British Land has agreed to lease 180,000 sq ft to retailer Frasers Group, including a 120,000 sq ft former Debenhams store in Meadowhall, Sheffield.
The Meadowhall space will be divided, with a flagship 60,000 sq ft Sports Direct store on the upper mall and 60,000 sq ft Frasers concept store on the lower mall. Customers will be able to browse other Frasers brands at the site, including USC, GAME and Evans Cycles.
Frasers has so far opened eight Frasers concept stores. The group said it “continues to invest” into a modern department store model.
Additionally, Frasers has signed two new leases at Teesside Shopping Park, a regional shopping destination in Stockton-on-Tees. The retailer cited its geographical positioning and catchment of “under-served” customers.
Set to open in late 2024, Sports Direct will double in size to 40,000 sq ft at the location and feature both a Game and Evans Cycles, alongside a 20,000 sq ft Flannels store that will open following a comprehensive refurbishment of the existing Sports Direct space.
The duo said further deals will be unveiled that will build on their existing relationship.
Michael Murray, chief executive of 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.”
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 at 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.”
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
