Phones 4u continues its rapid UK expansion with the opening of four new stores in London, the company’s 38th new store this year.
Despite a challenging retail market, Phones 4u continues to buck the general trend by expanding its store portfolio throughout the UK. Advised by exclusive property advisor CBRE, the mobile phone provider will have opened 40 new stores before Christmas this year, in addition to five relocations.
Phones 4u has opened close to 100 new stores since the company was bought by BC Partners at the beginning of 2011, with a long-term plan to open a further 45 stores per year over the next three years.
CBRE, sole advisor to Phones 4u on all the acquisition and disposal work for the last four years, has acquired four new stores in London on the company’s behalf at 40 Upper Street, Islington, N1 (1,465 sq ft on a 10 year lease with a five year break); 462 Brixton Road, Brixton (1,067 sq ft); 340 Green Street, Upton Park (1,100 square foot ft on a 10 year lease with afive year break) and Southside shopping centre, Wandsworth (711 sq ft on a 10 year lease with a five year break).
Nik McCarthy, UK Retail, CBRE, commented: “Phones 4u has demonstrated that with an appealing consumer offering and targeted property strategy, retailers can be successful despite a challenging environment. It is exciting to be involved in such a large acquisition programme. We look forward to continuing our close working relationship with Phones 4u to help deliver their business plan portfolio and strengthen the company’s position as the leading independent mobile phone retailer.”
James Whiteman, Group Estates Manager at Phones 4U, commented “We have worked closely with CBRE to help mould our acquisition strategy and refine our target locations. CBRE has provided first class advice across the UK and unearthed some excellent opportunities that we have acquired. Phones 4u are committed to providing an exceptional customer experience which is being delivered in an increasing number of markets.”
