Retail Property News

Maki & Ramen to make North East debut at Eldon Square

24th April 2025

Maki & Ramen is set to open its first restaurant in the North East of England at Eldon Square in Newcastle. The Japanese dining concept will take a 3,150 sq ft space at the shopping, dining, and leisure destination for its 10th opening in the UK. Maki & Ramen at Eldon Square will look to bridge the gap between high-end sushi restaurants and grab-and-go convenience, featuring a full sushi bar, a traditional Japanese menu, and cocktails. The arrival of Maki & Ramen this summer forms part of Eldon Square’s push to enhance its hospitality mix. This has seen recent lettings to the likes of Wingstop, while future additions such as Flight Club and Freight Island are set to further add to the centre’s offer. Launched 10 years ago, Maki & Ramen has grown its regional footprint, operating restaurants in locations such as Edinburgh, Glasgow, Manchester, and Leeds. Kitty Vaughan, head of UK leisure and F&B leasing at Pradera Lateral, said: “We’re proud to have secured the first North East branch of Maki & Ramen for Eldon Square. Their unique, high-quality offering adds another exciting layer to our growing food and drink line-up and plays a key role in our mission to […]

Supermarket Income REIT enters joint venture with US asset manager

24th April 2025

Supermarket Income REIT has entered into a joint strategic venture (JV) with funds managed by Blue Owl Capital, a US-based asset manager with over $250bn (£188bn) of assets under management. The real estate investment trust (REIT) – which specialises in investing into grocery properties – said the JV provides a platform for further growth, and that it intends to scale the JV up to £1bn over the coming years. The JV has been seeded with eight supermarket assets from Supermarket Income’s existing portfolio, which have been transferred into the JV at a 3% premium to their December 2024 book value. This seed portfolio has a combined value of £403m, an average net initial yield of 6.6%, and a weighted average unexpired lease term of 11 years. Supermarket Income REIT will retain a 50% stake in the JV, and will receive a cash consideration of approximately £200m in respect of the sale of the assets. The REIT will also receive a management fee of 0.6% per annum of the gross asset value for the ongoing management of Blue Owl’s interest in the JV, as well as a performance fee if the JV meets certain financial targets. Robert Abraham, CEO of Supermarket Income REIT,...

Savills welcomes two retail and hospitality occupiers to Manchester suburb

23rd April 2025

Two retail and hospitality occupiers have opened within the Manchester suburb of Didsbury, with Savills acting for the landlord on each of the lettings. At 756 Wilmslow Road, homeware and fashion retailer Oliver Bonas has signed a 10-year agreement with landlord Hyrst Garth Estate for a two-storey, 5,000 sq ft unit. Meanwhile, at the nearby 41/43 Lapwing Lane, Portas Tapas has opened its fourth restaurant in the North West of England after signing a 10-year lease with Lapwing Investments for a ground floor and basement unit, totalling 2,400 sq ft. Situated five miles from Manchester city centre, Didsbury is home to a mix of independent and regional businesses. The suburb looks to offer a village feel that attracts a community-minded population, while remaining within reach of the amenities in the town. Jonathan Netley, retail director at Savills Manchester, said: “These two lettings are just the latest in a series of businesses wanting to have a presence in Didsbury. It offers the perfect combination of an established local community and easy access into Manchester city centre. These latest lettings are testament to its growing attraction and both offer appealing locations for attracting footfall.”

London Square acquires Wimbledon mixed-use development for resi conversion

23rd April 2025

London Square has acquired Wimbledon Bridge House from Federated Hermes, a mixed-use development which the group has earmarked for residential conversion. The property – which is situated opposite Wimbledon Quarter Shopping Centre and Wimbledon train station – comprises 128,000 sq ft of offices, a multi-storey car park, and 38,000 sq ft of retail space. The acquisition is London Square’s 15th since becoming part of Aldar in 2023 and its third major site purchase this year intended for residential development. The group’s first ever development was in Wimbledon Village in 2012, and has since launched schemes in locations such as Putney, Teddington, and at the Star and Garter Building on Richmond Hill. Work at two sites, located at Twickenham Square and Twickenham Green, is currently under way. London Square said it will now begin discussions with the London Borough of Merton on future plans for Wimbledon Bridge House, as it looks to contribute to enhancing the town centre for local residents, businesses, and visitors. Adam Lawrence, chief executive officer of London Square, said: “London Square’s first development was in Wimbledon Village, and we are excited to be back in one of the most desirable suburbs in the capital. We look forward to working […]

