As shopping centres throughout the country continue to sign up for renovations designed to attract new retailer tenants, one Chester complex has already found its initiative to be a success before work has even begun. Both TK Maxx and Sports Direct have agreed to take on leases for 15 years and 10 years respectively, which owners believe will have a positive impact upon footfall both within the centre and in the surrounding area.
The £5 million redevelopment in question will see the Paddock Row area of the city’s Grosvenor Shopping Centre transformed by local construction firm Pochin, with work expected to be completed by the start of next year. During the process, the 14 currently empty units on the site will be converted into two large stores, allowing for stronger rental returns and giving both retailers space to stock an extensive collection of products.
Director Roger Gorham of Bride Hall, co-owners of the Grosvenor Shopping Centre, believes the redevelopment and ensuing long term tenancies will provide a huge boost for the local economy in Cheshire.
He says; “We’re absolutely delighted that many months of negotiation with these two massive retailers has finally been concluded and that we can now announce this great news for Chester and for the Grosvenor Shopping Centre.
“To be able to welcome these brands at a time when there are still challenging trading conditions is fantastic news for Chester and a real boost to its credibility and profile.
“This development will deliver more choice for visitors and residents alike and that’s great news – it will also bring the centre’s occupation level to over 90 per cent.”
TK Maxx, which offers consumers designer labels at low prices, will take up occupation of a 23,000 sq ft store on the ground floor of the shopping centre. Next to this unit, a ground floor entrance to Sports Direct’s 16,500 sq ft store will be located, although the store itself will be situated on the first floor.
The Grosvenor Shopping Centre already benefits from a high level of footfall, as the back entrance to the complex is located on Pepper Street which has numerous bus stops as well as an adjacent multi-storey car park. Yet Mr Gorham believes that the arrival of both TK Maxx and Sports Direct will further elevate consumer interest, leading to a boost in footfall for Chester city centre and increasing the average dwell time for customers of the Grosvenor Shopping Centre.
Marketing Cheshire chief executive officer Katrina Michel welcomed the announcement, calling it “a great vote of confidence in Chester as a shopping destination and great news for lovers of fashion and sport.”
She continued; “Can’t wait to experience the two new stores!”
Bride Hall’s decision to reduce the number of units in the centre may seem puzzling, as the majority of other shopping centre projects throughout the UK have largely focused upon creating space for leisure firms and food courts. However, with two giants of retail having signed up for space already, it seems that this may well be a gamble which pays off in the long term.
Previous Post
Business Investment to hit Pre-Recession Level this Year
