Flexible ‘pop up’ space provider Sook has announced new partnerships with commercial property giants Hammerson and Rivington Hark, which will see the retail innovator open three new spaces this summer in brand new UK locations.
The firm says its rapid expansion is a result of exceptionally high customer demand for flexible retail space as occupiers demand greater flexibility to traditional leases in a continuing uncertain economic climate.
Sook will take up flagship spaces in The Bullring in Birmingham and West Quay in Southampton with Hammerson, and at Victoria Gate, Leeds with Rivington Hark, expanding the firm’s property portfolio to ten.
The new alliances follow successful partnerships with some of the UK’s most prestigious landlords including Grosvenor, Legal & General, Derwent, Nuveen and Ingka, and includes four busy spaces in London, including Oxford Street and Mayfair.
The firm announced last month it was actively looking to expand its portfolio across the UK, with a key focus within the M25.
Sook founder and CEO John Hoyle, said: “These new alliances allow us to significantly expand our reach across the UK. Sook spaces give the next generation of innovative, independent high street retailers access to a flexible, hybrid retail model. Working this way reflects the clear changes in footfall habits and allows brands to experiment and expand their reach in bricks and mortar outlets via our fractional leasing model.
"We’re delighted Hammerson and Rivington Hark share our vision.”
Hammerson’s Head of Customer Experience and Brand Partnerships, Anthony Osho said: “We are very pleased to be partnering with Sook to deliver a flexible retail offering within two of our shopping destinations, West Quay and the Bullring.
“Our partnership with Sook will enable Hammerson to offer brands additional options and flexibility to occupy space in flagship shopping centre destinations across the UK. Through their model we will be able to diversify our tenant mix by attracting brands who would otherwise be deterred by the high barriers to entry. From smaller, more agile brands to digitally native brands taking their first steps into physical space, we hope to drive excitement and footfall as well as incubating future full term tenants.”
Rivington Hark’s Director of Asset Management, Amy Blackwell said: “We are very pleased to announce the opening of Sook at Victoria Leeds. Sook’s innovative flexible retail solution will allow us to test new quality brands, provide variety for returning customers and drive revenue at this premium retail destination. It will also help us in achieving ESG excellence within the asset. Multiple occupiers are able to utilise the same space throughout the year, making it bespoke to their brand through digital activation, without creating high volumes of waste.”
They join a growing network of progressive Real Estate Owners seeking to explore how they can achieve higher revenue streams whilst embracing and acting on the changes in demand for retail space in today’s market.
Sook has developed a tried and tested model of delivering exciting and relevant retail activations in their digitally-enabled units whilst generating commercially competitive returns for landlords.
The Sook spaces combine digital walls, modular furniture and adaptable window displays, which allow occupiers to set up in minutes, maximising the utility and functionality of retail units.
As well as four in London, Sook also has existing spaces in Edinburgh, Newcastle and Cambridge.
