Retail Property News

Atria Watford successfully relets anchor units

26th January 2024

Atria Watford is preparing for the reletting of two anchor units, as the scheme celebrates 371,000 sq ft of lettings over the past two years. Fashion and home retailer Next has significantly upsized at the Watford scheme, creating a new concept store in the 100,000 sq ft former Debenhams unit. Meanwhile, the former John Lewis store has been divided and leased to multiple tenants including Dunelm and Poundland, which have taken 33,000 sq ft and 14,500 sq ft respectively. Asset manager Global Mutual said that further new brands are set to be announced soon, including a family leisure concept. The 30,000 sq ft former next unit has been let to Watford-based Tk Maxx, satisfying a long-standing requirement for a store in the retailer’s hometown. A number of existing retailers are also upsizing at the scheme, including Zara – which will increase the size of its store from 18,000 sq ft to 43,000 sq ft – and JD Sports, which its tripling the size of its presence to a total of 19,000 sq ft. Watches of Switzerland is also increasing the size of its store, and additional lettings to Rituals, Moss, Pro Cook, and F. Hinds have also been agreed. Lunson […]

Sovereign Centros brings Rituals to two destinations

26th January 2024

Beauty and wellbeing brand Rituals is set to open at two Sovereign Centros-managed assets: Festival Place in Basingstoke and Merry Hill in the West Midlands. At Festival Place, the retailer has opened a 3,300 sq ft unit adjacent to EE and opposite MINISO, which recently celebrated its first anniversary at the scheme. Meanwhile at Merry Hill, Rituals has opened amongst the destination’s watch and jewellery brands, taking 2,000 sq ft of the former Phase Eight unit, with the womenswear retailer relocating and upsizing last year. Jack Gordon, senior asset manager at Sovereign Centros, said: “With Rituals now open at Festival Place and Merry Hill, visitors from across the South East and West Midlands have new opportunities to shop their great array of luxury goods, within two of the UK’s leading retail and leisure destinations. Securing a brand like Rituals at both destinations showcases the value we place on partnering with retailers, helping them to achieve their vision and supporting their growth in locations that match their aspirational demographic. They add a unique, luxury shopping environment wherever they are, so it’s fantastic for Festival Place’s and Merry Hill’s visitors to now be able to experience that.” The news follows Merry Hill...

BRC launches ‘Manifesto for Retail’

25th January 2024

The British Retail Consortium (BRC) has released a ‘Manifesto for Retail’ – titled “Accelerating Investment in the Everywhere Economy”, which looks to lay the framework for a better future for the retail industry. The term ‘everywhere economy’ refers to the fact that retail is present in every village, town, and city across the country. The retail industry is the largest employer in the private sector, providing 3 million direct jobs and a further 2.7 million in the supply chain. The manifesto lays out three major ‘fixes’ to help support the retail industry, including: Helen Dickinson, chief executive at the British Retail Consortium, said: “The UK has one of the most developed retail offerings in the world, employing three million people and playing a key role in every community in the country. As political parties gear up for the next election, we need a different way of working with government so that we can use the industry’s size, scale and reach to deliver more. That means removing the blockages which hold the industry back, preventing it reaching its full potential. It’s time to support the upskilling of workers and accelerate our journey to net zero, while finding ways to address any […]

Operator chosen for Olympic Park events concept

25th January 2024

The London Legacy Development Corporation (LLDC) has chosen Peppermint Events to create a dining, drinks, and events concept at Queen Elizabeth Olympic Park. The two groups have signed a seven-year lease with the option to extend, which will cover the operation of the Podium building and external spaces situated by the ArcelorMittal Orbit and Slide on the Park. The development will create a rooftop garden with views over East London, a 300-cover café/restaurant and hospitality space across two floors, and a dedicated street food area. The space will offer outdoor screenings, DJs, markets and seasonal events all-year-round. The venue will also be available for private hires and corporate events. Peppermint has over 20 years of experience in the events industry, providing food and drink solutions to various venues across the UK, including festival and sporting events. Both the LLDC and Peppermint said they are committed to sustainable practices and eco-friendly initiatives. The venue will look to prioritise sustainability in its design, operations, and services, including with the use of regional suppliers and manufacturers. Edward Fane, head of venues at Queen Elizabeth Olympic Park, said: “We are delighted to be partnering with Peppermint Events to create another vibrant food hospitality and […]

