The UK’s retail property sector is set for another significant period of change after TGJones secured High Court approval for a major restructuring plan that could see up to 150 former WHSmith high street stores close across the country. The decision follows the acquisition of WHSmith’s historic high street business by Modella Capital, with the retailer now operating under the TGJones brand while WHSmith continues to focus on its travel division. The restructuring represents one of the largest retail estate reviews in recent years and is expected to have implications for landlords, town centres, retail asset managers and commercial property investors as the business reshapes its nationwide portfolio. TGJones currently operates 451 stores and employs more than 4,700 people, but the approved plan will allow the business to streamline its estate by closing underperforming locations while renegotiating lease agreements across hundreds of remaining stores. As part of the restructuring, the retailer intends to significantly reduce its occupational costs. Around 120 landlords will receive no rental income from affected stores for up to three years, while rents across many other locations are expected to be reduced by between 15% and 75%. For the commercial property sector, the move highlights the continued evolution of Britain’s high streets as retailers seek more sustainable operating models in response to changing consumer behaviour, rising operating costs and increasing competition from online shopping. Store closures inevitably present challenges for landlords and local authorities, but they can also create opportunities for town centre regeneration through the repurposing of vacant retail units. Across the UK, former high street premises are increasingly being converted into mixed-use developments, leisure destinations, healthcare facilities, flexible workspaces, residential accommodation and community uses, helping to diversify town centres and attract new investment. Modella Capital has confirmed it intends to invest £35 million into the business as part of its long-term recovery strategy. Alongside changes to supplier repayment arrangements and lease restructuring, the investment is designed to create a more financially sustainable retailer capable of adapting to today’s retail environment. The company said many of the challenges inherited following the acquisition stemmed from years of underinvestment in the store estate, alongside a cash shortfall approaching £8 million. It also acknowledged that difficult retail trading conditions and the loss of the long-established WHSmith brand had added further pressure during the transition. For the construction and property industries, the restructuring serves as another reminder of the changing role of physical retail. As occupier requirements evolve, developers, investors and landlords are increasingly focusing on refurbishment, adaptive reuse and mixed-use regeneration to ensure town centre assets remain commercially viable and continue to contribute to the long-term vitality of local communities. Building, Design & Construction Magazine | The Choice of Industry Professionals

Footasylum has reinforced its commitment to bricks-and-mortar retail with the reopening of its significantly upgraded store at the Trafford Centre in Greater Manchester, as the retailer continues an ambitious programme of investment across its UK property portfolio. The refurbished 17,178 sq ft store represents the latest phase of Footasylum’s national expansion strategy, reflecting growing confidence in prime retail destinations that continue to attract strong footfall and deliver engaging customer experiences. Located within one of the UK’s premier shopping centres, the upgraded store has been designed to provide an enhanced retail environment, offering an extensive range of leading sportswear and lifestyle brands including Nike, Adidas Originals, ASICS, Saucony and Berghaus, alongside Footasylum’s own exclusive labels such as Monterrain and Forena. The investment forms part of a wider programme of property and operational expansion that has seen the retailer open new stores in Manchester Arndale, Trinity Leeds and Merthyr Tydfil, while continuing to strengthen its presence in strategically important retail locations across the UK. For the property and construction sector, the latest investment highlights the ongoing evolution of physical retail space. Modern retail fit-outs increasingly focus on creating flexible, experience-led environments capable of supporting changing consumer behaviours, premium product presentation and seamless integration with digital retail platforms. Alongside its store expansion programme, Footasylum has continued investing in its wider operational infrastructure, including increasing warehouse capacity to support future growth and securing additional funding from HSBC UK to accelerate its ongoing rollout strategy. The business has also expanded into international markets across Central Europe and the Gulf region, demonstrating confidence in its long-term growth ambitions. The retailer has also strengthened its leadership team with the recent appointment of Hannah Mercer as Chief Executive Officer and entered into a strategic partnership with British streetwear brand Trapstar, further enhancing its product offering and brand appeal. Shannon Osman, Retail Director at Footasylum, described the upgraded Trafford Centre store as another landmark in the company’s UK expansion plans. She said the investment reflects Footasylum’s commitment to creating innovative retail destinations that strengthen customer engagement while offering an enhanced shopping experience in one of the country’s highest-performing retail centres. The continued investment also demonstrates the resilience of well-located shopping destinations such as the Trafford Centre, where landlords and occupiers are working together to deliver high-quality retail environments that attract leading brands and support long-term asset performance. As retailers continue to adapt their property strategies to changing consumer expectations, investment in modern store design, premium fit-outs and flagship locations remains an important driver of the UK’s retail property market, creating opportunities across construction, interiors, building services and commercial fit-out sectors. Building, Design & Construction Magazine | The Choice of Industry Professionals