Marks & Spencer is set to invest in its £1bn convenience business, with the retailer planning to open 10 new stores in 2024. The retailer will also ‘renew’ a further 50 convenience stores this year. M&S stated that by the end of the year, it will have a presence in
Currys has announced a significant investment in its store portfolio, with 50 of the retailer’s stores set to undergo a revamp this year. The electronics retailer stated that a blended in-store and online omnichannel model remains crucial to its customers, with two-thirds using stores to make their purchases. Under the
The Frenchgate Centre in Doncaster, formerly known as the Arndale Centre, has been purchased by Frasers Group for an undisclosed sum. The shopping centre houses major brands such as Next, H&M, and TK Maxx, and is conveniently located near the main railway and bus stations. Frasers Group views this acquisition
Aldi, the popular supermarket retailer, has unveiled its latest plans to expand its footprint across the UK, aiming to achieve its long-term target of 1,500 stores. Currently operating over 1,020 stores, Aldi is actively seeking new locations to ensure high-quality food is accessible to all. In a bid to identify
Salford City Council has approved plans to redevelop part of Walkden Town Centre. Acting on behalf of the Albert Gubay Charitable Foundation, Derwent Estates submitted plans to demolish circa 180,000 sq ft of the current retail space within Egerton Walk and Victoria Square. Advised by Savills planning department, the plans
JD Sports is planning to open 200 new stores globally this financial year, despite recording a drop in profits. During the last financial year, the sportswear retailer opened 249 stores, closed 248, and disposed of 74 across all its fascias globally, bringing its total store estate to 3,317 stores. In
Asda is launching a £50m store upgrade programme designed to enhance the shopping experience for customers in its larger supermarkets and superstores. The programme, which commences at the Long Eaton store in Nottingham, will extend across 170 stores in total and is expected to complete by the end of November.
Shaftesbury Capital has reported “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. From 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights from the REIT’s portfolio include the expansion
In line with its strategy to focus on retail parks and reduce exposure to covered shopping centres, British Land has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner, Norges Bank Investment Management, for £360 million. Earlier this year, the joint venture also
A principal contractor has been appointed to develop a new retail and trade park within Wynyard Business Park, anchored by a Sainsbury’s superstore. Hebburn-based Castle will lead the scheme, developed by Northumberland Estates, which includes 52,000 sq ft of retail space and a 45,000 sq ft trade park at the
Marks & Spencer is set to invest in its £1bn convenience business, with the retailer planning to open 10 new stores in 2024. The retailer will also ‘renew’ a further 50 convenience stores this year. M&S stated that by the end of the year, it will have a presence in over 40 UK train stations, including Ealing Broadway, where it opened last month, and in Belfast, where it will open in October. This development follows the reopening of its Liverpool Street Station Mezzanine store, the first ever M&S convenience store at a mainline railway station, which has been updated in partnership with SSP. The store has been enhanced with an additional entrance, revamped chilled and floral sections, as well as the inclusion of freshly baked bakery products. New payment points have also been introduced, with additional self-service tills installed to reduce customer waiting times. First opened in November 2001, the Liverpool Street Mezzanine store remains a testament to M&S’s partnership with SSP. The group specialises in running travel food and drink outlets and currently operates 55 franchised M&S convenience stores across rail and air locations, as well as in some hospitals. Alex Freudmann, Managing Director of M&S Food, said: “Our renewal programme is all about making sure we have the right stores in the right place and with the right space, and this applies to our convenience stores as well. These stores offer the perfect range for customers on the move looking for sandwiches, salads, and snacks to eat now, as well as meals for dinner, such as our renowned Dine In offers. “The convenience channel complements our wider business and provides a halo effect, so it’s important that customers have the same fantastic shopping experience. The new renewal format for our convenience stores maximises these small spaces to deliver the M&S Foodhall experience for the missions our customers are shopping for as they travel. By renewing and growing our convenience estate, we’ll continue to deliver for our customers however, whenever, and wherever they want to shop with us.