Retail Property News

WHSmith in talks to sell its 500-strong high street business

27th January 2025

WHSmith has confirmed that it is exploring potential strategic options for its high street business, including a possible sale. Responding to recent press speculation, the retailer – which operates around 500 high street stores in the UK – said that it has become focused on its global travel arm, with 85% of its trading profit coming from this division. This comes after Sky News reported that WHSmith had been in negotiations with a number of potential buyers over the last few weeks. The retailer has reportedly appointed bankers at Greenhill to run the sales process, with a deal expected in the coming months. WHSmith’s high street business recorded an operating profit of £32m last year and still largely sells greeting cards, books, and stationery. In comparison, the travel division has a wider offering of food and drink and technology products. Last week, it was reported that WHSmith would be closing 17 high street stores across the UK this year as part of an ongoing restructuring strategy. Regarding the sale of its high street business, WHSmith said there can be no certainty that any agreement will be reached, and that further updates will be provided as and when appropriate.

The Works targeting 60 store openings in five years

24th January 2025

Books and stationery retailer The Works is targeting 60 net store openings over the next five years as part of a new strategy. This comes as the retailer aims to grow its sales in excess of £375m by 2030. The Works – which operates from 506 stores – said it is continuing to open new stores and is focused on a list of around 100 locations. The retailer revealed its new strategy in its results for the first half of the 2025 financial year, a period during which it opened three new stores, relocated two stores, and closed eight predominantly loss-making stores. The Works said it is expecting a further five net store closures in the second half of the year, but that it is building a new store pipeline which will see a return to growth, with five new stores being targeted in the 2026 financial year. During the first half of the financial year, which covered the 26 weeks ending 3rd November 2024, The Works recorded total revenue growth of 1.3% to £124.2m and a like-for-like sales decline of 0.8%, in line with its expectations. The retailer also recorded an adjusted loss before tax of £6.5m, up from a £10.4m...

Discount retailer eyes over 30 new stores in 2025: full list of target locations revealed

24th January 2025

Discount retailer Savers has laid out its requirements as it looks to open 32 stores in 2025. The retailer – which offers health, household, toiletries, and beauty products – is looking to open new stores in retail parks, shopping centres, and on high streets. Ideal units will have a ground floor sales area of between 1,800 sq ft and 5,000 sq ft. Savers’ target locations include: Charlie Hanrahan and Emma Clarke of GCW have been appointed to find suitable properties.

Victoria’s Secret to continue expansion with Derbion signing

24th January 2025

Victoria’s Secret is set to open a store at Derbion in Derby, as the lingerie retailer continues to expand across the UK. The retailer has agreed to take a 5,712 sq ft unit on a 10-year lease, expanding out of its current space in Next into its own unit. Victoria’s Secret’s first permanent store in Derby will allow the brand to access a greater customer base in the East Midlands and offer a range of lingerie, sleepwear, and beauty products. The arrival of Victoria’s Secret at Derbion follows a strong year for the scheme, which completed 89,789 sq ft of new openings, upsizes, and relocations in 2024. Beth McDonald, managing director at Derbion, said: “Victoria’s Secret is an iconic premium brand with a strong customer base, so we are delighted that they have selected Derbion as one of its premier stores in the East Midlands. Our goal is to ensure Derbion has a diverse retail, leisure and F&B mix as we look to maintain our place as the East Midland’s premier retail and leisure destination. The arrival of Victoria’s Secret is testament to our progressive leasing strategy which continues to attract and retain big-name brands helping us draw in shoppers […]

Rituals eyes further UK expansion after making record sales

23rd January 2025

Rituals is targeting further growth across the UK and internationally after achieving record sales in 2024. The beauty and wellness brand – which currently operates 90 stores across the UK and Ireland – is set to open an additional 37 locations this year. The brand is already preparing to open stores in Bournemouth and Windsor in February. Rituals – which is known for bath, home, and body products – has continued to invest heavily into its physical footprint. In 2024, the retailer opened 241 new stores globally, including 34 in the UK and Ireland. Locations that Rituals opened stores in last year included The Liberty Romford, Festival Place in Basingtoke, Merry Hill in Dudley, and Caledonia Park, a Scottish debut for the brand. This comes after the Amsterdam-based brand recorded sales of more than €2bn (£1.77bn) for the first time in its history. The retailer recorded an increase in sales of 21% during the 2024 financial year, reaching sales of €2.1bn (£1.77bn), driven primarily by growth in sales in Europe and Asia.

JD Sports looks to continue retail park expansion

23rd January 2025

JD Sports is actively seeking suitable units as it looks to continue expanding in retail park locations. The retailer is looking to open 10 new retail park stores a year, with ideal units ranging between 6,000 and 10,000 sq ft, with 2,000 sq ft at mezzanine level. JD Sports – which trades from 110 out-of-town stores – has already committed to a new opening in Giltbrook Shopping Park, Nottingham and an upsize in Gallions Reach Shopping Park, Beckton, which will open in March and July respectively. After opening 25 new stores between 2021 and 2023, the sports fashion retailer opened eight new retail park stores in 2024. These were located in: James Potter at Park Place Retail has been retained by JD Sports to find suitable locations.

