Waitrose has made a significant comeback by opening its first new store in six years, located in Hampton Hill, south-west London. This latest addition marks the retailer’s 47th convenience store, as Waitrose shifts its focus towards smaller, community-based outlets. Convenience is Key The new Hampton Hill branch aligns with Waitrose’s
Marks & Spencer (M&S) has announced ambitious plans to open a cutting-edge, 60,000 sq ft store at the Copdock Interchange in Ipswich, subject to planning approval. This initiative reflects M&S’s commitment to bolstering its regional presence while continuing to serve customers at its established Westgate Street location. The proposed store
B&Q’s parent company, Kingfisher, and high-street stalwart Marks & Spencer (M&S) have emerged as frontrunners in the race to acquire dozens of former Homebase stores. This follows the DIY retailer’s collapse into administration, with 74 locations now on the market. The potential acquisition by Kingfisher and M&S could involve between
Betfred, one of the UK’s leading bookmakers, has officially re-opened its Head Office in Warrington after a multimillion-pound investment, underscoring a new era of innovation, employee collaboration and commitment to the region. The plaque was officially unveiled on Friday 22 November, by Betfred boss Fred Done, and the Speaker of
British Land, a leading property investor and developer, has made significant strides in its strategy to focus on high-performing sectors, demonstrating robust operational and financial growth. The company’s strategic investments in retail parks and campus developments are delivering strong returns, underpinned by rising demand for cost-efficient and sustainable spaces. Key
Sephora is making a bold statement in the UK with ambitious plans to open at least 20 stores across the country within the next two to three years. CEO Guillaume Motte shared the cosmetics giant’s vision in an interview with The Times, emphasising the brand’s confidence in physical retail despite
This is a copy of the Letter to Rachel Reeves that was sent yesterday and signed by 81 retail CEOs. Economic consequences of the Autumn Budget for UK retail We are writing to share our significant concerns about the impact of the Budget on the retail industry and the economic
Supermarket Income REIT has bolstered its portfolio with the £49.7 million acquisition of a prominent Sainsbury’s supermarket in Huddersfield, West Yorkshire. Spanning 113,348 sq ft, the site includes an omnichannel supermarket and a petrol filling station, occupying an expansive 8.5-acre plot. Sainsbury’s has been a fixture on the site for
Landsec has expressed strong confidence in expanding its investment in the retail sector, highlighting plans to deploy further capital in the coming months. The real estate investment trust (REIT) recently strengthened its portfolio with a £120m acquisition of an additional stake in Bluewater, Kent. The company revealed that retail offers
The Range is poised to acquire up to 75 Homebase stores as part of a pre-packaged administration deal, potentially saving around 1,500 jobs. Reports from Sky News indicate that administrators are being appointed to facilitate the sale, with The Range set to take over not only the stores but also
Waitrose has made a significant comeback by opening its first new store in six years, located in Hampton Hill, south-west London. This latest addition marks the retailer’s 47th convenience store, as Waitrose shifts its focus towards smaller, community-based outlets. Convenience is Key The new Hampton Hill branch aligns with Waitrose’s strategy to concentrate on convenience stores, typically around 3,000 sq ft in size. The retailer has also announced plans to explore opportunities for larger convenience outlets, approximately double that size, to cater to evolving customer demands. Strengthening Strategic Partnerships The launch in Hampton Hill coincides with Waitrose’s ambitions to expand its collaborations with established partners, including Welcome Break and Shell. The retailer opened a store on the A14 in Spaldwick, Cambridgeshire, in November and is set to open another on the M1 in Rotherham, South Yorkshire, in January. A third location is planned for 2025, signalling the first new store openings with Welcome Break in over a decade. Having partnered with Welcome Break since 2009, Waitrose currently operates as Little Waitrose at 27 motorway service areas. The new store openings mark a revitalisation of this partnership, reflecting Waitrose’s commitment to offering premium food options to on-the-go customers. Waitrose’s presence at Shell forecourt shops has also surpassed the 100-store milestone, with further expansions planned for 2025. Customer Expectations