Inditex
Harper Dennis Hobbs have advised the Spanish retailer, Inditex, whose trading fascias include Zara, Massimo Dutti, Bershka and Pull & Bear exclusively on their retail strategy and acquisition program in the UK, Ireland and Holland since 1999. We have also advised them on all budget rent forecasting; undertaken all of their rent review and lease renewals and effectively acted as their property management department since this date.
We have worked with both the Spanish and UK divisions to build a portfolio of over 50 stores for Zara from virtually being unknown in this country, helping to make them one of the most exciting and innovative fashion chains on the High Street. Highlights of the program have included acquiring the 1,000th store out of the worldwide portfolio and UK launches for Massimo Dutti and Bershka.
We currently have a 5 year program for future openings to help them develop maximum trading potential in the UK, within shopping centres and High Streets. Our remit for Inditex includes:
- Preparation of Strategy Expansion Reports;
- Sourcing all opportunities and making recommendations for best options;
- Negotiation of full detailed Heads of Terms for UK Board Approval;
- Preparation of Acquisition Packs for International Board Approval;
- Liaison throughout the acquisition process with legal, technical team and developers to ensure store delivery and opening on program;
- Ongoing reporting for future store delivery and opening program;
- The provision of budget rents on forthcoming rent reviews and lease renewals;
- Undertaking rent reviews and lease renewals on a structured basis;
- The provision of rating advice and negotiation of settlements;
- Ongoing support with tenant issues - we live with the leases we agree!
HDH effectively act as Inditex’s one stop property department on all issues within the UK, Ireland and Holland on a 24/7 basis.
Millie’s Cookies
Millie’s Cookies is an American style bakery concept, specialising in cookies, muffins, ice cream, drinks and smoothies. Millie’s was founded in 1987 and opened its first outlet in the foodhall of Selfridges’ Oxford Street store.
Harper Dennis Hobbs were appointed as sole property agents in 1993 when Millie’s Cookies were trading from 8 outlets. Since then Harper Dennis Hobbs have helped the brand expand to an established shopping centre multiple, with over 100 stores now trading in the UK. Millie’s are also expanding further afield with outlets in airports and railway stations in Hong Kong, Paris, Lyon, Frankfurt and Berlin.
The focus for store acquisitions is in covered shopping centres, railway stations and airports. Harper Dennis Hobbs have acquired stores for Millie’s in super-regional centres such as Bluewater, Metrocentre, Meadowhall and the Trafford Centre, and in major cities such as London, Manchester, Birmingham and Glasgow. Most recently Millie’s have opened outlets in new developments Westfield London and Bristol’s Cabot Circus.
Millie’s trade from a mixture of mid mall kiosks and standard units, and many of the acquisitions are relatively complex in that:
- Tenant Mix Policies have to be satisfied in terms of product offer and price point;
- Each store is individually designed to meet the needs of the space available;
- Statutory bodies (Building, Fire and Environmental Health Regulations) often have to be satisfied on complex issues;
- Utility services have to be provided through to mall areas;
- Remote storage has to be sourced;
- Ongoing support with tenant issues - We live with the leases we agree!
Following the opening of 20 outlets between 2006 and 2008, we are continuing to work on Millie’s expansion plan for 2009 and beyond. We are also responsible for their rent review, lease renewal and budget rental forecasting for their entire 100 store portfolio.
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