Since overtaking key rival Marks & Spencer in terms of both market share and annual sales, high street fashion retailer Next has been keen to continue building momentum in order to remain at the top of the chain.
This has seen it engage in a programme of new store openings and existing store expansions, with British Land this week confirming the successful completion of four new lease deals with the retailer.
At the Tollgate Centre in Colchester and the Mayflower Retail Park in Basildon, Next chose to more than double its presence as a means of including an extended range of stock at both sites.
The new Tollgate store will measure 19,300 sq ft and Next has taken out a 10 year lease on the property, while at the Mayflower Next has agreed terms on a 15 year lease for 23,700 sq ft.
Meanwhile, in Guiseley, a total of 18,000 sq ft has been taken up by Next on a 10 year basis, although this agreement has been split into two separate leases.
This is because Next wishes to re-gear the lease for the existing outlet on site but also take out a new lease for a Next Home fascia – two neighbouring units, therefore, will be combined to bring both aspects of the business under one roof.
These three new agreements build upon the strong partnership established by Next and British Land at the beginning of the year, when the retailer re-geared its 10 year lease at St Peter’s Retail Park in Mansfield. Although it chose to remain in its existing 10,000 sq ft unit, there is a possibility that it may choose to implement a similar deal as seen in Guiseley at some point in the future.
Head of Retail Park Asset Management at British Land, John Maddison, expressed his delight at the successful outcome of the negotiations.
He said; “We are very pleased to have achieved this latest series of deals with Next, and in particular, that they have chosen to upsize at two locations.
“Our shopping park in Basildon was recently upgraded, so this is a great reflection of the work we have done there.
“Next is one of our key anchor tenants, with almost 50 stores across the portfolio.”
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