Store Wars

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There are developments on the Barons Court retail scene. The Four Vintners off-licence that went into receivership last year is to re-open as a branch of Oddbins.

Ironically Oddbins went into administration in 2011 but has re-surfaced under new ownership. The newsagent next door, Martin’s, has been doing better business since the paper stand in the tube station closed a few years ago after falling behind with the rent to TfL. Martin’s have installed Amazon lockers although I have never seen anyone collect anything. The concept is that your parcel is delivered to a locker and you collect it with a code, like a left luggage locker. I saw the most amazing left luggage system at Cologne railway station a few years ago but that’s a digression too far this morning.

Anyway, the group that owns Martin’s also owns a chain of convenience stores called McColl’s and now the Barons Court Martin’s is to be re-branded as McColl’s and will sell food and wine. At a stroke this will upset both Oddbins and the long-established convenience store, Churchill Stores. I am all in favour of Capitalism, Competition and Alcohol but to have three outlets in a row selling hooch makes Barons Court seem to be the urban equivalent of Market Blandings which, you will recall, is blessed with twelve public houses, including the Beetle and Wedge.

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Beetle & Wedge, Moulsford, Oxfordshire

The McColl’s Group was floated on the Stock Exchange in 2014 and has a volatile trading pattern. It is not far away from the original float price now. The shares trade at an undemanding P/E of 11 and yield a tempting 6%. A development this summer was their purchase of  298 stores from the Co-op. I’m going to wait and see what their Barons Court outlet looks like, then I’m going to consult one of the McInroy & Wood Small Markets experts before deciding whether to buy some shares. FT columnist John (Lord) Lee fancied them but I think got cold feet when the price took a lurch southwards. Like many shops their value lies in a combination of their trading results and their property portfolio and in an ideal world both need to deliver. OK, I admit I’m already mighty tempted to buy more than a sausage roll.