The Works is accelerating its expansion in Scotland after commercial property specialist Colliers International secured a number of new leases for the retailer.
The chain, which already has more than 300 UK stores, has plans to open more than one new outlet a week in 2016 and kicked off the year by acquiring ten-year leases at the Clyde Shopping Centre in Clydebank and at East Kilbride Shopping Centre. Colliers International also negotiated a renewal of the lease for The Works’ popular store on Inverness High Street.
The 2,749 square feet at 40 Sylvania Way, Clydebank, is on a ten-year lease, with a tenant-only break clause at year five, at an annual rent of £38,250. Its new store on The Plaza in East Kilbride Shopping Centre (Unit 27b) is 1,681 square feet, with the same lease duration and break option. The rent is £85,000 a year, and Colliers negotiated a 12-month rent-free period on the property.
The existing Inverness 24 High Street outlet occupies 4,855 square feet across three floors. The five-year extension negotiated sees an annual rent of £71,000, with a six-month rent-free period.
The Works, which offers books, stationery, toys, games and art and craft products at bargain prices, has become a fixture on UK High Streets and shopping centres. Having launched a click and collect service last year, it plans to add around 60 stores to its estate over the course of 2016.
Ross Wilkie, director of retail with Colliers International in Scotland, said: “We are delighted to be helping The Works with its expansion plans, and are confident that we can secure further locations throughout the year, as there are still many gaps in the market where our client is not represented.
“The chain’s expansion is the latest sign of a pick-up in the retail sector which we are seeing in Scotland, which reflects growing consumer confidence.”
The three leases negotiated by Colliers were each with different landlords.