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.
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.