The Westgate Oxford Alliance, a joint venture between Land Securities and the Crown Estate, recently revealed plans for the expansion and extensive refurbishment of the Westgate Centre in Oxford.
This week, writing in Land Securities’ corporate blog, Development Director Bert Martin says that the updating of the centre demonstrates a strategic shift in the company’s retail portfolio and the Alliance’s commitment to Oxford.
When the refurbished Westgate Centre opens in autumn 2017, it will be one of the UK’s leading retail and lifestyle destinations. At 800,000 sq ft it will be double that of the current format, providing over 100 new stores. It will also feature 25 restaurant and café units along with a boutique Curzon Cinema.
The additional space has have already generated interest among major retailers, with Michael Kors, Superdry and John Lewis already signed up for the scheme.
Martin believes that the Westgate Oxford Alliance’s commitment to Oxford will enhance the city’s retail offer and benefit the community.
He says; “Oxford’s potential to become a leading retail destination is clear. Oxford has long been earmarked for retail development – surrounded by a large, affluent catchment, attracting thousands of visitors annually, yet somewhat lacking with regards to shopping experience.
“The plans underline both the strategic shift of Land Securities’ retail portfolio towards dominance, experience and convenience, and our dedication to strengthening local communities as part of a broader commitment to sustainability.”
During the last year, shopping centre investment in the UK rose to a level not seen since the pre-recession days of 2006, with around £5.7 billion worth of assets traded. However, Martin points out that it is important to keep in mind only centres with strong locations and with initiatives designed to appeal to consumers utilising omni-channel methods are likely to succeed in the long term.
Thanks to the Westgate Oxford Alliance’s commitment to involving the local community in their redevelopment plans – 71 per cent of respondents in the last public consultation believed the works would benefit Oxford, for example – they are confident that the new-look centre will prove to be one of these successful schemes. By attracting top name retailers, offering a broad choice in both retail and leisure and creating numerous jobs and apprenticeships in the city, it seems that this prediction could very well become a reality.
