Retail Property News

E-commerce group joins Currys takeover battle

19th February 2024

Chinese e-commerce group JD.com has joined investment firm Elliott Advisors in a potential battle to takeover British retailer Currys. JD.com confirmed that it is in the preliminary stages of evaluating a possible cash offer for the entire share capital of the electronics retailer. However, the group said there can be no certainty that an offer will be made. This comes after Currys confirmed that it had received an unsolicited, preliminary, and conditional proposal from Waterstones owner Elliott Advisors which valued the retailer at £700m. However, Currys said it believed the offer to be too low and rejected the proposal. In accordance with the London Stock Market code, Elliott Advisors must either announce whether it intends to make an offer for Currys by 16 March. Last month, Currys said that sales had declined 3% over the key Christmas period, but had increased its profit forecast for the year due to higher cost-saving measures and profit margins. On Monday morning, the retailer’s share price shot up to almost 64p, valuing the business at around £723m.

Wolf & Badger opens flagship Soho store

19th February 2024

Multi-channel retailer Wolf & Badger has opened its UK flagship store in Shaftesbury Capital’s Soho estate. Taking a 1,400 sq ft unit at 102 Berwick Street, the retailer’s Soho store will offer a range of products including womenswear, menswear, jewellery, accessories, and homeware from over 100 independent and sustainable brands. The new store also features a dedicated pop-up space, a floristry, a plant shop, as well as a showroom for personal styling. Wolf & Badger – which acquired B-Corp status in 2021 – looks to lead the way in the sustainable fashion movement. The space has been designed to help facilitate greater engagement with independent, online-led brands to create a multichannel platform for retail partners and visitors. Andrew Price, executive director at Shaftesbury Capital, said: “Wolf & Badger’s relocation to Soho is a sign of the strength of our portfolio, reaffirming the West End’s appeal and the opportunities we create for leading brands to thrive here. Wolf & Badger’s new store delivers a unique experience, fitting seamlessly with our tenants across Soho, and further demonstrates our role as the chosen destination for UK flagships and milestone sites for physical retail.” George Graham, co-founder of Wolf & Badger, added: “We are...

White Stuff could be sold in £50m deal

16th February 2024

White Stuff could be sold in a deal valued in the region of £50m, according to reports. The fashion retailer’s founders George Treves and Sean Thomas have approached investment bank Rothschild after receiving an unsolicited approach from a prospective buyer, Sky News reports. City sources told Sky News that the pair – who founded White Stuff in 1985 – had not committed to a sale of the chain, with a decision to do so dependent on the valuation it attracted. White Stuff trades from over 100 stores on British high streets, and has partnerships with large retailers including M&S, Next, and John Lewis. During the last financial year, the retailer saw an increase in sales of over 13%.

Sales surpass £6.6m as London Designer Outlet enjoys record January

16th February 2024

The London Designer Outlet (LDO) is celebrating a record January, as sales surpassed £6.6m last month. This followed on from the Wembley Park-based shopping destination’s best-ever December, including an all-time high trading day on Boxing Day, and record-breaking sales performance in 2023. Menswear proved a highlight, seeing a 90% increase in sales, bolstered by the recent additions of BOSS and Timberland. Meanwhile, outdoor sales grew by over 26%, benefitting from the recent expansion of The North Face, which upsized its store by 35%. Matt Slade, retail director at Quintain Limited, said “These results underscore the choices of increasingly price-conscious consumers, as they continue to prioritise great deals at great brands. They also demonstrate LDO’s continued appeal as a day-out destination amongst our extensive catchment.  “As we look ahead to the remainder of the year, and the programme of world-class entertainment at Wembley Stadium, Troubadour Theatre and The OVO Arena, Wembley, which will see millions of visitors enjoying all that Wembley Park has to offer, we can be confident that this positive start to the year will continue.” You can read more from Matt Slade on Wembley Park here.

