Struggling retailer Arcadia is selling five prime shops in top trading pitches in Manchester and Liverpool.
The disposals are part of Arcadia’s UK-wide strategy to pull out of 400 of the 1,300 stores it trades from. Three of the five disposals alone, in Market Street in Manchester, will save over £1m a year in rent.
At 41-43 Market Street, currently occupied by sports retailer Wade Smith Junior, Arcadia is paying £484,866 in rent pa; at the Principles shop at 74-76, the retailer pays £261,850 pa. But both rents could rise as they have outstanding reviews from last year.
Arcadia also pays rent of £330,000 pa at 45 Market Street, where a rent review is due in two years.
In Liverpool, Arcadia is disposing of two units. The Dorothy Perkins shop at 66-68 Church Street, is under offer, while the Wallis shop at 5-7 Parker Street is available.
Patrick Keenan, of Churston Heard, which is dealing with Arcadia’s Manchester disposals, said: “Arcadia would like to sell these units as soon as possible. All occupational leases will be assigned. Although Arcadia is disposing of these shops, it still retain a presence in Manchester, with a number of units in the Arndale Centre.”
EGi News 14/06/00
