WSJ : Singapore’s GIC Plans to Invest $30 Billion in Hedge Funds Over Next Three

Singapore’s GIC Plans to Invest $30 Billion in Hedge Funds Over Next Three Years
The sovereign-wealth fund has tripled its hedge-fund investments over the past decade

  • Singapore’s GIC aims to deploy $30 billion into hedge funds over the next three years to capture diversification benefits.
  • GIC has tripled its hedge-fund investments over the past decade.
  • GIC plans to grow cross-asset investing and target specialist hedge funds focused on particular themes or industries.

Singapore’s GIC aims to deploy $30 billion into hedge funds over the next three years, as part of its continued strategy to capture diversification benefits.

“[Hedge funds are] a good strategy because it provides us with low correlation [to the] other alpha strategies we have,” said Bryan Yeo, group chief investment officer of GIC. “As a portfolio, it has low market beta and it diversifies from the traditional equity, fixed income, credit [and] private market strategies as well.”

The sovereign-wealth fund has tripled its hedge-fund investments over the past decade and aims to build on this track record, it said Friday.

Having invested in hedge funds for over 20 years, the fund has accrued a good sense of the strong managers, the network and the partnerships, said Yeo. “It’s given us the added confidence in customizing certain mandates and working with the managers to deliver value,” he said.

GIC intends to meaningfully grow cross-asset investing, managing a combined strategy that brings together hedge-fund plans with traditional stocks and bonds for the best mix of return and risk. It is also targeting more specialist hedge funds focused on particular themes or industries.

The sovereign-wealth fund typically looks for hedge funds with a strong investment philosophy, competitive edge and disciplined risk-management process, Yeo said. It works with these managers to create additional capacity by developing and incubating new strategies.

Global macro, quantitative and multistrategy hedge-fund managers are expected to do well within the highly volatile and uncertain environment, as these types of managers can typically pivot quickly and dynamically manage their risk and portfolio composition profile, he said.

WSJ : Stripe in Talks to Buy Buzzy AI-Model Marketplace OpenRouter The startup b

Stripe in Talks to Buy Buzzy AI-Model Marketplace OpenRouter
The startup based in New York was most recently valued at $1.3 billion, but could fetch around $10 billion in a sale

  • Stripe is in talks to acquire OpenRouter, an AI startup that could fetch around $10 billion in a sale.
  • OpenRouter, which was valued at $1.3 billion in May, sells software that helps developers access and compare different AI models.
  • Stripe and private-equity firm Advent International recently made an unsolicited offer to buy PayPal for around $53 billion.

Stripe is in talks to acquire OpenRouter, a buzzy startup that helps developers choose between artificial-intelligence models, according to people familiar with the matter.

A transaction could be announced soon, though the talks could still fall apart or another suitor could emerge, the people said. The exact price being discussed couldn’t be learned, but some of the people said the business could fetch about $10 billion in a sale.

A number of other big tech companies had been considering potential deals for OpenRouter, the people familiar with the matter added.

OpenRouter is part of an emerging crop of startups that have found a lucrative niche between AI developers and the companies that want to use them. Founded in 2023, the company sells software that allows customers to easily access AI models built by OpenAI and Anthropic, as well as “open weight” alternatives that are free for anyone to download and run.

The company lists hundreds of large language models on its platform, allowing developers and businesses to easily access, compare and switch between them.

A deal for OpenRouter could allow Stripe to seize upon a hot area of growth in the AI market. Many tech companies are looking to use a wide range of different AI models as a way to control spending and diversify away from OpenAI and Anthropic.

Stripe is primarily a payments processor, helping companies across the internet accept payments, but it has recently tried to expand into new areas such as infrastructure for AI and stablecoin payments. Its valuation hit $159 billion earlier this year.

OpenRouter and Stripe also already have a partnership together, where OpenRouter uses Stripe to accept payments from its customers, among other things.

OpenRouter was most recently valued at $1.3 billion in May, according to PitchBook. Its backers include Menlo Ventures and CapitalG, the growth-venture fund of Google parent company Alphabet. The Information reported earlier that OpenRouter was fielding takeover interest.

Stripe has separately been pursuing a deal for PayPal alongside private-equity firm Advent International. The duo recently made an unsolicited offer that would value PayPal at roughly $53 billion.

