Retail Property News

Currys to invest in 50 of its largest stores this year

11th July 2024

Currys has announced a major investment into its store portfolio, with 50 of the retailer’s stores set to undergo a revamp this year. The electronics retailer said a blended in-store and online omnichannel model continues to be important to its customers, with two-thirds using stores to make their purchases. Under the new changes, the stores will see the introduction of new categories and seasonal showcases, as well as an improved focus on reinvigorating entrance space. New categories will include health and beauty, pet technology, portable power, and fitness – which the retailer said is in line with current consumer trends. Seasonal ranges will include the categories such as BBQs and gardening equipment in summer, back to school tech and supplies in the autumn, and new gifting ranges and services in winter. Currys’ investment into its ‘megastores’ has already begun, with its branches in Swindon, Merry Hill, Brentford, and Solihull recently relaunching. The retailer – which operates 301 stores in the UK and Ireland – recently announced that it would be reimagining the layouts of 65 of its medium-sized stores. Overall, this brings the total amount of stores that Currys plans to transform this year to 115. Matthew Speight, director of stores at Currys, […]

M&S to open 10 new stores as part of convenience drive

11th July 2024

Marks & Spencer is set to invest into its £1bn convenience business, with the retailer lining up the opening of 10 new stores in 2024. The retailer will also ‘renew’ a further 50 convenience stores this year. M&S said that by the end of the year it will be present in over 40 UK train stations, including at Ealing Broadway, where it opened last month, and in Belfast, where it will open in October. This comes as the retailer reopens its Liverpool Street Station Mezzanine store, the first ever M&S convenience store at a mainline railway station, which has been renewed in partnership with SSP. The store has been updated with an additional entrance, revamped chilled and floral sections, as well as the addition of freshly baked bakery products. New payment points have also been introduced, with additional self-service tills installed to reduce customer waiting times. First opened in November 2001, the Liverpool Street Mezzanine store remains an example of the M&S’s partnership with SSP. The group specialises in running travel food and drink outlets and currently runs 55 franchised M&S convenience stores across rail and air locations, as well as in some hospitals. Alex Freudmann, managing director of M&S...

KLM appointed to support American QSR brand’s UK rollout

11th July 2024

Hospitality investment firm Azzurri has appointed KLM Real Estate to support the UK rollout of US quick service restaurant (QSR) brand Dave’s Hot Chicken. Founded in 2017, Dave’s Hot Chicken operates over 200 sites globally, and has now signed a franchise agreement with Azzurri to open in the UK, with a debut location set to open in London later this year. The brand is backed by big celebrity names such as Drake, Samuel L Jackson, and Usher, and is one of the fastest-growing restaurant brands in the US and on social media. Oli Marcroft, head of leisure at KLM Real Estate, said: ‘We are really excited to help Dave’s (Hot Chicken) to launch in the UK, having had the pleasure of experiencing their restaurants in LA earlier this year, we can’t wait to see the magic arrive in London” KLM Real Estate is initially looking for restaurants in Central London with a footprint of 2,000-3,000 sq ft.

LondonMetric sells £27m of retail and office assets

11th July 2024

Real estate investment trust LondonMetric has announced the sale of five retail and office properties, in separate transactions, for a total of £26.7m. The largest of the assets is a 51,000 sq ft convenience-led retail asset in Weymouth, which has been sold for £14.3m. The property has a weighted average unexpired lease term (WAULT) to break of 12 years, and was recently developed by LondonMetric. The other retail assets included in the disposals are an 11,000 sq ft drive-through site in Birstall, which has been sold for £4.1m, as well as a 1,400 sq ft high street unit in Kingston, which fetched £1.2m. The Kingston asset was previously a part of the CT Property Trust, which LondonMetric acquired last year. LondonMetric has also disposed of a 19,000 sq ft office asset in High Wycombe for £3.9m, and a 15,000 sq ft office in Halesown, near Dudley, and adjacent land for a combined £3.2m. The assets have a WAULT to break of three and four years respectively. Andrew Jones, chief executive of LondonMetric, said: “These sales represent our exit from further non-core and lower growth assets where we have completed on our business plans. Since the end of March, we have […]

