Retail Luminaries Announce Investment in Select Property Group
Leading retail experts Lord Rose and Terry Green have invested an undisclosed sum in Select Property Group, a global developer, retailer and operator of investment property brands headquartered in the UK. The duo join a host of retail names involved in the business including Angus Monro, former CEO of Matalan and Instore, and Trevor Moore, former CEO of Jessops and HMV, who both hold board-level positions at Select.
Pivotal to the decision was the Group's retail-led approach which is unusual within the property sector but gives Select control over every aspect of the property investment lifecycle.
Select Property Group has six fully operational student schemes in the UK under its Vita Student brand, with three more in development. The group is also in a JV Partnership to deliver the residential aspect of a £750M mixed-use scheme on the former BBC site in Manchester which will launch a brand new private rental sector brand yet to be announced. The flagship site of its CitySuites brand aimed at the business traveller is also in development at another Manchester city centre site.
Liverpool ONE’s Dining is Streets Ahead
Grosvenor Fund Management has announced that Wahaca, the Mexican street food brand co-founded by Thomasina Miers, Reds True BBQ and Turtle Bay, the Caribbean restaurant, are to open on Liverpool ONE's Hanover street.
Wahaca and Reds True BBQ are sharing two floors of 111-116 Hanover Street. Turtle Bay will be located at 123-124 Hanover Street. Together totalling 14,235 sq ft of new dining in Liverpool ONE, all three brands will be making their debut in the city. Wahaca and Reds True BBQ will open before Christmas, with Turtle Bay following in the New Year.
Dynamic, fast-paced and facing the thriving Rope Walks area of Liverpool city centre, Hanover Street is home to an eclectic mix of bars and restaurants appealing to visitors seeking something different. Together with Bem Brasil, Lunya, the independant Catalunyan restauant on nearby College Lane, and its other well-known bars and restaurants, Hanover Street is gaining a reputation as one of the most up-and-coming dining destinations in the North West.
New Lettings For The Liberty, Romford
Fashion retailers New Look and Moss Bros are leading a host of lettings for The Liberty, the 110-unit pre-eminent shopping and lifestyle centre located in the heart of Romford. New Look is taking a new ten-year lease on an 8,465 sq ft unit and Moss Bros has taken a new ten-year lease on 2,869 sq ft unit located next to River Island and Top Shop. New ten-year leases have also been agreed with Perfume Shop for a 1,032 sq ft unit.
A lease re-gearing for Card Factory will see an extension of its lease on a 2,297 sq ft unit until 2021. Dorothy Perkins is also taking a further three-year lease on its 2,862 sq ft unit.
The centre is owned by Cosgrave Property Group, which recently agreed a £140M refinancing package with M&G, and is anchored by M&S, Topshop, Primark and Debenhams along with H&M and Next. River Island, Monsoon, Superdry and Virgin Media are also among the tenant line-up.
More Premium Brands Join Gunwharf Quays
Premium retail outlet Gunwharf Quays has signed two major international fashion brands, Michael Kors and Hackett London, as well as significantly upsizing Polo Ralph Lauren, becoming one of the largest standalone outlet stores for the brand in Europe.
The new lettings total more than 23,348 sq ft of retail space, and strengthen the premium trtail offer at Land Securities' asset, located on the south coast in Portsmouth.
Global luxury lifestyle brand Michael Kors has taken a 3,669 sq ft unit for its fourth outlet store in the UK. The American brand will present its range of womenswear and menswear, shoes, fragrances, cosmetics and accessories. The store, opened on 3 September, is located at the centre of Gunwharf Quays, opposite Ted Baker.
British Luxury Industry Sales ‘To Be Worth £54bn by 2019’
The British fashion, creative and luxury sectors accounted for £25bn in exports in 2013 and will grow rapidly to support almost 170,000 jobs by 2019, according to a new report published by luxury brand alliance Walpole and law firm Charles Russell Speechlys, produced by independent consultancy, Frontier Economics.
Edward Craig, Head of the Retail and Leisure Group at Charles Russell Speechlys, works with many retail and luxury companies. In response to the report, he said: “Britain’s creative and luxury sectors are amongst the UK’s most prolific exporters, with 78% of production, in value terms, destined for overseas markets. They have always been international in outlook, and in the past five years have targeted growth successfully in East Asia and the Middle East. Success of brands abroad has also driven the rise in ‘shopping tourism’ from these regions. However, we continue to be at a disadvantage here compared to countries like France, which has been more proactive in courting overseas tourists from countries such as China.
“A comprehensive intellectual property protection and enforcement strategy remains vital to maintain the value and integrity of luxury brands. Whilst China is taking stronger and more effective action against counterfeiters and brand hijackers, IP theft and copycat products still significantly undermine the bottom line. Companies must protect themselves internationally – it is not enough to secure UK and European protection and then hope for the best.
“Licensing, franchising and investment arrangements are also crucial to companies’ prosperity and continued growth. These are more than logistical considerations – they fundamentally change the fate of a brand. Ambitious companies must prioritise these, too.”