LEISURE
Independent coffee house and bar operator Bear is set to open a coffee shop-in-a-store in Jack Wills' flagship store on London’s Carnaby Street. Jack Wills is understood to have ambitions to create a fresh customer experience to help it meet the evolving face of the high street. Bear, who currently operate three stores in Derby, Stone and Uttoxeter, have ambitions to double their estate over the next year and reach 30 sites in major cities and market towns within five years.
Fulham Shore owned pizza brand Franco Manca has secured a site in Greenwich, opposite the entrance to Greenwich Market, further enhancing its presence in London. The company currently operates around 40 sites and is looking to open eight within the next financial year. New sites are planned for Cardiff, Birmingham, Manchester Piccadilly and Leeds.
Street food brand The Halal Guys who started as a street cart in New York 28 years ago are expanding into the UK. Restaurant operator ITICO F+B, who are behind the UK expansion have said that they can see "plenty of scope" to grow beyond the initial 20-site agreement. The first site will open in London’s Irving Street at the end of March followed by a second in central London by June and a third before the end of the year. The brand offers griddled chicken and beef gyro served over rice, in a pitta or in a wrap with their signature sauces. They also have a vegan alternative with falafel.
RETAIL
It has been confirmed that Marks and Spencer and Ocado have agreed to a joint venture in a bid to ‘transform’ the online grocery shopping market in the UK. M&S is to acquire a 50% share of Ocado’s UK retail business in a deal worth £750m. Ocado will receive £562.5m in cash and a deferred payment of £187.5m. The joint venture will trade as Ocado.com and will offer M&S’s branded food and beverage range alongside Ocado’s own label and third party branded products. M&S products will be available from September 2020 replacing the current sourcing agreement with Waitrose.
Central London will reportedly see the first cashless Amazon Go store outside of the United States. Amazon currently operate 10 of the stores in the US: Four in Seattle; four in Chicago and two in San Francisco. The stores have no cashier, shoppers use the Amazon app to scan a QR code with their smartphones, the sum is deducted from the credit card associated with their account whilst cameras and sensors ensure no items are stolen.
Miami-based investment company Flacks Group has said it is evaluating a bid for retailer Laura Ashley despite the current owners’ insistence that there are no plans to sell the brand. The fashion and home furnishings retailer, controlled by Malayan United Industries (MUI), operates 156 stores in the UK but issued a profit warning telling investors that their full year results were set to be lower than expected.
PROPERTY
Property fund and asset management company M7 Real Estate has acquired two multi-let retail parks and three individual units for £23.9m. The assets have a combined area of 218,435 sq ft and are located in Chester, Wrexham, Stockton, Scunthorpe and Falkirk. The assets were acquired on behalf of M7 Real Estate Investment Partners VIII and takes the fund value up to around £100m since it launched last year. Tenants include Wickes, Halfords, Go Outdoors, Matalan and Euro Car Parts.
The joint venture between The Crown Estate and Oxford Properties Group, The St James’s Market Partnership, has revealed plans for its St James’s Market regeneration scheme. A group of buildings adjacent to the St James’s Market scheme will be developed into office, retail and dining space along with a new public space. The buildings which are located in central London, include St Albans House, Samuel House and those on Charles II Street.