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A hyperphysical world calls for a multi-sensory environment. Customers want to be delighted by an art installation, understand a product’s environmental impact, feel elated by an experience, taste something they’ve never tried before, discover something unfamiliar and learn something new. They want spaces that go beyond the original role of retail, particularly when it comes to younger cohorts. Yours must be a destination that is enriching, emotionally provocative, memorable, multi-sensory and cultivates community.
The future of retail destinations is multi-sensory:
Stores must be worth the commute.
As retailers push the boundaries of creative spaces that inspire the consumer, we see them continuing to have fewer stores in their portfolio – focusing on quality over quantity. Whatever you create, it has to feel worthy of a journey.
Community will come first.
Communities drive business. We believe brands with a community strategy enhance their chances of success and build the brightest futures.
Data insights are shaping the future.
They should be shaping your portfolio too. Retailers have access to extensive customer data, drawn mostly from their online platforms. Landlords need to be in a position to match and
offer this level of knowledge about their locations.
It’s not all about city centres.
Agile working and post-pandemic behaviour has strengthened retail in smaller towns, particularly for food and beverage. This is creating increased demand for space from high quality brands that appeal to consumers with higher disposable incomes.
Physical and digital lines are blurring.
The key to success is the blending of both worlds to create a seamless experience. Shopping is no longer binary, consumers do not see physical and digital as separate entities – they want a singular solution that meets their needs.
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set you apart
Focusing on customer and service will
Shopping online is a very convenient, often quick way to shop. Consumers expect the same ease of service in the physical world but combined with the added benefit of personal interaction and where required specialist expertise.
Find out how we can help you to lead the way
Smaller, value-led high streets are growing.
The rebasing of rents and move of certain brands to reduce their presence in second-tier high streets is creating opportunities for value fashion retailers to enter these markets. These smaller high streets are set to see a fresh revival, keeping the hopes of town-centre survival alive. Peacocks, Yours, Trespass, Mountain Warehouse and Bonmarché are all increasing their representation
in these locations.
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Lucky Seven: occupational trends
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Backing Bricks
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Edinburgh's George Street revival
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Our services
Research
We can tailor our research to retail and leisure landlords, developers, investors, planners, valuers and operators, whether that’s looking into development appraisals, master planning, location strategies, consumer and catchment analysis and more.
Investment
Make informed real estate investment decisions with leading market insight – whether that be buying or selling.
Repurposing
Reshaping retail-led assets to provide a variety of higher-value alternative uses. We'll collaborate with a huge range of complementary sector expertise across Savills, including residential, office and medical, to provide you with a seamless service.
Landlord & tenant
Acting for landlords and occupiers across rent review, lease renewal and lease restructuring, as well as ‘54 Act expert witness work and complex retail-related commercial disputes.
Occupier agency
Finding the best trading site for your business – from individual flagship stores to comprehensive network planning and portfolio expansion.
Landlord agency
Helping you find the right occupiers for retail and leisure spaces across the UK, drawing on our network of regional leasing specialists.
ALBA: Maki & Ramen
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our solution.
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Kate Thompson, Head of Property, Costa Coffee
Since 2005, Savills has been retained by Costa as its trusted advisor, providing strategic retail site acquisition advice across all formats. Throughout this partnership, the nation’s favourite coffee shop has hit endless milestones in its growth strategy, with Savills leveraging its comprehensive national network of agents strategically positioned throughout the country. Keeping up this tremendous momentum, Savills continue to play an integral part in Costa’s nationwide expansion.
Adam Markwell, Shearer Property Group
Savills advice on unit configuration and access was critical to creating lettable spaces and attracting operators in a challenging F&B market. Over the course of seven years, Carlene has set record rents for the city and delivered a fully let, stellar line-up ready for Coventry City of Culture 2021. We couldn’t be happier – Savills and Carlene’s advice was exceptional, delivering everything we wanted and more!
Harvey Jenkinson, Gravity
Steve at Savills has been instrumental in the growth and success of our business. We have benefitted from creative thinking and strategic advice.
We appraised each ‘problem’ lease and conducted individual negotiations to terminate leases and, where appropriate, simultaneously enter new leases incorporating appropriate termination rights to maintain occupancy levels. Void rate in The Galleries is down to 20%, compared to 34% in June 2020. NOI has dropped also around 7% compared to June 2020.