Canada Life appoints new UK property boss

23rd January 2025

Canada Life Asset Management has appointed Robin James as the new head of its UK property division. He joins from LaSalle Investment Management, where he held the position of head of transactions for the UK and Ireland. With a career spanning over 28 years, James brings a wealth of private practice advisory and institutional real estate fund management experience to Canada Life Asset Management. Prior to joining LaSalle in 2017, he was head of real estate investment at a sharia-compliant merchant bank and worked at JLL – where he started his career in 1996 – as a director within its capital markets team. James began in his new position on 6th January, succeeding Michael White who retired from the firm in December 2024. David Marchant, managing director at Canada Life Asset Management, said: “Robin’s appointment as head of UK property marks an exciting chapter for Canada Life Asset Management. With extensive experience in the real estate sector, Robin has a proven track record of delivering strong results. His expertise will be instrumental in strengthening our UK property portfolio and we are confident that Robin’s leadership will position us for continued success in this market. “I would also like to thank […]

Frasers Group appoints property and asset manager at Doncaster’s Frenchgate

23rd January 2025

Frasers Group has appointed Doncaster-based property consultancy Barnsdales to undertake the property and asset management of Frenchgate Shopping Centre. The retail group acquired the 770,000 sq ft Doncaster scheme – which is home to brands such as Next, H&M and TK Maxx – last Summer for an undisclosed feee. Jason Barnsdale, managing director of Barnsdales, said: “With its own transport hub, the Doncaster Interchange, and adjoining railway station, it’s certain that when people come to Doncaster, they come to the Frenchgate Shopping Centre. It’s an honour to be entrusted with the everyday management of the centre and to act as asset managers and joint leasing agents with Rawstron Johnson on behalf of the Frasers Group; we’re determined to help it thrive as a bustling shopping and dining destination. “I’m genuinely delighted that Barnsdales has been chosen to manage this iconic Doncaster shopping centre. Barnsdales is headquartered in the city, working nationally from offices throughout the UK. This is a significant instruction for the Barnsdales property management team.” Established in Doncaster almost 120 years ago, Barnsdales now has offices in Sheffield, Derby, Nottingham, Bristol, Cirencester, Manchester, Lincoln, and London. Corinne Mycock, general manager at Frenchgate Shopping Centre, said: “The Frenchgate Shopping Centre […]

River Island calls in advisers in cost-cutting drive

23rd January 2025

River Island has drafted in advisers as it looks to cut costs and improve profits ahead of tax increases in April. The fashion retailer has appointed advisers from AlixPartners, the firm which has also been hired by Poundland’s owner Pepco in a cost-cutting drive, Sky News has reported. It is believed that any cost-cutting measures would not lead to the closure of any of River Island’s 250+ stores. Many retailers have been vocal about incoming increases to employers’ national insurance rates and the minimum wage, as well as a reduction in business rates relief, stating that these higher costs will be unsustainable. The latest accounts for River Island showed a £33.2m pre-tax loss for the year ending 30th December 2023, while turnover declined by more than 19% to £578.1m. River Island and AlixPartners declined request for comment.

CBRE offloads £3.3m St Albans retail parade

22nd January 2025

CBRE Investment Management has sold a retail parade with associated residential properties in St Albans to a private buyer. The property at 29-31 St Peter’s Street is to Costa Coffee and Vision Express, with two flats on the upper floors let on assured shorthold tenancies. The commercial aspects of the property have a weighted average unexpired lease term of 7.47 years to expiry and 5.44 years to break, with two lease renewals having been completed in September 2024. Nearby tenants include Tesco Metro, Pret a Manger, Marks & Spencer, Itsu, Five Guys, and Superdrug. The property also benefits from close proximity to the city’s main multi-storey car park, which provides approximately 1,100 spaces. The sale was completed ahead of the asking price of £3,335,000. TW Keil acted for CBRE Investment Management.

WHSmith to close 17 stores as part of restructuring strategy

22nd January 2025

WHSmith is set to close 17 stores across the UK this year as part of an ongoing restructuring strategy. The closures will take place between now and May, with the first two already shutting their doors earlier this month. These latest closures come after the retailer has been downsizing its high street estate since 2023. At the time, the retailer’s CEO Carl Cowling said WHSmith would no longer be opening more high street locations, instead opting for travel hubs. More than half of WHSmith’s 1,100+ stores are now located in travel locations such as airports and train stations. The retailer has also been prioritising its international expansion, opening more stores in markets such as Europe, North America, and Asia. The full list of stores with their closing dates are listed below: It is anticipated that WHSmith will announce further closures as the year goes on.

Essex retail park fully let following PureGym signing

22nd January 2025

Gateway Retail Park in Harwich, Essex, is now fully let following the addition of PureGym. The gym operator has secured Unit 3, which spans 7,001 sq ft, on a 15-year lease. PureGym will join a line-up of retailers at the scheme including Argos, B&M, and Peacocks. Spanning 55,082 sq ft, Gateway Retail Park is located adjacent to the St Nicholas Roundabout on the A120 Dovercourt Bypass, approximately one mile west of Harwich Town Centre. Martin Wade, associate director at LCP, part of M Core, and asset manager to Gateway Retail Park, said: “Securing PureGym is a fantastic milestone for Gateway Retail Park and a testament to the strength and desirability of this scheme. With the site now fully let, we are confident that the diverse tenant mix will serve the needs of the local community and attract further footfall to the area.” A spokesperson for PureGym added: “We are delighted to be opening a brand-new gym on Gateway Retail Park which is a fantastic location just outside of Harwich town centre. We’re on a mission to inspire a happier, healthier nation and our newest gym will provide members with access to flexible, affordable fitness facilities to help them reach their fitness...