Sourced Market sets sites for more stores
London speciality retailer Sourced Market has targeted becoming a 10-store group by the end of 2018, with several new sites already in the offing across the capital.
Chief executive Ben O’Brien told FFD about the plans on the day it opened its third branch, outside Victoria station at Nova, a new 897,000 sq ft Land Securities development comprising 17 restaurants and three pop-up kiosks.
O’Brien said a smaller-format site would open in Barbican in March which, at just over 1,000 sq ft, will be about half the size of the new branch in Victoria.
He said Sourced Market planned to “make the space work harder” at Barbican, where the offer would be rotated throughout the day.
“You will be able to come in during the morning and get coffee and pastries. In the evening, it will be much more focused on craft beer and wine and being able to get a bite to eat, and we will squeeze retail in.”
O’Brien added that he expected to exchange contracts, as FFD went to press, for a 2,700 sq ft unit in a building that is still under construction near the Bank of England in the City. He hopes to open it next September.
“We are starting conversations now about doing a further equity raise in spring next year that would fund sites for 2018 onwards.”
Sourced had plans for another three London sites in 2018 that would take it to 10 in total, he said.
The newest outlet, at Nova offers a selection of “handpicked” local produce, from Bread Ahead doughnuts to Regent’s Park honey, Dalston Chillies Original Hot Sauce and a variety of deli items from independent suppliers including charcuterie from Cannon & Cannon and Cobble Lane Cured.
It has squeezed in a coffee bar with a selection of beans from what it says are London’s finest roasters, and a “growler” station with a regularly changing roster of craft brews to drink in or take home.
The Victoria branch joins its established outlets at St Pancras and Marylebone.