Frasers Group plc is pleased to announce the signing of significant leases with British Land, building on the already strong partnership and reinforcing the Group’s commitment to physical retail in the UK.
Today, it has signed leases with British Land for over 180,000sq ft of retail space, comprising a flagship 120,000sq ft site in Meadowhall, Sheffield. The deal brings a further vacant Debenhams store back into use and will break up the space with a flagship 60,000sq ft Sports Direct store off the upper mall, providing customers with access to other brands from the Frasers Group ecosystem including USC, GAME and Evans Cycles. Following the Group’s success in opening eight Frasers concept stores to date, the Group continues to invest into Frasers’ modern department store model, opening a 60,000sq ft new concept Frasers store on the lower mall.
Additionally, Frasers Group has signed two new leases at Teesside Shopping Park, a regional shopping destination in the North East England, due to its geographical positioning and wide catchment of underserved customers. Set to open in late 2024, Sports Direct will double in size to 40,000sq ft and feature both a GAME and Evans Cycles, alongside a 20,000sq ft FLANNELS that will open following a comprehensive refurbishment of the existing Sports Direct space.
Frasers Group continues to invest in British retail and work collaboratively with landlords to unlock benefits for future growth and new retail opportunities. Its positive partnership and collaborative approach with British Land allows the Group to significantly grow the estate in size and number as part of its Elevation journey, with further deals to be announced shortly that build on the partnership.
Michael Murray, chief executive, Frasers Group said: “We are big believers in physical retail and our significant investment demonstrates not only our commitment to the Elevation Strategy, but also our innovative approach to rethinking large retail spaces to make them fit for the future. With each new store opening, we seek to set the benchmark for outstanding regional retail as we continue to bring the world’s most aspirational brands, product innovations, and customer experiences to regional consumers across the UK.”
James Keany, executive director, retail at CBRE said: “The value of bricks and mortar in Frasers Group’s overall strategy is evident, elevating stores to a new level with consumer experience at the core. Their vision epitomises what the future of retail can look like, and these new stores are no exception.”
Darren Richards, head of real estate, British Land said: “These new lettings across our regional retail portfolio clearly demonstrate the strength of the retail park format and Meadowhall’s appeal as a super-regional centre. These brands are successfully evolving to meet the ever-changing demands of the consumer, and we look forward to working closely with Frasers Group as it continues to roll out its Elevation Strategy.”