Retail Recap: The important moves in February 2022
Despite February being the shortest month of the year, the world of brick-and-mortar retail has continued to flourish, painting an optimistic picture of the future with the announcement of several new retail openings.
The month has seen an encouraging uptick in footfall on the high street, despite prices continuing to rise at a rapid pace, according to figures from the recent CBI quarterly Distributive Trades Survey. These show that retail sales volumes were above seasonal norms – up 16% – as shoppers ventured out to shop despite a spike in Coronavirus cases.
Meanwhile redevelopment of retail spaces in London's West End have leapt to 101,000 sq ft from 31,000 sq ft recorded in pre-pandemic December 2019, 49% up on the five-year average. According to Colliers, whilst store void rates generally remained high, "movement looks to be in a positive direction", and the recent surge in refurbishments "bodes well" for the future of the West End.
TheIndustry.fashion has created a rundown on everything concerning brick-and-mortar retail you need to know about from February 2022.
Colorful Standard Opens London Flagship at Seven Dials
Danish fashion retailer Colorful Standard opened a new permanent flagship space in Shaftesbury's Seven Dials. The sustainable essentials brand has become the latest retailer to join Seven Dials, opening a 872 sq ft unit on 16 Earlham Street.
New Look to open first ever UK outlet store
British fashion retailer New Look opened its first-ever UK outlet store at The Boulevard outlet centre in Northern Ireland on 25 February. The new 2406 sq ft store offers a selection of women's clothing, footwear, accessories.
Zilver opens first flagship in London with SS22 collection launch
Zilver opened its first flagship store in London's Soho, following the success of its pop-up in October. Founded with a responsible mindset, the brand aims to break the stigma of "sustainability being unsexy" by offering fashion with a modern style.
Rails opens UK flagship store in Covent Garden
Los Angeles-based lifestyle brand Rails has now opened its long awaited London flagship store at 13 Floral Street, Covent Garden. Occupying a space of over 2,000 sq ft, the opening of the new store is a major step in the brand’s retail expansion.
Tag Heuer Opens Harrods Boutique
Swiss luxury watchmaker TAG Heuer has opened a boutique in the Harrods Fine Watches room. The boutique is spread over 320 sq ft and features contemporary design notes to echo the "modern spirit" of Tag Heuer, the brand said.
Next begins work on Gap concession at Oxford Street store
British clothing retailer Next has begun work to implement Gap concessions in its UK retail stores, starting with its Oxford Street flagship. Under the agreement announced in September 2021, the two companies formed a joint venture to operate Gap’s physical retail and e-commerce business in the UK.
Poundland to open largest UK store with extensive clothing selection
Poundland opened one of its largest UK stores in Nottingham. The new location sees over a third of its 15,000 sq ft space dedicated to its PEP&CO clothing selection and will feature the largest selection of womenswear, menswear and kidswear ranges in a Poundland store yet.
Sports Direct to double presence at Manchester Arndale
Manchester Arndale has announced that Sports Direct will be doubling the size of its location at the shopping centre, signing a new 15-year lease for a flagship store. The new agreement will see Sports Direct relocate from its current 29,000 sq ft unit to a five floor 58,500 sq ft space, formally occupied by BHS. The larger store, set to open in late 2022, will feature its collection of brands including USC, Game, Evans Cycles, and Belong esports arena.
Nicce to step up DTC strategy with Carnaby Street flagship store
UK streetwear brand Nicce will open a 1,400 sq ft flagship store at 57 Carnaby Street this spring as part of its “continued investment in direct-to-consumer.” Spanning two floors, the new opening will be the brand’s second store in London, having opened its first at Wembley Park’s London Designer Outlet in September 2020.
Gilly Hicks to open first UK standalone store in Carnaby Street in Summer 2022
Abercrombie & Fitch owned Gilly Hicks is to open a standalone store in London's Carnaby Street, marking the brands first solo retail location in the UK. The label, which is known for its genderless marketing, currently has 30 store experiences in the UK. The 3,000-square-foot location is expected to open in Summer 2022 at 39 Carnaby Street, formally occupied by Columbia Sportswear.
Han Kjobenhavn opens flagship store in London
Danish men’s and women’s fashion brand Han Kjøbenhavn has opened a 1,177 sq ft flagship store at 61-63 Beak Street in London’s Carnaby area – it’s first outside of Copenhagen – as part of the brand’s new international focus and “desire to connect deeper with its community”.
H&M to shut Oldham Town Centre Stores Amid plans to close 240 branches globally
H&M is set to close its Oldham town centre store at Spindles Shopping Centre on 6 February 2022. The closure is part of the Swedish fashion retailer's plans to close 240 stores globally as it shifts more focus to its e-commerce business. Oldham council said it was supporting H&M staff affected by the closure.
Dsqaured2 Closes London Flagship Store
Dsquared2 has closed its 8,612 sq ft London flagship store at 51 Conduit Street after seven years. The flagship location first opened in March 2015, located on the corner of Saville Row. Spread across three floors, the store carried the luxury label’s menswear and womenswear, accessories, bags, eyewear, fragrances and shoes. Dsquared2’s website shows that the brand is stocked in Selfridges, Harvey Nichols and Harrods in London and globally in 119 locations.
Commercial property sales
Hammerson confirms sale of Victoria Leeds shopping centres
Hammerson have confirmed the sale of the Victoria Leeds shopping centres for £120 million to entities associated with real-estate investment company Redical. The sale includes the Grade II listed, 19,400 sq m Victoria Quarter shopping gallery and the 37,600 sq m Victoria Gate shopping centre, as well as the inter-connecting Wrays Building.
Fenwick family lists flagship Bond Street store on the market for 500 million
The Fenwick family has reportedly put its flagship Bond Street department store on the market for £500 million. According to The Times, Fenwick's former chairman Mark Fenwick is marketing the Bond Street store, located on London's most prestigious shopping street, as a redevelopment opportunity.