One Retailer Has Big Store Expansion Plans As Americans Swoop Up Another High Street Icon
In spite of the cost-of-living increase besetting consumers, one prominent British retailer is planning to significantly expand its store presence, in a rare bright spot for retail property owners.
Footwear retailer Dune said this week it would open 30 stores globally over the next three years, more than half of which will be in the UK, Drapers reported. It has 50 stores in the UK and 100 more around the globe, meaning the expansion will amount to a nearly one-third increase in its UK portfolio.
The company believes in stores, CEO Daniel Rubin told Drapers.
The news comes as U.S. retail specialist Authentic Brands Group agreed a cut-price deal to buy high street giant Ted Baker.
ABG will pay 110p a share or £211M for Ted Baker. That is less than the 160p a share it offered for the company as recently as May, but a 20% premium to its share price before the offer was announced.
ABG also owns brands such as Reebok, and has a joint venture with U.S. mall giant Simon Property Group through which it buys retail brands that might otherwise go bust and close stores.
Ted Baker has 97 stores in the UK and 376 worldwide. The company has been struggling since 2019, when founder Ray Kelvin left the business amid claims of inappropriate behaviour toward staff. It shares fell as low as 69p earlier this year, but rose on the potential of a takeover.
