In three months since opening, The Lexicon Bracknell has secured retail industry awards, has enjoyed strong trading for occupiers and achieved industry recognition.
At the 2017 Revo Gold Awards on 6 December, The Lexicon Bracknell was recognised as the `Best of the Best’ compared to any other new or regenerated retail property destination in the UK. It scooped top prize in the Re:new category for “projects that have positively impacted their surrounding environment.” To round off a notable night, a live poll of more than a thousand guests at the Revo Annual Dinner crowned the scheme as the `Best of the Best’ from across all of the night’s category winners. The prestigious industry awards are staged by Revo, the organisation that supports businesses in the retail property and placemaking sector.
Footfall of 4.5 million has been achieved since the £240 million retail and leisure town centre transformation in Berkshire opened on 7 September 2017. An impressive 10,000 people visited on opening day. October half term week saw footfall rise by +7.3% compared to the first full week. The first week in December saw footfall up +36.4% on the first full week, and +27.2% greater than October half term week. The Lexicon Bracknell is projecting an annual customer footfall of up to 16 million, almost four times the previous visitor numbers to Bracknell town centre prior to the recent development work.
Feedback from top brands such as Next, Office, Cath Kidston, Footlocker and wagamama included: “Been great so far. Smashing targets early on” and “All stores within The Lexicon look fantastic. I believe December will be a busy month for all”. Some 83% of retailers and restaurants say they are optimistic about Christmas trading.
Additionally, in research published in November, The Lexicon Bracknell was ranked 33rd top shopping destination in the UK, according to authoritative industry commentator Trevor Wood Associates. This compares with 255th position in 2017, demonstrating the major improvements made.
Rachel Dickie, Head of Urban Regeneration at Legal & General Capital, said: “Creating a cohesive, future looking retail and leisure environment at the heart of the town and thousands of jobs, the transformation of Bracknell is one of the most significant town centre regeneration projects to be delivered in the last 25 years. This is a great match for Legal & General’s patient capital. With a growing population which is increasingly living and working in major towns and cities, the UK needs urban centres that are fit for purpose.”
Simon Russian, Head of Retail for Legal & General Investment Management, Real Assets (LGIM RA), said: “It’s encouraging that footfall has remained strong following the really successful opening week. It shows the benefits of well planned urban regeneration, bringing jobs, customer choice and convenience, and local prosperity to the town. As further brands are signed and open in Bracknell, we will give customers even more reasons to visit often and stay for longer, helping retailers and restaurants to trade well.”
The 580,000 sq ft development has attracted an impressive list of top brands such as Joules, Fat Face, Superdry, H&M, River Island, Timberland, Seasalt, L’Occitane, Paperchase, KIKO Milano, The Body Shop, Beauty Base, Topshop, Marks & Spencer and Pandora. The Lexicon features the first, new build, full line Fenwick to be opened in 14 years as one of its anchor stores in an 80,000 sq ft unit over three levels.
Jessica Berney, Head of UK Retail at Schroder Real Estate, commented: “The Lexicon Bracknell is delighting customers, both residents within the affluent catchment and local workers. Combined with the existing Princess Square shopping centre, we have created a new social and cultural heart for the region. Bracknell is well on the way to becoming the shopping and leisure destination of choice in Berkshire.”
The new town centre was developed by the Bracknell Regeneration Partnership, a 50:50 joint venture between Legal & General Capital and Schroder UK Real Estate Fund, working with Bracknell Forest Council. The scheme was masterplanned and concept designed by architects BDP together with Chapman Taylor. The main contractor was Mace. Joint agents for The Lexicon Bracknell are CBRE and Lunson Mitchenall.
