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Retail revolution arrives

By Samantha Jones

Associate Director

Prop-Search

OVER recent years, shopping habits have been transformed by technology, with increased connectivity monitoring shopper’s behaviour and movements in response to push notifications and apps, changing the retail landscape for good. But there is a further, equally pertinent, movement afoot: the experience revolution.

While millennials may be driving this IT trend, consumers across the board have increased their spending on going out and entertainment as they too prioritise experiences, especially those that can be shared on social media.

This understanding of what shoppers want is also about more than overall trends. Each locality has different demographics and demands, requiring a sophisticated understanding of its consumers to create the right retail and leisure mix in the right location – and to know when to incorporate new technology or experience innovations.

The answer lies with taking a comprehensive view of the overall quality of the park experience to ensure it promotes ease of use: from embedding sustainable forms of transport such as electric car charging; offering free wi-fi and charging facilities for mobile devices; to creating high-quality, attractive public spaces with dining and leisure options that give people more reasons to visit.

The new Rushden Lakes development, opening this summer, encapsulates this blend of convenience, experience-led shopping and local character. Situated beside lakes and 200 acres of protected wetlands nature reserve, it is a unique destination which brings together a blend of retail and dining, and a broad range of leisure activities from walking and cycling, to bird watching and water sports. It is a great example of a retail destination of the future; shaped by its surroundings to deliver a spectacular shopping experience that stands out from the competition.

It’s testament to this vision that Rushden Lakes has attracted many retailers who haven’t traded out of town before – such as Hobbs, Phase Eight and Jigsaw – as well as House of Fraser’s first new department store in nearly 10 years. These are complemented by traditional retail park occupiers including Marks and Spencer, Primark, Clarks, Next, JD Sports, Boots, Fat Face – as well as restaurant operators including Costa, Pizza Express and Wildwood. The first phase of the scheme is now reportedly 90 per cent pre-let.

A second phase of the park – planned to open in Summer 2018 – will also offer a 14-screen Cineworld, an additional host of high-quality restaurants including 3,000 sq ft to the Italian restaurant group Zizzi and a further range of leisure activities. It has also recently been announced that the UK’s largest trampoline centre operator, Flip Out, is to take a 28,912 sq ft building within Phase 2 – now 86 per cent pre-let.

The Crown Estate is working with LXB Retail Properties Plc to develop the 600,000 sq ft plus Rushden Lakes scheme – a property development company that specialises in developing leading, high profile and vibrant new retail and leisure destinations. They have worked hard to provide efficient access and movement to Rushden Lakes – connecting the park with the town centre – to further enhance the area’s shopping experience.

In the town centre, a prominent retail investment has just been acquired by East Northamptonshire Council which offers growth through proactive asset management. The property on College Street/Eaton Walk comprises two large retail stores – occupied by Wilkinsons and Iceland – and three smaller shops together with a substantial 200 space car park, as well as a retail unit fronting into the High Street. The investment comprises some 34,500 sq ft and currently produces an income of £280,000 per annum.

To further enhance the retail experience in Rushden, the Town Council is offering grants to retailers to assist with shop front improvements, and has recently produced new town guides – with thousands of copies being delivered to every household in the area. The guide is packed with information on local amenities, events and attractions, recreation and leisure, parks and open spaces, as well as history and heritage.

So it is a positive and exciting time for retailing East Northamptonshire, but the pace of change makes it a more challenging one. However, in a world where convenience is still king, there is a huge opportunity for local authorities, developers, landlords and retailers to work together to transform our High Streets and retail parks into the shopping experience of the future.

Further information or advice can be obtained from Prop-Search on 01933 223300 or 01604 492000 or its website www.prop-search.com

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