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Currys has announced a significant investment in its store portfolio, with 50 of the retailer’s stores set to undergo a revamp this year. The electronics retailer stated that a blended in-store and online omnichannel model remains crucial to its customers, with two-thirds using stores to make their purchases. Under the new changes, the stores will introduce new categories and seasonal showcases, as well as an enhanced focus on revitalising entrance spaces. New categories will include health and beauty, pet technology, portable power, and fitness – which the retailer said aligns with current consumer trends. Seasonal ranges will encompass categories such as BBQs and gardening equipment in summer, back-to-school tech and supplies in autumn, and new gifting ranges and services in winter. Currys’ investment in its ‘megastores’ has already commenced, with its branches in Swindon, Merry Hill, Brentford, and Solihull recently relaunching. The retailer – which operates 301 stores in the UK and Ireland – recently announced that it would be reimagining the layouts of 65 of its medium-sized stores. Overall, this brings the total number of stores that Currys plans to transform this year to 115. Matthew Speight, Director of Stores at Currys, said: “The investment in these 50 megastores builds on what we’ve already achieved this year so far, and I can’t wait to hear the feedback from inside and outside of the business on the new categories and seasonal items. “I continue to be blown away by the incredible teams around the business who work tirelessly to make such milestones a reality for our customers. Yet again, kudos to the colleagues – let’s keep building on the UK’s leading omnichannel retailer position and pushing to provide a best-in-class, easy-to-shop experience for our amazing customers.” Building, Design & Construction Magazine | The Choice of Industry Professionals
The Frenchgate Centre in Doncaster, formerly known as the Arndale Centre, has been purchased by Frasers Group for an undisclosed sum. The shopping centre houses major brands such as Next, H&M, and TK Maxx, and is conveniently located near the main railway and bus stations. Frasers Group views this acquisition as a testament to their confidence in the future of physical retail. Michael Murray, CEO of Frasers Group, stated that acquiring the Frenchgate Centre underscores the company’s commitment to investing in brick-and-mortar stores. The group intends to use the space to expand their current Sports Direct store and to introduce other brands they own, such as USC and Evans Cycles. The shopping centre, which opened in 1968, saw a significant extension in 2006, linking it to a new transport interchange. One of the largest stores in the expansion was a Debenhams, which closed in 2021. However, plans were approved last year to convert the space into a cinema. Building, Design & Construction Magazine | The Choice of Industry Professionals
Aldi, the popular supermarket retailer, has unveiled its latest plans to expand its footprint across the UK, aiming to achieve its long-term target of 1,500 stores. Currently operating over 1,020 stores, Aldi is actively seeking new locations to ensure high-quality food is accessible to all. In a bid to identify optimal sites for upcoming store launches, Aldi launched a nationwide campaign in May 2024, inviting the public to suggest priority locations. The response was overwhelming, with thousands of requests pouring in from across the country. After carefully reviewing these suggestions, Aldi has updated its list of priority locations for new stores. The retailer is now targeting a variety of areas, including multiple sites in London such as Woodford, Surbiton, South Croydon, Notting Hill, Walthamstow, Beckenham, Bromley, and Barnet. Other targeted locations include Redhill in Surrey, Aldershot in Hampshire, Haywards Heath and Burgess Hill in West Sussex, Chatham in Kent, Cheadle and Chorlton in Greater Manchester, Formby in Liverpool, Newark in Nottinghamshire, Chesterfield in Derbyshire, Wellingborough in Northamptonshire, Rayleigh and Brentwood in Essex, Dorchester in Dorset, Clarkston and Cathcart in Glasgow, Penzance in Cornwall, Warwick in Warwickshire, and Bath in Somerset. Additionally, Aldi has identified over 100 potential sites within the M25 motorway and another 100 locations in the wider South East region where there is significant demand for new stores. Aldi’s expansion strategy includes both its standard stores and the smaller Aldi Local format, which caters to urban areas within the M25 with a size of around 5,000 square feet. Jonathan Neale, Aldi UK’s Managing Director of National Real Estate, emphasised the retailer’s commitment to accessibility: “We want to make high-quality food accessible to all, but we can’t do that while there are still some towns and areas that either don’t have an Aldi or have capacity for additional stores. We recognise there is huge demand in certain regions for more stores, which is why we decided to get the public’s input on our latest list of priority locations. They have helped us identify where demand is greatest, and we will continue to work to bring Aldi to as many people as possible.” To accommodate its expansion, Aldi is seeking sites that can host a 20,000 square foot store with around 100 parking spaces, ideally located near main roads with good visibility and access. This aggressive growth plan is supported by Aldi’s substantial investment strategy, which includes over £550 million allocated to its store and distribution network throughout 2024. This investment will fund the opening of new stores and the enhancement of existing locations and distribution centres. As Aldi continues its rapid expansion, it aims to meet the growing demand for its high-quality, affordable products across the UK. By engaging with the public and strategically selecting new locations, Aldi is well on its way to achieving its ambitious target, ensuring more communities benefit from the Aldi shopping experience. Building, Design & Construction Magazine | The Choice of Industry Professionals
