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General Retail News 6th June 2014 WEEKLY RETAIL NEWS HIGHLIGHTS FROM AROUND THE MARKET KNIGHT FRANK RETAIL NEWS General retail news Frank Namani the luxury fashion John Lewis the department store, has brand, is set to open its first UK store in opened its first ever airport store this Mayfair this year. The 10,750 sq ft week in Heathrow Terminal 2. The flagship will be followed by openings in 3,600 sq ft store will serve 20 million New York and Tokyo. passengers every year. Five Guys, Tortilla, Rhythm Kitchen United Ramen the Japanese soup and Nando’s are all set to open at restaurant, is set to open its first Lakeside shopping centre’s £9 million permanent store following a series of food court revamp. successful pop-up events. The 82 cover restaurant will open on Upper Street in Lakeland the kitchenware retailer, has Islington, London by the beginning of Pizza Hut, 59-64 Strand, London, opened its first stores in Pune and September. WC2 Bangalore, India. Lakeland operates nine stores in the Middle East and Hema the Dutch department store Acting on behalf of private clients, recently opened a store in Saudi operator, with more than 600 European the Knight Frank Retail Lease Arabia. outlets is set to open its first in London. Advisory team have completed the The store, due to open on 12th June rent review on a prime central Stradivarius the Spanish womenswear will be located at 115 Buckingham London restaurant, let to Pizza Hut, retailer, is set to open its first UK store Palace Road. at 59-64 Strand. in Westfield Stratford City later this year. London Cocktail Club the cocktail bar chain, have chosen their fourth site in Sainsbury’s the supermarket chain, has Shoreditch at Avant Garde on Bethnal announced plans to open click-and- Green Road. The 2,562 sq ft unit has collect stores in a host of London been signed on a 25 year lease. Underground Tube stations. Due to be launched this summer, the service will Westfield London, have had planning be free until September. approved by the Mayor of London to extend the Westfield shopping centre JD Wetherspoon the pub company, is at White City. The expansion will be planning the purchase of four pubs in anchored by a 270,000 sq ft John Lewis Tweet of the Week Dublin that are part of the former store. Capital Bars Group. The retailer aims to open 30 venues in the Republic over Hawksmoor the steak restaurant, is set Knight Frank Retail the next few years. to open its fifth site Knightsbridge, @KFRetail London. The 130 cover restaurant will Kingfisher Group, Europe’s largest DIY open on Yoeman’s Row on 3rd July. th 27 May 2014 operator, is set to purchase Mr Bricolage their French rival. Kingfisher Argos the homewares and electronics opened their first store in Portugal this company, is to launch a new home and #Retail and #leisure planning week under the Brico Dépôt fascia that furniture brand named ‘Heart of applications soar, with the it operates in France and Spain. House’. majority of applications focused in town centres @estatesgazette B&M the discount retailer, has Kerbisher & Malt the modern fish and reiterated plans to open up to 40 chip shop opened its fourth London http://ow.ly/xzU5I stores a year for the next 10 years. site on Clapham’s Abbeville Road at the beginning of this week. RETAIL IN DETAIL: 6th June 2014 Retailer optimism RETAIL OUTLOOK FOR THIS WEEK New Look the high street fashion retailer, has announced its full-year Tesco the supermarket giant, has group sales rose by 3% to £1.528 announced a fall of 3.7% in like-for- billion. In the year to March 2014, like- like sales for the first quarter of 2014, for-like sales edged up 2% with New excluding petrol. This is the third Look brand like-for-likes rising by 2.7%. consecutive quarter that the retailer In the UK sales rose by 3% on a like- has announced a fall in sales as it for-like basis compared to a drop of continues to come under pressure 0.5% the year prior. Gross profit was from discount rivals. International sales £805.9 million compared to £785.1 Bathstore the bathroom specialist, has declines by 2.2% over the same period, million in the previous year while reported that its new store format is to 24th May 2014, while group sales operating profit grew by 11.3% to delivering strong sales uplifts by edged down 0.9%. Tesco's market £128.5 million. Group adjusted EBITDA attracting more spend from the same share declined to 29% in the three also rose by 5.8% to £200.2 million. customers rather than aiming to pull in months to 25 May from 30.5% a year more shoppers. The retailer plans to earlier, however the retailer has Findel the homeware specialist, has convert a further 36 of its 173 stores refreshed over 100 stores in the period reported its full year pre-tax profit over the next two years. and plans to refresh a further 200 by before exceptional items surged by the end of the first half of 2014. 87% to £22 million. In the 52 weeks to Fashion 21 the fashion brand, has 28 March 2014, total group revenue reported that their pre-tax loss has Did You Know? grew by 4.8% to £514.7 million, while widened from £7.6 million last year to In 2002 when opening a Lululemon pre-tax profits rose to £3.3 million from £66.5 million as it was forced to take store, the sportswear retailer £500,000 in the previous year. The impairment charges on the value of its organised "naked passes" group’s two largest businesses, Express assets. Revenues have however grown guaranteeing participants a chance Gifts and Findel Education saw an from £23 million to £37.1 million in the to bare all for free yoga wear. increase in sales of 9.6% and 6.5% year to February 2013, on the back of respectively. store openings. Market sentiment Vacancy rates in town centres are also non-food retail experienced Optimism in the UK retail sector has down from 11% at the beginning of the accelerated deflation of 2.8% in May remained high this week, as the British year to 10.6%. It is evident that from 2.7% in April. The supermarket Chambers of Commerce upgraded its consumer confidence and household sector remains competitive and food outlook for growth in 2014 from 2.8% spending has improved; 2013 brought inflation in May equalled April at 0.7%. to 3.1%, raising expectations. This the first rise in retail sales volumes in The 12 weeks to May witnessed the followed news from the Confederation the UK since 2008 and expectations for supermarket discounters perform well of British Industry that growth among 2014 are forecast at 2.8% growth. In as Lidl achieve a record market share of the 726 companies polled was at its conjunction, shop prices have fallen 3.6% and Aldi retain its record 4.7% best level since 2003 and as a result 1.4% year-on-year for May to mark the share. Asda was the only big vacancy rates have fallen to 13.5% in thirteenth consecutive month of supermarket to increase its share with April, the lowest level since June 2010 - deflation. Pricing pressue has remained year-on-year growth of 2.4%, a marked improvement from a year high as figures released by the British meanwhile Waitrose maintained its ago when the rate was 14.1% . Retail Consortium and Nielsen reported 5.1% market share. 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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