Retail Property Uncategorised

Hammerson mulls Bicester Village stake sale

14th November 2023

Hammerson is considering the sale of its stake in Value Retail, the owner of the Bicester Village outlet shopping centre. The REIT – which currently owns a 40% stake in the outlet group – is in detailed talks to sell its stake for around £1bn, Sky News has reported. Hammerson is reportedly looking to dispose of its interest in Bicester Village before the end of the year. As well as Bicester Village, Value Retail also operates around a dozen outlet centres across China, as well as in cities such as Barcelona, Frankfurt, Madrid, and Milan. In a statement to Sky News, Hammerson said: “Value Retail is an attractive portfolio but, as we’ve previously stated, it’s not part of our core proposition to have an investment in a platform. “We are not forced sellers and will look to maximise our options at the right time.”

Oliver Bonas to open third Glasgow store

1st September 2023

Oliver Bonas is set to open its third Glasgow store at a former Thomas Cook branch at 15-17 Gordon Street. The two-storey, 4,500 sq ft store will become the lifestyle retailer’s largest in the city, and offer a range of fashion, homeware, and gifts. The retailer currently already has a store at Glasgow Central Station and another on the city’s outskirts at 243-245 Byres Road. Oliver Bonas’s third Glasgow store will be opening on 9 September. Oliver Tress, founder and managing director of Oliver Bonas, said that he believe’s the brand’s offering will “resonate with the vibrant and creative spirit” of Glasgow. Founded in 1993, the retailer began with just one store on Fulham Road in London, and has since expanded its estate to nearly 80 stores across the UK.

Burger King aiming for over 40 new restaurants a year

1st March 2023

Burger King is looking to continue its expansion across the UK, as it aims to hit an annual target of opening 40 new sites annually. There are currently 542 restaurants in the UK operating under the Burger King brand, 277 of which are owned by Burger King UK. The restaurant operator has recently opened sites in Lancaster, Walsall, Cramlington, Ruislip, Gateshead, Aberdeen, Middlesbrough, Penge, Pocklington, and Welwyn Garden City. Burger King is looking for leasehold or freehold sites all across Great Britain. Ideal high street and retail park locations for the restaurant would range in size between 1500-3000 sq ft. Burger King is considering drive-through/drive-to locations, as well as out of town and edge of town roadside locations. Ideal sites would be placed next to supermarkets as well as retail and leisure parks. Metis, Lunson Mitchenall, EYCO, Morgan Williams, Barker Proudlove, and Savills have been appointed as agents to find locations for Burger King. The restaurant operator is offering a finders fee of up to £20,000 to those able to find a suitable location.

Majestic Wine looking to open 10 stores a year

27th February 2023

Specialist wine retailer Majestic Wine says it is looking to open 10 new sites every year, as it continues a period of rapid expansion. The retailer has over 200 stores in the UK and has recently opened sites in Stafford, Preston, Godalming, and Haywards Heath. Majestic is looking for sites from 2,500 sq ft to 5,000 sq ft in size with Use Class E permissions. Seeking locations with ground floor trading space, the retailer is looking for prominent sites at busy retail parks and city centre locations. While ideal sites will have dedicated parking, urban locations with nearby on-street parking will be considered. Majestic Wine is looking for locations both inside and outside of London, primarily considering areas with wealthier, middle-class catchments. Jackson Kriss and Rapleys have been appointed by the retailer to find potential sites.

Consent granted for Farnborough regeneration scheme

24th February 2023

A major mixed-use regeneration project in Farnborough has been given the go-ahead by local councillors. The Rushmoor Development Partnership, a joint venture between Rushmoor Borough Council and Hill Investment Partnerships, looks to regenerate town centre sites in Hampshire’s Farnborough and Aldershot. The proposed plans for Farnborough’s ‘Civic Quarter’ would see the development of new retail, food and beverage, and commercial space, the construction of a leisure centre and civic hub, and the creation of around 1,000 new homes. The Rushmoor development partnership was started in 2018 and undertook a series of public consultations in 2019 and 2021. Andy Hill, group chief executive of the Hill Group, said: “Our plans for Farnborough’s town centre will provide much needed, sustainable new homes and fantastic amenities that will be enjoyed by the residents of Farnborough now and in the future. The RDP is committed to delivering a legacy of high-quality, sustainable development that will benefit the community for generations to come.” In 2020, the partnership was granted planning approval to transform parts of Aldershot’s town centre, creating 2,200 sq ft of retail, commercial, and public space, as well as new homes and student accommodation.

Consent granted for Farnborough regeneration scheme

24th February 2023

Cornish Bakery proves itself with record highs

16th February 2023

Independent bakery chain Cornish Bakery has reported record highs across all elements of business performance in 2022. The company achieved an EBITDA profit of £4.2m for its full year to May 2022. Record sales were also achieved across the bakery’s tourism locations, with strong recovery seen in high street and factory outlet centres. In line with the company’s commitment to internal culture and a motivated team, Cornish Bakery’s Employee Net Promoter Score moved from ‘good’ to ‘great’, with the company’s lowest ever staff turnover currently being recorded. During 2022 new sites have been opened in Plymouth Barbican, Beverley, Stamford, Rye, Whitby and Caledonia Park, Scotland. The company is set to open six new branches in 2023. Cornish Bakery founder Stephen Grocutt says, “‘Aim Higher’ is one of Cornish Bakery’s core values, and we just keep going higher and higher. Winning beautifully is very important to us and I draw great satisfaction seeing many happy teams and customers. Bakery is without a doubt now THE new coffee shop and I’m delighted that Cornish Bakery is raising the quality bar across the sector.”

