Retail Property News

Mango leads 23,000 sq ft of lettings at The Lexicon

1st May 2025

Mango has opened at The Lexicon in Bracknell, as the scheme welcomes 23,039 sq ft of new retail, F&B, and leisure lettings. The Spanish fashion brand has taken a 19,210 sq ft store in a flagship letting for the scheme. The retailer bolsters the centre’s fashion offering, which includes the likes of Fenwick, M&S, Tk Maxx, H&M, Next, and Primark. Also joining The Lexicon is Rituals, which is opening a 2,035 sq ft store. The bath, body, and home products retailer joins other health and beauty options at the scheme including Boots, L’Occitane, The Fragrance Shop, and Superdrug. Finally, coffee shop chain Jamaica Blue will join the Bracknell shopping centre after signing for a 1,794 sq ft space. Founded in Australia in 1992, Jamaica Blue now has cafés in seven different countries, with an increasing UK presence. The Lexicon is owned by a joint venture between Schroders Capital and Legal & General Capital. Tom Woolven, asset manager for Schroders Capital’s real estate team, said: “It is great to secure such a strong selection of new arrivals at The Lexicon as we continue to diversify our tenant mix. Both Mango and Rituals are favourites amongst UK shoppers, so they are really […]

Retail warehousing investment market sees best quarter for three years

30th April 2025

The retail warehousing investment market has seen its best quarter in three years, according to research from Savills. According to the data, Q1 2025 was the best first quarter for the sector since 2022, with around £748m transacted across 22 deals, with more buyers looking to enter the market in Q2. This quarter follows an active market in 2024 for the retail warehousing investment market, which saw a notable increase in transactions and improvements to pricing. The second half of 2024 began with over 15 active fund requirements, most of which targeted the prime end of the market in the 5-6% yield range and an average lot size of between £20m and £30m. The majority of these requirements were completed by the year-end, with £3.50bn transacted across 119 deals, compared to £1.937bn completed across 76 deals in 2023. However, despite the strong start to 2025, the research noted a slow down with more institutions taking time to take stock and set their requirements for the year. Whilst there hasn’t been a further reduction in primary or secondary yields – with Savills prime yield currently at 5.25% for open A1 schemes and 5.75% for restricted schemes – the research anticipates a...

Pandora leads flurry of store upgrades at The Liberty Romford

30th April 2025

The Liberty Romford in East London has welcomed reinvestment and refits from four high street brands. These are led by jewellery retailer Pandora, which is currently refitting its 1,582 sq ft store on Liberty Square with its latest concept. The updated layout introduces includes a central island feature, expanded shop floor, and engraving services. Also reinvesting in the scheme is The Perfume Shop, which is set to upgrade its 1,157 sq ft store on the scheme’s East Mall in May. Meanwhile, Holland & Barrett is refitting its 2,629 sq ft store on the East Mall this spring in response to increased customer demand. Finally, EE has completed the introduction of its latest store concept at The Liberty Romford, with its 2,559 sq ft store offering a range of technological experiences. Daniel Tucker, leasing manager at The Liberty Romford, said: “Brands are finally recognising, and taking advantage of, the full potential that The Liberty Romford has to offer as the number one London satellite shopping centre for retail spend opportunity. This latest wave of commitments from leading brands is a clear signal of the confidence they hold in the centre and its location, and we’ll continue to work together with partners […]

Inditex brands to upsize at Hammerson’s Dundrum Town Centre

30th April 2025

Two Inditex fashion brands, Zara and Pull&Bear, are set to upsize their stores at Hammerson’s Dundrum Town Centre in Dublin. Zara is investing into a significant upgrade and refurbishment, increasing its footprint by 43%, from 26,300 sq ft to 37,700 sq ft. Meanwhile, Pull&Bear is investing into an internal relocation, tripling its footprint from 2,477 sq ft to 8,394 sq ft. Pull&Bear is expected to complete its expansion later this year, whilst Zara’s upsized store is set to open in 2026. These investments come as a number of new entertainment and leisure concepts have helped to diversify the offer at Dundrum Town Centre. Lane7 recently opened a new 14,500 sq ft entertainment space in January, which includes bowling, augmented darts, floor shuffle, curling, ping pong, pool, and dedicated karaoke booths. Connor Owens, managing director of asset management (Ireland) at Hammerson, said: “We continue to invest in and enhance our assets in Ireland through new social concepts and diversification of our occupier mix to drive footfall and customer engagement. Our success has resulted in more demand in Dundrum Town Centre, attracting new brands and concepts, most recently with the opening of Lane7 bowling in January, and we are delighted with the expansion […]

