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Get in touch

28 October 2015

Business Context

Espace St Georges is a 14,500m2 shopping centre, with 40 shops including Bershka, New Look and Zara. As a result of strong local competition plus an off pitch location, the centre suffered from low footfall high vacancy and a confused retail proposition.

Previous research had failed to identify a future proof proposition for Espace St Georges.  Asset manager Terranae required a realistic and achievable strategy to justify a proposed program of reconfiguration, refurbishment and leasing activity.

The Challenge

  • Utilise existing 3rd party research to understand catchment potential
  • Prioritise sustainable opportunities to grow sales
  • Identify a compelling retail mix proposition which will encourage existing tenants to improve their stores, attract new occupiers and increase rental income
  • Ensure that the recommended proposition is ‘future proof’
Espace St Georges

What we did

  • Undertook a field based review of in town and out of town competition
  • Estimated the retail catchment and value of shopper spending
  • Reviewed trading performance by merchandise, price point and life stage
  • Prioritised opportunities to grow turnover and rental income
  • Identified a distinctive proposition for the centre based upon local opportunities
  • Illustrated this proposition with French and international benchmark locations
  • Identified target retail and Food & Beverage occupiers
  • Recommended environment, signage, digital infrastructure and marketing improvements

Result

Having delivered these recommendations, plans for the reconfigured retail space and improved environment are being refined to support the tenant mix strategy

FSP’s research has helped us formulate a clear and achievable proposition for the asset. Our Client now has confidence to invest more funds and we are now committed to delivering the future vision

Anne-Sophie Maisonrouge of asset managers Terranae