As consumer confidence continues to rise, boosted by the lower inflation rate aiding real wage growth, increasing numbers of shopping centres around the country are benefiting from facelifts and extension projects designed to tap into this resurging market. One such centre is the Tower Ramparts complex in Ipswich, where owner LaSalle has recently applied for planning permission to launch a “major revamp”.
Under the plans, the centre will undergo major internal alterations in order to appeal to the modern consumer, with a multi-million pound price tag revealing LaSalle’s determination to transform the centre into a prime retail location. Although LaSalle has as yet declined to comment regarding the future of the property, it is believed that plans are well into the advanced stages following numerous consultations over the past year or so.
Ipswich Borough Council leader, David Ellesmere, has not yet seen the plans in full but believes “it is good news that the owners have confidence in the town – and especially the town centre.”
The desire for change was quite possibly triggered by recent successes seen at the centre, with fashion retailer River Island’s new store proving immensely popular since its opening in the run up to Christmas last year. In addition, the conversion of the former Littlewoods store into two spacious units has allowed both Poundland and Iceland to take up units, positively impacting the property’s vacancy rate as the larger unit had been empty since Littlewoods’ collapse at the start of 2006.
LaSalle purchased the centre two years ago after issues pertaining to the recession saw the property’s previous owners struggle to raise brand awareness. Since then, a number of new tenancy agreements have been struck which have seen footfall increase and attract further big names to Ipswich.
As a result of the centre’s rapidly rising fortunes, it is not thought that obtaining planning permission is likely to be a particular hurdle standing in the way of progress. In fact, signs have already begun to appear on the premises stating that “Tower Ramparts is changing” – perhaps a little premature, but certainly a strong expression of confidence.
Paul Clement, of local organisation Ipswich Central, believes that the planned investment into the rejuvenation of Tower Ramparts will prove beneficial for residents of the local area.
He says; “Now that Poundland and Iceland have opened with long leases that end of the centre is now much busier and more attractive.
“And the new River Island store has been hugely successful in attracting new shoppers since it opened at Christmas.
“The new owners do seem to be investing to put it back at the heart of the town’s retail core.”
With shopping centre redevelopments rife throughout the country, it may be that this rejuvenation is required in order to keep Tower Ramparts competitive in the region. Hopefully planning permission will be granted in the near future, allowing LaSalle to continue to attract new retailers to one of Ipswich’s most successful commercial complexes.
