Spirited closes 14 shops due to rent rises

22 November, 2013

Spirited Wines has been forced to close 14 stores in the past 18 months, blaming rising rents and increased competition.

The estate – which includes Spirited Wines and Nicolas stores – now stands at 39, and owner Benoit Thouvenin told OLN the closures should be over “unless we have a bad rent review”.

In 2011 Thouvenin took over 14 Nicolas stores based outside the M25, and quickly axed four underperforming shops.

A year later he bought the chain’s remaining 43 stores, all within Greater London. Some kept the Nicolas name while others became Spirited Wines.

But Thouvenin said: “We had to close shops, mainly outside London, because of competition and the fact that landlords didn’t feel they have to put the rent down if stores are not popular. The business wasn’t able to take that challenge.”

Thouvenin added that some of the stores were in such good locations rents kept rising and Spirited was forced out in favour of high-margin businesses such as boutique clothes stores.

One Nicolas store inside the M25 is due to reopen shortly after being shut for 10 months as Spirited negotiated with landlords.

More leases are due to be finalised over the coming weeks, but Thouvenin said talks have been tough.




Bookmark this


Site Search

COMMENT

Talking terroir

When Bordeaux was in fashion, it seemed almost logical that we should fetishise winemakers. Here were people responsible for brilliant acts of blending, across large estates and multiple grape varieties, including superstars such as cabernet sauvignon and merlot. These days, fashion has moved on and pinot noir is ascendant. As a result, the star of the winemaker has fallen and we find ourselves following a new star in the sky: terroir.

Click for more »
Upcoming events

Polls

Is blended Scotch overshadowed by single malt in retailers?

  • Yes
  • No
  • Don't know

Facebook

Twitter