on the Rise James Bailey, Executive Director at Waitrose, emphasised the growing customer demand for quality food in convenient locations:“The long-associated stereotypes of food at forecourts and service stations are becoming a thing of the past – expectations have moved on, and customers are rightfully demanding more. They want great tasting, quality food no matter where they are. Through new store openings and strategic partnerships, we will continue to evolve our shops to get better and better, whilst reaching new locations that help bring Waitrose’s great quality, service, and value closer to more customers.” A Bright Future for Waitrose With its renewed focus on convenience and strategic partnerships, Waitrose is positioning itself as a key player in the evolving landscape of on-the-go food retail. The opening in Hampton Hill represents not just a return to store expansion but a bold step towards meeting modern consumer needs. As the retailer grows its footprint, Waitrose is poised to redefine convenience shopping with its signature quality and service. Building, Design & Construction Magazine | The Choice of Industry Professionals
Marks & Spencer (M&S) has announced ambitious plans to open a cutting-edge, 60,000 sq ft store at the Copdock Interchange in Ipswich, subject to planning approval. This initiative reflects M&S’s commitment to bolstering its regional presence while continuing to serve customers at its established Westgate Street location. The proposed store will showcase the best of M&S, featuring a comprehensive range of food, clothing, and beauty products, as well as an 80-seater café. Beyond enhancing the shopping experience, the development is expected to create over 90 jobs, bringing significant economic benefits to the local community. With an anticipated opening in Summer 2027, the Copdock Interchange store is part of M&S’s broader investment strategy. Over the past three years, the retailer has allocated more than £60 million to developing and upgrading stores across the East of England, reaffirming its dedication to customer satisfaction and regional growth. This new store is set to elevate Ipswich’s retail landscape, offering a modern shopping destination and enriching the local economy. In addition to this exciting development, M&S is preparing to make its mark at the UK Real Estate Investment & Infrastructure Forum (UKREiiF) as a gold partner. This high-profile role will provide M&S with a prime platform to showcase its achievements and future plans. Engaging with an influential audience of over 16,000 developers, investors, local authorities, and decision-makers, M&S aims to solidify partnerships and drive further growth. Marks & Spencer’s continued investments reflect its commitment to innovation, sustainability, and strengthening its connections with communities across the UK. Building, Design & Construction Magazine | The Choice of Industry Professionals
B&Q’s parent company, Kingfisher, and high-street stalwart Marks & Spencer (M&S) have emerged as frontrunners in the race to acquire dozens of former Homebase stores. This follows the DIY retailer’s collapse into administration, with 74 locations now on the market. The potential acquisition by Kingfisher and M&S could involve between 20 and 25 stores, with both companies positioning themselves to repurpose the sites for their respective retail strategies. Other interested parties reportedly include Home Bargains, indicating a competitive bidding process ahead of Friday’s deadline. Homebase’s Tumultuous Journey This development follows the sale of Homebase’s brand and up to 75 stores earlier this month to The Range, owned by CDS Holdings. The transaction ended a challenging six-year period under the ownership of Hilco, a retail investment firm, which had previously stepped in to rescue brands like HMV. Before Hilco, Homebase was owned by Australian conglomerate Wesfarmers, whose 2018 restructuring efforts resulted in store closures and renegotiated rents. Now, a diverse portfolio of Homebase sites ranging from 15,455 to 1.19 million square feet is up for grabs, presenting significant opportunities for retailers looking to expand their presence. Locations Under the Spotlight The stores available span the length and breadth of the UK and Ireland, including prominent retail parks and high-traffic urban areas. Key locations on the market include: (Full list detailed in here.) The Future of Retail in These Spaces For Kingfisher, the acquisition represents an opportunity to expand B&Q’s reach and align with its commitment to serving the UK’s DIY and home improvement market. Meanwhile, M&S could utilise these large retail spaces to support its evolving strategy, which increasingly integrates food halls and homeware offerings into new locations. The Homebase collapse and subsequent sales mark a pivotal moment in the reshaping of the UK’s retail landscape, with bidders eyeing these stores as key assets for future growth. As the bidding process concludes, industry watchers are eager to see how these prominent retail brands repurpose the former Homebase sites, potentially revitalising local high streets and retail parks across the country. Building, Design & Construction Magazine | The Choice of Industry Professionals
