Priory Meadow Hastings
Priory Meadow is the dominant retail location in Hastings, a town widely believed by retailers to trade within the shadow of Eastbourne and whose economy and social profile has suffered adverse national publicity. FSP’s task was to address such perceptions through robust research and, by doing so, help persuade existing traders to renew their leases on expiry and to attract new retailers.
Interviews with 2,500 Hastings shoppers enabled FSP to demonstrate that the overlap between the Eastbourne and Hastings catchments, and therefore the risk of turnover cannibalisation, is minimal.
The profile of the Hastings catchment shows that household income is above the national average and is attractive to a wide range of retailers.
The sales performance, at merchandise-level, of each retailer in Hastings was used to estimate the Trading Gap - the realisable scale of sales improvement by merchandise category. The total Trading Gap is itself categorised into expenditure increase by existing shoppers (the Market Share Gap) and that by potential additional shoppers.
Detailed information about the size of the trading opportunity in Hastings was made available to retailers considering opening a new outlet.
The estimated profitability of retailers trading within Priory Meadow was used to inform the lease renewal negotiations.
Asset/leasing management now possess more accurate information on trading opportunities. Leases are in the process of being renewed and new tenants recruited to Priory Meadow.
FSP worked on the project with:
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