Salford City Council has approved plans to redevelop part of Walkden Town Centre. Acting on behalf of the Albert Gubay Charitable Foundation, Derwent Estates submitted plans to demolish circa 180,000 sq ft of the current retail space within Egerton Walk and Victoria Square. Advised by Savills planning department, the plans also included the construction of a contemporary new façade providing a new entrance to the Centre with landscaped public realm space to the front. Scott Hall, Asset Manager at Derwent Estates said: “We fully understand the importance of Walkden Town Centre to the local area, which is why we have taken this proactive decision to significantly improve its current offering to create a more contemporary and attractive yet sustainable environment for both retailers and visitors. We recognise the changing attitudes and expectations of all stakeholders, which is why these plans are so imperative to ensuring a vibrant future for the Centre.” Designed by architectural practice, RGP, Derwent Estates will now look to appoint a contractor to carry out the demolition works and is currently liaising with tenants as part of its relocation programme. The scheme is being project managed by Artal. Barker Proudlove and Graham Sibbald are the retained letting agents. Building, Design & Construction Magazine | The Choice of Industry Professionals
JD Sports is planning to open 200 new stores globally this financial year, despite recording a drop in profits. During the last financial year, the sportswear retailer opened 249 stores, closed 248, and disposed of 74 across all its fascias globally, bringing its total store estate to 3,317 stores. In the UK and Republic of Ireland, JD Sports opened 21 new stores and closed 13, increasing its store portfolio by a net eight stores. This included the relocation and expansion of its Birmingham Bullring store, as well as new stores in Coventry and Bedford. After the period ended – at which point the retailer operated 454 stores – JD Sports also opened a flagship store at Westfield Stratford. The group also expanded its JD Gyms estate, opening in eight locations during the period. JD now operates 85 gyms in its principal UK market. This comes as the group releases its results for the 2024 financial year, during which its revenue increased by 2.7% to £10.4 billion. However, growth was negatively impacted by a number of disposals made during the period, which comprised the 52-week period ending 27 January. However, profit before tax and adjusting items fell by 8% to £912.4 million, which JD Sports attributed to increased investment. Régis Schultz, chief executive officer of JD Sports, said the strong revenue performance was “delivered in a challenging market.” He added: “We have started the new financial year with Q1 in line with our expectations in a volatile market and we are on track to deliver our profit guidance for the full year. Looking further ahead, we have a strong business model and a clear strategy to deliver long-term growth and value creation for our shareholders.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Asda is launching a £50m store upgrade programme designed to enhance the shopping experience for customers in its larger supermarkets and superstores. The programme, which commences at the Long Eaton store in Nottingham, will extend across 170 stores in total and is expected to complete by the end of November. Asda announced that 50 of its larger stores will receive major upgrades, including the introduction of new in-store services and features. This will encompass brand-new George departments in select stores, as well as new foyers, seasonal aisles, food-to-go services, counters, and improved flooring and lighting. The remaining stores will undergo “refreshed exterior and interior decoration” to align with Asda’s recent brand identity launch, which includes an updated logo, typography, and colour palette. These stores will also benefit from new trolley bays, updated signage, improved toilet facilities, and exterior landscaping work. Over the coming months, upgrades will be carried out in Asda stores in Coventry, Altrincham, Dundee, and Charlton. The work will take place over a five-week period, with stores remaining open and “minimal disruption expected,” according to the retailer. Ian Brackenbury, Asda’s Senior Director of Construction and Implementation, commented: “We are always looking at ways in which we can improve the overall experience for our customers, and this programme is one of the many ways we are actively doing that. Starting with our supermarkets and superstores, this significant investment allows us to upgrade our stores by launching new and exciting services, whilst making significant improvements to the existing components of our established stores. This programme marks another exciting milestone moment for us on our journey and underpins our continued commitment to ensuring Asda is set up for long-term success.” The supermarket’s move to upgrade larger stores builds upon the significant investment made during its first quarter to convert all 470 convenience stores acquired from EG Group and the Co-op to Asda Express. This expansion has given Asda a total estate of more than 1,000 UK stores for the first time in its 59-year history. Since acquiring Asda in June 2021, the shareholders have invested more than £3.5bn to transform the business into a diversified retail group with a significant presence in the high-growth convenience and food service markets. Building, Design & Construction Magazine | The Choice of Industry Professionals
