In-Town: 65-67 Monmouth Street
ACQUISTION: 65-67 MONMOUTH STREET, SEVEN DIALS, LONDON
CLIENT: GUDRUN SJÖDÉN
INSTRUCTION: TO ACQUIRE SHOP PREMISES IN CENTRAL LONDON
We were instructed to act on behalf of this ladies fashion and homewares retailer who are looking to open retail shop premises, initially in Central London and then across the UK. They have over 40,000 existing UK customers from mail order and online sales and trade in over 40 countries worldwide and operate 13 stores across Europe.
Because Gudrun Sjödén had no store trading history in the UK we initially worked with them to produce a landlord’s pack, which we could then present and give to the identified landlords with ownerships in the target locations. We were specific and persistent as the main hurdle with a new entrant is conveying the concept, brand and covenant potential.
We identified and searched areas to establish available premises. Once premises had been identified we analysed the advantages and disadvantages and reported whether it was a suitable contender as a Gudrun Sjödén flagship store.
An opportunity became available at 65-67 Monmouth Street, Seven Dials and following our due diligence we entered into negotiations with the landlord, Shaftesbury. Initially they were concerned about a new overseas fashion and homewares retailer as they felt they had a sufficient profile in this trading sector. However, by explaining in detail the specific benefits of the brand and the points of difference we were able to persuade the landlord to let the property to Gudrun Sjödén on a 10 year FR&I lease.
Gudrun Sjödén will be open for trade by Easter 2012 and we continue to advise as solely retained agents on their ongoing expansion programme in the UK.