For PayPal, however, that takeover price was seen as too low, according to people familiar with the matter. Stripe and Advent are still considering their next move with respect to PayPal, some of the people said.

WSJ : Two Men Stabbed on Manhattan’s Upper West Side in Possible Hate Crime The

Two Men Stabbed on Manhattan’s Upper West Side in Possible Hate Crime
The suspect has been arrested and the victims are expected to survive, police say

  • Two men were stabbed in New York City on Thursday in what police are evaluating as a potential hate crime.
  • Police arrested 51-year-old Raul Morales, who witnesses and victims said yelled “Allahu akbar” during the attacks.
  • The victims, a 57-year-old Asian man and a 50-year-old Jewish man, are expected to survive.

Two men were stabbed in New York City on Thursday in what police say they are evaluating as a potential hate crime.

The victims are expected to survive, Police Commissioner Jessica Tisch said. One is a 57-year-old Asian man and the other is a 50-year-old Jewish man, police said.

Both were stabbed in Manhattan’s Upper West Side neighborhood in two separate locations a few blocks apart, the New York Police Department said. The attacks occurred around 1:30 p.m. near Central Park.

According to victim and witness statements, the suspect yelled “Allahu akbar” during both attacks, Tisch said. Allahu akbar is an Arabic phrase that translates to “God is greater.”

The suspect, Raul Morales, 51, was arrested, she said. It wasn’t immediately known if Morales had a lawyer.

Morales doesn’t have any known mental health history with the police, Tisch said, but “the initial investigation suggests that mental health may have been a factor.”

Mayor Zohran Mamdani said he was briefed on the stabbings. “These hateful and despicable attacks have no place in our city,” he said.

The mayor, a Democratic socialist, has been critical of the Israeli government, alienating some moderate Democrats and Jewish New Yorkers. He recently had been exploring whether Israeli Prime Minister Benjamin Netanyahu could be arrested on a visit to New York. The International Criminal Court in 2024 issued an arrest warrant for the Israeli leader over alleged war crimes in Gaza, charges Israel rejects. Mamdani said earlier this week he didn’t have the authority to make the arrest but urged the federal government to execute the warrant.

>>> US After Hours Summary: INTC +5.6%, THC +12.6%, EW +4.6%, KN +2.9% higher on

After Hours Summary: INTC +5.6%, THC +12.6%, EW +4.6%, KN +2.9% higher on earnings; SAFT +34.3% to be acquired; ORCL +1.9% wins DoW contract; AMKR +16.3% on deal with NVDA; MXL -9.8%, DECK -7.5%, SLM -6.1% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: THC +12.6% (also increases share repurchase authorization by $2 bln), INTC +5.6% (also raises FY26 capex guidance to $20+ bln from $18 bln; also FY27 capex to be significantly above 2026 levels), EW +4.6%, KN +2.9%, SAP +1.1%, RNG +1% (also expands partnership with NICE; also highlights OpenAI collaboration), KNSL +0.7%

Companies trading higher in after hours in reaction to news: SAFT +34.3% (to be acquired by Mapfre affiliate for $105/sh), AMKR +16.3% (Amkor, NVDA strike $1.5 bln advanced packaging pact), MX +5.7% (NVTS and MX form SiC licensing partnership), KLAC +2.3% (Intel raises cap-ex guidance), ORCL +1.9% (wins up to $6.99 bln DoW enterprise software IDIQ contract), AMAT +1.8% (Intel raises cap-ex guidance), LRCX +1.8% (Intel raises cap-ex guidance), NVTS +1.7% (NVTS and MX form SiC licensing partnership), CSIQ +1.2% (D.E. SHAW discloses increased passive stake of 8.0% (prior 6.4%)), CAE +1.2% (awarded a $257.8 mln Army contract), OKLO +1.1% (receives DOE startup authorization for Groves reactor), PRME +1% (FDA clears IND application for PM577a), OHI +0.5% (increases dividend), ABBV +0.4% (GMAB, ABBV clarify Phase 3 did not meet sole US primary endpoint), WBD +0.3% (Judge extends hold on Paramount-Warner Bros. deal through mid-August, according to Bloomberg), AROC +0.1% (increases dividend), PSKY +0.1% (Judge extends hold on Paramount-Warner Bros. deal through mid-August, according to Bloomberg)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: MXL -9.8%, DECK -7.5%, SLM -6.1%, SCHL -5.3%, ATRC -4.7%, SMMT -4.6% (also discloses substantial doubt about its ability to continue as a going concern), JAKK -3.8%, SKYW -2.8%, RHI -2.5%, HIG -2% (also authorizes new $4.2 bln share repurchase program), ENVA -1.3%, REXR -1.3%, SIGI -1.1%, OVV -1%, NEM -0.9%, FIX -0.6% (also increases dividend), SAM -0.3%, CUBI -0.1%, CUBI -0.1%