Shaftesbury Capital has reported “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. From 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights from the REIT’s portfolio include the expansion of Charlotte Tilbury to a new flagship store, following the success of its James Street location. Seven Dials has seen the addition of athleisure brand Alo at the entrance of Neal Street, while British wellness brand ELEMIS will open its debut London store on Monmouth Street, joining recent openings Odd Muse and Missoma. Footwear brand Axel Arigato is currently fitting out its flagship store on Earlham Street, marking its second location in Shaftesbury Capital’s portfolio. Additionally, Greek boutique hotel ERGON House will open in a newly refurbished heritage-listed building, anchoring King Street next year. The REIT has also enhanced its Soho estate, introducing hospitality concepts The Counter and The Little Violet Door to Kingly Street, joining Two Floors. Carnaby Street has welcomed global lifestyle brand PANGAIA for its first UK standalone store, while SanHao will debut a new restaurant in Chinatown, offering hand-pulled noodles and soups. Since the merger of Shaftesbury and Capco, Shaftesbury Capital has completed £212.6 million in asset disposals, with £82.9 million reinvested in target acquisitions. Ian Hawksworth, chief executive of Shaftesbury Capital, said: “It’s been a positive start to the year. Our West End estates are busy and vibrant with high footfall, customer sales growth, and increasing levels of international tourism. There is continued strong leasing demand across all uses, with 147 transactions completed in the period, at rents on average 7 per cent ahead of December 2023 ERV and an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio. “We have completed £213 million of asset sales since the merger, at a premium to valuation, reinvesting over £80 million in target acquisitions. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use REIT.” Building, Design & Construction Magazine | The Choice of Industry Professionals
In line with its strategy to focus on retail parks and reduce exposure to covered shopping centres, British Land has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner, Norges Bank Investment Management, for £360 million. Earlier this year, the joint venture also sold some ancillary land for £7 million (British Land’s share). Together, these deals value the entire Meadowhall estate at £734 million, which is 3% above its September 2023 book value. After accounting for net debt of approximately £200 million, the expected proceeds are around £156 million. The impact on FY25 NTA per share is projected to be negligible, with an estimated FY25 EPS dilution of 0.6p prior to reinvestment. The transaction would reduce HY24 proportionally consolidated LTV by 2.7 percentage points. As part of the agreement, British Land will continue to serve as the asset manager for Meadowhall Shopping Centre, earning fees in line with current terms. The transaction is anticipated to complete in July 2024, with the proceeds being utilised for general corporate purposes, including reinvestment into retail parks. Simon Carter, Chief Executive of British Land, said: “We have had a successful partnership with Norges over many years and are delighted to continue to work alongside them as asset managers of the centre. Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses, and London urban logistics. We will continue to grow our retail park portfolio; with low capex requirements, parks offer attractive cash returns and at 99% occupancy, we are delivering strong rental growth.” Building, Design & Construction Magazine | The Choice of Industry Professionals
A principal contractor has been appointed to develop a new retail and trade park within Wynyard Business Park, anchored by a Sainsbury’s superstore. Hebburn-based Castle will lead the scheme, developed by Northumberland Estates, which includes 52,000 sq ft of retail space and a 45,000 sq ft trade park at the Stockton site. The development will feature seven units, including the 46,000 sq ft superstore, alongside a Starbucks, Howdens, Screwfix, and Doves. Additional key retailers are anticipated to take space at the site. The broader Wynyard Business Park is home to over 60 businesses, employing around 5,000 people. The Sainsbury’s store alone is expected to create 124 jobs. Construction is set to begin this month, with the site fully operational by June 2025. Castle, headquartered in Hebburn, also has offices in Glasgow, Edinburgh, and Teesside. The business has secured a turnover of £65m for 2024. Managing Director Andrew Dawson said: “After a successful tender process, we have been appointed as principal contractor to deliver the facilities at the new retail and trade park. “The project will involve our teams in everything from initial enabling works, statutory services, earthworks, groundworks, frame and envelope through to partial MEP services and external services, including associated roads and car parks.” Craig Muldoon, divisional director, build, at Castle, added that sustainability will play a significant role throughout the works. “There will be substantial renewable energy measures, including EV charging points and a Battery Energy Storage System (BESS) to store energy from solar panels and release it when needed.” Peter Dalby, development manager at Northumberland Estates, said: “We are delighted to have obtained planning permission for the first phase of the Wynyard Retail and Trade Park. This is a key development for Northumberland Estates, which will provide consumer choice and promote economic growth in the region. As we move into the construction phase, we look forward to working with Castle to deliver the project to a high specification.” Building, Design & Construction Magazine | The Choice of Industry Professionals
