Six months after opening, The Lexicon Bracknell is proving itself as the retail, leisure and dining destination of choice across its Berkshire catchment and beyond. Research by FSP Retail Business Consultants showed that the greatly improved town centre is the destination of choice for 61% of people living in the catchment, despite the availability of alternative choices in Reading, Camberley and towns further afield. This is up from 17% in the opening week, reflecting previously poor perceptions of the town centre from before the redevelopment begun.
The new town centre was developed by the Bracknell Regeneration Partnership (BRP), a 50:50 joint venture between Legal & General Capital and Schroder UK Real Estate Fund, working with Bracknell Forest Council. Responding to the strong footfall since opening, the BRP has increased its footfall projection for the first 12 months to 16 million, up from 12 million, predicted at the start of the construction work. In particular, during the week of 18 December, The Lexicon welcomed over 500,000 people, with footfall of 8.4 million achieved in the first six months of trading.
Yesterday, Bracknell Forest Council won Gold at the 2018 iESE Transformation Awards in the Community Regeneration Category for its work with the Bracknell Regeneration Partnership in creating and launching The Lexicon Bracknell. Ranked the 33rd top shopping destination in the UK by industry commentator, Trevor Wood Associates, up from its previous ranking of 255th in 2017 (prior to its launch) , customer satisfaction remains extremely high. The Lexicon Bracknell’s net promoter score is +48 compared to an industry average of +15 with the proportion of Affluent Achievers and Rising Prosperity shoppers, both above the UK average, accounting for 48% of total visitors.
Both retailers and F&B operators have reported hugely successful trading since launch, meeting sales targets with retail strengths seen across the board including fashion clothing, footwear and in casual dining.
Kevin Corr, Director of Retail at Charles Tyrwhitt, said: “Trade at The Lexicon got off to a flying start, on the back of an amazing shop-fit and a lively launch party! The store has given us a great opportunity to give a true Charles Tyrwhitt customer facing experience to our ever loyal customers in the local area, as well as welcoming brand new Tyrwhitt shoppers too.”
Mark Jones, CEO at Carluccio’s, said: “We are very pleased with the expansion into The Lexicon. Since it opened, the restaurant has been consistently fully booked on Friday evenings with a strong lunch trade throughout the week.”
A Primark spokesperson said: “We are pleased to have seen such a positive reaction and reception from the people of Bracknell. Everyone involved is delighted with the number of shoppers who have been attracted to the store and we are confident that our customers will continue to enjoy the shopping experience for a long while to come.”
Since its opening on 7th September 2017, The Lexicon Bracknell has drawn visitors from a wide spread of postcodes including Wokingham, Maidenhead, Henley-on-Thames, Windsor and Woking.
Harry Pickering, Investment Manager at Schroder Real Estate, said: “We are thrilled with the success The Lexicon Bracknell has experienced in its first six months. 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.”
Reflecting the strong footfall, long dwell times, frequency of visits and customers travelling from further away, the available spend on non-grocery items has been benchmarked by FSP at £724 million. This has quadrupled from £179 million prior to the major urban regeneration project, showing the benefits of the scheme.
Richard Poyser, Head of Retail Relationships & Leasing for Legal & General, said: “The Lexicon Bracknell has gone from strength to strength. 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 operators, which will complement the existing offer at the scheme.”
Joint agents for The Lexicon are CBRE and Lunson Mitchenall.