Hobbycraft to close at least nine stores in restructuring plan

23rd April 2025

The owner of Hobbycraft is planning to close at least nine stores as part of a company voluntary arrangement (CVA) set to be launched this week. Modella Capital – the private investment firm which also recently took over WHSmith’s high street arm – could close nearly a quarter of the retailer’s stores under the terms of the restructuring, Sky News has reported. In addition to the nine stores already earmarked for closure, a further 18 could shut their doors if negotiations with landlords for lower rents fall through. A further 97 stores will remain unaffected by the CVA. As well as job losses at the closing stores, it is also expected that a number of roles within the head office and distribution centres could also be cut. Modella Capital is expected to launch the Hobbycraft CVA shortly before it begins a restructuring process at discount chain The Original Factory Shop, which it acquired two months ago. In a statement, a Modella spokesperson said: “Modella Capital is absolutely committed to bricks and mortar retail, at a time when the sector is coming under increasing pressure. “[Modella] understands that high streets provide a vital service to consumers, are an essential source of […]

Pull&Bear makes Glasgow debut at Silverburn

23rd April 2025

Pull&Bear has opened its first store in Glasgow at Silverburn shopping centre. The fashion brand has taken a 12,740 sq ft space within the former Topshop unit situated between Mango and River Island. The store becomes the Inditex-owned brand’s second in Scotland, joining its first location in Edinburgh. David Pierotti, general manager of Silverburn, said: “We’re proud to be the first West of Scotland location to welcome Pull & Bear and showcase the brand’s signature street-inspired casualwear, which is bound to be a hit with young fashion-forward shoppers.” The arrival of Pull&Bear follows a number of recent openings at Silverburn, including a flagship store for Zara and the launch of Hotel Chocolat. Bershka – also owned by Inditex – is set to make its Glasgow debut at Silverburn in the coming months alongside H Beauty. Pierotti added: “With Bershka set to follow later this year, this further solidifies Silverburn as Glasgow’s leading retail and leisure destination offering a best-in-class experience and bringing world-renowned brands to our guests.”

Manchester Arndale to welcome family-run jewellers

23rd April 2025

Manchester Arndale is set to welcome Wongs Jewellers after the family-run business signed a 10-year lease for a 1,935 sq ft space within the shopping centre. Founded in 1979 and known for its engagement rings and bespoke pieces, Wongs Jewellers at Manchester Arndale will feature a jewellery bar, a photo booth, and an open workshop. The brand becomes the latest premium retailer to move to Manchester Arndale after the scheme welcomed 23 new tenants last year. The centre is now home to established brands including Zara, Next, B&M, Go Outdoors, and Sports Direct, as well as growing retailers such as BPerfect, PureSeoul, Represent and Trailberg, with the latter two selecting Manchester Arndale for their first physical retail space. Steve Gray, head of European retail asset management at Global Mutual, said: “Wongs Jewellers is a fantastic addition to Manchester Arndale, aligning perfectly with our strategy to curate a diverse and premium retail mix. Their reputation for craftsmanship and customer service will resonate strongly with our shoppers, and we’re delighted to support another independent brand as it grows its presence in the heart of the city.” Scott Linard, portfolio director for M&G Real Estate, added: “The signing of Wongs Jewellers reflects the […]

Matalan looks to open new stores after £25m investment

22nd April 2025

Matalan is looking to open more new stores after receiving £25m in new funding from its investors. The clothing retailer – which trades from over 220 locations across the UK – is also planning to open a further 10 stores this year. Matalan is targeting use class E units located in retail parks, town centres, and shopping centres, ranging in size between 10,000 sq ft and 35,000 sq ft. For units sized between 10,000 sq ft and 20,000 sq ft, mezzanine space is required. Leasehold properties are preferred by the retailer, although freeholds will also be considered. Savills has been retained to find suitable properties in Scotland and Northern Ireland, whilst Stockford Anderson has been appointed to find units in Wales and the North of England. Smart 4 has been appointed across the South of England and London. As well as opening new stores, Matalan will also be investing into refreshing 30 of its existing stores this year. The retailer has completed works at stores in Linwood, near Glasgow, and Croydon, with refurbishments at its Dumfries and Bristol Filton stores to be completed within the coming weeks.