Betfred, one of the UK’s leading bookmakers, has officially re-opened its Head Office in Warrington after a multimillion-pound investment, underscoring a new era of innovation, employee collaboration and commitment to the region. The plaque was officially unveiled on Friday 22 November, by Betfred boss Fred Done, and the Speaker of the House of Commons the Rt Hon Sir Lindsay Hoyle. Sir Lindsay Hoyle is also the President of the Rugby Football League. Betfred is the sport’s biggest supporter and the headline sponsor of the Betfred Super League and the Challenge Cup for the men’s, women’s, and wheelchair game. Betfred first moved into the Spectrum arena from their Salford base in 2004 and decided to embark on this hugely ambitious refurbishment project in September 2021. The revamped 50,000-square-foot Spectrum building now stands as a vibrant workspace for over 450 Betfred employees. This modern transformation marks a departure from its roots as a former arena that famously hosted concerts by the likes of Status Quo, New Order and Atomic Kitten, and also hosted major snooker tournaments. Fred Done remarked, “Reopening our Spectrum HQ is a very proud moment for me and my family. We’ve come a long way since having one shop in Salford in 1967 and I’m delighted that because of our close association with Rugby League that Sir Lindsay Hoyle has kindly agreed to officially open the building.” Betfred CEO Joanne Whitaker added, “The reopening of the Spectrum marks a fresh chapter for us. This redesign is more than just a new look—it’s about building an inspiring, collaborative environment that reflects our bold ambitions. We’ve created a dynamic space where ideas can flourish, and our teams can come together. We’re excited about the possibilities this new headquarters will open up and are looking forward to the journey ahead. Although we are an international company, it was very important to us we remained in the Northwest and close to our roots.” A highlight of the newly revamped headquarters is the state-of-the-art “Nifty 50” studio, the new home of Betfred’s own numbers game offering a top prize of £5 million, hosted live by two brand new presenters. Another standout feature of the refurbishment is the “Immersion Tunnel,” a stadium-inspired space that is bold, high-tech, and designed to connect employees across the building. Spanning the tunnel is a striking, larger-than-life display showcasing Betfred’s sporting heritage and milestone moments. The tunnel delivers a powerful experience, bringing Betfred’s legacy very much to life. This ambitious refurbishment was project managed internally by Betfred’s Head of Asset Management Peter Buckles and Betfred’s Senior Project Manager Helen Haworth. Peter Buckles added, “The key to the project was understanding Betfred’s business requirements and that helped guide the delivery including elements which are unique to a betting business. With the support of the IT team, we also kept the data centre for over 1400 shops and our website still running during this major refurbishment. We are all very proud of what we have delivered for our colleagues.” The construction side of the redevelopment was supported by Domis Construction and their Managing Director Kingsley Thornton said, “It was fantastic to work on such a unique project and completely modernise and redevelop the Spectrum Arena to make an exciting headquarters for Betfred.” The interior design was completed by Jackson Downes, with their founder previously working with top brands such as JD Sports, Muse Developments and Accor Hotels. Kate Jackson, founder and director of Jackson Downes, said, “Spectrum has always been a special building, so when tasked with redesigning this space for Betfred, we made it our mission to honour its rich history in the design. We’ve crafted a bespoke environment that not only meets Betfred’s unique needs but also motivates and supports the next generation of growth.” Satellite offices around the world will compliment Betfred’s central hub, including bases in Manchester’s city centre, Media City in Salford, Gibraltar, the United States and South Africa. Building, Design & Construction Magazine | The Choice of Industry Professionals
