Retail and leisure
intu Lakeside has seen the opening of children’s indoor adventure experience Nickelodeon Adventure within its 175,000 sq ft leisure-led extension. The first of its kind in the UK, the 50,000 sq ft space has four themed zones that include PAW Patrol, Teenage Mutant Ninja Turtles and SpongeBob SquarePants.
Following months of speculation, it is understood that Philip Day’s Peacocks brand has acquired the majority of Bonmarché’s assets that includes stock and around 200 stores. Although a deal on the rest of the estate has not yet been completed, Peacocks is in talks with some landlords about whether it is able to take the rest of the Bonmarché stores.
Supermarket chain Tesco has announced plans to ‘transform’ its bakeries in large stores in an aim to remain relevant. The grocer has found that customers are purchasing fewer traditional loaves of bread in favour of wraps, bagels and flatbreads. The initiative will put 1816 jobs at risk, however, Tesco said it will support those in finding alternative roles across their store network.
Dragon’s Den star Theo Paphitis’s lingerie chain, Boux Avenue has appointed Deloitte amid talks that it might close a number of stores. The chain, currently operating 30 stores, has been in negotiations with landlords to cut rents directly but Deloitte has been brought in to advise on store closures via an insolvency process.
The Restaurant Group is to reduce the size of its leisure arm from 350 sites to 260-275 though a combination of closures and converting of sites to the successful Wagamama brand. 31 sites will close at lease expiration or in break clauses and a further 35 are earmarked for accelerated disposal.
Stratford-upon-Avon District Council has given planning permission to turn the Grade II-listed former BHS site into a 170-bedroom hotel. The site has been empty since the collapse of the chain in 2016 and is in ‘desperate need of repair’. Although Bespoke Hotels has been linked, the group did not comment at this stage.
Blackburn-based Totally Wicked Group has acquired part of the Vape and Juice retail estate of 11 stores in the South East. The deal takes their bricks and mortar presence to 150 but it also has many convenience and fast-moving consumer goods outlets in WHSmith’s travel and retail stores, Sainsbury’s and EuroGarage locations.
Casual Dining Group has sold the final four La Tasca restaurants bringing an end to its ownership of the brand less than five years after originally acquiring it. Newly created Independent Spanish Restaurant Company (ISRC) Ltd have purchased the still operational London, Essex and Liverpool sites as well as the single La Viña site in Manchester. At the same time CDG are adding three sites to its Las Iguanas estate including the two Café Rouge sites in Birmingham and Kingsway London. The new site will be in Princes Quay shopping centre in Hull later this year.
AS Watson Holdings are looking to expand their Superdrug and Savers brands across the UK to ‘support’ the high street. The proposal will see around 50 new stores for Savers and 30 for Superdrug although plans to close some of the existing Superdrug stores in order to reopen them as the more discount-focussed Savers will still go ahead.
Property
It is understood Cola Holdings in planning to put the Westbury Hotel in London’s Mayfair on the market as part of a portfolio worth more than £1bn. The portfolio also includes Burberry’s flagship store on Regent Street and Washington House.
Retail Parks changing hands: A seven-asset portfolio of UK retail parks have been sold by Hammerson to Orion Real Estate Fund V for £400m. Central Retail Park, Falkirk; Cleveland Retail Park, Middlesbrough; Cyfarthfa Retail Park, Merthyr Tydfil; Elliott’s Field Shopping Park, Rugby; Forge Shopping Park, Telford; Ravenhead Retail Park, St Helens and The Orchard Centre, Didcot form the portfolio that comprised of 2.2m sq ft of space and generates a net rental income of £36m a year. In separate transactions, Parc Tawe, Swansea and Abbey Retail Park Belfast have also been sold for £55m: Martin’s Properties has added its first retail park, Hadden Hill Retail Park in Didcot, to its £375m portfolio; BauMont Real Estate Capital has acquired Hermiston Gait Retail Park in Edinburgh for £65m from Aberdeen Standard Investments.
in other news...
Health retailer Holland & Barrett has launched a 'clean and conscious’ concept store in Birmingham that is focused on clean beauty and zero waste: Lidl will launch new packaging scheme across its entire fresh fish range starting next month that will be made from 80% recycled plastic and a minimum of 30% of what would have been ocean-bounce plastic; Morrisons have announced plans to sell only free range eggs by 2022 putting pressure on other grocers to do the same.
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