Omnichannel is increasingly important.
With click & collect and easy returns, retail parks are increasingly fulfilling an important logistics function. The most successful retailers are invariably adopting an omni-channel approach, with their physical stores providing an important role in the consumers choice of purchase – whether it be through brand awareness, customer collection or returns. Retailers will benefit from efficiencies in last-mile fulfilment and increased footfall, leading to increased spend.
Leisure and F&B will stay strong.
Drive-thru and drive-to operators feature consistently as the most acquisitive operators, whether that’s for coffee, fast food or eat-in choices. Gyms, padel courts, swimming pools and climbing wall occupiers also favour the convenience of retail parks, helping to improve the consumer appeal and dwell time in these areas.
Value demand rises as customer budgets are under pressure.
Value retailers across food, essential retail and homeware, all contribute to the resilience of the sector during a period of consumer austerity. From 2014 to 2024, discount grocers like Aldi and Lidl, and discount variety like B&M and Home Bargains collectively opened an additional 8% of units in the market (13% by floor area), at the expense of bulky and fashion retailers.
The future is community.
Retail and leisure parks will see further diversification, driven by community uses, with more space being let to sub-sectors than ever before. From EV charging to healthcare, veterinary and education, these spaces are set to become real community hubs, as well as spaces to shop.
Consumers like the convenience and accessibility of retail park shopping, with car parking a few steps away from the shops and large-format stores allowing them to touch and feel a wide range of products.
Out of town remains resilient.
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TOM FALK, 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. Keeping up this tremendous momentum, Savills continue to play an integral part in Costa’s nationwide expansion.
Fergus Egan, Orchard Street Investment Management LLP
OSIM have a long-standing relationship with Savills out-of-town retail team. They have consistently provided a high level of service, with insightful and honest advice, and a hands-on approach which has helped to drive the performance of our assets. We enjoy working with Savills.
Kannika Mall, Threadneedle Portfolio Services
The Savills Retail team are one of my few trusted and go to agents for all things retail warehouses. They approach everything with such enthusiasm and detailed knowledge it makes working with them an absolute dream.
The improvements delivered to the scheme culminated in a sale to British Land, who have retained Savills Out of Town Retail to advise on ongoing asset management.
We successfully dealt with six vacant units, carrying out lettings to Pure Gym, Cancer Research and Clip & Climb. We also combined three units to achieve enough space for a letting to Aldi. Collaborative agency advice was provided alongside our joint agents with a view towards the potential sale.
Westwood Retail Park needed assistance with leasing and asset management to deal with multiple voids and improve the tenant mix, in order to ready the scheme for sale.
Westwood Retail Park, Thanet
out of town case study 06
The Challenge
Results
Our Solution
Deka now has a defined pathway to net zero, with future-proofed assets that will remain attractive within their markets. We were able to extend their CRREM standing date and ensure they complied with all MEES regulation updates. They now have a thriving portfolio of 17 assets with improved portfolio and ESG performance.
By repositioning the Foodhall in a former Mothercare unit, aligned with an upgraded glazed shop front, we delivered an upsized store at an early stage of M&S’s strategy to reshape their store network. We also introduced a number of new brands to the scheme, including Natuzzi, Greggs and Tim Hortons to enhance the offer and ensure the space remains relevant. We also advised The Crown Estate on protection of core income, successfully regearing leases with B&Q, Boots and ScS.
To provide The Crown Estate with comprehensive advice and implementation of proactive asset management initiatives.
Aintree Shopping Park, Liverpool
out of town case study 02
The Challenge
Results
Our Solution
Conditional lease agreements were exchanged with Travelodge for an 85-bed hotel, plus Greggs drive-thru. Our Bristol planning team then assisted on detailed planning consent for the two elements, secured 2022. Construction is now well underway, with completion expected in May 2024. Alongside the new development also agreed a new letting to Loungers, B&M, Subway, McDonalds and Pets at Home.
Our development and agency team worked through multiple development scenarios and appraisals for a wide range of alternative uses, including office, residential, student, leisure and trade. We agreed upon a new hotel and drive-thru combination, marketing the opportunities to secure new occupiers.
The client wanted to explore a diversification of income away from retail and needed us to explore the development potential of a two-acre site on the front of the scheme.
Abbeywood Retail Park, Bristol
out of town case study 01
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Strategic advice and ongoing asset management lead to a successful sale of the property. We also provided detailed knowledge of the scheme and the market to the new owner, being subsequently retained as advising agents.
We analysed consumer demand and occupier requirements to understand what brands and services would work best at the scheme – completing re-lets to occupiers including Next, Sports Direct, Iceland, Poundland, Brantano, Boots, Pets at Home, Cotswold Outdoor, Greene King, Premier Inn, KFC, Costa and Empire Cinemas. Since completion, we have also introduced a number of additional brands to the scheme, further enhancing value.
To provide Catterick, Europe’s largest military town, with a new shopping and leisure destination. Then advise the joint venture partnership on pre-lets, ongoing leasing and asset management once the scheme was built.
Princes Gate, Catterick
out of town case study 05
The Challenge
Results
Our Solution
Successful implementation of an agreed asset management plan for onward sale. Our proactive initiatives resulted in substantial capital gain for the client.
Our agency team identified regear opportunities and provided advice on lease extensions with Pets at Home and Currys, while also agreeing increased rents. A letting was also agreed to Mountain Warehouse, bringing a new brand to the scheme to replace a weaker tenant.
Greenridge Investment Management needed to prepare their asset for a sale that achieved maximum value.
Springfield Retail Park, Elgin
out of town case study 04
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 Coffee’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 Coffee needed to grow high street, transport hub, shopping centre and out-of-town presence to become the UK’s largest coffee operator.
Costa Coffee
out of town case study 03
The Challenge
Results
Our Solution
This strategic advice has put in place flexible leases that maintain or improve current rental income. Moving forward, we’ll work with the client to advise on the retail element of the new development, assisting in the design and appraisal of the masterplan.
We provided agency advice to re-let the former Wilkos and Adidas units on leases outside the Act expiring in 2030. We're then re-gearing existing leases across the scheme to become co-terminus – allowing for the 20230 redevelopment.
Having worked with Federated Hermes on this asset for over 20 years, we needed to help them maintain retail income across the scheme while putting together a masterplan to comprehensively redevelop the scheme in 2030.
Tottenham Hale Retail Park
out of town case study 07
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The new Sainsbury’s opened in Q1 of 2024 along with three refurbished units, with further scheme improvements scheduled for Q4. The scheme is set to benefit from years of work putting it ‘back on the map’ and our client is delighted with the outcome.
After a challenging and lengthy planning process undertaken by our team, the client successfully secured both planning permission for the Sainsbury’s and vacant possession of the necessary units to deliver the scheme. Further units on the scheme could then be re-let at enhanced rental levels, off the back of a large Sainsbury’s anchor tenant. Lettings to Pure Gym, Hobbycraft and Currys have all completed. Currently ,one unit remains to let, with another under offer. Collaborative advice was provided throughout the whole process by our dedicated Out of Town Agency and Planning teams, along with our Building and Project Management team.
Meols Retail Park needed significant agency assistance to deliver the agreement for lease to Sainsbury's, and deal with multiple voids that had appeared over a number of years.
Meols Cop Retail Park, Southport
out of town case study 08
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