retail
Following recent news that Joules was set to enter administration, most of its stores have been acquired by Next. The brand has acquired around 100 Joules stores, with 19 set to close. Joules founder Tom Joule will own 26% of the venture, “[taking] the lead in re-establishing the clear identity of both brand and product”.
Hotel Chocolat is looking to expand its UK estate beyond its existing 126 stores, with more large-format locations. Following the strong performance of its new sites in Nottingham and Norwich this year, Hotel Chocolat founder and chief executive Angus Thirlwell has expressed the desire to launch further large stores with more selling space and a dine-in café area. He said: “Rents have come down because of market pressures, rates have come down a bit for us as well, and we’re driving higher sales densities than we’ve ever driven before… We know the migration to rediscover the joys of physical shopping is more pronounced the more experiential and more luxurious the brand is.”
B&Q is set to launch more stores under its high street convenience store format. Two B&Q Local stores are planned for London, in Palmers Green and Camden, in the first quarter of next year. The DIY retailer has been trialling the format since 2020, with small stores offering a “takeaway range that’s probably most of the DIY generic bits and pieces.” Chief executive Graham Bell has said that B&Q will also continue to open larger stores.
Property
Shaftesbury has reported recovery in West End hospitality sales, ahead of pre-pandemic levels. Sales across its hospitality and leisure tenants have risen 6% on pre-pandemic levels, while strong demand for space across uses boosted occupancy and rental values. Although he acknowledged that the market remains challenging, Shaftesbury chief executive Brian Bickell said: “[London and the West End’s] long-term prospects remain bright”.
Nearly 1m sq. ft. of former retail space on London's Oxford Street is set to be converted for office use over the next five years, according to a new report by Savills. The new analysis says that live requirements for 100,000sq. ft. offices in the area are at an all-time high, and, of the 1.32m sq. ft. of office space proposed for delivery, 960,000 sq. ft. will be converted retail space.
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