Get in touch

Get in touch

02 November 2014

Business Context

Located beside the Pont de Normandie, set within a new ecological zone and designed by Parisian architect Edouard François, Honfleur will be the gateway to one of the most iconic tourist destinations in France.

Group SHEMA and Resolution Property required an assessment of likely trading performance and key catchment statistics to justify the project and support leasing activity

The Challenge

  • Evaluate the commercial opportunity at a site previously rejected by a major operator as unsuitable
  • Understand the potential impact of a rival development at Douains
  • Understand how to exploit the renowned local tourist opportunity
  • Convince sceptical stakeholders and press of the viability of the scheme
Honfleur Outlet Centre

What we did

  • FSP undertook a field based review of full price competition to understand the competitive positioning opportunity
  • Used gravity modelling techniques to estimate the catchment opportunity, lifestyle profile and spending potential of residents and tourists
  • Identified an ideal tenant mix and target brands and allocated floor space. 
  • Estimated turnover and rental income by merchandise category for different visitor types.  Scenarios reflected proposed development phasing and potential changes in competition
  • Benchmarked Honfleur with established outlet centres in terms of population and provision benchmarks, similar schemes and turnover and sales density performance to support leasing activity
  • Presented outputs from the feasibility study to the French property press at launch events at Honfleur and Paris

Result

The feasibility assessment convinced Resolution Property to progress the project

The press launch created strong occupier interest, culminating in pre-lettings to Galeries Lafayette and Nike.

The rival scheme at Douains has not been progressed.

The first phase of Honfleur Normandy Outlet opened in November 2017.