Companies trading lower in after hours in reaction to news: CDXS -21.1% (launches stock offering), PYPL -1.4% (Stripe and Advent continue to consider options re PayPal, according to WSJ), DSX -0.9% (GNK says advisors engaged with DSX on revised non-binding proposal), COCO -0.4% (stock offering by selling shareholders), ALGN -0.2% (unveils new Invisalign planning and patient-engagement tools), NVDA -0.2% (Amkor, NVDA strike $1.5 bln advanced packaging pact), WHR -0.1% (reschedules earnings)

WSJ : McCormick to Seek London Listing Following Tie-Up with Unilever Foods The

McCormick to Seek London Listing Following Tie-Up with Unilever Foods
The proposed merger with Unilever’s foods business should close by mid-2027

  • McCormick said it would seek a secondary listing on the London Stock Exchange following its planned merger with Unilever’s foods business.
  • McCormick said the proposed combination is expected to close by mid-2027 and create a company valued at more than $65 billion, including debt.
  • The planned merger is part of a strategy shift by London-based Unilever to focus on beauty, personal-care and home products.

McCormick MKC -0.63%decrease; down pointing triangle said it would seek a secondary listing on the London Stock Exchange following a looming merger with Unilever’s ULVR -1.64%decrease; red down pointing triangle foods business.

The maker of spices and seasonings said Thursday that the London listing would come in addition to its current listing on the New York Stock Exchange. The proposed combination with Unilever’s foods business–expected to create a company valued at more than $65 billion, including debt–should close by mid-2027, McCormick said.

For Unilever, the deal with U.S.-headquartered McCormick is part of a major strategy shift to home in on beauty, personal-care and home products. But the combination of foods businesses had left some investors in London-based Unilever leery of holding shares in a large publicly traded U.S. food company, analysts have said.

For McCormick investors, the deal means that they could go from holding a snug spice-and-flavor company to holding a stake in an expansive foods behemoth. When the proposed deal between Unilever and McCormick was announced, shares in both companies fell around 5%.

The decision from McCormick to push for a London listing aims to facilitate capital flows and bolster liquidity for shareholders, McCormick said. The combined company also plans to international headquarters and maintain substantial presence in the Netherlands, where Unilever has deep roots.

Also on Thursday, McCormick said it reorganized its business around four commercial divisions for the combined company–Americas consumer, international consumer, global food service and global flavor. This marks a split in the consumer business into two geographic divisions.

>>> Lilly says Phase 3 TRIUMPH-2, TRIUMPH-3 studies of retatrutide met primary e

Lilly says Phase 3 TRIUMPH-2, TRIUMPH-3 studies of retatrutide met primary endpoints in obesity
  • Retatrutide delivered up to 20.8% average weight loss with up to 1.6% A1C reduction at 80 weeks in adults with obesity or overweight and type 2 diabetes in TRIUMPH-2.
  • In TRIUMPH-3, adults with severe obesity and established cardiovascular disease lost up to 22.6% on retatrutide at 80 weeks; MACE events occurred less often than expected, with a reported MACE-5 hazard ratio of 0.82 versus placebo.
  • Lilly said the two studies complete the clinical package for global submissions in obesity, knee osteoarthritis pain, and obstructive sleep apnea.
  • The company plans to submit a BLA for retatrutide to the FDA in Q1 2027.

