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Oddbins lays out plans for overhaul Monday, 10th June 2013
Oddbins is preparing for a summer of change as the wine retailer looks to spend £2 million on refurbishing stores and setting in motion a detailed online marketing plan and social media initiative. According to the Daily Mail, Oddbins owner European Food Brokers Retail will spend £2 million on the refurbishment of 34 stores, after acquiring 109 Wine Cellar stores in 2009.
McArthurGlen forms new JV with Simon Property Group Wednesday, 5th June 2013
McArthurGlen has formed a joint venture agreement with Simon Property Group, providing a platform for the US mall owner in Europe. Simon Property Group will initially invest EUR 435 million McArthurGlen’s design outlet centres. As part of the deal, Simon will acquire an ownership interest in six propertied and become a partner in McArthurGlen’s property management and development business.
Carlyle set to buy 49% stake in Chinese malls Wednesday, 29th May 2013
US private equity firm Carlyle Group LP is set to buy a 49 per cent stake in two Chinese shopping malls, as Western investors continue to look to the East for returns. As part of a vehicle advised by its Asia real estate group, Carlyle this week announced it had purchased a stake in shopping mall developer SZITIC Commercial Property Co Ltd as part of a strategic partnership between the two companies.
DDR Corp set to acquire raft of shopping centres in $1.46bn deal Thursday, 16th May 2013
Photo credit: DDR Corp. DDR Corp. is reportedly planning to acquire a portfolio of shopping centres from its joint venture with Blackstone Group, in a deal said to be worth USD 1.46 billion. The deal, which is expected to close by the fourth quarter, with see DDR acquire 95 per cent of Blackstone’s equity ownership stake in 30 of 44 shopping centres owned under the joint venture.
British Land announces plans to exit mainland Europe Tuesday, 14th May 2013
Puerto Venecia centre, Zaragoza. Property giant British Land on Tuesday revealed it intends to exit mainland Europe after its retail properties in the region lost almost a fifth of their value last year. British Land said its mainland European properties fell 17 per cent in value in the year to the end of March, as Spain and Italy continued to battle the effects of an economic crisis.
Hong Kong continues to demand world’s priciest retail rates Monday, 13th May 2013
Hong Kong held its place as having the world’s highest rent for prime retail properties in the first quarter, demanding almost 50 per cent more than property in comparable locations worldwide. According to a report by CBRE Group Inc., rents in Hong Kong were more than four times those in similar locations for London and Paris, with annual retail rent in high-end shopping areas in the Chinese metropolis averaging at USD 4,328 per square foot.
Christie's responds to Asian demand for vineyard acquisition service Friday, 10th May 2013
The auctioneer is merging their real estate and fine wine segments to create a new service which aids clients in purchasing vineyards. The legendary auction house, which specialises in 80 different categories including, fine art, jewellery, photographs and collectibles, will form Vineyards by Christie’s International Real Estate in response to a growing demand from its customers.
Investors still have soft spot for London Wednesday, 1st May 2013
London remained a favourite with investors in 2012 with more money channeled into shops and offices in the capital than the rest of Britain combined last year. A report by property consultancy DTZ on Wednesday reported some £16.1 billion was invested in central London in 2012 versus £10.9 billion a year before and total of £32 billion for the country as a whole.
Wealth funds poised to snap up £500m Bluewater stake Monday, 29th April 2013
A number of sovereign wealth funds are said to be interested in purchasing Lend Lease’s stake in the Bluewater shopping centre in Kent. Based in Australia, infrastructure firm Lend Lease is thought to be considering the sale of its 30 per cent stake in a deal that could be worth £500 million.