Birmingham for their second-ever SDMN clothing store. The 4,500 sq ft store will stock the brand’s range of unisex streetwear and merchandise products, including those from a new SDMN x Teenage Mutant Ninja Turtles collaboration. The Sidemen are one of the most high-profile internet personalities in Europe, having accrued over 21.6 million subscribers and 6.4 billion video views. The group opened their first clothing store last year at Bluewater in Kent. They have also ventured into the world of food and beverage, opening their Sides chicken wing concept in locations such as London, Manchester Arndale, and Merry Hill in the West Midlands. The signing underpins a wider strategy from Hammerson to diversify its occupier mix with the introduction of new and exciting concepts to complement its existing brands. Toby Tait, director of asset management at Hammerson, said: “This is an exciting moment in the repositioning of Bullring. Birmingham is Europe’s youngest city and as we continue to broaden the use and proposition of Bullring, The Sideman are just the type of personalities which will resonate with and attract a broader demographic. Over the last 18 months we have […]

US advisory firm appoints retail expert to lead UK expansion

7th October 2024

US-based advisory firm The McDevitt Company has announced the appointment of Dan Hildyard to lead its drive into the UK retail property market. Hildyard is a former executive managing director of Harper Dennis Hobbs, where he spent 18 years leading the UK agency business before launching his own eponymous firm in 2022. He has assisted a number of international brands on their UK expansion, most recently working with Reserved and Barbour. Founded in 1997 by Wade McDevitt, The McDevitt Company has offices across the US, as well as in London and Amsterdam. The full-service real estate firm has a focus on the retail market, with its client list including Urban Outfitters. The group already has a strong footing in the UK and is looking to expand with the opening of a new office in London. Dan Hildyard said: “Given McDevitt’s ambitions within the UK retail sector, I look forward to helping to fine-tune its expansion plans as we seek out new opportunities across London, and the wider UK market.” Wade McDevitt, CEO, The McDevitt Company, added: “With Dan coming on board, and the experience and contacts he has within the retail market, it is testament to how strongly we believe […]

Sloane Stanley welcomes pair of independents to King’s Road

7th October 2024

The Sloane Stanley Estate has welcomed two design-led independents to Chelsea’s King’s Road. Footwear and accessories brand Penelope Chilvers has opened its fourth store in London at No. 328, whilst women’s fashion brand KayaNuka will open a pop-up at No. 324-326 Taking a 1,327 sq ft store, Penelope Chilvers has brought its fashion offering to the Chelsea neighbourhood for the first time, joining its other locations in Notting Hill, Mayfair, Belgravia, and The Cotswolds. The brand looks to combine contemporary, fashion-led design with style and traditional Spanish craftsmanship to produce timeless and made-to-last pieces. Meanwhile, jewellery, accessories, and women’s fashion brand KayaNuka will open its third pop-up on the Sloane Stanley Estate until the New Year. KayaNuka means ‘Older & Younger’ in Cherokee – a Native American language – resembling the mother and daughter duo behind the brand. The pop-up will offer unique jewellery pieces to Chelsea, and deliver an exclusive insight into the online-only brand. Hannah Grievson, property director at Sloane Stanley, said: “Penelope Chilvers and KayaNuka are exactly the kind of names we’re after to add to our growing roster of independent brands. Our expertise lies very much in supporting the transition from online presence to physical retail, […]

GAIL’s opens at Elephant Park

7th October 2024

Bakery and café concept GAIL’s has opened within the casual dining zone at Lendlease’s Elephant Park in London. Joining the Zone One London neighbourhood, GAIL’s has opened in a 1,740 sq ft unit on the corner of Sayer Street and Deacon Street, previously occupied by Bobo Social. The new space offers the bakery chain’s full menu, which includes its signature pastries, cakes, bread, and house blend coffee. GAIL’s joins a number of food and beverage brands at Sayer Street’s dining hub including the recently-opened Asian street food restaurant and bar NOKO, as well as Filishack, Pot & Rice, Koi Ramen, Tasty Jerk, and Miko’s Ecuadorian and Spanish Kitchen. Guy Thomas, head of retail and place assets at Lendlease, said: “Our leasing strategy for Elephant Park is to ensure that the needs and wants of our community are always met and reflected in the tenant mix. To evolve this already thriving London neighbourhood, we take great care when choosing the blend of operators to ensure we can achieve that aim and also bring something new that perfectly complements our line-up of dynamic local businesses. GAIL’s is a great fit for the high street environment we have created at Elephant Park.” The...

Landsec eyes full ownership of MediaCity Salford

4th October 2024

Landsec is in talks to acquire full ownership of the MediaCity mixed-use scheme in Salford, as it looks to press on with developments. The group is close to acquiring Peel’s 25% stake in the development, Place North West has reported. Earlier this year, plans to create an additional 800,000 sq ft of commercial space and 3,200 more homes at MediaCity were approved by councillors. Landsec wants to take control of the scheme to drive forward with these proposals. The group acquired a 75% stake of MediaCity for £435.6m in 2021, purchasing 50% from Legal & General and 25% from Peel. A spokesperson for MediaCity told Place North West: “Since Landsec acquired a majority stake in MediaCity, we have been working closely with the team there to agree the regeneration framework which sets out our ambitious plans for MediaCity over the next decade. “We’re in discussions with them about potentially investing more into MediaCity but It’s too early to say what this may look like. However, it does demonstrate Landsec’s commitment and excitement to both MediaCity and Salford. When the time is right, we will provide a further update.” MediaCity is home to some of the UK’s most renowned content and […]

Estama opens new Scottish office and makes senior hire

4th October 2024

Asset and property management company Estama has opened a new office in Scotland, accompanied by a new senior hire. The firm has a new base in Clydebank, greater Glasgow, which Estama says will strengthen its presence in Scotland and allows it to provide more tailored services to its growing client base. In conjunction with this, Estama has also appointed Rebekah Clark to the Scottish management team. Joining as an associate, Clark brings experience from her previous roles at Workman, Ross & Liddell, and Redpath Bruce. George Grimes, director and head of property management at Estama, said: “We are thrilled to be establishing a new base in Scotland and welcoming Bekah to our team. “This is a major milestone in our history as we expand and strengthen our presence in Scotland. “We look forward to discovering new partnerships and opportunities in this fantastic location while continuing to deliver exceptional service to our clients.” The new office will be located at Clyde House, Kilbowie Road, and will serve as a central hub for Estama’s operations in Scotland. Rebekah Clark added: “I am excited to join Estama and lead the team from our new Scottish office. “I look forward to contributing to the...