We conceived and delivered a strategy to secure the required flexibility for the client's objectives around vacant possession at a future date. This was carefully balanced with securing on-going income stream for the Fund.
Our client purchased the property in 2019, on behalf of a pension fund, to realise a wholesale redevelopment of this prime, five-acre, city centre site. To achieve this, they needed to insert landlord termination rights into every lease, while maintaining occupancy levels and ensuring a positive NOI throughout the hold period. The property comprised 330,000 sq ft of commercial space across 119 units, with 77 ‘problem’ leases acting as a barrier to vacant possession and the client’s business plan.
The Galleries, Bristol
national Case Study 09
The Challenge
Results
Our Solution
Over the next four years, 25 new occupiers were attracted to St Enoch through this leasing strategy. Lettings were secured to a number of major brands including VUE Cinemas, Boom Battle Bar, Five Guys, Starbucks, Hamleys, Sostrene Grene and Pandora. St Enoch is now more than just a shopping centre, it's the only true mixed-use shopping and entertainment venue in the city centre.
We needed to translate the strong trading story, with Glasgow as a key UK market for major brands to locate in, directly into St Enoch. By studying emerging market trends, we formulated a remodel of the centre to significantly increase the leisure, food and beverage component of the tenant mix, adapting to changing consumer habits and increasing tenant demand. This was planned as part of a redevelopment of the eastern wing, which would be anchored by a new cinema, surrounded by a cluster of F&B brands.
St Enoch has been a feature of Glasgow City Centre retail since 1989. Despite a partial redevelopment in 2011, the perception of the mall began to drop, and it became increasingly difficult to attract new brands. By 2015, in the face of the changing shopping landscape, the development had reached a critical point and a radical new vision was needed to create a proposition that was relevant to both the consumer and the property market.
Glasgow – St Enoch
national Case Study 02
The Challenge
Results
Our Solution
New lettings were secured to Castore, Breitling and Demontford Fine Art within nine months, taking the asset to 100% occupancy and stabilising the rental tone at £152 psf Zone A. Lease regears ahead of expiries were agreed with Reiss, The White Company and Fat Face. We also assisted in repurposing and the planning process for a new basement leisure unit, flagship retail unit and new rooftop bar, all currently under offer on pre-let agreements.
We created and implemented a proactive marketing strategy and business plan to let the void units and identify target operators while also regearing and retaining existing tenants with enhanced lease profile term.
Motcomb Estates and Ruben Bros wanted to acquire Monument Mall. At the time of purchase, there were two vacant units, two impending voids and five lease expiry events within 24 months.
Newcastle – Monument Mall
national Case Study 01
The Challenge
Results
Our Solution
Our clients
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The former House of Fraser space was successfully re-let, with Primark relocating from outside the scheme into a new regional flagship store. The upper parts were then let to multiple leisure operators. Zara's former space was let to Sports Direct for a new, larger store format they have been seeking for several years. Completed regears within the last 12 months include the Perfume Shop, Pandora, H&M and Menkind, with most recent lettings to Osaka, The Optical Centre, Sostrene Grene, Buzz Gym and Junglemania.
Working closely with colleagues in the Leisure Agency, Shopping Centre Management and Building Consultancy teams, the Retail Agency team provided the client with a connected and concerted approach to ensure the spaces were let and regears completed.
Anchored by M&S, Tesco, Next, H&M, TK Maxx and Cineworld, the Eden Centre provides over 850,000 sq ft of retail space, with annual footfall over 12 million. They needed agency, property management and building consultancy – including advice on the re-letting of the former House of Fraser and Zara stores.
The Eden Centre, High Wycombe
National Case Study 08
The Challenge
Results
Our Solution
Over five years of work, the first phase saw lettings to Las Iguanas and Wagamama and Cosy Club – setting record rents for the city. Phase two moved the rental tone on again to £40-£45 per sq. Ft, with lettings to Five Guys and Zizzi. In addition, leases were agreed with Turtle Bay, Boom Battle Bar, The Botanist in a striking unit beneath the former shopping centre glass roof, Le Bistrot Pierre and Chinese e-sports café Wanyoo for their second unit in the UK.
