Telefonica calls on GCW to advise on O2 stores
Telefonica UK has named GCW as its adviser on all retail agency and lease advisory matters across its 250 stores in the UK.
GCW will be identifying opportunities to make savings across the O2 brand’s retail estate. The agent said it has already achieved “several early successes” that have enabled “substantial” rental savings and incentives for O2.
Following a strategic overview of the portfolio, a small number of O2 stores have been identified for disposal and these are now being actively marketed.
Telefonica UK has named GCW as its adviser on all retail agency and lease advisory matters across its 250 stores in the UK.
GCW will be identifying opportunities to make savings across the O2 brand’s retail estate. The agent said it has already achieved “several early successes” that have enabled “substantial” rental savings and incentives for O2.
Following a strategic overview of the portfolio, a small number of O2 stores have been identified for disposal and these are now being actively marketed.
GCW said it is also heavily involved in shaping the retailer’s response to landlords in respect of the Covid-19 pandemic.
Adam Cohen, lease advisory director at GCW, said: “O2 is a market-leading brand with stores in almost every major high street [and] shopping centre in the country.
“We are enjoying our new relationship, which allows us to provide strategic advice as well as helping manage their portfolio aggressively using a combined lease advisory [and] agency approach.”
Nicole Young, estates manager for O2 owner Telefonica UK, said: “GCW demonstrated a clear, joined-up approach to providing and implementing an estates strategy for O2.
“Since I started working with GCW, they have already achieved a number of positive outcomes ahead of expectations.”
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