Swedish fast-fashion retailer H&M has commenced construction of a new store in the UK today after appointing Britannia of Cheltenham to complete the build.
The £1.5 million store in Aylesbury‘s Friars Square shopping centre is on track to be completed and opened to the public in the autumn of this year thanks to the new agreement.
Britannia Construction conducted the enabling works for the 20,000 sq ft foot store within the shopping centre, which is owned by Grosvenor Fund Management, and will now complete the balance of the works.
Helen Griffin, Senior Asset Manager at Grosvenor Fund Management, said: “Britannia has made good progress to date and will now commence construction of the new store in earnest.
“It is business as usual while the works are taking place and Friars Square remains fully open and accessible to all our customers.”
In a trading update released today, H&M revealed that its global like-for-like sales grew 16 per cent year-on-year during March, as unexpectedly warm weather in many of the countries it operates in helped to boost trading.
H&M has around 2,500 stores in its international portfolio which covers 44 countries, and it currently operates 213 stores in the UK.
Grosvenor are hoping that the introduction of H&M into Friars Square in such a sizable unit, will significantly enhance the centre‘s offering and help make Aylesbury a leading shopping destination.
Griffin added: “We are working hard to enhance the centre and are pleased to have relocated some existing occupiers whilst progressing the works for H&M.”