Burberry sets sights on £5bn sales as it aims for return to “Britishness”

17th November 2022

Burberry’s new CEO has laid out his aims to reach £5bn in revenue as the company focuses on growth and a return to “Britishness”. The company expressed its ambition to strengthen its connection to British design, craft, and culture. Jonathon Akeroyd, formerly of Versace, spoke of plans to realise the company’s potential, as the luxury fashion brand released its half year sales review. Sales increased 11% to £1.35bn, while adjusted operating profit jumped 21% to £238m. The retailer aims to double sales of leather goods, shoes, and women’s ready-to-wear, while increasing outerwear sales by around 50% in the medium term. It also expressed its ambition to grow accessories by more than 50% of Group sales in the long term. Burberry also spoke of its plans to change all of its stores to its new concept by the end of 2026 and boost sales densities by more than 50% to £25k per sq m. The new design, created by Daniel Lee, was unveiled at Burberry’s new flagship store in Paris. Akeroyd commented: “I am confident in our ability to deliver our medium-term targets and realise our potential as the modern British luxury brand. I am excited about what we can achieve […]

Ocado enters South Korea through deal with Lotte Shopping

1st November 2022

Ocado has broken into the South Korean market by signing a deal with Lotte Shopping, part of Lotte Group, to develop their business using the Ocado Smart Platform. Ocado and Lotte will create a network of customer fulfilment centres (CFC) while Ocado rolls out its in-store fulfilment solutions across Lotte’s enterprise. Ocado says it plans to implement its in-store fulfilment solution in 2024, with the first of six CFCs due to go live in 2025. Lotte Group is one of the largest conglomerates in South Korea with an annual revenue of £45 billion. Lotte Shopping operates more than 1000 department stores, hypermarkets, supermarkets and ecommerce sites across the country, bringing in an annual revenue of £9.5 billion. Kim Sang-hyun, CEO of Lotte Shopping, commented: “This partnership with Ocado, one of the most innovative companies worldwide, will be a great opportunity for Lotte Shopping to provide our customers with a new online grocery shopping experience. “Also, I expect this will be the first step for us on the way not only to increasing our competitiveness and presence in the e-grocery market, but also to achieving the leading position in the overall grocery market in Korea.” The partnership will give Ocado another […]

Morrisons in supermarket sell off

25th October 2022

Morrisons plans to sell a portfolio of five stores to boost its balance sheet in the current uncertain economic conditions. The supermarket giant’s owner Clayton Dubilier and Rice (CD&R) is reportedly seeking a sale and lease back deal for the stores. The move is considered to be the first of its kind in Morrisons 123-year history. According to The Sunday Times, property advisor BNP Paribas, is seeking buyers for the stores, which come with 20-year leases and rental uplifts linked to inflation. CD&R is seeking circa £150m for the portfolio. CD&R acquired the grocer in a highly-leveraged £7bn deal last year. The deal was approved by the Competition and Markets Authority (CMA) in June. The owner’s plans follow on from a separate proposed sale and lease back of Morrisons warehouses and food manufacturing sites. Morrisons currently own 86% of its 497 supermarkets.

Mike Ashley to step away from Frasers Group

26th September 2022

Mike Ashley is set to relinquish his director role on the Frasers Group board at the retail giant’s AGM next month, after his son-in-law Michael Murray assumed control of the firm earlier this year. Retail mogul Ashley won’t run for re-election at the AGM next month, Frasers announced in a statement on Tuesday. The firm, which owns Sports Direct, will get an extra £100 million ($114 million) in funding from Ashley under the same conditions as its borrowing arrangements. Since joining, Murray has concentrated on upgrading shops, and Ashley’s additional financing is intended to complement this approach of retail investment. Under Ashley, Frasers has developed from Sports Direct, the company’s flagship brand, which was originally best known for its “pile it high, sell it cheap” retail strategy. The group currently comprises high-end products from House of Fraser and Flannels as well as previous acquisitions Game, Evans Cycles and Jack Wills. Since Ashley stepped back, the corporation hasn’t yet lost any of its flare for acquisitions. Earlier this year Frasers bought online brand Missguided in a £20 million deal, raised its stake in German fashion retailer Hugo Boss AG and acquired a 28.7% stake in Australian fashion marketplace MySale Plc. The […]

Online brands prioritising their physical retail presence in 2022

2nd February 2022

Experts are saying there has never been a better time to open a new store. Even considering the initial impact of the pandemic on the retail industry, there is light at the end of the tunnel. Reduction in commercial rent prices is providing brands with the perfect opportunity to either open their first store or expand their enterprise into new locations. In addition, landlords and agents have become less restrictive about short-term leases, allowing brands to experiment with physical retail in the form of pop-up shops. Here, we will take a look at some of the biggest, previously online-only brands that are using this opportunity and showing us that physical retail is a core part of their 2022 growth strategy. Gymshark Founded in 2012 from the bedroom of CEO Ben Francis, Gymshark has made a huge impact in the world of fitness apparel and supplements over the last decade, having been valued at over £1 billion in 2020. The digital-native brand’s rise to success is largely thanks to its savvy use of social media and influencer marketing. Having successfully experimented with pop-up shops, including their first pop-up in Covent Garden in 2020, Gymshark has recently announced that they will be...