News
Loungers hails record year of expansion
26th April 2024Loungers opened 39 new sites during the 2024 financial year, a record for the restaurant and bar operator. These openings comprised 33 Lounges, one Cosy Club, and two sites for the group’s roadside concept Brightside. As of 21 April 2024, the group’s portfolio totalled 257 sites. Loungers also opened a Lounge site post-period end in Ely, Cambridgeshire. Last year, the group said it had identified potential for at least 600 sites across the UK. During the 2024 financial year, Loungers delivered a record revenue of £353.5m, a year-on-year increase of 24.7%. Across the period, like-for-like sales were up by 7.5%. Nick Collins, Loungers CEO, said: “I am delighted with our performance over the year. We have consistently out-performed the sector on a like for like basis whilst having delivered a record 36 new site openings. As ever, it’s our continued focus on menu innovation, value for money and exceptional hospitality that is driving the strength of our performance in both the mature estate and our new openings. “As we start the new financial year we are looking ahead with optimism. Our experience suggests that the UK economy is holding up well and we are well positioned to deliver continued growth.”
Deals
Coppa Club to make Wales debut in Cardiff
26th April 2024Bar and restaurant chain Coppa Club is set to make its Welsh debut in Cardiff. The operator will open in May in the former David Morgan department store, providing an all-day bar, café and dining venue. The venue – which will be Coppa Club’s 13th nationwide – will be split over two floors, with the ground floor housing its own bar. Upstairs, cocktail bar Atrium will anchor the first floor and will be complemented by a brasserie and two spaces which will be available for private events. A private restaurant and larger dining space are also available. Rebecca Tooth, managing director of Coppa Club, said: “Building on the success of The Bath Townhouse and Guildford Townhouse, we are delighted to be opening our third Townhouse location in one of the most iconic areas of Cardiff. We are fortunate to be opening in a building steeped in history and envision it becoming a real go-to in the city for drinks, dining, and events.” Earlier this year, Coppa Club owner Various Eateries said it was planning to open 13 new sites in its next expansion phase.
Requirements
Savills to advise The Gym Group on expansion as it targets 50 sites in three years
26th April 2024The Gym Group has appointed Savills to advise on its expansion plans, as the operator plans to open 50 new sites over the next three years. Targeting urban areas with dense residential populations, The Gym Group is seeking highly visible locations with easy parking access or within close proximity to transport links. Ideal sites are between 10,000 and 20,000 sq ft over a maximum of two floors. Analysis from PwC found that there is potential within the UK for between 600 and 800 additional gym sites in the low-cost segment. The Gym Group was the first gym operator to measure the social value it generates created through regular exercise. It is also the world’s first fitness operator to have its net-zero targets validated by the Science Based Targets initiative. Andy Hall, joint head of Out of Town Retail at Savills, said: “We are delighted to be working with The Gym Group on their growth strategy. As the only national property consultancy with retail and leisure teams based across the UK, we are excellently positioned to deliver a plethora of exciting opportunities for The Gym Group as it continues to expand its offer and reach to more communities around the UK.” Will […]
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
The Portman Estate signs five new brands to West End portfolio
25th April 2024The Portman Estate has announced that five new brands are set to open within its Marylebone portfolio, including Moco Museum’s first location in the UK. Moco Museum will be joined by Maculara, Zula Burger, WatchHouse Coffee, and Mandy Zhang Art. Opening this summer, Moco Museum will open its third largest location in Europe at The Portman Estate’s flagship One Marble Arch development. Taking 25,000 sq ft of space across three floors, the art museum will look to create a new major cultural destination for London. Meanwhile, independent eyecare specialist Maculara will open a debut store at Regent House, Edgware Road in the summer. Offering a range of premium eyewear and eyecare, the new store will sit adjacent to Townhouse Marble Arch and will look to bolster Edgware Road’s retail and amenity offering. Also opening within The Portman Estate’s portfolio is WatchHouse, which will open its 20th coffee house at 60 Seymour Street this summer. Taking 800 sq ft, the independent coffee house aims to champion sustainability and make use of ethical supply chains. Joining the estate’s food and beverage offering is international restaurant brand Zula Burger, which will make its UK debut at 5 Old Quebec Street. Opening this summer, […]