Since the opening of the £1 billion Liverpool One shopping centre in 2008, many retail districts in surrounding areas have struggled to attract consumers in the way seen before the recession hit. However, now that economic recovery is underway, several are choosing to fight back by upgrading existing facilities and creating fresh offerings for consumers in a bid to lift footfall.
One such development is the Clayton Square shopping centre, where owners InfraRed Capital Partners have announced a multi-million pound investment into a refurbishment plan. One of the major changes will be the creation of a 60,000 sq ft Boots anchor store, while the construction of a third floor will transform the “cluttered” centre into a single standing, spacious mall.
In addition, the Church Street pedestrian entrance is due to be closed, which will create space for three additional units on the ground floor. This, in particular, has attracted a great deal of interest from retailers, with InfraRed confirming new lettings deals will be announced in the coming weeks.
InfraRed also owns the adjacent St John’s shopping centre (pictured), in which it has already invested £4 million on internal improvements. Yet the firm is set to spend another £2 million on the project, with floor finishes, ceilings and lighting all due to be upgraded by the end of the year.
Director at InfraRed, Chris Huxtable, believes the modernisation plans for both complexes will provide a better environment for customers.
He says; “We are delighted to have made so much progress since acquiring these two assets, with crucial components in delivery being the support we have received from Liverpool City Council and key occupiers.
“These centres sit in strategic locations in Liverpool city centre, and their regeneration will have a real impact on the city.
“We are looking forward to unveiling the completed works to shoppers.”
As many of St John’s tenants lie at the value end of the retail industry, the complex has not been affected too heavily by the arrival of Liverpool One. Clayton Square, on the other hand, has many units filled by mid-market retailers, and so is in direct competition with the larger development.
Despite this, the combined annual footfall for the centres tops 21 million consumers per year – a strong result given the uncertain market conditions at present. By increasing retail space at the 180,000 sq ft Clayton Square and modernising facilities within St John’s, InfraRed could stand to increase this figure.
Architects at Benoy designed the new layout for Clayton Square before passing plans on to developers, who have confirmed that works should be completed by October of this year. Should all go to plan, InfraRed will be well placed to cash in on the lucrative Liverpool Christmas market.
Lidl targets Londoners with Premium Wine Range