13 Apr The Lexicon Bracknell footfall exceeding forecasts
Bosses at The Lexicon Bracknell have increased its first year’s footfall projection after a positive report by retail consultants.
Research by FSP Retail Business Consultants has suggested the regenerated town centre is the ‘destination of choice’ for 61 percent of people living in the catchment, up from 17 per cent in the opening weeks last September. Now, six months on, Bracknell Regeneration Partnership has raised its projected footfall for its first year from 12 million, forecast at the start of construction, to 16 million.
During the week before Christmas the centre attracted 500,000 people. The total for the first six months is 8.4m. Harry Pickering, investment manager at Schroder Real Estate, which makes up half of Bracknell Regeneration Partnershp (BRP), said:
“The scheme has consistently exceeded retailer and customer expectations, reporting outstanding results across the board. The new aspirational retail offer that The Lexicon Bracknell provides, in particular at The Avenue, the scheme’s premium pitch, marks a clear contrast to the town’s previous retail options, and is attracting new and affluent customers to the town centre.”
The report said shoppers were now travelling from postcodes of areas including Wokingham, Maidenhead, Henley, Windsor and Woking. FSP calculated that the available spend of Lexicon shoppers on non-grocery items is around £724m, up from £179m before the scheme opened.
Richard Poyser, head of retail relationships & leasing for Legal & General, the other half of BRP, said:
“It’s been a delight to watch the scheme come to life and prosper over the past six months. We’re pleased that customers are visiting the scheme from an increasingly wide catchment area and are visiting more often, to the benefit of our occupiers. We continue to have exciting conversations with future retailers and F&B (food and beverage) operators, which will complement the existing offer at the scheme.”
* Two more F&B brands have now signed up at the Lexicon. Brown Bag Café and Pret A Manger. Brown Bag Café is taking a 3,180 sq ft unit on High Street near Toni & Guy while Pret A Manger has signed a lease for 3,870 sq ft in The Avenue, alongside Joules.
Contributor: Nick Hardy