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Ameren (AEE) upgraded to Overweight from Sector Weight at KeyBanc, tgt $122
    • AT&T (T) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $29
    • Duke Energy (DUK) upgraded to Overweight from Sector Weight at KeyBanc, tgt $139
    • Equinor (EQNR) upgraded to Sector Perform from Underperform at RBC Capital
    • JPMorgan (JPM) upgraded to Buy from Hold at Deutsche Bank, tgt $375
    • PayPay (PAYP) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $23
    • Verisk Analytics (VRSK) upgraded to Buy from Hold at Jefferies, tgt $235
  • Downgrades:
    • Agilon Health (AGL) downgraded to Sell from Neutral at Citigroup, tgt $105
    • CMS Energy (CMS) downgraded to Sector Weight from Overweight at KeyBanc
    • Evolent Health (EVH) downgraded to Sell from Buy at Citigroup, tgt $6.75
    • M&T Bank (MTB) downgraded to Hold from Buy at Deutsche Bank, tgt $250
    • Northern Trust (NTRS) downgraded to Sector Perform from Outperform at RBC Capital, tgt $178
    • Pegasystems (PEGA) downgraded to Hold from Buy at Loop Capital, tgt $25
    • Pegasystems (PEGA) downgraded to Market Perform from Outperform at William Blair
    • Pegasystems (PEGA) downgraded to Sector Weight from Overweight at KeyBanc
    • PNC Financial (PNC) downgraded to Hold from Buy at Deutsche Bank, tgt $265
    • Rollins (ROL) downgraded to Sector Perform from Outperform at RBC Capital, tgt $35
    • Southern Company (SO) downgraded to Underweight from Sector Weight at KeyBanc, tgt $79
    • WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe, Bruyette & Woods, tgt $42
    • Zions Bancorp (ZION) downgraded to Underperform from In Line at Evercore ISI, tgt $68
  • Others:
    • AAON (AAON) initiated with a Sector Weight at KeyBanc
    • Alphatec (ATEC) initiated with an Overweight at Stephens, tgt $15
    • AppFolio (APPF) initiated with a Buy at Guggenheim, tgt $232
    • Applied Digital (APLD) initiated with an Equal Weight at Morgan Stanley, tgt $36.50
    • Autodesk (ADSK) initiated with a Buy at Guggenheim, tgt $245
    • Comtech (CMTL) initiated with a Buy at Northcoast, tgt $2.50
    • Core & Main (CNM) initiated with a Market Perform at William Blair
    • Freshworks (FRSH) initiated with a Buy at Guggenheim, tgt $25
    • Guidewire (GWRE) initiated with a Buy at Guggenheim, tgt $180
    • Hut 8 (HUT) initiated with an Overweight at Morgan Stanley, tgt $263
    • iRhythm (IRTC) initiated with an Overweight at Stephens, tgt $160
    • Live Nation (LYV) initiated with a Buy at BTIG Research, tgt $215
    • NeuroPace (NPCE) initiated with an Outperform at Mizuho, tgt $22
    • PagSeguro (PAGS) initiated with a Hold at Jefferies, tgt $10.40
    • Procore (PCOR) initiated with a Buy at Guggenheim, tgt $68
    • Riot Platforms (RIOT) initiated with an Overweight at Morgan Stanley, tgt $36
    • Samsara (IOT) initiated with a Buy at Guggenheim, tgt $45
    • Signet Jewelers (SIG) initiated with an Outperform at Raymond James, tgt $105
    • StoneCo (STNE) initiated with a Hold at Jefferies, tgt $12.60
    • Tyler Technologies (TYL) initiated with a Buy at Guggenheim, tgt $440
    • Veeva Systems (VEEV) initiated with a Buy at Guggenheim, tgt $232
    • Vertiv (VRT) initiated with an Overweight at KeyBanc, tgt $360

