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General Retail News 7th February 2014 WEEKLY RETAIL NEWS HIGHLIGHTS FROM AROUND THE MARKET KNIGHT FRANK RETAIL NEWS General retail news Topshop the fashion retailer, will open Matalan the fashion retailer, has its second largest store on Fifth Avenue signed for a 15-year lease on a new in the US. The 40,000 sq ft unit will be 20,000 sq ft unit at Straiton retail park adjacent to the Rockefeller Centre. The in Edinburgh. The unit will open in May company will also open four further US 2014. stores in San Diego and Washington in autumn 2014, and Atlanta and Houston Morrisons the supermarket, has in spring 2015. announced plans to double its number of local convenience stores in 2014/15 TGI Friday’s the American restaurant to 200 as part of its expansion strategy chain, has continued its expansion by in the southern UK. Last week the acquiring new units in Liverpool and company launched nine new M Local Glasgow. The 5,444 sq ft unit at stores, taking the total to 102 in the UK. McDonald’s, Thamesmead Liverpool ONE will open in spring 2014 It also opened a 48,000 sq ft store in and is the company’s first restaurant in East Swindon – the first of 12 new full Knight Frank, acting on behalf of client the city. The 6,824 sq ft Glasgow unit format stores planned in the same Tilfen Land Ltd., has successfully at Silverburn will be the company’s period. concluded a December 2013 review at fourth in the city. a McDonald’s drive-thru restaurant at 1 Waitrose the supermarket, has agreed Twin Tumps Way, Thamesmead. The AngelBerry the frozen yoghurt brand, a 50,000 sq ft prelet with developer review resulted in a 12.5% uplift for has announced that it plans to open 95 Opus Land on the former London Road Tilfen Land. new stores over the next three years. Trinity Printing site in Worcester. The The company increased its store company will pay £20 per sq ft for a portfolio from two to six from 2012 to 20-year lease on the unit which will 2013 and is looking to expand open in late 2015. The company has aggressively from 2014. also announced plans to open 26 new stores in 2014. Five Guys the American burger chain, will open its first South East restaurant Intu the shopping centre investor, has at Bluewater, Kent. The 2,970 sq ft unit been granted planning consent for the will open in spring 2014 and becomes £100m redevelopment of Charter Place, the latest of 37 new brands to commit Watford, including the refurbishment to Bluewater in 2013. of the Intu Watford shopping centre. The 1.4m sq ft retail and leisure scheme Young’s the pub chain, will open its is scheduled to open in 2017. first pub in Guildford after purchasing The Boatman from Heartstone Inns. Poundland the variety store chain, will The pub will open on 20 February, open its first stores in Continental renamed as The Weyside. Europe with 10 stores planned in Spain Tweet of the Week under the Dealz fascia. Base Menswear the fashion retailer, has entered administration. Four of the Staples the stationery retailer, has Knight Frank Retail company’s nine stores have been completed the disposal of the 23 stores @KFRetail closed – at Lakeside, Watford, Bromley it closed in 2013 after agreeing the sale 1st February 2014 and Luton. of the leases on the 12 remaining @intugroup in talks to buy stores for approximately £11m. @WestfieldDerby and Westfield Merry Hill @CoStarNews RETAIL IN DETAIL: 7th February 2014 Retailer SENTIMENT Waterstones the book retailer, RETAIL OUTLOOK FOR THIS WEEK reduced its full-year losses in 2013 after cost slashing exercises helped slow its rate of sales decline. Pre-tax losses fell to £23m from £37.3m in the year, with the figure also including £5.4m exceptional costs after closing eight shops in 2013. Total sales decreased 2.9% to £398.5m in the year, a Loungers the café bar branch, reported significant improvement on the 14% a 47% rise in turnover to £22.15m on decrease recorded in 2012. The the release of their annual results to company invested £29.5m into its 276 Amazon UK the online retail giant, has April 2013. Like-for-like sales increased store portfolio, which included creating announced slowed growth in sales for 6.2% as nine new stores were added, more in-store Café W coffee stores. its last financial year. The company taking the total portfolio to 32 stores. The improved results came after a recorded a net like-for-like sales £5m was spent on the opening of the strategy shift to enhance the increase of 12.5% to $7.29bn, which new sites, a 71.6% like-for-like increase company’s in-store and online offering. represented only half the 21% growth of £2.09m. The company EBITDA also recorded from 2011-2012. The increased in the year from £3.14m to company’s slowing growth has been £4.41m. attributed to other retailers like John Lewis and Dixons increasing their online offering to provide substantial Did You Know? competition for Amazon. Waterstones was founded by Tim Waterstone with his £6,000 redundancy fee after being sacked from WH Smith for failing to establish its business in the US. Market sentiment Tablet demand increased 130% in This figure is a significantly larger Research from the British Retail Germany, 78% in France, 66% in Russia decrease than the 0.2% monthly drop Consortium and Google has shown and 56% in Ireland in the same period. recorded in December 2013. Prices that the number of overseas online The increase has come as the trend were particularly hit in the shoppers searching for UK clothing continues for UK retailers to invest in womenswear and babywear sectors but retailers significantly increased in Q4 international online experiences, dropped across the board. A major 2013. The fourth quarter showed a including localised websites and contributing factor is that the January 66% increase in the number of quicker delivery times. sales have been more aggressive in overseas searches for UK brands on Despite this increase in online demand 2014 than in previous years as retailers smartphones and a 41% increase on from abroad, the price of clothing have competed with each other to tablet devices. German, Russian and across all retailers dropped in January. offer attractive in-store deals to Argentinian smartphone demand was Further BRC research has shown a 5.3% combat online retailers. the highest – up 231%, 145% and 137% month-on-month decrease in fashion in the quarter respectively. prices across the UK. 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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