retail
UK retail sales and consumer spending in October were boosted by early Christmas shopping and cinema trips. Retail sales increased 1.3% compared with the same month in 2020, up from 0.6% in September, according to data published by the British Retail Consortium in association with KPMG. Data from Barclaycard reported that consumer spending was up 14.2% in October compared with the same month in 2019. Entertainment spending in October was up 28%, rising above pre-pandemic levels for the first time, due largely to the previously delayed release of Bond film No Time to Die. Spending on international travel and public transport also reached a high as more restrictions were lifted and more workers returned to the office.
The “world’s oldest department store” is due to reopen as a pop-up in Derby. Bennetts, which opened as an ironmongers in 1734, closed in 2019 but was bought out of administration by local businessman Paul Hurst, as part of plans to reopen a series of smaller stores. The pop-up, called Seasons by Bennetts, will open close to the original Irongate store, which Hurst hopes to reopen. He said: “We are still totally committed to the Irongate store. With it being our flagship, we want it to be something really special and we hope to be releasing more information on that in the near future.”
LEISURE
Greek street food chain The Athenian plans to double the size of its UK estate as part of its expansion plans here and abroad. New sites in Spain and the UAE will include The Athenian’s range of souvlaki and gyros, with all UAE sites completely halal. In the UK, the brand will have 18 sites by December including permanent restaurants and delivery kitchens. Co-founder Tim Vasilakis hopes to grow the group’s domestic estate to 26 sites by the end of next year.
Burger & Lobster is to accelerate its domestic and international expansion plans. The restaurant has a “strong pipeline of sites in place” with a 10th London restaurant to be announced at the beginning of next year. During the pandemic, the brand focused its efforts on delivery, opening three dark kitchens and offering DIY kits. Now, week-on-week sales are continuing to increase, positioning the company well for expansion.
Property
A new Code of Practice and laws announced today by Business Secretary Kwasi Kwarteng aim to resolve remaining commercial rent debts. The new rules are to be published in the coming weeks and are intended to prevent legal disputes between landlords and occupiers over Covid-driven rent issues. Commercially viable businesses will not be expected to take on debt, restructure or make redundancies to pay off debts. Insolvent tenants will pay rent in full. Some are concerned the new rules could leave tenants paying rent they cannot afford. British Retail Consortium chief executive Helen Dickinson said: “While we support the principle of compulsory arbitration, the devil will be in the detail on issues around what tenant viability really means in practice and the power of arbitrators. We will engage closely and constructively with government to help ensure their proposals protect otherwise viable businesses, secure the recovery, and protect jobs.”
Openings
Pasta restaurant Noci is due to open in Islington early next year; London restaurant Duck & Waffle is to launch its first restaurant in Scotland, at Edinburgh’s St James Quarter development; Fried chicken brand Bird is to open its first site outside of London this week, at the Hempstead Valley Shopping Centre in Kent; Italian restaurant Sapore has opened in Kendal, Cumbria; Edinburgh burger restaurant Butta Burger is to open a second restaurant in the city next month; Wine bar group Vinoteca is to open a new restaurant in London Bridge’s Borough Yards development.
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