Weekly Retail & Leisure News - 09 September, 2014
Nanjing Cenbest, the new Chinese owner of leading UK department store House of Fraser, has this week outlined ambitions to build the business internationally. The deal, which went through last week, gives House of Fraser an enterprise value of £480m and is a landmark moment highlighting the growing economic power of China and the retail opportunities arising as a result of the ongoing globalisation of the retail market.
Further evidence of the evolving retail market can be seen in an innovative initiative by one of the UK's leading retailers. Selfridges opened the world's first department store cinema in its iconic Oxford Street store last week; it will screen classical and contemporary films. The department store has teamed up with the independent cinema group Everyman to install the 60-seat 3,500 sq ft auditorium, located on the store's lower-ground floor. This initiative demonstrates the importance for retailers to differentiate and innovate, in order to achieve real 'customer delight'. (see our Redefining Retail Places Project for further details).
Other interesting news for the retail investment sector is the sale of the Hackett store on Regent Street which is expected to hit the West End market in the coming weeks for £85m. The prime retail block is being sold on behalf of a private Asian investor, reflecting a reversionary yield of 3.7%. This investment opportunity on one of London’s prime shopping streets is expected attract the attention of both the domestic and overseas investment market.
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Director, Head of UK Retail & Leisure
+44 (0)20 7318 7838
Director, Head of Retail Research (UK & EMEA)
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