Ikea opens flagship Oxford Street store

30th April 2025

Ikea has opened its flagship store on London’s Oxford Street, as the retailer looks to expand its presence within city centres. The Swedish homeware retailer’s new store at 214 Oxford Street opens after an extensive refurbishment of the Grade II-listed building by Ingka Investments, the investment arm of Ikea’s owner Ingka Group. Ikea on Oxford Street spans 62,431 sq ft across three floors, occupying the ground and two lower ground levels of the building. It features a showroom, a market-hall with home furnishings accessories, and a Swedish Deli. Customers are also able to make use of delivery services for larger items. Tolga Öncü, Ingka retail manager at Ikea Retail, said: “Adding Oxford Street to the Ikea map is a special moment for us. This store, on one of the busiest and most well-known streets in the world, exemplifies our ambition to innovate our retail presence and bring Ikea to where our customers live, work, and socialise. Offering our well-designed and affordable products to more people in city centres across the globe remains our way forward.” The launch follows a number of setbacks for the retailer, with the opening having been initially pushed back to autumn 2024 before again being delayed until now. […]

Savills chief executive to step down

30th April 2025

Mark Ridley and Simon Shaw | Savills The chief executive of Savills Mark Ridley is to step down from his position at the end of the year. He will be succeeded by Simon Shaw, the current group chief financial officer of the global real estate firm. Ridley steps down after a spending 29 years at Savills, seven of them as group chief executive. He joined the firm in 1996 from Weatherall Green & Smith, where he held the role of partner. His initial responsibilities included setting up Savills’ Manchester office, before he was appointed as head of Savills Commercial in 2008. Ridley then became the CEO of the combined Savills UK business in 2013, before subsequently being appointed as CEO of UK and Europe the next year. During his tenure at Savills, the firm has expanded to become one the world’s largest real estate advisors, with revenues increasing from £40m in 1996 to £2.4bn in 2024, and staff numbers growing from under 700 to over 42,000 today. Following his retirement at the end of 2025, Ridley will remain at the group in a senior advisory role. His successor, Simon Shaw, joined Savills in March 2009 as chief financial officer. He...

Lidl plans to open over 40 new stores this year

29th April 2025

Lidl has unveiled plans to open over 40 new stores across the UK in the current financial year. The supermarket retailer – which operates over 980 UK stores – said it plans to invest £500m into its store estate this year. Lidl is also focusing particularly on opening new stores in London, as the retailer begins to target more affluent areas in the capital. Areas the grocer is looking to open stores in London include Knightsbridge, South Kensington, Chelsea, Belsize Park, Covent Garden, Marylebone, Soho, and Mayfair. Richard Taylor, chief real estate officer at Lidl GB, said: “This level of investment is a clear sign of our ambition. “As we enter our fourth decade in Great Britain and hurtle towards 1,000 stores, there are still so many parts of the country crying out for convenient access to a Lidl store. “That’s why we welcome the measures proposed in the Government’s Planning and Infrastructure Bill – they recognise the urgent need to remove barriers to development and support the kind of growth we at Lidl are working towards. “Our latest site requirements brochure reinforces the scale of our ambition for the future. New Lidl stores mean new jobs, new opportunities for […]

The O2 celebrates record-breaking Easter

29th April 2025

The O2 has reported a record-breaking Easter period, following a Q1 during which sales were up by 7% year-on-year. During the Easter half term, sales at the destination increased by 14% compared to the same period in 2024, while footfall was up by 16%. The O2’s Entertainment District in particular benefited from the destination’s upsurge in half-term footfall, reporting record-breaking figures with a 14% year-on-year increase in sales. The Easter weekend (18 April – 21 April) saw a 17% increase in sales vs 2024, with the Entertainment District experiencing a 27% increase in sales, as visitors attended competitive socialising venues such as TOCA Social, BOOM BATTLE BAR, and the destination’s newest addition, Activate. The Entertainment District also experienced sales uplifts across food and beverage during the Easter half-term, with vendors such as Haute Dolce, Snowflake, and Café Mint contributing to a 28% year-on-year increase in sales. Meanwhile, Outlet Shopping at The O2 saw a sales increase of 14% vs Easter half-term last year, with standout categories including footwear, accessories, and sportswear. Janine Constantin-Russell, managing director of the Entertainment District and Outlet Shopping at The O2, said: “Easter has consistently delivered year-on-year growth as one of our busiest trading periods across […]

