Open the box
Published: 01 December, 2010
Pandora, the Danish jewellery company which recently floated on the Copenhagen stock exchange, is expanding fast in the UK
Pandora’s flotation was said to be the biggest IPO in Denmark for 16 years and one of the biggest in Europe in 2010. Even before it raised the new funds to finance its expansion, the brand has built up a significant UK retail presence and it is already planning to take additional units in the UK during 2011.
Pandora was founded in 1982 by Per and Winnie Enevoldsen in Copenhagen. The jewellery, comprising a range of more than 800 handcrafted charms, is now sold in more than 20 countries.
Pandora has taken almost 50 stores in the UK during 2010 through a variety of franchise partners, making it one of the most active requirements in the market. Stephen Kane & Company is property advisor to Pandora and principal Stephen Kane says: “The Pandora brand is rapidly percolating into the consciousness of UK shoppers and the expansion of the brand is as a result of the positive reaction to the stylish jewellery offers.
“Pandora is taking prime units in both shopping centre and high street locations ranging in size from about 500 to 1,200 sq ft. We will be seeking up to a further 20 units around the UK during 2011 and we are continuing to search for the right high-profile locations primarily in shopping malls or well-trafficked retail destinations.”
The expansion programme is managed through a network of franchisees, which are each substantial businesses in their own right. For example TH Baker & Company operates existing Pandora concept stores in The Bullring, Birmingham, and Merry Hill. The franchise will shortly open a second store in Central Birmingham and units in Worcester, Shrewsbury and High Wycombe.
And in Crawley’s County Mall, TH Baker & Company is paying £85,750 pax for the 1,215-sq ft ground floor Unit 54 which also has an ancillary basement of 95 sq ft. The Pandora store is located on the lower mall immediately adjacent to Barratts Shoes and close to Holland & Barrett, H Samuel, Game and F. Hinds.
T & E Ferris is another of the largest Pandora franchisees, operating Pandora stores in Chester, Milton Keynes, Reading, Oxford, Southampton and Windsor. And it has recently acquired new leases for units at Brent Cross and Festival Place, Basingstoke.
At Brent Cross, Unit EX1 has been taken on a 10-year lease at an initial rent of £197,000 pa. The 732-sq ft unit is located on the lower level of the West Mall immediately adjacent to Claire’s Accessories and close to John Lewis, H&M, Hollister, Starbucks, Vision Express and TM Lewin among others.
At Festival Place, Basingstoke, Pandora will occupy 36 Wesley Walk again on a 10-year FRI lease at a base rent of £100,000 pa. The unit, formerly occupied by Faith, comprises a 1,218-sq ft ground floor and an 88-sq ft first floor. It is located adjacent to Costa Coffee and Waterstones and opposite H&M Hennes.
And Danish Concept Stores already operates Pandora stores in Bluewater, Westfield London, Royal Victoria Place in Tunbridge Wells, at 257-259 Oxford Street and at 76-78 High Street Guildford.
Now it is opening stores in Canary Wharf and at Fremlin Walk in Maidstone. At Canary Wharf, it has acquired an existing 15-year lease on 18 Cabot Place. The lease, which runs until September 2019, is at a rent of £72,500 pa for the ground floor lock-up shop of 478 sq ft and a premium of £27,500 was paid.
At Fremlin Walk Maidstone, it has secured a 10-year lease on Unit 34 at a base rent of £65,000 pa. The unit comprises a ground floor of 767 sq ft and a first floor of 692 sq ft and is close to the junction with Week Street and adjacent to Orange and Suits You as well as being close to O2, Ernest Jones, Fraser Hart, Schuh, Goldsmiths and Beaverbrooks.