>>> Lockheed Martin beats by $0.75, beats on revs; guides raises EPS above conse

Lockheed Martin beats by $0.75, beats on revs; guides raises EPS above consensus, revs above consensus
  • Reports Q2 (Jun) earnings of $7.94 per share, $0.75 better than the FactSet Consensus of $7.19; revenues rose 10.5% year/year to $20.06 bln vs the $19.34 bln FactSet Consensus.
  • Co issues upside guidance for FY26, sees EPS of ~$29.95-30.65 vs. $29.88 FactSet Consensus and prior guidance of $29.35-30.25; sees FY26 revs of ~$79.75-81.75 bln vs. $79.17 bln FactSet Consensus and prior guidance of $77.50-80.00 bln.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • DOMO +22.9%, NVEC +21.9%, MEDP +19%, HYLN +16.3%, RELL +16.3%, KALU +11.2%, ALLE +8.2%, NOW +7.4%, CLF +6.9%, URI +6.6%, WST +6.5%, JHX +6.2%, OII +6%, SGML +5.9%, RTX +5.8%, GSHD +5.1%, TECK +5.1%, TMO +4.7%, COCO +3.8%, CSX +3.8%, CMCSA +3.6%, FJET +3.5%, IBCP +3%, AXG +2.8%, CX +2.8%, TTE +2.6%, DOW +2.4%, SLG +2.1%, WEX +2.1%, SPIR +1.9%, SEIC +1.8%, WH +1.7%, FULT +1.5%, CWCO +1.4%, THRM +1.4%, GEV +1.3%, HOMB +1.3%, NAVN +1.3%, WCN +1.3%, AHR +1.2%, SON +1.2%
  • Gapping down:
    • ROL -17.2%, STM -14.1%, CYH -10.6%, MOH -8.8%, TSLA -6%, FSBC -5.8%, CCB -5.2%, QS -4.9%, CASH -4.8%, SSTK -4.1%, CRNT -4%, GOOG -4%, TXN -3.9%, TOWN -2.7%, GGG -2.5%, FRME -2.3%, LTC -2.2%, GL -2.2%, LUV -2%, RNR -1.5%, KROS -1.1%, FR -1%, BAM -0.9%

WWD : Burlington Arcade Wants to Bring Back the Magic With a High-end Offer and

Burlington Arcade Wants to Bring Back the Magic With a High-end Offer and a New All-day Café
“We've been treating Burlington Arcade like a department store. Our idea was always to connect the dots, create a destination, and be more than just a landlord,” said Trupti Shah, international commercial director at Reuben Brothers.

LONDON — With all the buzz around Old and New Bond streets, and the luxury groups’ battles to buy and lease the town’s top retail properties, it’s easy to forget about Burlington Arcade, the covered shopping thoroughfare that sits right near them, with stores selling luxury accessories from cashmere knitwear and Manolo Blahnik shoes to vintage Cartier watches.

But as the big brands stake their claim to the multimillion-pound properties on Old and New Bond streets, which are now among the most expensive retail strips in the world, the smaller, independent ones are making themselves at home in the arcade, jockeying for more square footage and refurbishing their units to appeal to the 4 million visitors each year.

The brands are eager to plant their flags because the arcade is evolving — finally — into the high-end hot spot that owners, the billionaire British property investors David and Simon Reuben, envisioned when they purchased the property in 2018 for a reported 300 million pounds.

While Burlington Arcade was always filled with nice shops, there never seemed to be a coherent vision, and brands would come and go after short periods. Trupti Shah, international commercial director at Reuben Brothers, has been trying to change that perception, and take it as far upmarket as she can.

“We’ve been treating Burlington Arcade like a department store, which none of the previous owners had done before. Our idea was always to connect the dots, create a destination, and be more than just a landlord. We want to preserve the history of the arcade, and restore all the independent luxury retailers,” she said.

The 19th century arcade was commissioned by Lord George Cavendish, whose family owned the neighboring Burlington House, now home to the Royal Academy of Arts. The arcade opened in 1819 as a high-end shopping destination and is still manned by the Beadles, the nation’s oldest police force, who ensure some of the old rules are maintained — no whistling, running, cycling or behaving “boisterously.”

The arcade spans 37,000 square feet, and each retail unit resembles a small townhouse with a basement, ground floor and two upper levels, for a total of 1,000 square feet. Overall, the mix is around 50 percent watches and jewelry with the rest coming from luxury accessories. The customers are around 70 percent tourists and 30 percent locals.

Although Shah declined to comment on rental prices, they’re understood to be in line with those on nearby Old Bond Street, which range from 2,500 pounds to 2,800 pounds a square foot for the prime area nearest to the shopfront.

