Tenant Watch Issue 22

28.07.26

TenantWatchIcon Welcome to Tenant Watch, a regular newsletter from Income Analytics that summarises news affecting key occupiers of commercial property. Tenant Watch provides real estate brokers, investors and lenders with a summary of recent news articles focusing on financial health and future occupational requirements. 
Author: Jack Baker
Contact us: info@incans.com

Retail

Next will upsize and refurbish its Cribbs Mall store in Bristol to 47,000 sq ft, expanding its clothing and accessories range, and has leased a separate 1,797 sq ft unit for the region’s first standalone Bath & Body Works store (Completely Retail News, 10 August 2026).

H&M has placed around 250 UK head-office roles at risk as part of an ongoing reorganisation, although the figure does not represent confirmed redundancies and store employees are unaffected. In the six months to 31 May, operating profit rose by 14% to SEK8.1 billion while net sales fell by 1% to SEK104.4 billion (The Retail Bulletin, 10 August 2026).

McDonald’s has sold 11 of its 23 Hong Kong retail properties for more than HKD900 million through sale-and-leaseback agreements, allowing its restaurants to continue operating under leases of up to 20 years. The group plans to sell the full portfolio, valued at nearly HKD3 billion, despite retail property values remaining more than 50% below pre-pandemic levels (VnExpress International, 9 August 2026).

Morrisons' parent company Market Topco’s net debt increased from £7.07bn to £7.52bn, as lease obligations rose to £1.97bn and preference share liabilities reached £2bn. Pre-tax losses widened to £629m from £612m, although revenue increased to £15.77bn, like-for-like sales grew by 2.8% and underlying EBITDA remained stable at £835m (Retail Gazette, 13 August 2026).

Halfords appointed former Morrisons commercial leader Lee Mountain as commercial director for motoring and services. Mountain, who previously led Morrisons’ £1.2bn impulse division and held senior roles at Asda, will help shape Halfords’ commercial strategy and support its next phase of growth (Retail Gazette, 12 August 2026).

Frasers Group has acquired Harvey Nichols from administrators FTI Consulting, taking control of its six UK stores, online business, inventory, employees and international franchise agreements. Frasers plans significant restructuring and integration, including a review of Harvey Nichols’ store portfolio, organisational structure, operating model and cost base, warning that the business could become smaller in the near term as it seeks to restore profitability (Completely Retail, 13 August 2026).


Logistics

Aion appointed DHL Supply Chain to manage its UK aftermarket parts warehousing, inventory, fulfilment and nationwide distribution, providing retailers and service partners with next-day access to more than 1,250 Aion V part lines (Motor Trader, 10 August 2026).

DP World agreed to acquire six UK grocery logistics sites from GXO Logistics, adding more than 2 million sq ft of warehouse space and over 2,000 employees. The sites serve retailers including Asda, Sainsbury’s and Co-op, with completion expected in September 2026; the divestment was required following the CMA’s review of GXO’s acquisition of Wincanton (International Finance, 10 August 2026).

JD Logistics partnered with Fast Retailing to digitalise and automate the global supply chains of brands including Uniqlo, GU and Theory. The collaboration will initially develop overseas express delivery services before expanding into inventory optimisation, AI demand forecasting, warehouse robotics and lower-carbon logistics across Asia, North America, Europe and the Middle East (BigGo Finance, 10 August 2026).

Austrian Post’s 70%-owned subsidiary euShipments.com acquired Slovakian fulfilment provider FHB Group, adding two facilities near Bratislava totalling 50,000 sq m. The deal expands euShipments.com’s network to 12 fulfilment centres across 27 countries; FHB generated over €23m in revenue and processed 2.7m parcels in 2025 (Parcel and Postal Technology International, 10 August 2026).

Maersk raised its 2026 earnings guidance after a strong second quarter, with underlying EBIT nearly doubling to US$1.6bn. The Danish logistics group increased its full-year underlying EBITDA guidance to US$10.5bn–US$12.5bn and EBIT guidance to US$4.5bn–US$6.5bn, supported by higher freight rates and strong Asian demand. CEO Vincent Clerc also highlighted growing landside congestion across Europe and other markets as a significant constraint on global supply chains (Financial Times, 13 August 2026).