Devon outlet centre strengthens fitness offering with PureGym signing

22nd April 2025

Affinity Devon, the outlet shopping centre in Bideford, is set to welcome PureGym this summer. The arrival of the gym operator’s 5,000 sq ft space will mark the opening of the first fitness space at the Devon-based outlet centre. PureGym at Affinity Devon will feature the operator’s full range of fitness facilities, including gym equipment, instructor-led classes, and a free weights area, supplemented by free parking. The operator’s arrival is set to enhance the outlet centre’s sports and athleisure offering, which includes the likes of Sports Direct, Saltrock, and Skechers. Nicky Lovell, head of outlets and business development at Global Mutual, said: “Affinity Devon is a well-established outlet centre in an exciting period of growth, with a broad range of prominent brands across fashion, lifestyle, F&B and sport, as well as its excellent location. The opening of PureGym enhances the centre’s retail and leisure mix and levels up its offering to align with its visitors’ demands. We are look forward to building on this momentum and further strengthening Affinity Devon’s appeal.” A spokesperson at PureGym added: “There is huge appetite for affordable gyms in Devon and we are delighted to be opening a brand-new club in Bideford at Affinity Devon. […]

M&S to open six new food halls as part of £90m London store investment

22nd April 2025

Marks & Spencer has said it will invest over £90m into its London store estate, opening six new food hall sites and 11 renewed stores across the capital. The retailer will open new food halls in Covent Garden, Leytonstone, Clapham Common, Putney, New Malden, and Fulham Broadway over the next few years, subject to planning permission. The new stores are set to add 70,000 sq ft of space to M&S’s London estate. In addition, 11 existing stores are set to reopen following new investment, including a food hall in Clapham South which reopened this week. The renewed store features a revamped produce section, larger ambient and frozen sections, and an upsized bakery. It has also been upgraded with new flooring, fridges, and additional tills. In addition, M&S will be renewing its stores in Brooklands, Islington, Brent Cross, Whetstone, Wimbledon, and Chiswick. Three further train station stores have been also been given a new look and reopened recently in Euston, St Pancras, and Charring Cross. The retailer is also planning to renew its full line Pantheon store on Oxford Street, as it looks to bring the store up to standard as part of its rotation and renewal programme. The renewal will...

Angel Central welcomes Therapié Clinic following record-breaking first quarter

22nd April 2025

Angel Central in Islington has welcomed health and beauty specialist Therapié Clinic, as the scheme celebrates a record-breaking first quarter. The brand has taken a 2,172 sq ft space at the centre, joining other health and wellbeing brands at Angel Central including Rituals, Holland & Barrett, L’Occitane, and Frame. With over 75 locations across the UK, Ireland, and the United States, Therapié Clinic provides services such as laser hair removal, cosmetic injections, and skin treatments. The new clinic is the brand’s first in Islington and takes Angel Central’s ground floor to full occupancy. This comes after a strong first quarter for the centre, with footfall up by a record-breaking 8.4% compared to the first quarters of 2024 and 2019. Sales were up by 12.4% year-on-year during the period, whilst like for-like sales increased by 4.4%. Simon Prince, senior associate at CBRE Investment Management, said: “Angel Central is continuing to perform at a high level. Visitor numbers are increasing, sales are exceeding previous years, and we have a fully let ground floor with brands excelling. Our strong performance is a testament to the solid relationship we foster with our brands and the community, and Therapié Clinic is a new and exciting […]

French Connection to open at Scottish outlet centre

22nd April 2025

French Connection is set to open a new store at Caledonia Park, the designer outlet village in Gretna, Scotland. The fashion brand’s new location will span 2,200 sq ft and is set to open within the coming weeks, offering a range of womenswear and accessories. The arrival of French Connection at Caledonia Park will add to the centre’s existing fashion offer, which includes the likes of POLO Ralph Lauren, Kate Spade New York, and Calvin Klein. This comes after Caledonia Park experienced a strong start to the year, with year-to-date sales up by 10% compared to 2024. Standout categories included sports and outdoors, which saw a rise in year-on-year sales of 16%, and health and beauty, which recorded an increase of 11%. Maria Averkina, asset and development manager at Railpen, which owns Caledonia Park, said: “Womenswear is an important category within our destination and one which we are always looking to enhance and evolve, with French Connection adding to our dynamic tenant mix. The brand has achieved significant success since re-entering the outlet market in 2023 and is a distinguished retailer that will help us continue to break records and reach new milestones.” Simon Donoghue, head of retail at French...