A new 210,00sq ft “urban outlet” centre is due to come to London’s iconic O2, bringing retail to the popular destination for the first time. Crosstree Real Estate Partners and AEG have announced their plans for the development, dubbed the Icon Outlet, which will include 85 stores.
Westminster City Council (WCC) have revealed its plans for the future of Oxford Street as tensions grow between the council, Transport for London (TfL) and Sadiq Khan.
Chancellor Philip Hammond has finally admitted that business rates are hitting the high street too hard, but has stopped short of making any immediate changes to the system. In a letter to MPs seen by the Daily Mail , Hammond refused to bow to parliamentary pressure to overhaul how business rates are charged, saying it supports the stability of local government funding.
The battle over the future of London’s Oxford Street has intensified after London Mayor Sadiq Khan challenged the local council for scrapping his flagship plan “with no attempt to compromise”. Following the news that Westminster City Council would meet to discuss their plans for the future of Oxford Street next week, after “unilaterally” scrapping plans for pedestrianisation in which £8 million had already been invested, Khan has now written directly to the council. In a letter to council leader Nickie Aiken, Khan warned that the area was “is blighted by overcrowded and poor-quality public realm, heavy traffic and the attendant problems of pollution and road danger,” and that if these issues were not addressed, the area would risk losing its appeal
Aldi is set to snap up the soon-to-be-former Waitrose store in Camden following news it planned to vacate five stores across the UK. Waitrose’ owner John Lewis Partnership revealed a profit warning yesterday, stating that profits for the year were likely to come in at zero, while adding it was set to close four convenience stores and one supermarket.
The parent company of jewellery retailers Goldsmiths and Watches of Switzerland has drafted in two banks to help it launch a London stock market listing. According to Sky News , Aurum Holdings – which currently trades from 150 stores across and employs over 1000 staff – has selected Goldman Sachs and Barclays to spearhead a public listing that is likely to take place in around a year’s time
Westfield London’s £600 million expansion is expected to attract record numbers of international visitors throughout the summer as it unveils the next stage of the development. The West London-based shopping centre, which opened the first phase of its 740,000sq ft in March, is due to launch both a new Japanese food hall and an outdoor events space in the coming months. On July 10 it will launch Ichiba, Europe’s biggest Japanese food hall including food, drink, homewares and gifts from Japan.
Prime Minister Theresa May has urged retailers to provide competitive wages and bonus schemes for staff amid controversy over changes to workers’ contracts at Sainsbury’s.
LK Bennett chief executive Darren Topp is stepping down from his position and will be replaced by former East boss Erica Vilkauls. Vikauls was appointed interim chief executive of East in November, a position she held for less than two months as the fashion retailer fell into administration for the second time in less than three years in January
In the 1970s around one in every 200 American was employed by Sears, the pioneering retailer which dominated the country for decades.