海角视频 fashion and beauty retailer, Flannels, is investing in a new 80,000 sq ft flagship store in Cardiff. As part of an expansion in the 海角视频, the retailer, which is part of Frasers Group owned by billionaire Mike Ashley, said its new store in the city will open in late 2023.
The company has yet to confirm the location of the store, how many jobs it will create and what impact it will have on the future of the existing smaller Flannels store in the centre of Cardiff on Churchill Way. However, it is understood that is will be located at a 90,000 sq ft building on Queen Street, which once provided separate trading units for Top Shop, Zara and River Island.
The building has been acquired by Frasers Group from the pension fund of farming union the NFU. The value of the deal has not been disclosed. With a significant investment the units will be knocked through to create a new shopping experience for Flannels.
As well as a new Cardiff store, Flannels has confirmed investment in two other up to 80,000 sq ft flagship outlets in Leeds and Newcastle. James Keany, executive director, 海角视频 retail at CBRE advised Frasers Group on its latest property acquisitions
Flannels chief executive Michael Murray, said: 鈥淥ur plans to expand with a series of new experience-orientated flagships demonstrates how we鈥檙e doubling down on our commitment to 鈥榥ew luxury鈥 and bringing world-class experiences to untapped markets.
鈥淥ur expansion plans not only demonstrate the confidence we have in our strategy, but they also show our continued belief in the future of the 海角视频鈥檚 high streets, which through our stores, we aim to re-ignite.鈥
The announcement closely follows the opening of Flannels鈥 Liverpool flagship store in June - its largest store to date at 120,000 sq ft. Founded in 1976, in the North of England, Flannels now has 50 stores across the 海角视频.鈥
Last year Mr Ashley a from an institutional investor. The 100,000 sq ft property, whose sole occupier in retailer Next has a lease running to 2027, had been put on the market with an asking price of around 拢15m.
Frases Group's other brands in Cardiff include House of Fraser located at the Howells building - which was acquired earlier this year by estate investment, development and asset management firm, Thackeray Group. The new owners are now working up plans for a new 拢100m mixed-used development for 275,000 sq ft Victorian building, which occupies a prime 1.7-acre site.
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