Tuesday, February 19, 2019

Next invests £6 million in ex-BHS store


Next has confirmed it will launch a new flagship store in the former 55,000sq ft Leeds property that used to be home to BHS.

The White Rose Shopping Centre, owned by Land Securities, will see Next upsize from its current 29,000sq ft location to a new two story flagship, due to open in June.

The fashion retailer will invest £6 million in a large-scale redesign, adding a double height exterior frontage and increasing external glazing.

“This significant upsize for Next is a major signal that retailers are eager to invest and expand with us at White Rose Shopping Centre, one of the strongest performing centres in our retail portfolio,” Land Securities portfolio director Rob Jewell stated.

READ MORE: Next prepares for “challenging” 2017 after lacklustre Christmas

“As a result, the centre‘s retail offering continues to evolve, boosted by our significant leisure and entertainment extension that will open in the Summer, helping to support and underpin the demand for a full-day destination experience from our loyal customers.”

This expansion comes amid tough times for the retailer, dropping its profit forecasts by 3.6 per cent for the full year, and warning of a potential 14 per cent drop to January 2018, as declining sales continue to take their toll. 

The news also comes as a series of other former BHS are snapped up by retailers around the UK in the past week or so.

Most significantly, a big chunk of BHS’ former Oxford Street flagship in London will now be home to Polish fast fahion retailer Reserved, which will make its UK debut when it opens in autumn.

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