British Land, a leading property investor and developer, has made significant strides in its strategy to focus on high-performing sectors, demonstrating robust operational and financial growth. The company’s strategic investments in retail parks and campus developments are delivering strong returns, underpinned by rising demand for cost-efficient and sustainable spaces. Key Achievements and Strategic Focus Simon Carter, Chief Executive of British Land, highlighted the company’s momentum: “Strong leasing levels, disciplined cost management, and focused investments have enabled us to grow profits and drive future growth despite a challenging environment. Our conviction in retail parks is paying off, with valuations and rental growth outperforming other subsectors.” Since April 2024, British Land has disposed of £456m of non-core assets and invested £711m into retail parks, increasing its portfolio exposure to this sector from 15% in 2021 to 32% today. These parks are benefiting from robust retailer demand for cost-effective out-of-town spaces to support online operations, driving both rental and valuation growth. Similarly, the company’s super-prime campus developments are capitalising on a severe shortfall of high-quality space, particularly in the City, where a 5 million sq ft gap is projected over the next four years. This imbalance is pushing strong rental growth at the premium end of the market. Financial Highlights British Land has reported a solid financial performance, including: The company raised £301m through an equity placing in October 2024, contributing to its ability to fund acquisitions and maintain liquidity, with £1.6bn in undrawn facilities and cash. Operational and Sustainability Milestones British Land’s operational achievements include leasing 1.7m sq ft of space at rents 8% ahead of estimated rental value (ERV). Retail and logistics spaces alone accounted for 759k sq ft of leases, reflecting the strong demand for modern, efficient spaces. Sustainability remains central to the company’s vision, with 64% of its portfolio now rated EPC A or B, an increase from 58% in FY24. The portfolio achieved a 5-star GRESB rating, with developments scoring a perfect 100/100. Outlook and Market Positioning Despite external challenges, including geopolitical risks and market volatility, British Land’s portfolio is well-positioned to navigate market cycles. The company expects 3-5% rental growth across its portfolio and forecasts FY25 underlying earnings per share of 28.1p, reflecting accretive acquisitions and sustained leasing success. Simon Carter concluded: “With continued strength in occupational markets and our strategic focus on conviction sectors, British Land is set to generate attractive returns while driving long-term value through disciplined investments and sustainable growth.” By leveraging its expertise in high-demand sectors, British Land is reaffirming its position as a leader in innovative and sustainable property development, ready to meet the evolving needs of tenants and investors alike. Building, Design & Construction Magazine | The Choice of Industry Professionals
Sephora is making a bold statement in the UK with ambitious plans to open at least 20 stores across the country within the next two to three years. CEO Guillaume Motte shared the cosmetics giant’s vision in an interview with The Times, emphasising the brand’s confidence in physical retail despite challenges in the sector. The global beauty powerhouse, owned by luxury conglomerate LMVH, already boasts over 3,000 stores in 35 countries. Sephora returned to the UK’s high streets last year after an 18-year absence and has since established a foothold with six locations, including Westfield Stratford, Westfield London, Manchester, two stores in Newcastle, and most recently, Birmingham, which opened last week. Looking ahead, the retailer plans to open stores in Bluewater this winter and Liverpool ONE in early 2025, signalling its commitment to growing its presence in prime UK shopping destinations. Reflecting on the state of retail, Motte told The Times, “I know that sometimes we hear retail, especially in the UK, described as doom and gloom. My response is always: ‘boring retail is dead, but exciting retail is alive and thriving.’” Sephora’s journey in the UK has been a rollercoaster. The brand first entered the market in 2000 with a store in Kent but withdrew five years later due to soaring rents and fierce competition from domestic players like Boots. Rumours of a comeback surfaced in 2019 but didn’t materialise. However, Sephora’s £132 million acquisition of FeelUnique in 2021 laid the groundwork for its triumphant return. With its sights set firmly on growth, Sephora is poised to reshape the UK beauty retail landscape, bringing its signature blend of luxury and innovation to more customers nationwide. Building, Design & Construction Magazine | The Choice of Industry Professionals
