In addition to this, Asda’s new owners are planning to add third-party concessions such as nail bars and beauty salons to stores.
George is currently the second-largest clothing retailer in the UK by volume, however billionaire brothers Mohsin and Zuber Issa reported that they do not see this sector as their area of expertise. Further to this, selling off George could help to pay down the debt that was taken out by the brothers in their purchase of Asda.
The Issa brothers are also already said to be developing plans to reduce grocery floor space by around a quarter, freeing up this area to add further third party concessions such as beauty services and more food services including cafes and takeaways. They also intend to attract other retailers to spare areas. Several stores have already introduced a number of key names such as Accessorize and B&Q, whilst partnerships with Claire’s Accessories and Decathlon have been extended.
Not many other retail giants have this form of flexibility however, Asda owns around three-quarters of its properties, and intends to make the best use of any spaces available.
