Tenant Watch Issue 02 (16th March 2026)

Retail

Saks Global plans to close 15 additional stores as part of its restructuring, including 12 Saks Fifth Avenue locations and three Neiman Marcus sites, following nine closures previously announced. The move comes after the retailer filed for Chapter 11 bankruptcy in January and secured £740m in new funding in February to stabilise vendor relationships and restructure debt, with the company also reportedly continuing discussions with landlords about potential further closures (Retail Gazette, 09 March 2026).

Aldi plans to create more than 1,100 store roles in 2026 as part of a £370m investment to open 40 new UK shops. The jobs will include full- and part-time positions such as store assistants, cleaners and managers. The expansion comes as the supermarket grows its footprint beyond 1,080 UK stores and continues to compete with established grocery rivals. From 1 April 2026, store assistant pay will rise to £13.50 per hour nationally and £14.88 inside the M25, increasing to £14.47 and £15.20 respectively with length of service (Retail Gazette, 11 March 2026).

Logistics

DPD UK has opened two new 60,000 sq ft automated regional distribution centres in Crawley and Sittingbourne, the first of seven planned sites across south-east England. Each facility can process up to 80,000 parcels per day and support more than 100 delivery routes, increasing capacity to meet growing demand. The openings form part of DPD’s ongoing investment in its national network of more than 80 automated sorting centres to support its seven-day next-day delivery service (Parcel and Postal Technology International, 10 March 2026).

Yodel Delivery Network, acquired by InPost in 2025 for £100 million, is being phased out in the UK over the coming months. The integration follows a joint locker-to-door service already in place since 2024. Yodel, which handled over 190 million parcels annually, ranked last in the 2025 Citizens Advice Parcels League Table for customer service, delivery reliability, and trust. InPost plans to expand delivery options and guarantee locker deliveries within 48 hours once the Yodel brand is fully phased out (Guardian Series, 5 March 2026).

  Other 

Volkswagen AG announced it will cut 50,000 jobs in Germany by 2030, including across Audi and Porsche, following a 44% drop in post-tax profits to €6.9 bn in 2025, the lowest since 2016. The decline reflects US import tariffs, growing Chinese competition, and high EV restructuring costs. The group had already agreed with unions to reduce 35,000 jobs by 2030 to save around €15 bn. Volkswagen forecasts a 2026 core profit margin of 4–5.5%, and management emphasised the need for rigorous cost reductions to restore long-term profitability (BBC News, 10 March 2026).

Tesla Motors Limited’s UK sales fell 37% year-on-year in February 2026, with 2,422 vehicles registered compared to 3,852 in February 2025, as Chinese EV brands like BYD gained market share. Overall UK car sales rose 7.2% to 90,100 units, showing the broader market was growing despite Tesla’s decline. Tesla stated that monthly registration figures do not fully reflect orders or deliveries, noting that customer orders for January–February exceeded 2025 and 2024 levels but had not yet been fulfilled. New Automotive data reported a similar drop to 2,208 vehicles, while BYD sales surged 40–83%, still below Tesla’s volume (Reuters, 5 March 2026).

Office

Gilead Sciences has agreed to lease 50,000 sq ft at One Triton Square within the Regent’s Place campus in central London, owned by British Land and Royal London Asset Management. The building, completed in October 2025, has seen strong leasing momentum, with five deals totalling 71,000 sq ft, bringing it to 77% let or under offer by estimated rental value. The 300,000 sq ft development provides sustainable office space, laboratories, flexible work areas and shared facilities designed to support life sciences and technology occupiers (Property Week, 11 March 2026).

People Moves

DHL Group has extended the contract of CEO Tobias Meyer until March 2031. Meyer, a member of the board since 2019 and CEO since 2023, has overseen the completion of the company’s Strategy 2025 and the development of Strategy 2030, aimed at driving growth and improving profitability in a challenging market environment. The supervisory board reaffirmed its confidence in his leadership and strategic direction (Parcel and Postal Technology International, 9 March 2026).

Shantanu Narayen has announced plans to step down as CEO of Adobe after 18 years, remaining as board chair while the company searches for a successor. The announcement came alongside strong first-quarter FY2026 results, with revenue of $6.4bn and EPS of $6.06, beating expectations, and AI-driven revenue more than tripling year-on-year. However, investors reacted cautiously as the company issued modest guidance and faced growing scrutiny over how artificial intelligence could affect demand for traditional software tools (Fortune, 12 March 2026).

Headlam Group has announced two key leadership appointments: Rob Barclay will become Chief Executive Officer on 27 April 2026, after an initial transition period working with sales and customers, while Richard Jones joins as Interim Chief Financial Officer from 12 March 2026, succeeding Adam Phillips. Barclay brings 25+ years in building products manufacturing and distribution, with experience at SIG plc, National Timber Group and Batt Cables Ltd, and will focus on enhancing market position and service levels. Jones, previously Interim CFO at HSS Hire Group Plc (now ProService Building Services Marketplace Plc) and senior finance roles at Medica Group Ltd, Mereo Biopharma Plc and Shield Therapeutics Plc, will lead the finance team and support corporate strategy (Insight DIY, 03 March 2026).

BiomX appointed Michael Oster as CEO and David Rokach as CFO on 9 March 2026 to drive its next growth phase. Both bring extensive experience in M&A, corporate strategy, finance, and capital markets. BiomX, a clinical-stage developer of natural and engineered phage therapies for chronic diseases, will have the new leadership focus on execution, capital strategy, and investor engagement (Stock Titan, 09 March 2026).

Darktrace has appointed Ed Jennings as president and CEO, effective 23 March 2026, succeeding Jill Popelka. Jennings brings over 25 years’ experience, including CEO of Quickbase and COO at Mimecast. He will lead Darktrace’s expansion of its AI-native cybersecurity platform and 10,000-strong customer base, focusing on strategic growth, market positioning, and leveraging the company’s first-mover advantage in AI-driven security (IT Pro, 10 March 2026).