In recent months The Crown Estate and TH Real Estate, working together under the moniker The Princesshay Partnership, have invested significant amounts into the regeneration and improvement of Exeter’s Princesshay Shopping Centre. As well as enhancing the leisure offering in close proximity to the centre, this has seen a greater emphasis placed upon diversifying the retail mix within the development itself – a strategy that now appears to be paying dividends after the latest wave of letting activity.
The Princesshay Partnership today announced that existing retail tenant Fat Face has signed a lease agreement for a new 1,719 square foot unit adjoining its current store, thereby giving the brand the capability to open a new 10,000 square foot store. This will become the retailer’s largest UK flagship, thereby allowing the brand to display an offer able to match its full online range.
Acquisitions manager at Fat Face, Rob Moore, believes that consumers in Exeter will welcome the enhanced offering.
He says; “Opening our largest UK store is a landmark moment for us and we’re excited to be able to provide our customers in the South West with an in-store offer that gets as close as we ever have in replicating our complete online range.”
“Our partnership with Princesshay’s owners has been central to enabling this expansion and we’re looking forward to opening the doors of the enlarged and refitted Exeter store very soon.”
Yet Fat Face is not the only retailer eyeing a prominent position in Princesshay Shopping Centre, as Australian stationery retailer Smiggle is also set to join the destination’s line up in the autumn of this year. The brand has agreed to take up a 700 square foot unit located at 11 High Street, thereby furthering its aim to add to its presence in the South West of the UK.
Smiggle managing director John Cheston says; “The response to our brand from UK fans has been phenomenal.”
“At Smiggle we believe in listening to our fans and we are committed to expanding our stores in the UK to meet the huge demand from our customers across the country who all want to be close to our quirky and colourful range of goodies.”
Although The Crown Estate and TH Real Estate have only been working together in this venture since last October, when the latter acquired Land Securities’ interest in the centre, there have already been a number of sizeable achievements made in the relatively short space of time. One of the latest has been the successful opening of restaurant brand Jamie’s Italian in February, which has lifted footfall to Princesshay Shopping Centre and added to the high quality dining offering.
Senior asset manager for Princesshay Shopping Centre, Katherine Armstead, believes the latest lettings demonstrate the growing attractiveness of the retail destination.
She says; “Fat Face and Smiggle are exciting, market leading brands which will significantly enhance the retail mix for shoppers as we continue to deliver our long term vision for Princesshay.”
“Fat Face’s decision to open a UK flagship store in Exeter is a clear signal that Princesshay is continuing to establish itself as the region’s premier shopping and leisure destination.”
Do you think these lettings will be received warmly by consumers?
