Land Securities lands Cortifiel deal
Published: 23 February, 2010
Land Securities, through its subsidiary Brand Empire, has struck a deal with the Spanish fashion giant Grupo Cortefiel to bring three of its core brands to the UK.
The Cortifiel deal will see three brands - Cortefiel, Springfield and women’secret - launch in the spring/summer, with discussions for first locations currently underway. It is anticipated that the second phase of openings will happen in the autumn with further prime shopping locations targeted over the next five years.
The deal is the first to be concluded by Land Securities' Brand Empire vehicle which was set up to attract new entrants to the UK market to help evolve the retail offer and drive footfall. Brand Empire, acting as incubator, will invest in the store set up and employees. Grupo Cortefiel will be responsible for the product line and brand marketing.
Richard Akers, managing director retail for Land Securities, said: “Brand Empire was born out of the recognition of the difficulties experienced by some retailers in accessing our market. The innovative approach makes it easier for new brands to enter the UK and has the potential to play a significant role in the evolution of the retail environment. The benefit to us is that we gain a greater understanding of the retail business model as well as potentially helping these retailers become a major presence in the UK.”
The Brand Empire team is backed by Land Securities, but has been established with its own board and employees. Brand Empire will negotiate arms-length lettings with Land Securities and other major UK landlords for prime retail locations.