Property
Property covers the real estate developments, leasing activity, and investment trends shaping the physical footprint of UK retail. This section reports on store openings and closures, retail park and shopping centre developments, rent negotiations, and regeneration projects. Retail Sector’s Property coverage provides insight for landlords, developers, and retail executives into how location strategy, market demand, and commercial property trends influence retail performance and long-term growth.
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Jan- 2019 -24 January
Man charged after digger smashes through Spar shop front
A Scottish man has been charged after a digger was driven through the shop front of a Spar convenience store in the town of Keith, in Moray. The incident took place at 03:35 last Saturday morning (19 January), throwing debris across the town’s Regent Street. Police said “significant damage” had…
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23 January
Sports Direct saves House of Fraser Intu stores
Four House of Fraser stores in Intu shopping centres have been saved from closure, avoiding the loss of more than 1,000 jobs. The Lakeside, Metrocentre, Norwich, and Nottingham stores were at risk of closing after Sports Direct was unable to reach an agreement with Intu Properties landlords. In November, Sports…
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21 January
Retail job losses to increase by 27,000, analysis suggests
Online retailers are having a “profound effect” on the commercial property market as the value in retail property is set to fall by 15.9% this year, new research has predicted. Furthermore, job losses and store closures have been forecasted to increase by 26,918 and 3,764 respectively compared with 2018 across…
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9 January
HMV ‘denied’ £3.35m tax lifeline before administration
Beleaguered music and film retailer, HMV, who officially fell into administration during the festive period, was denied a £3.35m government tax cut before it entered administration new figures have revealed. HMV blamed a “tsunami” of retail challenges, including business rate levels, saying it paid £15m on sales of £277m meaning…
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Dec- 2018 -20 December
MPs launch inquiry into business rates
The Treasury select committee has launched an inquiry into business rates as part of the Housing, Communities and Local Government committee’s wider inquiry into the high street. Chair of the Treasury select committee, Nicky Morgan said the two departments were expected to publish the terms of reference in the new…
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10 December
Mike Ashley’s Flannels given £125k rates relief despite £65m turnover
Mike Ashley’s high end fashion chain Flannels has been handed £125,000 in business rates “help” by a local council amid fears that a former pub and nightclub it bought back in 2016 would be left derelict. Doncaster Council agreed the funding to Flannels’ over a “derelict” site at Priory Walk,…
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7 December
Retailers could lose out on £496m refund as ATM ruling is appealed
In November, the Court of Appeal ruled that ATMs inside and outside of stores should not be assessed for business rates
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5 December
Government clarifies details of new business rates relief
The Ministry of Housing, Communities and Local Government (MHCLG) has published guidance on the details of how business rates discounts first announced in this year’s Budget will be allocated. During the Budget on 29 October, chancellor Philip Hammond announced that businesses with a rateable value of under £51,000 would receive…
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Nov- 2018 -29 November
Hammerson completes £236m Highcross sale
Hammerson has completed the sale of its 50% stake in Highcross shopping centre in Leicester to an Asian investor introduced by M&G Real Estate for £236m. The sale price represents a 5% discount to the December 2017 book value. The transaction comes after a successful standard EU competition clearance and…
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23 November
Wyevale Garden Centres sells five sites
Wyevale Garden Centres has sold five more of its stores as it continues plans to cut back its retail portfolio as part of a turnaround plan. A Wyevale spokesperson told Retail Sector: “In accordance with TUPE regulations colleagues are now being consulted with on the transfer of their employment to…
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