Sports Direct to take over former Liverpool M&S

25th January 2024

Sports Direct is set to create a new store and gym after acquiring the former Marks & Spencer store in Church Street, Liverpool. The Frasers Group-owned retailer will move into a 103,000 sq ft space at the Grade II-listed Compton House, Liverpool Business News (LBN) has reported. M&S relocated to the former Debenhams store at Liverpool ONE in August, after a 93-year tenure at its Church Street location. It is expected that Sports Direct’s fit-out will take around 18 months. It is not yet clear what will happen to the sportswear retailer’s existing location at Liverpool ONE. James France, head of acquisitions at Frasers Group, told LBN: “We are pleased to confirm that we have acquired Compton House located on Liverpool’s renowned Church Street. “We are big believers in physical retail and this acquisition marks an exciting time for the group as we continue to expand our store portfolio across the UK and Europe. “As the UK’s leading destination for sportswear, we are looking forward to bringing Liverpool customers a next-generation sports retail experience with the opening of a 70,000 sq ft Sports Direct flagship store. Subject to approval, Everlast Gyms will also open a 23,000 sq. ft hybrid gym […]

M Core’s Evolve Estates makes strategic North East acquisition

25th January 2024

Evolve Estates, part of M Core, has acquired Billingham town centre in County Durham as part of its strategic investment into the retail sector. The 320,000 sq ft open-air retail scheme is a dominant retail destination within the region, with anchor tenants including Asda, B&M, and Aldi. Attracting a total footfall of around 70,000 per week, the town centre contains over 90 retail units – 10 of which are currently vacant – and 673 car park spaces. The town of Billingham is located just outside of Middlesbrough and Stockton-on-Tees, and has a residential population of 80,000. Danny O’Keefe, founding partner at Evolve Estates, said: “Billingham shopping centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors.” Evolve Estates said its team of asset managers is already in talks with both national brands and local traders that are eager to elevate their businesses. Bradley Maher at Cited Property acted for Evolve, whilst James Pearson at Four & Co acted as agent for the vendor. M Core has invested over £200m into the market over the last 12 months, with notable acquisitions including the Livingston Centre in...

Global Mutual’s outlet centres enjoy record sales

24th January 2024

The Global Mutual-managed outlet shopping destinations at Dalton Park and Livingston Designer Outlet have reported a record year of sales in 2023. At Dalton Park, the North East’s largest outlet shopping centre, seasonal sales peaks were up by 10% year-on-year, with sales during the whole year up by 16.2% year-on-year. Meanwhile at Livingston Designer Outlet in Scotland, year-on-year sales increased by 13%. Global Mutual said these figures underline the popularity of the centres as go-to retail destinations in their respective regions, and reflect the demand for outlet shopping seen throughout the UK as consumer budgets continue to be squeezed. Both centres also saw increased footfall in 2023, driven by the addition of 13 new brands at the centres. Big names to arrive at the destinations include Tommy Hilfiger and Calvin Klein at Dalton Park, and Carvela, Timberland, and the upsized Tommy Hilfiger at Livingston. The arrivals form part of Global Mutual’s strategy to diversify the tenant mix to increase catchment dwell time and continuously drive sales. Some existing tenants opted to take on larger units, such as Barbour at Livingston Designer Outlet which doubled its presence. Nicky Lovell, head of outlets and business development at Global Mutual, said: “2023 has […]

Woolworths could make a return to UK high streets

24th January 2024

The once-omnipresent Woolworths brand could make its return to British high streets, the retailer’s chief executive has said. The retailer collapsed in 2009 following the global financial crisis, however its German division was rescued by HH Holding. HH Holdings chief Roman Heini told Retail Week that bringing the Woolworths brand back to British high streets is on his “bucket list”. The brand has over 600 stores in Europe, where it is known as ‘Woolworth’. The majority of its stores are based in Germany but the brand has recently found success in Poland and Austria, too. Heini – who has formerly held executive positions at both Aldi and Lidl – has been Woolworth chief executive since 2020. He told Retail Week that despite challenges, he believes there is an opportunity to “make Woolworth great again”. Woolworths originated in the US but had operated in the UK for 100 years before its collapse, becoming a high street staple. In 2009, the retailer had 807 British stores but problems with finances and increased competition led to the brand’s exit. Woolworth Germany told the BBC it was “unable to confirm any plans for Woolworth to return to the UK market” but did not rule […]

