Signs of of confidence in retail sector
The Works planning to open one store per week
The chain, which already has more than 300 UK stores, plans to open more than one outlet a week in 2016 and kicked off the year by acquiring ten-year leases at the Clyde Shopping Centre in Clydebank and at East Kilbride Shopping Centre.
Colliers International also negotiated a renewal of the lease for The Works’ store on Inverness High Street.
The 2,749 sq ft at 40 Sylvania Way, Clydebank, is on a ten-year lease, with a tenant-only break clause at year five, at an annual rent of £38,250.
Its store on The Plaza in East Kilbride Shopping Centre is 1,681 sq ft, with the same lease duration and break option. The rent is £85,000 a year, and Colliers negotiated a 12-month rent-free period on the property.
The existing Inverness High Street outlet occupies 4,855 sq ft across three floors. The five-year extension negotiated sees an annual rent of £71,000, with a six-month rent-free period.
The Works has become a fixture on UK High Streets and in shopping centres. Having launched a click and collect service last year, it plans to add about 60 stores to its estate during 2016.
Ross Wilkie, director of retail with Colliers International in Scotland, said: “The chain’s expansion is the latest sign of a pick-up in the retail sector which we are seeing in Scotland, which reflects growing consumer confidence.”
The three leases were each with different landlords.