Transformation of Intu Broadmarsh Moves a Step Closer
After several months of public consultation, extensive design work and discussions with planning chiefs, the eagerly awaited transformation of the intu Broadmarsh shopping centre in Nottingham has taken a considerable step forward. A detailed planning application has been submitted to Nottingham City Council.
intu’s vision is for a vibrant new southern gateway from Nottingham main line train station with improved pedestrian routes through the shopping centre and easier connections to the city and surrounding streets.
The development will bring new retail brands, restaurants and leisure activities creating a more contemporary shopping centre experience with appeal for customers throughout the day and the evening. In particular, proposals include creating an increased range of places to eat, from grab-and-go to sit-down restaurants, and a multi-screen cinema giving additional reasons for customers to visit more often and stay for longer.
B&O is Driven by Innovation
Celebrating its 90th Anniversary year, Bang & Olufsen has announced its third quarter financials, with the UK seeing an increase of 37 per cent and the company as a whole enjoying 19 per cent growth compared to the same period last year.
The company is opening three new stores in the UK, located in Wilmslow, Richmond and Southampton. Bang & Olufsen is committed to delivering an interactive and dynamic experience for customers, and these stores offer customers an opportunity to discover new technology first-hand. Alongside the popular BeoVision Avant television, the stores will showcase the vast range of wireless products in the company’s arsenal, which is the strongest product portfolio Bang & Olufsen has had for many years.
CEO Tue Mantoni said: “2015 marks our 90th anniversary and results today reflect Bang & Olufsen’s continued commitment to the technology industry and optimism going into the next financial year.”
JLL Sells Ace Hotel Shoreditch
JLL’s Hotels & Hospitality Group has confirmed the sale of the Ace Hotel London Shoreditch on behalf of Starwood Capital Group, for an asking price of £150,000,000.
The hotel, which once stood on the site of the original Shoreditch Empire music hall, was acquired by Starwood Capital Group in 2012, converted to an Ace Hotel following an extensive refurbishment and was subsequently honoured for ‘Best Renovation’ at the 2014 European Hotel Design Awards. Ace Hotel Group will continue to manage the hotel on behalf of the new owner. The Ace Hotel Group, established in 1999, is a branded operating company that re-envisions the traditional hotel model, enhancing the value of properties through an innovative and locally-inspired approach to design and development.
East London is quickly establishing itself as an international trendsetter, with residential value growth outpacing the rest of London.
Don’t Underestimate Tesco Says Retail Expert
Tesco has announced a record statutory pre-tax loss of £6.4bn for the year to the end of February – the worst results in the supermarket’s history. However, a leading retail expert has said that while the loss is no surprise, Tesco shouldn’t be underestimated and will fight hard to win back market share. particularly with the arrival of new CEO Dave Lewis signaling an overhaul of the business. With Sainsbury’s announcing that they are going to free up 1.5m square feet for non-food retailing and sub-letting to other stores, a leading retail expert says that while this is a step in the right direction, supermarkets must do more to rethink their business model entirely.
Professor Heiner Evanschitzky, Professor and Chair of Marketing at Aston Business School, says: “These results are evidence of the typical ‘everything but the kitchen sink’ approach taken by any incoming CEO – better to get the bad news out now and show that you’re overhauling the business than let it haunt you any longer than necessary.
But the signs are positive for Tesco under the leadership of Dave Lewis; although trading profits are down 60 per cent from last year, this is still a substantial profit in a time of cut-throat competition from the discounters.”
Plans For New Look Westgate Arcade For Queensgate
Lend Lease and Invesco have announced plans for a complete refurbishment of the Westgate Arcade at Queensgate, Peterborough; one of the leading shopping destinations in the East Midlands. The works, which begin in May, will create a high quality location specifically for independent retailers.
The plans include new signage, tiling and fascias, as well as the introduction of a consistent look for shop fronts with a subtle blue/grey colour palette to create a more stylish appearance. A new lighting scheme will also be installed, utilising low energy and LED lighting to create a high quality atmosphere and reduce environmental impact. The 27 units range in size from 148sq ft
to 1,776sq ft.
Commenting on the plans, Claire Yeadon, Asset Manager at Lend Lease, said: “Westgate Arcade is a very important location within Queensgate, offering something different for visitors with its unique mix of retailers and the character of the arcade itself. These refurbishments will make Westgate Arcade even more desirable, and our objective is to create the region’s leading destination for independent brands.”
The upgrade is part of a four-phase plan by Lend Lease and Invesco to upgrade Queensgate. The plans follow significant investment in the centre’s car parks in the last 12 months, together with a number of key additions to Queensgate line-up of leading retailers and restaurants.