Morrisons snaps up Jessops stores
Published: 06 February, 2013
Morrisons has acquired a package of seven Jessops stores including some of the collapsed camera chain’s best London sites
The most popular retail units attracted strong competition, particularly the jewel in the crown of the Jessops’ portfolio, the 5,600-sq ft New Oxford Street store in central London. Morrisons beat off rival bids from four retailers to secure this two-level store – the largest in Jessops’ portfolio – for its M Local format.
The deal also included two further London stores in High Street Kensington and Victoria, as well as stores in Edinburgh, Brighton, Croydon and York. The sale price is undisclosed.
Prime Retail, with Savills and GCW, was appointed to dispose of the 192-store Jessops portfolio by administrator PwC last month.
Jamie Ludlow of Prime Retail said: “Morrisons particularly targeted the larger stores in the portfolio for its M Local chain. This included double units and stores with photo labs that could be easily converted to supermarket use.”
He added that the agents are in active discussions with a number of retailers about further packages, with particular interest from coffee and A1 food operators and, on the larger properties, the convenience store operators.