The owners’ department store approach has been working, with sales at the cashmere knitwear brand N. Peal and Ladurée, purveyor of flavored macarons, both up 14 percent so far this year. Shah said the arcade is also turning footfall into sales and driving profits, with the average conversion rate 78 percent across all 47 retailers.

Shah has also been careful about the tenants. She has upped the threshold for entry-level prices to 350 to 500 pounds, and encouraged some brands — like Stephen Webster — to think about a hospitality offering, which is why the jeweler opened the No Regrets Lounge in the shop’s basement.

She sees Burlington Arcade as the ultimate destination for high-end accessories with a strong craftsmanship angle, and for wedding and honeymoon shopping. “You can buy your shoes at Manolo, engagement rings at any of the jewelers, and your luggage at Globetrotter,” she said.

Brands are eager to move in, and happy to wait for the right space to open up. For 60 percent of the brands — including Globetrotter, Bell & Ross, and Stephen Webster — their arcade store is their only physical presence in the U.K.

E. Marinella, the Neapolitan tiemaker which previously had a store on Maddox Street, waited three years for the right space in the arcade. It’s now located next to Noxy Coffee, which started out as a stand-alone cart in the arcade and now has its own shop with seating upstairs. Both sit across from Romi Topi, owner of the shoe-shine business who’s marking his 20-year anniversary this week.

Shah said that of the seven leases that expired this year — all from long-standing tenants — six have been renewed with long-term leases.

Upcoming arrivals include Mackintosh, which is taking a 1,100-square-foot space across four floors, later this year. Its sister brand, J&M Davidson, recently took over the largest single unit in the arcade, which measures 1,600 square feet. In June, Gladwell and Patterson, London’s oldest art gallery, opened in the arcade.

Other brands are in expansion mode.

Susannah Lovis, which specializes in vintage jewelry, and has been in the arcade nearly 30 years, has more than doubled its space to 1,100 square feet. Roja Dove and Azza Fahmy have more than doubled their respective spaces to 1,100 square feet.

N. Peal is marking its 90th anniversary later this year by doubling its space to 2,379 square feet by expanding to the unit next door, which was previously occupied by the Justerini & Brooks wine merchants. It will become the largest store that Burlington Arcade has ever had.

Come September, Vilebrequin will be renovating its store, which faces Piccadilly at the other end of the arcade from N. Peal. It will reopen in early November.

Shah has also been ramping up the hospitality offer.

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Burlington Arcade Wants to Bring Back the Magic With a High-end Offer and a New All-day Café
“We've been treating Burlington Arcade like a department store. Our idea was always to connect the dots, create a destination, and be more than just a landlord,” said Trupti Shah, international commercial director at Reuben Brothers.


By
Samantha Conti
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July 22, 2026, 5:38pm
Burlington Arcade with a Beadle standing guard.
Burlington Arcade with a Beadle standing guard. Courtesy
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LONDON — With all the buzz around Old and New Bond streets, and the luxury groups’ battles to buy and lease the town’s top retail properties, it’s easy to forget about Burlington Arcade, the covered shopping thoroughfare that sits right near them, with stores selling luxury accessories from cashmere knitwear and Manolo Blahnik shoes to vintage Cartier watches.

But as the big brands stake their claim to the multimillion-pound properties on Old and New Bond streets, which are now among the most expensive retail strips in the world, the smaller, independent ones are making themselves at home in the arcade, jockeying for more square footage and refurbishing their units to appeal to the 4 million visitors each year.


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The brands are eager to plant their flags because the arcade is evolving — finally — into the high-end hot spot that owners, the billionaire British property investors David and Simon Reuben, envisioned when they purchased the property in 2018 for a reported 300 million pounds.

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While Burlington Arcade was always filled with nice shops, there never seemed to be a coherent vision, and brands would come and go after short periods. Trupti Shah, international commercial director at Reuben Brothers, has been trying to change that perception, and take it as far upmarket as she can.

“We’ve been treating Burlington Arcade like a department store, which none of the previous owners had done before. Our idea was always to connect the dots, create a destination, and be more than just a landlord. We want to preserve the history of the arcade, and restore all the independent luxury retailers,” she said.


