retail
Footfall is expected to remain below pre-pandemic levels as a result of the cost of living crisis. According to Springboard, there was an 8.6% increase in footfall over the week of the Platinum Jubilee compared to the same period last year, but footfall was still 4.9% down on pre-pandemic levels. Retail parks were the strongest location type last month, with only a 2.1% decline in footfall on the same month in 2019, compared with decreases of 14.9% for high streets and 16.5% for shopping centres. Springboard forecasts that footfall will remain “at least 10% to 15% below 2019” in the second half of this year. Springboard marketing and insights director Diane Wehrle said that spending from middle-income families was expected to slow, with further energy price increases on the horizon in autumn.
LEISURE
Gusto Italian is to open its 14th site in Oxford this year, with plans to grow to 16 sites in total as part of a two-year growth strategy. The new Oxford restaurant and bar will open on Oxford High Street at the Mitre hotel building, on a former Beefeater site left vacant since 2018. Chief executive Matt Snell said: “Each new opening represents the culmination of months of market mapping research and consumer insight data analysis. We're confident the new Oxford High Street site will be a high-performing addition to our growing estate and help us to build on our already strong financial footing.” The group plan to open their first London location next year.
PROPERTY
Flexible pop-up space company Sook will open three new spaces this summer across the UK in partnerships with Hammerson and RivingtonHark. Sook will take up spaces at Hammerson’s Bullring shopping centre in Birmingham and Southampton’s West Quay, and RivingtonHark’s Victoria Gate destination in Leeds. John Hoyle, chief executive of Sook, said: “Sook spaces give the next generation of innovative, independent high street retailers access to a flexible, hybrid retail model. Working this way reflects the clear changes in footfall habits and allows brands to experiment and expand their reach in bricks-and-mortar outlets via our fractional leasing model.”
Capital & Regional has completed the sale of the 17&Central shopping centre in Walthamstow, London, to Long Harbour. Last year, CapReg was granted planning consent for a residential-focused, mixed-use development incorporating a new entrance for the Tube station and a public park. The development, which Long Harbour will now oversee, will create 495 build-to-rent apartments with a 30% affordable housing provision. Leader of Waltham Forest Council Grace Williams said: “The plans will deliver new retail outlets and much-needed on and off-site housing, including some for social rent, and at the same time create thousands of high-quality new jobs and training opportunities alongside apprenticeships for our young people that will give them the essential skills they need to thrive as they build careers in the construction industry.”
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