retail
Marks & Spencer has launched a new rental collection with the platform Hirestreet. The range of 40 new womenswear pieces is available to rent from £10, with more new styles to be added throughout the spring and summer season. Since launching on the platform last November, M&S have found that although clothing rental is usually associated with formalwear, 53% of Hirestreet customers have rented M&S products for casual events. The partnership is part of M&S’ commitment to driving the circular economy, which consumers are increasingly interested in; according to the retailer’s Family Matters Index Report, over a third of consumers now consider the climate crisis when shopping for clothes.
Leisure
Leisure and fitness businesses are taking advantage of attractive rents in shopping centre, retail park and high street locations as part of expansion plans. Anytime Fitness announced a 20-site expansion for this year. The gym brand said landlords were looking for a broader mix of businesses on high streets, while there is also a need to fill space left vacant by retailers moving online. PureGym has said it will open 30 to 40 sites this year, and The Gym Group said it was looking to open 28 sites in 2022. Anytime Fitness chief executive Neil Randall said: “Gyms are venues that drive footfall. Face-to-face retail alone doesn’t get people into central areas but leisure businesses and gyms are encouraging more people to come in.”
Hospitality businesses in city and town centres could stand to lose £3bn of spending a year as hybrid working continues. According to research presented at the Royal Economic Society recently, the average worker will spend an extra day a week at home this year compared to before the pandemic. Economists at the universities of Sheffield, Nottingham and Birmingham estimate spending in the City of London could fall by nearly a third. UK Hospitality chief executive Kate Nicholls said that many city-centre businesses have changed their opening hours to reflect lower demand during the week and stronger trade on weekends.
Boxpark is to open its new sister concept, BoxHall City, on Liverpool Street. The Metropolitan Arcade site will host the “all-day social dining experience” with food, beer and live events. Following its first BoxHall in Bristol, future BoxHall concepts will all be developed in existing buildings that carry cultural or historical significance in their respective communities. Further sites are to be announced later this year.
Property
Landlords will have to let out shops empty for more than six months under new Government plans announced under the Levelling Up and Regeneration Bill. This will allow community groups and small businesses to occupy space to help reduce vacancy and rejuvenate town centres. Local authorities will be able to force landlords to rent out commercial property through a Compulsory Rental Auction; after a short grace period, interested parties will be able to bid.
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