retail
The recent opening of the Battersea Power Station scheme attracted over a quarter of a million people on its first weekend. The retail destination hosts British and international brands including Uniqlo, Ralph Lauren, Space NK and The Body Shop. The Adidas ‘Empower Station’ popup featuring fitness classes and challenges was fully booked throughout the weekend.
High street retailers are expected to face an additional £3bn in business rates next year. According to Altus Group, as business rates rise in line with inflation, this could bring the overall charge in England up by £2.7 billion to £30 billion. A spokesperson for the Treasury said that their business rates review “brought about reforms which will make the system fairer, including further business rates relief and freezing the multiplier in 2022-23 to put the brakes on bill increases.”
Leisure
Karaoke and bar company Lucky Voice is looking to double its estate to ten venues over the next two years. The brand currently has sites in London, Brighton and Dubai, but hopes to reach 10 venues by the end of 2024. It is considering expanding further in London and launching in Manchester and Birmingham, along with opening franchises in the Middle East and North Africa. The expansion plans follow its most successful financial year to date in 2021/22, with revenue up by 22% on 2019.
Property
The new owners of Selfridges have voiced their support for Marks & Spencer’s plans to demolish and redevelop its Oxford Street store. The two-week planning inquiry, beginning today in Westminster, weighs up the proposed demolition against opposition from those who say that the 90-year-old store should be refurbished rather than destroyed. Historic buildings groups have petitioned to preserve the building, and environmental campaigners say the scheme would release nearly 40,000 tonnes of carbon into the atmosphere. The retailers argue that the new development will better address the needs of modern shoppers, use 95% recycled materials and use a quarter of the current building’s energy.
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