Consumer confidence is steadily on the rise, with recent data from industry bodies such as the British Retail Consortium (BRC) indicating strong recovery within the retail sector. However, it’s clear that certain regions of the country are leading the way, with London and the South East performing best in both food and non-food categories.
One site which has benefited from a boost in disposable income is Quintain Estates’ London Designer Outlet. The Wembley development has seen more than one million customers pass through its doors since opening at the end of October last year, with the Christmas trading period proving to be particularly successful for tenants.
According to Quintain Estates financial director Richard Stearn, more than half a million customers made purchases from stores within the development in the six weeks leading up to the 5th of January.
This is something of an achievement for the newly opened site, given that consumers have become increasingly reliant upon internet shopping for their gift requirements and many retailers, including Debenhams, were forced to release profit warnings in the aftermath of Christmas due to lower than expected sales.
Mr Stearn oulined his ambitions for the designer outlet which, he hopes, will be able to attract customers from further afield than the London area and become an even more attractive location for designer brands.
He said; “It has proved very successful with the local catchment area.
“Now we are broadening the marketing out further.”
Currently 87 per cent of the units within the development have been successfully let, and around 75 per cent of the stores are open to customers – LK Bennett, the Body Shop and Rockport have all recently opened their doors, while well-known brands such as New Balance, Replay and Bench are yet to do so despite having signed leases some time ago.
Now Quintain Estates has turned its attention to projects elsewhere in London. Planning permission has just been granted for a 475 unit apartment block by Brent Civic Centre, while the firm has recently completed the sale of its Greenwich based Mitre Passage office building in a deal worth £17.3 million.
This transaction means that the group has, in only 18 months, recycled around £500 million worth of capital in the London commercial property market.
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