Four new brands sign for Bristol’s Cabot Circus

16th February 2024

Four new brands have agreed to take space at Cabot Circus, as scheme owner Hammerson looks to invest into and reposition the Bristol-based centre. Womenswear brand Stradivarius has agreed to open in a prime unit on Concorde Street, bolstering the scheme’s fashion offering which includes the likes of Inditex-owned brands Zara, Pull&Bear, and Bershka. In a portfolio-first for Hammerson, athleisure headwear brand Lids is also set to open at the scheme, after agreeing to take a 600 sq ft store. The brand will look to tap into Bristol’s young demographic with an offer including NBA, NFL, and MLB-branded baseball caps. Arabian-inspired British perfume brand Sunnamusk will also be opening at Cabot Circus as it continues to expand through Europe. The brand has previously opened at a number of Hammerson-owned destinations. Finally, fast-growing kebab brand German Doner Kebab will also take space at Cabot Circus, diversifying the scheme’s food and beverage offer. The signings come as Hammerson looks to reposition its city centre assets, through the targeting of popular brands and the introduction of entertainment and social offers to engage and excite audiences. At Cabot Circus, this has included: Toby Tait, director of asset management at Hammerson, said: “These new signings […]

Sainsbury’s opens flagship store in Wales

16th February 2024

Sainsbury’s has opened the doors to a new flagship supermarket in Talbot Green, Wales. The 53,000 sq ft store is centred around a food hall, which offers both branded and own-branded products, supplemented by digital signage and displays. The new supermarket also features the retailer’s Habitat and TU Clothing ranges, as well as an Argos concession allowing customers to purchase toys, home products, and electrical devices while picking up their groceries. Sainsbury’s Talbot Green also benefits from an attached car park with an ultra-rapid electric vehicle charging service, Smart Charge. The service enables customers to charge their electric vehicles at one of six 150kW+ charging bays in as little as 30 minutes. The supermarket is Sainsbury’s second location in Wales to feature Smart Charge and its 30th in the UK. Customers will also be able to make use of a new Pay@Pump petrol station, a Starbucks coffee shop, and an on-site Timpson store. Patrick Dunne, Sainsbury’s director of property, procurement and EV ventures, said: “I’m immensely proud of everyone who has helped to deliver this fantastic new store. We’re determined to be first choice for food, ensuring more customers in more of our stores can enjoy more brilliant Sainsbury’s food...

The Cwmbran Centre saw a 6% increase in visitor numbers in 2023

15th February 2024

The Cwmbran Centre welcomed 1.6 million more visitors in 2023 than in 2022, an increase of 6% – and a bucking of national trends. Christmas footfall at the scheme – which is owned by LCP, part of M Core – also increased by 700,000 to 2.38 million. Spanning over 740,000 sq ft, The Cwmbran Centre is home to 180 retail units and is anchored by the likes of Dunelm and Primark. It also welcomed a number of new tenants last year, including The Range, Coffee#1, Loungers, One Beyond, and a number of independent traders. Alex Williams, of LCP, said: “The arrival of several high calibre retailers at Cwmbran Centre has contributed to a continued increase in footfall and ensured that the town centre remains the  leading shopping experience in the region.” “Over Christmas, our markets, festive events and themed lights switch on were all huge hits, helping us to achieve a 29% growth in visitor numbers.”  “It’s important to us to understand what makes a local community tick and what kind of shops and brands will work in a location. This means working closely with the community and talking to shoppers regularly about what they want. We look forward to […]

Construction firm appointed to transform former Oxford Street House of Fraser

15th February 2024

Publica Properties Establishment has appointed McLaren Construction to carry out a £132m refurbishment and extension of the former House of Fraser store at 318 Oxford Street. The ex-department store is set to be repurposed as a 365,973 sq ft mixed-use development, featuring retail on the ground floor, office space, two restaurants, and a gym. McLaren will be responsible for repairing the building’s Portland stone façade, reinstating architectural features, and completing the Chapel Place façade. The 6th and 7th floors, originally designed with low ceilings for back-of-house uses, will also be reconstructed with the addition of a new terrace. A new 8th-floor extension will be utilised as a top-floor restaurant with a terrace. Public realm improvements will include wider footpaths with new paving to indicate the new layout and entrance points into the building. Decorative paving will also feature along Chapel Place. The project’s development manager, Joseph McNeil, said on behalf of Publica Properties Establishment: “The project has been a fantastic opportunity to work with McLaren Construction on a truly ‘retro-first’ approach, bringing this building back to life with the minimum whole-life embodied carbon impact.” McLaren Construction’s London and South managing director, Darren Gill, added: “More of these asset repurposing projects […]

