London has become something of a hub for new retail developments, with a boom in tourism and an increase in consumer confidence within the city leading to increased sales and growing profit margins for the capital’s retailers. However, it is not just within London that developers have become excited about the opportunity to raise up retail areas, with projects in Glasgow, Leeds and Sheffield all in full swing to take advantage of the improved economic situation.
Yet it is not simply new developments that are seeking the space and ability to grow and improve as Whitefriars Shopping Centre in Canterbury proved this week. The shopping centre, which opened in 2004 after extensive development work by Land Securities, has announced that budget clothing giant Primark will join Marks and Spencer and department store Fenwick in anchoring the largest retail development in East Kent.
Primark will be taking the place of current occupier BHS in Unit 1 and 2, located by the entrance to the prestigious Whitefriars Marlowe Arcade. Should all redevelopment works go to plan, it is hoped that the new store will be ready for opening by summer 2014.
Yet Primark is not the only new arrival due to revolutionise the offering made by Whitefriars, as Tiger has also made the decision to take a unit within the retail development. The brand, which sells home and office essentials, will occupy 2,700 square feet of space in the centre of the retail area.
Speaking of these new deals, Senior Portfolio Manager for the Henderson Shopping Centre Fund, Jason Boyce, says; “Attracting such strong brands with exceptional covenants is testimony to the strength of the retail market in Canterbury.
“From our perspective, the fundamental investment criteria in Canterbury are sound – along with a tenant mix that continues to grow in strength, the City is underpinned by a solid tourism trade.
“With the news of other deals in the pipeline, we fully expect to increase volumes of visitors from within Whitefriars catchment in the New Year when the stores open.”
The arrival of Primark and Tiger brings the total number of occupied retail and restaurant units within Whitefriars to 66, something which is hugely important in bringing the best service possible to consumers.
With high competition springing up from larger retail developments across the country, it is now more important than ever for existing retail and leisure complexes to show retailers the strength of their consumer base in order to remain a competitive force within the local retail industry.
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