News
Green light for Leeds shopping centre PBSA redevelopment
18th March 2024Plans for the redevelopment of a shopping centre in Leeds to create purpose built student accommodation (PBSA) have been granted planning approval by councillors. Under the proposals, put forward by property investment and asset management firm Tri7 in conjunction with student accommodation developer Fusion Group, The Core Shopping Centre will make way for 807 student bedrooms across three buildings. The development will also include 36,000 sq ft of retail and commercial space on the ground level, including two new arcades connecting Lands Lane to Albion Street. Tri7 acquired The Core Shopping Centre in July 2021. Dan Green, partner at Tri7, said: “This development in the beating heart of the city centre will provide a benchmark for student living in Leeds and beyond. It will deliver best-in-class student accommodation, surrounded by shops, cafes, restaurants and bars, that also improves the public and community space around it. “With significant capital to deploy on bed-led regeneration opportunities in town and city centres across the UK, we’re eager to explore similar such mid- and long-term acquisitions, particularly where they could involve achieving complex planning permissions, in order to drive value to our investors.” Paul Miles, construction director at Fusion Group, added: “Achieving planning permission […]
Deals
Phase Eight opens standalone store at Kingston’s Bentall Centre
18th March 2024Phase Eight has opened a standalone store at The Bentall Centre in Kingston, after previously trading at nearby Fenwick and John Lewis stores. The 1,572 sq ft store features the fashion retailer’s new concept, offering a range of clothes, shoes, and accessories including limited edition ranges. The opening forms part of Phase Eight’s expansion strategy which saw it open 13 stores across the UK and Europe in 2023. Following an opening at Cribbs Causeway earlier this year, the retailer is planning to open more stores in 2024 in locations such as Blanchardstown, Bluewater, Edinburgh, and Glasgow. Caraline Money, group retail director of Phase Eight, said: “We are delighted to be opening our latest store in the Bentall Centre in Kingston. Having successfully traded in concessions in the area, we are delighted to bring our latest collections and flagship experience to the local shoppers. The retail team is excited to welcome shoppers to the new store and deliver our personalised 5-star customer service experience.”
Requirements
All-day club house concept hungry for more London sites
1st March 2024An all-day community club house concept is on the hunt for new sites in London as it looks to open five sites in the capital over the next three years. Bubba Oasis currently operates two venues in Clapham and Islington, offering co-working space, all-day dining, late-night events, and private function spaces. Describing itself as an “affordable club house with an authentic lifestyle brand”, Bubba Oasis looks to tap into the Generation Z market, creating a work-friendly environment, a community-focused brand, and offering a wide array of events, all at a reasonable price. Events which take place at Bubba Oasis’ existing club venues include supper clubs, live music sessions, fashion pop-ups, art installations, corporate events, and parties. The concept’s management team has experience in the hospitality industry, having collectively launched over 60 venues across the UK. The founder and CEO, Rob Huysinga, co-founded ice cream experience Pan-n-Ice at 19, was a finalist in the 2022 Great British Entrepreneur of the Year, and was awarded the 30 Under 30 Restaurant & Marketeer Innovator of the Year award. Bubba Oasis’ co-founder and COO Moe Sahrie and partner and event director Johnny Veyret both have experience at Joe & the Juice, having worked as […]
Insights
Teesside Park: British Land’s “winning” retail park format in action
14th March 2024As the retail landscape has evolved over the past few years, retail parks have become an increasingly attractive investment, or as British Land boss Simon Carter previously put it: “the winning retail format”. But what drives their success? For Grace Waterworth, asset manager at British Land, retail parks offer customers and businesses the three ‘A’s – affordability, adaptability, and accessibility. Waterworth is part of the team behind Teesside Park in Stockton-on-Tees, an asset which she says is a “prime example” of offering these three ‘A’s: “The format is incredibly attractive to retailers due to lower occupational cost ratios than high streets or shopping centres, driven by lower rents, rates and service charges and strong store turnover”, she says. Once a traditional, ‘boxy’ retail park, Teesside Park in the Tees Valley – of which British Land owns around 585,000 sq ft – is the primary retail destination for the surrounding catchment, which includes the towns of Darlington, Hartlepool, Redcar, and Middlesbrough. Accessibility to these surrounding areas has played a key role in the scheme’s success, says Waterworth: “At Teesside Park there is excellent access from the A66 and A19 directly into a large, free car park. This makes Teesside Park ideal […]
Advice
The power of retail property
5th January 2024The retail property market has had an interesting few years. The pandemic saw thousands of shops close, with some never opening their doors again. Despite a number of setbacks, physical retail is still going strong. We’ve seen a shift in consumer attitudes and the way people shop. Customers nowadays are increasingly looking for an omnichannel offering, with brands making use of both online and physical retail. So what can retail property do for your business? Enhance your brand visibility Making use of retail property can help bring your business into the limelight and increase your brand visibility. Having a strong physical presence – whether that’s on a high street, in a shopping centre, or at a retail park – will help you bring in new customers. Ways that retail property can improve brand visibility include the usage of large signage and window displays, as well as a clean and attractive storefront. Brand visibility is a key building block to building brand awareness, which all the world’s most successful companies have in spades. Having a physical retail space will help make people who frequent shopping destinations recognise your business. Increase customer engagement Retail property can also help improve your customer engagement […]
News
Bensons for Beds targets 15 stores this year
18th March 2024Bensons for Beds is aiming to open 15 new stores in 2024 as part of an expansion drive. The chief executive of the furniture retailer, Nick Collard, told Retail Gazette that a further 20 stores are being targeted for 2025. “Bensons historically has had over 200 stores in the UK and at the moment, we’re just around 170. Our ambition over the next couple of years is to try to close that gap and reach a target of over 200 stores,” he said. “We want to try and grow by around a net 15 this year and then 15 to 20 the following year.” The retailer is also aiming to expand its presence within the M25, and has plans to test a new smaller format store. “One of the areas we are focused on is within the M25 where there are less big retail parks and we believe there are more opportunities as to how we bring Bensons to some of those communities,” Collard told Retail Gazette. “In certain locations, there’s an opportunity to test and trial some smaller format stores.” This comes as the retailer reported a return to profit, posting an EBITDA profit of £1.5m in the year […]