This is a copy of the Letter to Rachel Reeves that was sent yesterday and signed by 81 retail CEOs. Economic consequences of the Autumn Budget for UK retail We are writing to share our significant concerns about the impact of the Budget on the retail industry and the economic consequences for inflation, employment and investment. Retail is in every community and is vital to the socio-economic fabric of the UK. It is the largest private sector employer, with three million direct jobs and 2.7 million more in the supply chain, contributing over £100bn per annum to GDP. This scale and reach means the industry can be a partner to government, supporting the reinvigoration of high streets, creating jobs all over the country and supporting the government’s ambitions for growth. We appreciate government’s focus on improving the fiscal situation and investing in public services; we also recognise the role businesses have in supporting this. But, the sheer scale of new costs and the speed with which they occur create a cumulative burden that will make job losses inevitable, and higher prices a certainty. Cumulative cost burden The estimated additional costs arising in 2025 are set out below. The impact of the Budget NIC threshold change is particularly acute given retail employs large numbers of people in entry-level and part-time roles. Costs from the Budget sit alongside other incoming regulations, including implementation of new packaging levies. New Costs From Cost Budget Employers’ NIC changes Rate increase to 15% April 2025 £0.57 billion Threshold change April 2025 £1.76 billion National Living Wage increase April 2025 £2.73 billion Packaging Levy October 2025 £2.00 billion Total £7.06 billion Taken together, the retail industry’s costs could rise by up to £7bn a year. This will also affect our suppliers, increasing costs that retailers pay for goods and services. Business rates While the 30 October Discussion Paper recognised the need to bring down the burden for retail and hospitality, as things stand, retailers’ bills will increase by £140 million in April 2025 due to the inflationary uplift and a reduction in the existing retail discount for those businesses that receive it. We are concerned the proposals merely redistribute rates within the industry and would see many retailers’ bills significantly increase. Changes must lead to a significant, permanent reduction of rates bills for all retail properties if they are to offset the effects of the extra costs above in any meaningful way. Economic consequences Retail is already one of the highest taxed business sectors, along with hospitality, paying 55% of profits in business taxes. Despite this, we are highly competitive, with margins of around 3-5%, ensuring great value for customers. For any retailer, large or small, it will not be possible to absorb such significant cost increases over such a short timescale. The effect will be to increase inflation, slow pay growth, cause shop closures, and reduce jobs, especially at the entry level. This will impact high streets and customers right across the country. We are already starting to take difficult decisions in our businesses and this will be true across the whole industry and our supply chain. Proposed next steps We would welcome the opportunity to meet with you to discuss our concerns and to work together on a solution. By adjusting the timings of some of these changes, the government would give businesses time to adjust and greatly mitigate their harmful effects on high streets and consumers. This discussion could include: This letter reflects the strength of feeling across the industry. We look forward to meeting you. Building, Design & Construction Magazine | The Choice of Industry Professionals
Supermarket Income REIT has bolstered its portfolio with the £49.7 million acquisition of a prominent Sainsbury’s supermarket in Huddersfield, West Yorkshire. Spanning 113,348 sq ft, the site includes an omnichannel supermarket and a petrol filling station, occupying an expansive 8.5-acre plot. Sainsbury’s has been a fixture on the site for over three decades, with the current lease offering 11 years of unexpired term and annual inflation-linked rent reviews. In addition to serving in-store shoppers, the site plays a key role in Sainsbury’s online operations, functioning as a fulfilment hub with 12 home delivery vans and click-and-collect services. The acquisition was funded through Supermarket Income REIT’s existing debt facility, bringing the company’s loan-to-value ratio to 39%. The REIT’s portfolio now boasts a