British streetwear brand makes homecoming in Manchester

11th July 2024

Manchester Arndale has agreed a deal with British luxury streetwear brand Represent for its first permanent retail store outside of London. The Manchester-born fashion retailer has agreed to take a 5,419 sq ft unit on New Cathedral Street, which sits opposite to Manchester Arndale and is home to retailers such as Harvey Nichols, Zara, Paul Smith, Hugo Boss, Ralph Lauren, and Michael Kors. Founded in 2011 by brothers George and Mike Heaton, Represent’s clothing is inspired by retro Mancunian designs and has been showcased at top global fashion destinations including New York and Milan. The brand currently has a bespoke store in West Hollywood as well as a recently-announced space in London’s Soho. After a number of successful pop-up activations in London and Manchester with the likes of Selfridges, Flannels, and Harrods, the new Manchester store will be Represent’s first permanent location outside of the capital. George Heaton, creative director and founder of Represent: “We are very excited to open our first UK retail store in Manchester, our hometown and base. The Represent Manchester location marks an important and iconic milestone for the brand; having spent the past three years planning physical retail footprints, trailing the senses of energy, look, […]

Co-op and EG Group sign new franchise agreement

10th July 2024

Co-op and EG On The Move, EG Group’s retained petrol forecourt business, have signed a new franchise agreement to trial seven convenience stores in the UK. The new stores will launch this summer with the first set to open in Doncaster this week. Co-op is aiming to scale its franchise business to over 500 sites by 2030, and in addition to petrol forecourts is also focusing on independent convenience retailers, universities, and healthcare. Jerome Saint-Marc, managing director of B2B and growth at Co-op, said: “We are hugely excited to be working with EG On The Move on these new franchise sites and to be able to bring our Co-op franchise offer to more locations.  “This is part of our broader expansion in the petrol forecourt market. It follows our strategy to pivot our growth in this market through franchise, growing our presence and enabling us to best utilise our expertise and offer in convenience.  “As part of the Co-op’s overall growth plans, growing our franchise stores is a key priority for us and we have ambitious and exciting plans to significantly increase our franchise footprint and become the partner of choice across a range of sectors.  “We’ve got an excellent market proposition....

Wetherspoon offloads 26 pubs

10th July 2024

JD Wetherspoon has sold or surrendered to the landlord 26 pubs in the year-to-date, leaving it with a trading estate of 801 venues. The pub chain said that most of the disposals were smaller and older pubs, or in areas where it has a second pub in close proximity. JD Wetherspoon said the disposals produced a net cash inflow of £8.7m. The chain currently has 10 trading pubs which are on the market or under offer. This comes as the group posts a pre-close trading update, with its preliminary results set to be published in October. In the year-to-date, the chain’s like-for-like sales were up by 7.7%, and the group estimates that its net debt will be approximately £670 million at the end of the financial year. JD Wetherspoon also announced that it had signed a new four-year £840 million banking agreement on “attractive terms” earlier this month. Tim Martin, chair of JD Wetherspoon, said: “The gradual recovery in sales and profits, following the pandemic, has continued in the current financial year. “Total sales are, again, at record levels, with fewer pubs. Sales per pub are approximately 21% higher than pre-pandemic levels, which has helped to compensate for the very […]

The Gym Group on track to open up to 12 sites this year

10th July 2024

The Gym Group has said it is on track to open between 10 and 12 new sites by the end of the year. This comes as the group releases a trading update for the first half of 2024, a period during which it opened four new gyms, bringing its total estate to 237 sites. The operator is also in the fitout stage of the next four new sites which are expected to open soon. During the period – which comprised the six months ending 30 June – the gym operator recorded a year-on-year increase in revenue of 12% to £112.1m, which membership reaching 905,000, compared to 867,000 at the same point a year prior. Average revenue per member per month during the first half of the year was up by 9% year-on-year to £20.44, whilst like-for-like revenue grew 9% year-on-year. In June, The Gym Group also completed a refinancing of its bank debt with its existing banking group comprising NatWest, HSBC and Barclays. The new three-year facility is made up of a £45m term loan and a £45m revolving credit facility. Will Orr, CEO of The Gym Group, said: “We are making encouraging progress with our strategic priorities under our […]

