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General Retail News 31st January 2014 WEEKLY RETAIL NEWS HIGHLIGHTS FROM AROUND THE MARKET KNIGHT FRANK RETAIL NEWS General retail news Gazette Brasserie the café/bar Samsung the technology retailer, will concept, will open its third UK site at open 20 stores in the UK over the next 147 Upper Richmond Road, Putney. three months in partnership with The company have signed a 10-year Carphone Warehouse. The plans lease and will pay a passing rent of follow the opening of the Samsung £49,000 pax. Experience shop in Westfield, Stratford. Irish & June the artisan coffee shop, Jamie Oliver Restaurants the will open its first outlet at Doughty restaurant group, has closed three of Hanson and Terrace Hill’s 143,000 sq ft its four Union Jack sites – in Chiswick, Howick Place scheme, Victoria. The Holborn and Winchester – as it aims to Nomination, Bluewater 1,123 sq ft unit will open in spring concentrate on rolling out its Jamie’s 2014. Italian brand. The company’s flagship Knight Frank has agreed a new 10-year Jamie’s Italian will open in Denman lease for Nomination in Bluewater Cau the restaurant group, will open in Street, Piccadilly in early February, Shopping Centre, Kent. The jewellers Tunbridge Wells, Kent in February. The before switching its attention to will pay £55,000 per annum for the 300 4,000 sq ft Buenos Aires-themed international expansion in Moscow, sq ft inline unit. This is Nomination’s restaurant will be the company’s fourth Hong Kong, San Paulo, Stockholm, first stand alone store in the UK, with UK launch and will command a passing Canada, Bali and Australia. 10 more planned over the next 5 years. rent of £120,000 pax. Kanoo Travel and Foreign Exchange Clarks the footwear retailer, will open a the travel agency, has agreed a 10-year 1,600 sq ft store in Istanbul, Turkey in lease on a 2,700 sq ft unit at 53 Oxford February 2014. The outlet will be Street, London at an annual rent of Clark’s fifth store in the country and the £190,000 pax. company aim to open 25 new stores in Turkey in 2014. Intu the shopping centre investor, has announced it is in talks to acquire Boston Tea Party the coffee chain, will Westfield's Derby shopping centre and open its fourteenth site at 45-49 the company’s stake in Merry Hill Clarence Street, Cheltenham. The shopping centre, Dudley. The value of 3,150 sq ft unit forms part of the the transactions is estimated to be company’s expansion plans over 2014. approaching £1bn. Tesco and Waitrose the supermarket Pets at Home the pet supplies retailer, giants, have followed in Asda’s has announced plans to increase its footsteps by agreeing deals with store portfolio from 369 to over 500 automated parcel locker specialist after the company’s sales climbed 10% InPost to open online collection points to £600m in the year to March. Tweet of the Week at Osterley, Newbury Park, Rayners Lane, Finchley Central, Arnos Grove and Marks & Spencer the department Cockfosters tube stations. store, has sparked rumours it is looking Knight Frank Retail to expand into Australia. The company @KFRetail Barclays the bank, will close is said to be looking for premises of 28th January 2014 approximately 400 of its 1,600 UK around 20,000 sq ft as it targets @KFRetail advised branches over the next five years, multichannel international expansion. LondonMetric on the sale replacing some of the units with small of the Odeon Dudley sites in Asda superstores. cinema for £7.7m, NIY 5.95% @knightfrank @KFInvestment RETAIL IN DETAIL: 31ST January 2014 Retailer SENTIMENT H&M Group the fashion retailer, has RETAIL OUTLOOK FOR THIS WEEK reported flat like-for-like sales for the year to 30 November 2013, despite an increase in total group sales of 6% following the opening of a further 356 stores globally. Sales reached £11.9bn for the financial year, with pre-tax profit rising 1.7% to £1.6bn and gross margins decreasing slightly from 59.5% Mulberry the British fashion brand, has to 59.1%. The company has stated that issued a profit warning after its retail it expects January sales to increase 15% revenue dropped 3% in the 17 weeks and plans to open a further 375 stores Mothercare the babywear retailer, has to 25 January 2014. The company has in 2014 – launching first stores in announced that total UK sales increased prices by 12% since the year Australia and the Philippines. decreased 9.9% in the 12 weeks to 4 end 2012 and analysts have pointed to January 2014, with like-for-like sales the company moving upmarket too Mitchells & Butlers the pub operator, down 4%. Total group sales fell 6.1% in quickly as a major reason behind the has reported a 2.6% increase in like- the period and the company was downgrading of its profit guidance. for-like sales over the three week forced to issue a profit warning earlier Christmas period to 4 January 2014. this month. As a result, it is reported to Food sales increased 1.3% over the be in discussions to sell its pre-school period, with 193,000 meals sold on a Early Learning Centre business. Early Christmas Day which also saw a like- Learning Centre operates from 40 UK Did You Know? for-like sales increase of 7.5%. The stores and was purchased in June 2007 Samsung founder Lee Byung-chull company opened ten new sites in the by Mothercare. financial year as they maintained their named the company Samsung, expansion strategy. meaning ‘three stars’, because he hoped the company would become everlasting like a star. Market sentiment It means that local authorities will have The Government this week issued its to decide which properties of the Prime Minister David Cameron has this guidance on business rates retail relief 380,000 categorised shops are taxable week linked a reform of business rates which provides discounts of up to as well as deal with a number of other with improving the fortunes of Britain’s £1,000 in 2014/15 and 2015/16 to administrative issues, for example high streets for the first time. After occupied town centre properties with a qualification for EU state aid laws. Chancellor George Osborne cut £1.1bn rateable value of £50,000 or below. Research from the British Retail from the business rates annual bill in However, it has been claimed that Consortium has suggested options his Autumn Statement, there has been business rates are out of touch with including increasing VAT or cause for optimism among retailers. today’s technology-driven world with corporation tax to allow the scrapping However, the long term goal of an the success of online retailers being of taxation on commercial property. overhaul of the business ratings system cited as the reason why a company’s However, business rates make up a remains distant and the Prime prosperity cannot be fairly judged by considerable source of Government Minister’s statement is merely the first its property. The added layer of income and so there remains sign that the Government could be administration from the Government scepticism about when or indeed moving in the right direction. guidance has also been criticised. whether any reform will happen. KEY CONTACTS DEVELOPMENT CONSULTANCY AGENCY LEASE ADVISORY Ian Barbour Richard Griston Jeremy Elphick Partner, Head of Retail Associate Partner Partner T +44 20 7861 1223 T +44 20 7861 1188 T +44 20 7861 1590 E [email protected] E [email protected] E [email protected] The above information is sourced from Property Week, Estates Gazette, Retail Week, Drapers, The Times and the BBC and does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects and must not be relied on in any way. No legal responsibility can be accepted by Knight Frank LLP for any loss or damage resultant from the contents of this document. .
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