Schroder UK Real Estate Fund (‘SREF’) is welcoming two new household names – Lidl and Metro Bank – to Kings Mall, Hammersmith, diversifying the retail offering of the scheme and widening its appeal to local businesses and residents.
Global supermarket Lidl has signed an agreement to lease the space and plans to open the new supermarket in 2020. This follows the reconfiguration of space to provide 18,200 sq ft for the retailer, as part of extensive investment of work that has been completed at Kings Mall to upgrade the look and feel of the centre into modern, fit for purpose convenience retailing. Lidl is a complimentary operator to the existing tenants and will draw footfall through to the rear of the scheme.
Metro Bank will also be joining King’s Mall and is currently on site fitting out a newly configured 4,000 sq ft store in a prominent position on King Street. The bank will be open seven days a week offering customers convenient banking and super-quick account opening.
Rob Cosslett, Investment Manager for SREF, said:
“Our strategy to refocus Kings Mall is really taking hold, driving both shopper footfall and meeting the needs of retailers, particularly at a time when they are increasingly selective about where they operate physical stores. The lettings with Lidl and Metro Bank – and the commitment by existing tenants – enhance the centre’s retail credentials, and are testament to the brands’ confidence in Kings Mall, and the investment and management approach which is shaping it to better meet their needs and those of the community they serve.”
As a result of SREF’s investment and active asset management, other international brands have been investing in the improvement of their stores in the scheme. Danish variety store Flying Tiger has completed a refresh of its store, bringing it in line with the new look and feel of the shopping centre. Meanwhile American sportswear and footwear retailer Footlocker has extended the lease on its 3,300 sq ft store by another five years. As part of this lease extension, the retailer will install a double-height shopfront and carry out a major internal refit, illustrating the retailer’s commitment to the scheme.
SREF is committed to supporting innovative retail at Kings Mall. In line with the scheme’s #startupmall initiative the team behind hit CBeebies show ‘Messy Goes to OKIDO’ has extended its lease to bring their hugely successful pop-up shop and workshop zone ‘The World of OKIDO’ to Kings Mall throughout the summer holidays.
Olu Johnson, Lidl GB’s Regional Head of Property, commented:
“We are delighted to be opening a new store in Hammersmith, which marks another milestone in our ambitious store expansion programme. We’ve seen incredible demand for Lidl stores across the country and look forward to offering our quality products and incredible value to shoppers in and around Hammersmith.”
Ian Walters, Managing Director of Retail and Business Banking at Metro Bank, added:
“As the revolution in British banking, we’re excited to be coming to Hammersmith. We’re committed to bringing amazing customer service to local residents and businesses in the area.”
SREF, Schroders’ £2.5 billion real estate fund, acquired the 340,000 sq ft Kings Mall Shopping Centre in 2015 for £153 million as part of a portfolio of assets in Hammersmith. The fund has devised a significant asset management strategy for the whole estate, which includes extensive mall-enhancement works that have taken place.