weighted average unexpired lease term of 12 years, reflecting its commitment to long-term stability and growth. A Strategic Move for Shareholder ValueBen Green, Principal at Atrato Capital Limited, investment adviser to Supermarket Income REIT, expressed enthusiasm for the acquisition:“We are delighted to add this high-quality UK asset to our portfolio. This acquisition underlines our focus on delivering strong returns and exploring new opportunities to enhance value for Supermarket Income REIT’s shareholders.” This latest investment underscores Supermarket Income REIT’s confidence in the resilience and growth potential of the UK’s grocery sector, solidifying its reputation as a key player in the market. Building, Design & Construction Magazine | The Choice of Industry Professionals
Landsec has expressed strong confidence in expanding its investment in the retail sector, highlighting plans to deploy further capital in the coming months. The real estate investment trust (REIT) recently strengthened its portfolio with a £120m acquisition of an additional stake in Bluewater, Kent. The company revealed that retail offers “the most attractive risk-adjusted returns,” with high single-digit income yields and rising rents. Despite this optimism, Landsec noted that new supply in the market is “non-existent.” For top-tier assets, non-value-adding capital expenditure remains minimal, accounting for just 0.2% of total asset value. This statement coincides with Landsec’s release of its half-year results for the 2024 financial year, covering the six months up to 30 September. The company reported a pre-tax profit of £243m, a significant recovery from a £193m loss during the same period last year. Landsec attributed part of its success to a shift in retail trends, where brands are prioritising fewer but larger flagship stores. This approach has led to new leases and upsizes with prominent names such as Primark, Pull&Bear, Bershka, Sephora, and JD Sports across its portfolio. The group’s retail portfolio occupancy now stands at 96%, exceeding pre-Covid levels and marking a 70-basis-point improvement. Leases worth £26m have been signed or are nearing completion, with rents 7% above estimated values. Mark Allan, Landsec’s Chief Executive, commented:“Our operational outperformance continues, with further growth in occupancy and positive rental uplifts across both our retail and London portfolios. This progress is translating into accelerated income growth.” He added:“Property values have stabilised, and rising rental values are driving a modest increase in capital values. This has delivered a positive total return on equity. We expect these trends to continue, supported by strong customer demand for our premium spaces and increased activity in the investment market. Our repositioning towards higher-return opportunities, combined with disciplined balance sheet management, leaves us well-positioned to deliver growth and attractive returns.” Earlier this year, Landsec announced its intention to focus on acquisitions throughout 2024, leveraging funds from recent disposals to capitalise on emerging opportunities. Building, Design & Construction Magazine | The Choice of Industry Professionals
The Range is poised to acquire up to 75 Homebase stores as part of a pre-packaged administration deal, potentially saving around 1,500 jobs. Reports from Sky News indicate that administrators are being appointed to facilitate the sale, with The Range set to take over not only the stores but also the Homebase brand and its e-commerce operations. Approximately 1,600 Homebase employees would join The Range under this agreement. This latest move comes after The Range’s acquisition of Wilko last year, following Wilko’s entry into administration. Once appointed, Teneo, the advisory firm managing the sale, is expected to secure buyers for an additional 50 Homebase locations. Interest has reportedly been shown by discount food retailers, DIY competitors, and other high street brands. The deal would mark the end of Homebase’s six-year ownership by Hilco, a retail investor with a history of rescuing troubled brands such as HMV. Prior to Hilco, Homebase was owned by Australia’s Wesfarmers, which implemented a company voluntary arrangement in 2018, leading to store closures and revised lease terms to improve financial stability. Earlier this year, Sainsbury’s reached a £130 million agreement to purchase 10 Homebase stores, converting them into supermarkets. The potential acquisition by The Range could be a lifeline for the embattled homeware retailer, preserving jobs and providing new direction for the Homebase brand under The Range’s management. Building, Design & Construction Magazine | The Choice of Industry Professionals