Gladwell and Patterson, London’s oldest art gallery, just opened in the arcade.
The 19th century arcade was commissioned by Lord George Cavendish, whose family owned the neighboring Burlington House, now home to the Royal Academy of Arts. The arcade opened in 1819 as a high-end shopping destination and is still manned by the Beadles, the nation’s oldest police force, who ensure some of the old rules are maintained — no whistling, running, cycling or behaving “boisterously.”


The arcade spans 37,000 square feet, and each retail unit resembles a small townhouse with a basement, ground floor and two upper levels, for a total of 1,000 square feet. Overall, the mix is around 50 percent watches and jewelry with the rest coming from luxury accessories. The customers are around 70 percent tourists and 30 percent locals.

Although Shah declined to comment on rental prices, they’re understood to be in line with those on nearby Old Bond Street, which range from 2,500 pounds to 2,800 pounds a square foot for the prime area nearest to the shopfront.

The owners’ department store approach has been working, with sales at the cashmere knitwear brand N. Peal and Ladurée, purveyor of flavored macarons, both up 14 percent so far this year. Shah said the arcade is also turning footfall into sales and driving profits, with the average conversion rate 78 percent across all 47 retailers.


Stephen Webster’s No Regrets lounge in the basement of his shop at the arcade. Jack Elliot Edwards
Shah has also been careful about the tenants. She has upped the threshold for entry-level prices to 350 to 500 pounds, and encouraged some brands — like Stephen Webster — to think about a hospitality offering, which is why the jeweler opened the No Regrets Lounge in the shop’s basement.

She sees Burlington Arcade as the ultimate destination for high-end accessories with a strong craftsmanship angle, and for wedding and honeymoon shopping. “You can buy your shoes at Manolo, engagement rings at any of the jewelers, and your luggage at Globetrotter,” she said.

Brands are eager to move in, and happy to wait for the right space to open up. For 60 percent of the brands — including Globetrotter, Bell & Ross, and Stephen Webster — their arcade store is their only physical presence in the U.K.

E. Marinella, the Neapolitan tiemaker which previously had a store on Maddox Street, waited three years for the right space in the arcade. It’s now located next to Noxy Coffee, which started out as a stand-alone cart in the arcade and now has its own shop with seating upstairs. Both sit across from Romi Topi, owner of the shoe-shine business who’s marking his 20-year anniversary this week.

Shah said that of the seven leases that expired this year — all from long-standing tenants — six have been renewed with long-term leases.


Le Café by Nicolas Rouzaud.
Upcoming arrivals include Mackintosh, which is taking a 1,100-square-foot space across four floors, later this year. Its sister brand, J&M Davidson, recently took over the largest single unit in the arcade, which measures 1,600 square feet. In June, Gladwell and Patterson, London’s oldest art gallery, opened in the arcade.

Other brands are in expansion mode.

Susannah Lovis, which specializes in vintage jewelry, and has been in the arcade nearly 30 years, has more than doubled its space to 1,100 square feet. Roja Dove and Azza Fahmy have more than doubled their respective spaces to 1,100 square feet.

N. Peal is marking its 90th anniversary later this year by doubling its space to 2,379 square feet by expanding to the unit next door, which was previously occupied by the Justerini & Brooks wine merchants. It will become the largest store that Burlington Arcade has ever had.


Come September, Vilebrequin will be renovating its store, which faces Piccadilly at the other end of the arcade from N. Peal. It will reopen in early November.

Shah has also been ramping up the hospitality offer.


Ladurée at Burlington Arcade.
She brought in the arcade’s first morning-to-early-evening food offer in Le Café by Nicolas Rouzaud, one of the top master pâtissiers in Europe, with his own space on Mount Street, next to The Connaught, and a short walk from the arcade.

It opened earlier this year and serves breakfast, brunch and lunch including a ham and egg brioche based on Rouzaud’s father’s recipe.

To mark Manolo Blahnik’s involvement in last year’s Marie Antoinette exhibition at the V&A, the brand hosted a dinner in the walkway of the arcade. The lavish crystal chandeliers are still hanging in the space. Other special events were linked to the Takashi Murakami 007 James Bond takeovers of the space.

Shah said her retail puzzle is almost finished. The only missing pieces are “luxury niche homeware brands. We love Lalique — it dominates the homeware offer in the arcade — but we’d love to see more brands,” she said.