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June 2018 • £8.00 Tipping Point for Landfill SHOPPINGCENTREThe business of retail destinations www.shopping-centre.co.uk June 2018 • £8.00 Tipping point for landfill Technology diverts food waste from landfill 10 Development 12 Sustainability 17 Parking Intu Watford Centres face food Global tech alliance nears completion waste challenge to streamline parking The Highcross Beacons, @HXBeacons Creative LED solutions to make spaces and places memorable. ADI design content-driven experiences and exceptional digital installations that deliver the unexpected. We combine giant LED platforms with larger-than-life creative to drive large scale IRKEKIQIRXERHMRXIVEGXMSR8SƼRHSYX more visit www.adi.tv/shoppingcentre For more information visit www.adi.tv/shoppingcentre 0800 592 346 | [email protected] | www.adi.tv CONTENTS Editor’s letter Editor Graham Parker 07956 231 078 Fraser is widely forecast to be Wolfson has complained that [email protected] next, with as many as 30 stores a two-tier market is emerging Editorial Assistant earmarked for closure. with retailers paying widely dif- Iain Hoey However the CVA is a form ferent rents for adjacent stores 07757 946 414 of insolvency and the question depending on whether or not [email protected] has to be asked whether these they have been through a CVA. Sales Manager businesses are in fact insolvent. He’s now inserting CVA clauses Trudy Whiston In the end that’s a decision for into leases allowing Next to 01293 416 090 [email protected] lawyers and accountants and claim a rent cut if a neighbour- not magazine editors, but the ing brand wins one through a Database Manager At last there are signs that land- suspicion is that companies CVA. If others follow it will truly Dywayne Ramsundar 01737 852 342 lords are pushing back against now see the CVA as a conven- open a can of worms. [email protected] the CVA process. Mothercare ient loophole to drive corporate has become the latest to use restructurings that would other- Design & Production wise take several years. Stuart West the CVA route to walk away from Graham Parker 01737 852 343 50 leases and demand rent cuts And it’s not just landlords that Editor [email protected] on another 20 stores. House of are objecting. Next CEO Lord Shopping Centre Publishing Director Helen Richmond 01737 852 344 [email protected] CONTENTS Editorial Board Carl Foreman, Moorgarth; Byron Lewis, Mall Solutions Europe; John Prestwich, NEWS & ANALYSIS Montagu Evans; James Taylor, Workman; Michelle Burton, Toolbox; Jordan Jeffery, 04 Burlington Arcade sold for £300m JLL; Sean Kelly, PR4Property 06 Canada Water in for planning No part of this publication may be reproduced without the written permission of the publishers. The Publishers 09 M&S speeds up store closures accept no responsibility for any statements made in signed contributions or in those reproduced from other 10 What’s up in Watford? sources, nor for claims made in any advertisements. Page 10 Shopping Centre is available on subscription. UK & Ireland £96; Overseas £150. Shopping Centre is published monthly. FEATURES ISSN 0964-1793 | Printed by Stephens & George Ltd Shopping Centre, Goat Mill Road 12 Sustainability – Food waste adds to challenges Dowlais Merthyr Tydfil for centres looking to go green. CF48 3TD 17 Parking – Shopping centre car parks look to lessen www.shopping-centre.co.uk their environmental impact. REGULARS 30 Data – Retail facts & figures Page 17 35 People – Trinity Leeds welcomes the Tour de Yorkshire 35 Moves – All the latest job moves Join our Shopping Centre Linkedin group All rights reserved Follow us on Twitter © JLD Media 2018 @scnewsfeed FULL TO THE BRIM OF GREAT IDEAS FOR YOUR ALL CAR PARKING NEEDS +44 (0) 370 0427215 [email protected] www.g24.co.uk Parking Management Solutions www.storeguard.co.uk www.shopping-centre.co.uk JUNE 2018 SHOPPING CENTRE | 3 NEWS Burlington Arcade sold for £300m Thor Equities and Meyer Bergman Thor Equities and Meyer Bergman have sold London’s Burlington acquired the grade two listed, luxury Arcade, Mayfair to a private inves- retail arcade in 2010 for £104m and tor for £300m reflecting a net initial have since undertaken several up- yield of 3.25 per cent. grades, including a redesign by UK ar- The arcade, which opened in 1819, chitect Jamie Fobert. has approximately 37,000 sq ft of retail Joseph Sitt, CEO of Thor Equities, said: space and a combined frontage of over “After repositioning and restoring the 1,100 ft, attracting over four million vis- Burlington Arcade to its former glory, we itors a year. It is the longest covered felt the time was right to sell this historic shopping street in the UK, linking Pic- landmark. With its magnificent redesign cadilly and Burlington Gardens. Tenants and new luxury tenants, the property will include Chanel, swim and lingerie label remain a treasured London destination Erees, watchmaker Bell & Ross, milliner