We worked to realise the potential of Cathedral Lanes, repositioning the centre as the primary leisure destination in a city that was under-supplied and under-valued. This was not without its challenges, both in terms of perception of the area and the fact that five of the ten units were first-floor only – a typically less desirable space for leisure occupiers.
When Shearer Property Group bought Cathedral Lanes in October 2014, the small secondary shopping centre was half vacant and had poor prospects for the future as a retail centre.
Coventry – Cathedral Lanes
national Case Study 07
The Challenge
Results
Our Solution
Over 100 short-term agreements were completed during the pandemic, with over 250 new leases completed to date across the UK. We secured an average rent reduction of over 32% across the new leases, plus significant incentive packages.
Our unrivalled UK coverage meant we could allocate nine surveyors across seven regional offices in England, Scotland and Northern Ireland to this project. The team were coordinated by a director working within Hays head office, providing a single point of contact with regular updates to the board. We also worked with national and regional landlords to find short-term solutions during the pandemic.
In 2019, KPMG granted Hays Travel a nine-month license to occupy 555 former Thomas Cook retail units across the UK, following their liquidation. Hays needed assistance agreeing new leases and identifying relocation opportunities. They also needed more time to complete this ambitious project while they assessed the impact of the pandemic on their sector.
Hays Travel
National Case Study 06
The Challenge
Results
Our Solution
Costa Coffee are now the unrivalled largest UK and Ireland coffee operator with around 2800 stores, 500 of which our team has secured across all formats.
By creating a specialist team, dedicated to Costa’s growth, we led the expose of their requirements to the property sector through direct and indirect marketing to key landlords, developers and agents. Building up key, cross-sector relationships, our services expanded into planning consultancy and retail research.
Costa needed to grow high street, transport hub, shopping centre and out-of-town presence to become the UK’s largest coffee operator – overtaking Starbucks.
Costa
National Case Study 05
The Challenge
Results
Our Solution
Phase one saw the delivery of a new 70,000 sq ft Primark unit, along with new full-size restaurants, including two new market entrants. So far, the Western End has added over 1 million people to the centre’s footfall and dramatically increased the night-time offering. This leasing campaign added substantial asset value and income for the centre. Phase two has now also been successfully leased, with a 25,000 sq ft TK Maxx, alongside Five Guys and Mad Eggs restaurants.
We ensured the anchor tenant would not just benefit the Western End, but be complementary to the entire scheme. We wanted to add a footfall driver that would also fit into the centres established tenant mix.
The Liffey Valley Shopping Centre was opening a new, two-stage 130,000 sq ft extension. They needed design and development advice with a strong leasing strategy to ensure the smooth, successful opening of the space.
Liffey Valley Shopping Centre
National Case Study 04
The Challenge
Results
Our Solution
Leases were secured to new restaurants, including Leon and Stella Bowl, alongside a new boutique bowling alley. This meant the centre could offer customers the quality experiences they demand from top-quality retail destinations. Footfall to that area improved, creating a point of difference to any other shopping centre in Ireland.
We developed the building and created a new casual dining, leisure and office quarter, which would not only benefit the centre’s rent roll, but also be the first in the market to add new entrant restaurants and a leisure element.
Hamley’s decided to close their toy store. The owners, Hammerson, were looking for advice on the surrender of their lease, and the likely demand from best alternative uses.
Dundrum Town Centre, Dublin
national Case Study 03
The Challenge
Results
Our Solution
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Whether you're a corporate looking to expand, an investor seeking sustainably to optimise your portfolio or a family trying to find a new home, we bring a truly personal approach to every project, delivering best-in-class insights and advice to help you make better property decisions.
For over 160 years, we’ve been helping people thrive through places and spaces.
Making a positive impact is at the heart of our partnerships.
With more than 40,000 professionals dedicated to commercial and prime residential real estate across 70 countries, no matter where you are, we have the expertise to bring your vision to life.
From the way we advise you to the work we do directly, we’re committed to adding value while always honouring our responsibility to protect the environment, support local communities and foster an inclusive culture.
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Savills Retail
Whether you're a corporate looking to expand, an investor seeking sustainably to optimise your portfolio or a family trying to find a new home, we bring a truly personal approach to every project, delivering best-in-class insights and advice to help you make better property decisions.
