News
Motor Fuel Group completes £2.5bn purchase of 337 Morrisons forecourts
1st May 2024Motor Fuel Group (MFG) has completed on the acquisition of 337 petrol forecourt sites from Morrisons for £2.5bn. The deal also includes the acquisition of over 400 associated sites for ultra-rapid electric vehicle (EV) charging development. Under the terms of the deal, Morrisons will take a minority stake of approximately 20% in MFG and the two groups will enter into commercial and supply agreements. At the time of the deal’s announcement in January, the two groups said that the benefits of the deal would include: Morrisons previously said the proceeds of the sale will fund further investment in its grocery and food-making businesses, as well as significantly strengthening its capital structure. Rami Baitiéh, CEO of Morrisons, said in January: “As the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets. It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from greater focus on investment in Morrisons’ core food business. We are delighted to have such a strong partner in MFG […]
Deals
Flannels opens at Norwich’s Chantry Place
1st May 2024Flannels, the Frasers Group-owned multi-channel retailer, has opened the doors to a 20,000 sq ft store at Chantry Place in Norwich. Real estate asset and investment manager Catella APAM negotiated the lease agreement on behalf of the landlord, Greater Manchester Pension Fund. Lauren Barrie, group head of retail for luxury and premium at Frasers Group, said: “We’re really proud to open our next regional boutique in the heart of Norwich. As we continue to expand and develop our vision, the store brings to life the Flannels brand in a physical space – providing an engaging shopping destination, with the biggest brands in luxury fashion and contemporary streetwear all under one roof.” Associate director of Catella APAM, Nathan Reidy, added: “Following on from the successful launch of Frasers at the end of last year, the opening of Flannels brings this much desired premium offer to the city of Norwich and further cements Chantry Place’s reputation as the location of choice for key retail brands within the city.” Paul McCarthy, general manager at Chantry Place, said: “Flannels brings the best of luxury and designer brands to Norwich. This is a huge milestone for us and will put Norwich firmly on the map […]
Requirements
Lidl to open hundreds of stores across the country
1st May 2024Lidl has announced plans to open hundreds of stores across the country, as the supermarket retailer celebrates 30 years of trading in the UK. Over the coming months, Lidl is set to welcome shoppers to new stores in cities such as Bristol, Birmingham, and Berwick, Scotland. In London alone, the retailer will be opening stores in Wandsworth, Fulham, Hoxton, and Canning Town. This follows a year of significant investment into Lidl’s infrastructure, during which the retailer opened its largest-ever warehouse in Luton. It has also completed an extension to its Welsh distribution centre in Bridgend, as well as made significant progress with its Belvedere warehouse expansion which, upon completion, will result in its size and capacity being doubled. The announcement comes as Lidl publishes its list of target locations for potential new stores, with the discounter eyeing major growth in cities such as Edinburgh, Leeds, Liverpool, and London, as well as smaller towns. Richard Taylor, Lidl GB chief development officer, said: “Having fortified our infrastructure with significant investments like Luton, which is the largest warehouse in the Lidl world, we’re proud to have achieved record market share this month. We have also been the fastest growing bricks and mortar supermarket for […]
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
Finding the right retail property for you
20th March 2024William Barton / Shutterstock.com Every business is unique, and for those who want to enter the world of physical retail, finding the right property is no different. If you’re a retailer ready to take your business to the high street, finding the right place to start can be daunting. It can be a real balancing act, but knowing what to look for before you begin your search can give you a head start. So here are the top things to consider when looking for the right retail property: Location, location, location It may be a cliché at this point, but the old adage rings true: location is one of the most important things to consider when choosing the right retail property. The first thing to consider is your target audience. You’ll want to find somewhere that attracts a demographic that matches your customer base. For example, if your business is looking to appeal to an audience of young adults, an area with a high student population such as in a university district would be an ideal spot. It’s also important to consider your local competition. Depending on the type of business you run, nearby competition either be beneficial to you […]
News
Related Argent hires former Cushman CEO in advisory role
1st May 2024Urban regeneration specialist Related Argent has hired the former global CEO and president of Cushman & Wakefield, John Forrester, as strategic advisor to the board. He will work closely with Tom Goodall, the firm’s chief executive, Kenneth Wong, the chief operating officer of Related Companies and chairman of Related London, as well as other executive directors to advise on and support the expansion of the Related Argent business. Forrester brings 35 years of experience within the sector, working in property investment, development, and management. He has also previously worked closely with his new colleagues during Cushman & Wakefield’s 15-year tenure as office leasing agents for the King’s Cross Estate. The news comes as Argent LLP has ceased operating, with its staff, assets, and projects having been transferred over to Related Argent, which has been operating in parallel since 2015. Related Argent has now also become the developer and asset manager of the King’s Cross estate, in addition to its existing role as developer and asset manager of Brent Cross Town, Heart of Hale and the recently-opened build-to-rent building, Author King’s Cross. Tom Goodall, chief executive of Related Argent, said: “Today’s news cements Related Argent’s reputation as one of the leading […]