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Commercial Property News
Next reveals commercial property expansion plans
High Street retailer Next intends to expand its business property portfolio by a further 247,000 sq ft in the coming year.
In its financial results for the year to January 2010, the firm revealed it will be opening a number of new outlets over the coming months, including 12 stand-alone Home stores measuring a combined 150,000 sq ft.
During the past year, the company - which saw group profit rise 18% to £505 million over the period - raised the number of shops it operates to 517 after adding 257,000 sq ft of commercial property trading space.
Of these, nine were out-of-town Home outlets, which are expected to pay back the capital invested in them within 14 months of their opening.
Commenting on the company's aims for the year ahead, chairman John Barton said: "We will continue to expand our store portfolio, particularly our new Home stores, which have proved to be a great success this year."
Shares in the company rose on the announcement and were 5.36% higher by 16:18 GMT, taking them to 218p.
In its financial results for the year to January 2010, the firm revealed it will be opening a number of new outlets over the coming months, including 12 stand-alone Home stores measuring a combined 150,000 sq ft.
During the past year, the company - which saw group profit rise 18% to £505 million over the period - raised the number of shops it operates to 517 after adding 257,000 sq ft of commercial property trading space.
Of these, nine were out-of-town Home outlets, which are expected to pay back the capital invested in them within 14 months of their opening.
Commenting on the company's aims for the year ahead, chairman John Barton said: "We will continue to expand our store portfolio, particularly our new Home stores, which have proved to be a great success this year."
Shares in the company rose on the announcement and were 5.36% higher by 16:18 GMT, taking them to 218p.
Thu, 25th Mar 2010