A list of nearly 50 New Look stores that could be up for possible disposal or lease renegotiations has been circulated among property sources this week, Drapers has learned.
The document details 49 stores across the retailer’s portfolio in the UK and Ireland. It is not clear where the list originated.
The list includes New Look’s two existing stores on London’s Oxford Street, one near Oxford Circus Tube station and the other by Marble Arch, as well as three in Edinburgh, including one on Princes Street. Most of the other stores are in secondary locations.
Three of the stores on the list- Biggleswade, Chester Foregate and Plymstock- have already closed.
There is no mention of New Look’s planned new flagship at 73-89 Oxford Street, which is due to open this spring.
One property source said: “There are many obvious sites on there that would’ve been expected. The question is whether they are [earmarked for] disposals or form part of a larger restructuring.”
Another said: “It could be a situation where [New Look is] trying to get rid of those stores to reduce its outgoings, or restructure its portfolio through [upcoming] break options.”
The retailer declined to comment on the list. Both Deloitte and CBRE, which are informally advising the retailer on its potential restructuring, also declined to comment.
New Look operates 896 stores, comprising 596 in the UK and a further 300 globally, according to its financial figures released in November.
The list of stores
Aberdeen – Bon Accord
Cardiff – Queen Arcade
Chester – Foregate Street
Dundee – Wellgate
Edinburgh – Princes Mall (Waverley)
Edinburgh – Princes Street
Edinburgh – Ocean Terminal
Gateshead – Team Valley
Hull – Whitefriargate
Leeds – Headrow
London – Marble Arch
London – Oxford Circus
Stockport – Merseyway
Stratford Upon Avon – Bridge Street
Swansea – Fforestfach
Torquay – Union Street