Iconic Store’s Future Uncertain
- Sports Direct puts Lillywhites London lease up for sale
- 97-year lease of 67,000 sq ft building on the market
- Rent at the location could be £4m a year
- Lillywhites has been trading since 1925
- Redevelopment ongoing in nearby Trocadero area
Sports Direct has reportedly put the lease for its Lillywhites store in Piccadilly Circus up for sale. The 97-year lease for the 67,000 sq ft building has been put on the market as landlord Criterion Capital conducts rent review talks. Lillywhites, which has been trading at the site since 1925, could face an annual rent of up to £4m. The location is undergoing redevelopment as Tower Records and Criterion repurpose a nearby Trocadero. Founded in 1863, Lillywhites was sold to Portugese retail group Jerónimo Martins in 1995 for £28.5m before being acquired by Sports Direct CEO Mike Ashley in 2002. The sportswear brand now operates two other stores in the UK and three in Kuwait.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the lease of Lillywhites store being put up for sale, its history, and the ongoing redevelopment of the location. It also mentions the potential rent amount and previous ownership changes. However, it lacks some details such as the current owner of Sports Direct and the identity of Criterion Capital.
Noise Level: 6
Noise Justification: The article provides information about a specific retail store’s lease being put up for sale but lacks broader context or analysis of long-term trends or consequences. It also does not offer actionable insights or new knowledge.
Financial Relevance: Yes
Financial Markets Impacted: Sports Direct’s decision to put the lease of its Lillywhites store up for sale may impact the retail sector and potentially affect the company’s financial performance, as well as the value of the property market in the area.
Financial Rating Justification: The article discusses Sports Direct’s decision to sell a lease which has financial implications for the company and could also have an impact on the retail sector and local property market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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