Happy Valentine’s day! Don’t worry, I don’t mind that you didn’t get me anything.
Love is in the air for Amazon, which has chosen to renew its vows to bricks-and-mortar retail, pledging to “go big” in 2023. Let’s put that $720m impairment behind us, the online retail giant says. Who cares if most of our store concepts have failed. This time, I know we can make it work. Come on, let’s get physical.
And, actually, the public appears to be back in love – or at least “like” – with physical retail. Footfall has risen by 36% in central London since the end of the rail strikes.
There is a lot to love about London, too, writes Jenna Goldberg, chair of the Opportunity London steering group. It has been easy over these past few difficult years to buy into the rhetoric that London has lost its way, but recalibration and a resetting of the narrative shows resilience, not redundancy.
McLaren Property is showing more love for Leeds, submitting plans for a 45-storey BTR tower at Wellington Square. This will be joined by 364,000 sq ft of commercial space.
Adhesive manufacturer Ureka has decided to stick with St Modwen, signing a prelet at its Newport scheme.
And Landsec has decided to treat Cardiff to a slap-up steak dinner!
But there are also some broken hearts this morning. North East construction firm Tolent has fallen into administration, after its £85.5m contract for the Milburngate development in Durham became loss-making.
Tile Giant has sold off and closed stores as part of a pre-pack administration.
FRP Advisory has told shareholders to expect more restructuring and company failures in the coming months.
And Deutsche Bank’s analysts have cut forecasts for housebuilders, advising anyone who bought in the autumn sell-off to consider cashing out. Ouch.
Meaningful partnerships with the public sector have the power to transform cities, writes Shoosmiths real estate partner Patrick Duffy. But both developers and local authorities must enter into them with their eyes wide open.
After splitting with the West, Russian oligarchs have found a new object for their affections, shifting their wealth to Dubai, Vietnam and Thailand, according to the man dubbed “Putin’s Architect”.
And The FT (£) takes a romantic trip to New York, where the smart developers are turning offices into condos.
And finally, if you are going to buy someone flowers today, check you know what species they are. A landmark ruling has just exposed councils to a potential wave of damages claims over Japanese knotweed. Don’t try to be imaginative – stick with the roses.