CEVA Logistics suffered a major cyberattack affecting eight European warehouses and disrupting operations for several major customers. The incident exposed customer delivery data associated with companies including Valve, while other affected businesses included European retailers and financial institutions. CEVA isolated affected systems and launched an investigation, highlighting the operational and data-security risks created by increasingly interconnected logistics networks (The Loadstar, 11 August 2026).

DHL Supply Chain secured a UK aftermarket logistics partnership with Chinese electric vehicle brand AION. DHL will manage parts storage, inventory, fulfilment and nationwide distribution from a dedicated UK warehouse, which launched with more than 1,250 AION V component lines available for next-day delivery. The operation supports AION’s UK expansion, with its dealer network expected to reach around 25 locations by the end of 2026 (Automotive Logistics, 10 August 2026).


Office

Tatra banka will relocate its Slovak headquarters to the new Pribinova 1 development in Bratislava. The bank has selected the eight-storey office scheme, which will provide more than 20,000 sqm of office space alongside around 2,000 sqm of retail accommodation (EurobuildCEE, 13 August 2026).

Vaillant Saunier Duval is relocating its Warsaw headquarters to the Novu office building. The heating and ventilation specialist has leased 1,111.52 sqm at Al. Jerozolimskie 195A for a new office and training centre (EurobuildCEE, 12 August 2026).

Royal Greenland has opened a European shared services centre at the Wave office building in Gdańsk. The new location in the Oliwa district will accommodate the seafood group’s European shared-services operations, with Colliers advising the company on the transaction (EurobuildCEE, 12 August 2026).

GlobalLogic has taken 4,732 sq ft of office space at Cannon Green in the City of London. The digital engineering business has agreed a five-year lease on the sixth floor as part of a trio of new occupier commitments at the building (BE News, 12 August 2026).

Ogletree Deakins has committed to a new City of London office at Cannon Green. The US law firm has signed a 10-year lease for 4,106 sq ft on the third floor of the 107,000 sq ft office scheme (BE News, 12 August 2026).

Pure IP has taken 2,708 sq ft at Cannon Green in the City of London. The international cloud-based business communications provider has agreed a five-year lease on the building’s second floor (BE News, 12 August 2026).

Rohde & Schwarz Topex has renewed and expanded its Bucharest office to 9,600 sqm. The technology company committed to the enlarged footprint at IRIDE Business Park 19, making it one of Bucharest’s largest recent office transactions (EurobuildCEE, 12 August 2026).

Veolia has pre-leased 6,000 sqm at Green Court D in Bucharest. The commitment is among the Romanian capital’s largest recent office deals and comes as companies increasingly pursue new leases and expansions despite constrained high-quality supply (EurobuildCEE, 12 August 2026).

Strabag has pre-leased 4,600 sqm at Queens District in Bucharest. The construction group is taking space at the new Floreasca-Barbu Văcărescu development as part of a broader recovery in corporate office demand in the Romanian capital (EurobuildCEE, 12 August 2026).

Evoke has renewed its 2,400 sqm Bucharest office lease. The betting and gaming group has retained its space at Bucharest Business Garden, adding to a series of major occupier commitments in the city (EurobuildCEE, 12 August 2026).


Other

Construction has begun on Volvo Group’s £24 million regional distribution centre at SEGRO Park Coventry. The pre-let facility will use automated storage and picking systems to streamline parts distribution across the group’s UK and Ireland operations (Coventry Live, 10 August 2026).

TalkTalk Business is merging with technology services provider ARO, creating a group with around 650 employees, £180m in annual revenue and more than 70,000 customers. The deal follows TalkTalk Business’s February demerger from TalkTalk Group and recent Planet IT acquisition, strengthening its connectivity, cloud, cyber security and managed IT offering. The merger remains subject to National Security Investment Act approval (TheBusinessDesk.com, 14 August 2026).

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