Liverpool ONE to welcome White Stuff

24th January 2024

Fashion retailer White Stuff is set to open at Liverpool ONE shopping centre. Opening on Peter’s Lane, the 1,800 sq ft store will offer a range of womenswear and menswear, including the brand’s spring collection. The retailer will join a number of other well-known brands on Peter’s Lane, including Sweaty Betty, Space NK, The White Company, and Mint Velvet. Jo Jenkins, chief executive at White Stuff, said: “Our new store in Liverpool is a confident step forward for White Stuff, building on the good progress we have made over the last year to broaden the appeal and style credentials of our brand and products.” White Stuff operates 113 shops and 36 concessions across the UK, serving some 1.3 million customers a year. Rob Deacon, asset management director at Liverpool ONE, added: “We are proud to announce that White Stuff is the first brand to commit to Liverpool ONE in 2024. Innovation and evolution are at the heart of our strategy, and by bringing in exciting brands like White Stuff, we will build on last year’s successes and ensure we continue to contribute positively to the city centre and wider Liverpool City region.” Liverpool ONE has enjoyed a strong start to […]

Co-op to expand as it targets greater market share

24th January 2024

The Co-op is set to open more stores as it targets a greater share of the UK convenience market. The retailer said it had ambitions to acquire new Co-op sites, more than double the number of its franchise stores, and open 400 new Nisa stores. Co-op also said it is looking to accelerate its share in the quick commerce market to over 30%. This comes as The Co-op looks to increase the number of its member-owners from five million to eight million by 2030. This follows the release of new data which revealed that group membership had grown ahead of the Co-op’s expectations. The figure of five million active members was up almost 15% on the previous year, the highest amount of growth in eight years. There was also a 21% increase in members shopping with Co-op in December. The Co-op also announced a number of price cuts for its members, which for the first time will include branded goods. Shirine Khoury-Haq, CEO of The Co-op, said: “Over the past year our underlying financial strength has enabled us to support our colleagues and their communities, through the cost-of-living crisis. By placing our member-owners firmly at the heart of our Co-op,...

Manchester Arndale welcomes new arrivals as it gears up for 2024

24th January 2024

Manchester Arndale Shopping Centre is preparing for a busy year, with a number of new arrivals set to open within the coming months. The Manchester scheme has already welcomed The North Face this year, with the openings of Korean supermarket Oseyo, fashion brand Lounge, and leisure operator King Pins set to come early in 2024. The new arrivals take Manchester Arndale to 95% occupancy, and follow a strong 2023 for the scheme. During the past 12 months, joint asset managers M&G Real Estate and Global Mutual secured over 106,042 sq ft of leasing transactions, including 13 new tenants and 25 lease renewals. The scheme also saw a year-on-year increase in footfall of 6.3%, with over 46 million visitors heading to Manchester Arndale and New Cathedral Street in 2023. The year saw the scheme welcome the arrival of international brands such as Nike, Moss, Manchester City, Dune, Clarks, Sunglass Hut, and French Connection, as well as up-and-coming operators including Sides, Creams, Black Sheep Coffee, and Lazy Sundae. The centre also secured a number of long-term lease renewals for brands such as River Island, which upsized its space by 3,686 sq ft. Global Mutual and M&G said they are now working towards […]

Everyman Cinemas “committed” to expansion

23rd January 2024

Everyman Cinemas has said it is “committed” to organic expansion in 2024, with “excellent opportunities available for new sites”. The group added that it will continue to consider “opportunistic acquisitions”. This comes as the cinema operator releases a trading update for 2023, a period during which it opened four venues in Marlow, Salisbury, Northallerton, and Plymouth. Everyman also acquired two Tivoli venues in Bath and Cheltenham from Empire Cinemas in December. The group now operates 44 venues, with a total of 152 screens. In August, the up-market cinema chain said it had a “well-developed” pipeline of new openings in 2024. It had also agreed a new loan facility of £35m which it said ensures that it is soundly financially structured and well positioned. In 2023, Everyman’s revenue increased by 16.7% year-on-year to approximately £90.9m, up from £77.9m in 2022. The group’s earnings (EBITDA) increased by 19.1% to approximately £16.2m. Everyman’s performance in the second half of the year was hindered by strikes within the film industry, although the chain said it could re-confirm market expectations for 2024 and has confidence in its prospects moving forward. Alex Scrimgeour, chief executive officer of Everyman, said: “We have delivered robust, double-digit growth in both...