Cotswolds Designer Outlet adds two fashion brands to line-up

28th April 2025

Cotswolds Designer Outlet has signed two fashion brands to its retail line-up ahead of the centre’s opening this summer. The outlet shopping centre has now agreed deals with Calvin Klein and Tommy Hilfiger, as retailers and operators commence on the shop-fitting phase of the development. The two new signings bring Phase 1 of the development to 87% exchanged on 119,150 sq ft. Located just off Junction 9 of the M5 near Tewkesbury, Cotswolds Designer Outlet is being brought forward by developer and investor Robert Hitchins alongside Multi-Realm, the specialist manager of retail and leisure destinations.  Earlier this month, fashion label BOSS was announced to be joining the scheme, opening alongside retailers including Marks & Spencer, Adidas, Levi’s GUESS, Radley, Sweaty Betty, and Under Armour, as well as dining brands such as Wagamama, Zizzi, Five Guys, Pret a Manger, Caffe Nero, 200 Degrees, and Knead Bakery. Simon Tothill, property and development director at Robert Hitchins, said: “Calvin Klein and Tommy Hilfiger are an incredible addition to the line-up, and with more names to be shared soon, there is a hugely compelling story for the many retail brands who are already expressing interest in Phase 2. This project has been many years in […]

Costa Coffee renews 20-year partnership with Savills

28th April 2025

Costa Coffee has appointed Savills to advise on its nationwide high street and shopping centre expansion plans. The appointment comes as the coffee shop operator marks 20 years of collaboration with the real estate advisor. Savills has previously worked with Costa Coffee on expanding its presence across the South West of England, Wales, and Scotland, however the operator has now extended the remit nationwide, excluding within the M25. Savills will continue to support Costa Coffee across a range of formats including drive-through, drive-to, and travel-focused locations. The advisor is actively seeking new opportunities in prominent roadside and retail park settings, with suitable parking provision. Matt Brown, director in the Savills retail team, said: “While we continue to focus on acquiring new drive-thru and retail park sites for Costa Coffee, we are also putting a considerable amount of effort into upsizing and rightsizing across the estate. Our new extended role with Costa Coffee expands this work to also include high street, shopping centres and travel hubs nationwide. Over the last couple of decades, we have strategically enhanced Costa Coffee’s presence across the UK, ensuring that each site meets the evolving needs of its customers and supports the company’s vision for the future.”...

Schuh to open flagship store at Edinburgh’s St James Quarter

28th April 2025

Schuh is set to open a flagship Scottish store at St James Quarter in Edinburgh. The footwear brand has agreed to take a 5,500 sq ft space on Level One of the Galleria, joining retailers such as Superdrug, Boots, and Moss. Schuh’s new store will feature the brand’s revamped concept, which includes digital screens, a redesigned layout, and updated product displays. The arrival of Schuh – which itself was founded in Edinburgh – will bring Level One of St James Quarter to 100% let. Chris Pyne, leasing director for St James Quarter, said: “Schuh is a great addition to St James Quarter, adding even more choice to our comprehensive retail offer that is now Scotland’s go-to location for leading UK and international brands. For a brand with depth in Scotland to choose the Quarter for its launch of a brand-new concept store underlines the confidence retailers have in St James Quarter as the number one retail destination in Scotland.” The signing of Schuh follows the recent opening of POLO Ralph Lauren on St James Quarter’s Level Three. P-THREE and Culverwell represent St James Quarter. CBRE represented Schuh.

Leicester drive-through restaurant handed £2.8m price tag

25th April 2025

A Starbucks drive-through restaurant and electric vehicle charging station in the Beaumont Leys suburb of Leicester has been placed on the market with a price tag of £2,855,000. Located approximately 3.5 miles north west of Leicester City Centre, the asset adjoins Beaumont Leys Shopping Centre and sits adjacent to a Tesco petrol station. Beaumont Leys Shopping Centre is home to tenants such as Tesco Extra, Aldi, B&M, McDonald’s, Poundland, and Boots, as well as four retail warehousing units let to Aldi, Pets at Home, One Beyond, and TUI. The property comprises a 1,835 sq ft, newly-developed retail unit with 10 dedicated car parking spaces and a 12 bay electric vehicle charging point, let to Tesla. The asset generates a total contracted income of £190,000 per annum, with both tenants signed on 15-year leases with no breaks. The Tesla lease is subject to annual upwards-only rent increases by reference to the consumer price index, collared and capped at 1% and 3% respectively. Cited Property and Savills have been appointed to find a suitable purchaser.