Trio of tenants sign for Chelsea’s One Twenty King’s Road

10th July 2024

London-based real estate investment firm Crosstree Real Estate Partners has signed a trio of tenants to its One Twenty King’s Road Development in Chelsea. Crosstree has transformed the formerly redundant and out-of-date Kings Walk Shopping Centre into a green mixed-use development, which has seen the space increase from 55,000 sq ft to 84,000 sq ft to incorporate a wide mix of uses, including retail, office, and leisure space. Leading the signings is Whole Foods Market, the Amazon-owned multinational supermarket chain, which has signed a 15-year lease to occupy 21,000 sq ft on the ground floor and basement. Also joining the development is apparel, footwear, and accessories group BasicNet, which has signed a 10-year lease for 6,500 sq ft of space. The store will showcase the likes of outerwear brand K-WAY, trainer brand Superga, and heritage leather shoe brand Sebago. In addition, Crosstree has also let 37,000 sq ft of office space to a single global corporate occupier on the first to fourth floors. James Clarke, development director at Crosstree Real Estate Partners, said: “One Twenty King’s Road follows our One Berkeley Street development in Mayfair in bringing a high quality, highly sustainable mixed-use development to a prime London location. While […]

Majestic Wine has taste for expansion as agent appointed

10th July 2024

Majestic Wine has appointed Jackson Criss as sole retained agent to support its expansion across the UK. The wine retailer – which currently has over 200 stores across the UK – has identified a pipeline of 100 new potential locations and is targeting a minimum of 12 new sites a year going forward. Jackson Criss will be assisting Majestic Wine in finding prominent sites spanning between 2,500 sq ft and 5,000 sq ft with dedicated parking in roadside, retail park, and edge of high street locations. The retailer is also renewing its focus on inner London, where it will be rolling out a new small format store after successful trials in Crouch End and Harpenden. These stores may be as small as 1,500 sq ft and do not require dedicated parking if there is good nearby availability. John Colley, Majestic Wine CEO, said: “Experiential, bricks-and-mortar retailing is at the heart of what we do at Majestic, and we are committed to opening up to one new store per month during the coming years to help us reach even more customers across the UK. “In addition to the new stores already in our pipeline for this year, we have identified more...

Liverpool ONE to welcome local apparel brand for debut pop-up

9th July 2024

Liverpool-born technical outdoor and streetwear brand Montirex is set to open its first ever pop-up store at Grosvenor’s Liverpool ONE shopping centre. The signing follows successful permanent concessions for the brand within the destination’s JD Sports and Footasylum stores. Opening this autumn on South John Street, Montirex’s 3,000 sq ft store will look to bridge the gap between sportswear and streetwear, offering collections for both men and women. It will also stock exclusive apparel that cannot be found in any of the brand’s concessions globally. Rob Deacon, director of asset management at Grosvenor, said: “Born in Liverpool and now a globally recognised brand, Montirex’s store is a fantastic addition to Liverpool ONE. The store design concept, merchandising range, and marketing reflect our objective of creating showcase spaces in which the very best retailers can create unique expressions of their brand.” Montirex was founded in Liverpool by best friends Daniel Yuen and Kieran Riddell-Austin and this year will celebrate its fifth anniversary. Daniel Yuen said: “It is a dream come true to be launching our debut pop-up store in the place we love so much. Liverpool ONE is the heart of the city, so to be in such a prominent location is […]

Loungers: Property availability has “never been better”

9th July 2024

The chair of Loungers has said that property availability has “never been better”, as the bar and restaurant group achieves a record year of openings. Alex Reilley said the “well-documented” struggles of the UK high street have allowed the group to negotiate favourable terms. He added that bank closures are also providing “excellent prime pitch locations” in towns and suburbs nationwide, with openings in Nantwich, Ashby-de-la-Zouch, and Yeovil all examples of this. This comes as the group – which operates 244 venues across the Lounge, Cosy Club, and Brightside brands – releases its results for the 2024 financial year, during which it opened a record 36 new sites. This also contributed to a record high revenue of £353.5m and an operating profit of £20.3m during the period, which comprised the 53 weeks ending 21 April. Since the year end, the group has opened six Lounges and acquired the Pitcher and Piano sites in Bristol and Sheffield, which are being converted into Lounge and Cosy Club venues respectively. Nick Collins, chief executive officer of Loungers, said: “This has been another year of outstanding strategic, operational and financial progress for Loungers.  Our consistent and market-leading like for like sales growth coupled with...