for generations to come.” Maison Michael, Ladurée, Vilebrequin, Savills and Michael Elliot advised Lulu Guinness, Church’s and La Perla. the vendor. Boardman rides into the Valley The Valley, Eagle One’s leisure and areas such physiological fitness, function retail destination set on the banks and health, bike-fitting, positional biome- of the River Avon in Evesham, is pre- chanics and aerodynamics. paring for increased footfall follow- Robin Langford, asset manager at ing the recent launch of the 18,000- The Valley, Evesham, said: “As an out-of- sq ft Boardman Performance town retail destination, we understand Centre, a partnership with Olympic the need to not just offer a shopping fix, gold-medallist Chris Boardman MBE. but a range of other experiences to our The brainchild of Boardman himself, customers. As such, we are anticipat- the centre – the first of its kind in the UK ing a significant increase in footfall as – is aimed at everyone from would-by a result of the centre launch, and have Olympians to weekend hobbyists aiming just added an additional 15,000 sq ft of TJ Hughes takes to better understand how to improve new retail units within the centre. We their rides. In addition to its centrepiece also have consent for a further 40,000 wind tunnel, it will offer a range of ser- sq ft to be developed in response to Wellgate BHS vices delivered by industry specialists in anticipated occupier demand.” The Liverpool-based discount de- include B&M, Holland & Barrett, partment store which has been in Home Bargains, New Look, The En- existence since 1925 has agreed tertainer and Subway. to a new 15-year lease on a 53,888 Stuart Moncur, head of national sq ft retail unit, located at the retail at letting agent Savills, said: main entrance to the centre. The “Our strategy has been to secure new flagship letting comes quickly on anchor occupiers, and with the arrival the back of agreeing a new lease of both Xercise4Less and TJ Hughes, with the discount gym operator, we certainly believe the Wellgate is Xercise4Less, which has taken on the up. We are excited about the 31,000 sq ft on the second floor prospects for Wellgate going forward on a 12 year lease. It is anticipat- and expect to have further new let- ed Xercise4Less will be open for tings to announce later in the year”. trade by the end of July 2018 and TJ Hughes was advised by Tienda TJ Hughes by October. Property while CBRE advised Xer- Other retailers at Wellgate cise4Less. 4 | SHOPPING CENTRE JUNE 2018 www.shopping-centre.co.uk NEWS Canada Water in for planning British Land has entered into a infrastructure, and educational uses master development agreement for all ages. with Southwark Council and submit- Alongside the overall Masterplan the ted an outline planning application planning submission also includes a de- for the Canada Water masterplan, tailed planning application for the pro- one of London’s most significant ject’s first three buildings, which include development projects which will workspace, homes and a new leisure create a new urban centre for centre. Subject to planning approvals, London on the site of the existing construction of the first buildings will Canada Water shopping centre. begin in spring 2019. The masterplan is expected to Roger Madelin, Head of Canada deliver up to 3,000 new homes, two Water Development, British Land, said: million sq ft of workspace and one “Submission of our planning application “Drawing on our experience of cre- place to live, work and visit, delivering million sq ft of retail, leisure, enter- for the Canada Water Masterplan marks ating vibrant, mixed-use places across high quality design, active spaces and tainment and community space in- an important milestone in the delivery the capital, this major urban centre at significant economic and social benefits cluding proposed health and social of this project. Canada Water will provide an exciting for the local community.” Savills acquires Broadgate Estates portfolio 50,000 sq ft let at Fort Kinnaird British Land has agreed to sell the third-party portfolio within its The Gibraltar Limited Partnership, property management business, where British Land is property Broadgate Estates, to Savills. The advisor, has signed over 50,000 sq deal will add landmark assets like ft of store openings and lettings Liverpool One to Savills’ property at Fort Kinnaird. Fort Kinnaird has management operation, which over 560,000 sq ft of retail and already covers 360 million sq ft leisure space including a 39,000-sq in the UK, and enable British Land ft Primark, a seven-screen Odeon to dedicate Broadgate Estates to cinema and a range of restaurants. maintaining a premium experience The new lettings include Wagama- for visitors to its own portfolio, in ma, which will open a new 4,000-sq ft line with its strategy of creating restaurant in 2019; Swarovski in 1,460 Places People Prefer.
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