Spanish telecoms giant Telefonica has instructed GCW to deal with all retail agency and lease advisory matters across its UK store portfolio which trades under the O2 fascia.
GCW’s brief is to identify opportunities to make savings across the O2 retail estate and following a strategic review a small number of O2 stores have been identified for disposal and these are now being actively marketed.
GCW lease advisory director Adam Cohen said: “O2 is a market leading brand with stores in almost every major high street and shopping centre in the country. Our new relationship allows us to provide strategic advice as well helping manage their portfolio aggressively using a combined lease advisory / agency approach. This approach, together with leveraging off O2’s excellent covenant strength will allow us to secure the best results in the ever-changing retail property market.”