For over 160 years, we’ve been helping people thrive through places and spaces.
Making a positive impact is at the heart of our partnerships.
With more than 40,000 professionals dedicated to commercial and prime residential real estate across 70 countries, no matter where you are, we have the expertise to bring your vision to life.
From the way we advise you to the work we do directly, we’re committed to adding value while always honouring our responsibility to protect the environment, support local communities and foster an inclusive culture.
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Josh Howe
Director
+447896084299
jhowe@savills.com
Adam Sanderson
Trainee Surveyor
+447977030164
adam.sanderson@savills.com
leeds:
Stuart Moncur
Director, Head of National Retail
+447887795506
stuart.moncur@savills.com
Isla Monteith
Director
+447711594013
isla.monteith@savills.com
Charlie Hall
Associate Director
+447807999693
charlie.hall@savills.com
Edinburgh:
John Menzies
Director
+447808479265
john.menzies@savills.com
Michelle McLaughlin
Apprentice
+447977851507
michelle.mclaughlin@savills.com
glasgow:
Jonathan Netley
Director
+447768857690
jonathan.netley@savills.com
Jack Wagland
Surveyor
+447816184029
jack.wagland@savills.com
Manchester:
Chris O’Mahony
Director
+447870555988
comahony@savills.com
Matthew Brown
Director
+447870999610
mabrown@savills.com
Robert Palmer
Director
+447740197177
ropalmer@savills.com
Sebastian Collins
Surveyor
+447800912541
sebastian.collins@savills.com
Bristol:
Jonathan Stott
Director
+447977998829
jstott@savills.com
London Lease Advisory:
Paul Wilson
Director
+447775587235
paul.wilson@savills.ie
Darren Best
Divisional Director
+447501228872
darren.best@savills.ie
Jonathan Brown
Divisional Director
+447930336192
jonny.brown@savills.ie
Erin McKee
Surveyor
+447706351151
erin.mckee@savills.ie
Belfast:
Darragh Cronin
Director
+353 86 837 6698
darragh.cronin@savills.ie
Kevin Sweeney
Director
+353 87 169 3767
kevin.sweeney@savills.ie
David Potter
Director
+353 87 668 7058
david.potter@savills.ie
Carol O’Donovan
Divisional Director
+353 83 104 6677
carol.odonovan@savills.ie
Stephen McCarthy
Divisional Director
+353 87 289 4091
stephen.mccarthy@savills.ie
DUbLIN:
Aisling Joyce
Graduate Surveyor
+353 1 618 1749
aisling.joyce@savills.ie
Izzy Agnew
Graduate Surveyor
+353 1 618 1476
izzy.agnew@savills.ie
Laura Hurley
Graduate Surveyor
+353 86 067 9895
laura.hurley@savills.ie
Tom Cadell
Graduate Surveyor
+353 86 198 6125
tom.cadell@savills.ie
Holly Collis-Lee
Associate Director
+353 86 352 5392
holly.collislee@savills.ie
Peter O’Meara
Director
+353 87 236 1181
peter.omeara@savills.ie
Lia Dennehy
Associate Director
+353 87 259 3377
lia.dennehy@savills.ie
Daire Brennan
Surveyor
+353 86 067 3828
daire.brennan@savills.ie
Cork:
London:
Peter Clayton
Director
+447771954096
pclayton@savills.com
Carolyn Burbidge
Director – Lease Consultancy
+447799353409
cburbidge@savills.com
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Sam Arrowsmith
Director, Research
+447807999709
sarrowsmith@savills.com
Tom Whittington
Director, Research
+447968550304
twhittington@savills.com
research:
Carlene Hughes
Head of UK - Restaurants & Leisure
+447972000187
chughes@savills.com
Jessica Hill
Associate
+447976747891
Jessica.hill@savills.com
Michael Lockhart
Director
+447779248780
michael.lockhart@savills.com
Olly Eades
Associate Director
+447811683198
olly.eades@savills.com
Ryan Simpson
Surveyor
+447812686388
ryan.simpson@savills.com
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Nicole De Blaquiere
Director
+447789478916
nicole.deblaquiere@savills.com
Neil Grice
Director, Retail, F&B, Roadside
+447768773892
neil.grice@savills.com