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Long-term leasing strategy attracts retailers

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GCW’s long-term involvement with thecentre:mk in Milton Keynes created a successful tenant-mix strategy which helped to attract both a new range of retailers and increasing numbers of shoppers.

When GCW was first appointed as letting agent for thecentre:mk, the top 10 regional shopping centre in Milton Keynes had a 30 million footfall but was still under-performing. The malls had many leading chains as tenants but they all looked similar with no clear sense of identity.

GCW took a long-term view of the project, identifying and understanding the key objectives for the centre and creating a plan to attract new tenants to the ‘right’ locations within the centre. Its solution was to develop a tenant-mix strategy that would create areas to provide a focus for Value, Mass and Premium retailers. It also created a Restaurant Quarter to encourage linked trips and longer dwell times.

The strategy has been successful and helped retailers to understand where they want to be within  the centre and shoppers where they want to shop.

GCW’s approach successfully attracted a range of retailers to Milton Keynes, including Thomas Sabo, L’Occitane, Phase Eight, Kurt Geiger, Jaeger, Poundland, Deichmann and TK Maxx. It also brought in Carluccio’s, Café Rouge, Yo! Sushi and Jamies Italian Kitchen to the Restaurant Quarter.

The approach has given thecentre:mk a major boost and laid down the foundations for a clear leasing and asset management strategy for the next five years.

Key Facts

  • 3rd largest standalone mall in the UK
  • 1.3m sq ft
  • 200 shops
  • John Lewis, M&S, House of Fraser, Next, Boots
  • 27 million visitors per annum
  • 6,000 car parking spaces 

Contacts

  • Duncan Kite
    • 020 7647 4804
    • 07974 215 337
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