| 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
Co-op reported a £126m pre-tax loss for the year ending January 2026 following a major cyber attack that affected 6.5 million members, leading to £107m in direct losses, £86m margin hits, and £21m of additional costs. CEO Shirine Khoury-Haq is stepping down after nearly seven years, with Kate Allum appointed interim CEO to oversee a £200m cost-cutting programme. Revenue fell 2.3% year-on-year to £7bn, though Life Services revenue grew 4%, and Co-op claims one per cent real-term growth excluding the cyber attack. The retailer invested £318m in stores and technology and reaffirmed its commitment to sourcing 100% of its own-brand meat from British farmers, spending £700m on UK agricultural suppliers in 2025 (Business Live, 26 March 2026).
Logistics
Action has opened its fourth distribution centre in Poland, a 44,000-sqm facility in Dunikowo near Szczecin, bringing the chain’s total in Poland to four and Europe-wide to 18. Managed directly by Action, the centre will eventually employ up to 400 people and support the growing national store network. Designed with sustainability in mind, it operates without a central gas connection and aims for a BREEAM Outstanding rating, featuring solar water heating, smart energy and water meters, LED lighting, and electric car charging stations (Eurobuild CEE, 23 March 2026).
Office
The UK Department for Work and Pensions (DWP) has leased 100,000 sq ft at No.1 West Bar Square in Sheffield, the city’s largest Grade A office deal in over seven years. The DWP will occupy the entire building, part of the £300m West Bar mixed-use regeneration scheme, which will ultimately deliver over 1m sq ft of space, including offices and build-to-rent homes. The project is led by Urbo Regeneration and Peveril Securities, backed by Legal & General, with BNP Paribas Real Estate advising Sheffield City Council and JLL acting for the DWP. The deal highlights strong demand for high-quality office space and reinforces Sheffield’s role as a major UK policy hub (Property Week, 26 March 2026).
People Moves
Zempler Bank - CFO Dominic Wade appointed CEO, succeeding founding CEO Rich Wagner, who will move to a board advisory role following the bank’s acquisition by Access Bank UK (Financial Times, 23 March 2026).
National Savings & Investments - CEO Dax Harkins replaced with Sir Jim Harra as interim leader after a major account-oversight controversy (BBC News, 26 March 2026).
Equinix - Olivier Leonetti appointed CFO, strengthening financial leadership at the global digital infrastructure company (Equinix, 10 March 2026).
The Co-op Group - Shirine Khoury-Haq to step down as CEO; Kate Allum appointed Interim Group CEO (The Co-op Group, 26 March 2026).