We had acted on behalf of LaSalle Investment Management at Carillon Court Shopping Centre, Loughborough, for seven years.
With an imminent lease expiry, the primary retail unit fronting Market Place and Carillon Court was to be vacated by Next. The retailer was to relocate to larger premises in the town.
To maintain retail momentum in Loughborough and Carillon Court in particular, we were appointed jointly with Colliers to find a suitable tenant within short timeframes.
Short timescales and high profile tenant
It was imperative that a high calibre tenant was secured to replace Next, and as soon as possible. This would ensure that retail interest and momentum within the scheme, and its status as the prime retail/fashion pitch in the town, would be maintained.
With only three months notice before Next vacated, timings were tight.
Direct approach to Arcadia Group
Aware that Top Shop was over-trading from its existing unit it in the town, we made a direct approach to Arcadia Group. The former Next unit offered Arcadia Group an larger plot in a more primary location, thus giving the retailer the ability to increase the volume of Top Shop merchandise and also bring in the Top Man trading format.
Within six weeks we had agreed terms on a new letting to Top Shop and Top Man, and we were able to exchange contracts prior to Next vacating. Shopfitting commenced in January with the new store opening in late April 2012.
Retail reputation maintained for Carillon Court
By securing a mainstream fashion retailer, at least equal in covenant to the outgoing tenant, we were able to maintain the scheme’s acknowledgement of being the primary fashion location within Loughborough.
Top Shop and Top Man have trebled their retail floor space and maximised the potential of Loughborough from the immediate residential catchment and, specifically, the 15,000+ students at Loughborough University.
Considerable cost savings secured for landlord
Through our detailed market knowledge, we were able to secure one of the best fashion brands in the country, enhance the retail offer within Carillon Court and Loughborough itself, as well as reducing the void period to a minimum, thus saving the landlord considerable costs including empty property rates and service charge.