Retail Park news and archive

Frasers acquires over one million square feet of retail assets

In what was described as a continued commitment to physical retail, Frasers Group has announced the acquisition of three real estate properties spanning over one million square feet in assets. Contributing to the group’s new Property division, the three brick-and-mortar locations boast a combined annual footfall of nearly 17 million visitors, a...

Business

British Land acquires seven retail parks for 441 million pounds

Real estate company British Land has snapped up seven retail parks from their former owner Brookfield for a total of 441 million pounds. The move builds on the firm’s “market leading position in retail parks”, CEO Simon Carter said, before adding that “parks remained the preferred format for retailers”. The portfolio spans 1.9 million square...

Retail

Two shopping centres become first in UK to achieve net zero carbon status

Quayside MediaCity in Salford and Gloucester Quays have been named as the first UK retail destinations to achieve ‘Net Zero Carbon – Operational Energy’, in line with UKGBC’s Net Zero Carbon Buildings Framework. In light of the achievement, the two shopping centres join a number of buildings operated by real estate firm Peel L&P to have achieved...

Retail

Newcastle’s Eldon Square extends opening times, reports strong consumer demand

Newcastle shopping centre Eldon Square has announced new extended trading hours for 2023 as it reports strong demand among consumers and increased visitor numbers. The North East site will be open for one extra hour per day to support retail, dining and leisure businesses in the centre. On Monday, Tuesday, Wednesday and Friday, the location will...

Business

URW sells Los Angeles-based The Village, reduces US financial exposure

Retail park conglomerate Unibail-Rodamco-Westfield (URW) has completed the sale of its San Fernando Valley location The Village to the Kroenke Organisation, owner of NFL team the Rams. The Los Angeles-based retail park sold for a price of 325 million dollars, reflecting an initial yield of 5.6 percent on the in-place net operating income, and a...

Retail

Zara to open ‘huge’ flagship in North East’s Metrocentre

Fashion retail giant Zara is set to open a significantly scaled up version of its existing Metrocentre store in the North East of England. Scheduled to open in 2023 with work having already commenced, the new space will be more than double in size once completed, spanning 42,000 square feet over two floors. Located in the retail park’s Red Mall,...

Retail

URW reveals development plans for Westfield Old Orchard in Illinois

Unibail-Rodamco-Westfield (URW) has unveiled an array of development plans for its Westfield Old Orchard site in Skokie, Illinois. The company said the North Shore destination will be “unlike anything else in Chicagoland”, with a park, event space and various amenities to be added to the modernised retail centre. The multi-phase plan already...

Retail|In Pictures Featured

In Pictures: A look into retailers’ new stores in Battersea Power Station

Following a nine billion pound transformation plan, the Battersea Power Station finally opened its doors on October 14, decades after the coal-fired power station was decommissioned as an energy plant. Over its first weekend, the Grade II-listed location reported that over a quarter of a million visitors had descended on the site, which also...

Business

Alibaba’s Tmall launches livestream shopping events for Chinese consumers

Alibaba has teamed up with real estate investment trust Simon to bring a series of livestream shopping events to its Chinese customers through Tmall Global and a partnership with Shop Premium Outlets (SPO). Beginning in October, the livestream events will allow users to virtually shop SPO’s online inventory and purchase directly from...

Retail

Battersea Power Station welcomes over quarter million visitors on opening weekend

After opening its doors to the public on October 14, Battersea Power Station reported more than 250,000 visitors had descended on the site over its first weekend. Almost 40 years on from closing up as a Grade II listed coal-fired power station, and following an eight-year restoration project, the location now houses a range of shops, bars,...

Business

Battersea Power Station officially opens in London

The historic Battersea Power Station has officially opened its doors to the public today, decades after the energy plant closed up shop. The decommissioned coal-fired power station has gone through a 10-year transformational restoration process, and is now home to a wide range of shops, restaurants and leisure facilities. Shoppers can visit a...

Retail

URW sells Californian retail park for 537.5 million dollars

Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita for 537.5 million dollars to a real estate investor who operates retail assets in Southern California. The sale was funded by the buyer through the combination of equity and new debt, reflecting a sub-six percent net initial yield and a 10.7 percent discount to the latest unaffected...