Estate Agent Knight Frank is hoping to up its retail portfolio as Richard Petyt,senior director of acquisitions at Asda stores, has joined the real estate firm.
Petyt has worked for the supermarket chain since 2001, when he was placed as Head of Foodstore Acquisitions for ten years, before later being promoted to Senior Director of Property Acquisitions.
Both his property experience and retail knowledge will be welcomed by Knight Frank’s commercial team which focuses on developers, owners and investors. Petyt’s new role will focus on food store and mixed use development projects, development funding and food store portfolio rationalisation.
Alex Munro, partner of the retail team at Knight Frank is excited about the new addition, stating, “Richard brings with him invaluable experience from his time on the occupational side. In an increasingly competitive and sophisticated market he will bring an additional perspective to our team ensuring our ability to provide comprehensive advice to our clients”.
Petyt has left the supermarket giant just as it looks to expand its stores further. Following a turbulent sales year, making a loss of 1% (its first since 2008), Asda is investing £600m into opening 17 new supermarkets and refurbishing an additional 62, focusing on South England and London. Andy Clarke, Asda’s chief executive said, “We have fewer large stores and an opportunity to open more supermarkets than some of our competitors”.