Poundland invests into 150 stores

15th February 2024

Poundland is set to invest into makeovers at 150 of its stores by the end of August. Dubbed ‘Project Evo’, the transformations mark the first significant investment into a number of the retailer’s stores in over five years. Refurbishments are already set to complete at Poundland stores in Urmston, Keynsham, Darlington and Plymouth, and in Dealz stores in Mullingar and Cavan in Ireland. Store makeovers in Keighley, Leeds, Coventry, and Chatham, and at a Dealz store in Athlone, will complete on 24 February. A further 31 refurbishments will take place on subsequent Saturdays, bringing the total number of stores transformed under Project Evo to 42 by Easter. Under the transformations, both store aisles and staff areas will be renovated, and all the stores will be refitted to offer more baby and kids clothing. Alan Smallman, Poundland’s director of property services, said: “Project Evo represents a significant investment in a substantial number of stores to make them brilliant places to shop and work. “Over the past five years we’ve transformed our offer for customers, adding extensive ranges of clothing, homewares, chilled and frozen food. “We’re now embarking on a programme that will show off those ranges in a modern and bright […]
Lords cricket grounds

Freemans event partners to introduce unique food and drink retail offering at Lords Cricket Ground

13th February 2024

Freemans Event Partners, the UK-based global multi-service event partner, is set to launch a brand-new sports stadium food and drink retail concept at Lord’s Cricket Ground in 2024, building on its existing partnership with Marylebone Cricket Club, owners of the world-famous ground. The new two-floor structure will bring a wide variety of food and drink options together under one roof, giving spectators increased choice and, through the implementation of self-checkout kiosks, a significantly quicker experience with less queuing. The concept is set to streamline the purchasing process, including a bar/drinks outlet on one floor and takeout self-service food on the other. All items can be purchased in one location in one transaction, meaning more time can be spent watching the action out on the field.    The outlet is set to be introduced in May, ready to be used by the 500,000 visitors that come to Lord’s each season for the domestic and international cricket matches, including England Men’s internationals against the West Indies, Sri Lanka and Australia, and the England Women’s match against New Zealand.  Simon Hanna, chief operating officer, Freemans Event Partners, said: “We are committed to providing sports fans with the best matchday experience possible, and a key part...

Former Wolverhampton department store acquired for £6.15m

13th February 2024

The former Beatties department store in Wolverhampton has been acquired by Eden Property Group for £6.15m. The 376,636 sq ft building is set to be redeveloped into 400 homes following its sale, which was brokered by Robert Irving Burns on behalf of receiver Alexander Lawson Surveyors for KSEYE Capital. Three additional buildings were also included in the sale, but are set to be excluded from the approved plans. Antony Antoniou, chief executive of RIB, said: “The site represents a fantastic investment opportunity for the Eden Property Group, which has a proven track record in urban land planning and large-scale regeneration.  “This scheme, with its combination of centrally located housing and wealth of additional amenities, will unlock the wider regeneration of Wolverhampton city centre.” Savvas Socratous, director of Alexander Lawson Surveyors, added: “It is always rewarding to be involved in a receivership sale where the end result is equally positive for the creditor as well as the regional regeneration and infrastructure – that generates true value.” The West Midlands Combined Authority (WMCA) has produced a letter of intent providing levelling up funding, and is working with the Eden Property Group to redevelop the site. 

Aldi to invest over £550m into store and distribution network

13th February 2024

Aldi has said it will invest over £550m into its store and distribution network over the course of the year. This includes plans to open new stores across the country, as well as invest into its existing locations and distribution centres. The supermarket retailer said the new store openings will generate over 1,500 jobs nationwide, with further job opportunities in its stores, distribution centres, and offices. Aldi – which currently operates over 1,000 stores in the UK – has a long-term target of 1,500 locations across the country. Giles Hurley, CEO of Aldi UK and Ireland, said: “We’re continuing to welcome more and more new customers through our doors – with people coming for our low prices but staying for our award-winning quality and British sourcing. “However, there are still areas of the country that don’t have an Aldi, or that need more or larger stores to meet demand. That is what our 2024 expansion plans aim to address. We now have more than 1,000 stores across the UK but there are plenty more Aldi stores still to come, in 2024 and beyond.”  The retailer is on the lookout for freehold town-centre or edge-of-town sites that are around 1.5 acres and...