“A premium retail trading strategy in action”
The repositioning strategy of Metquarter gathers pace as Hugo Boss, the luxury style and fashion house, increases the size of their store, taking an additional floor with the total expanded GLA now in excess of 10,000 sq.ft.
Hugo Boss’s investment follows that of Saville Row tailor Gieves & Hawkes taking a new 10-year lease and doubling its floor space to cover over 3,600 sq.ft, its largest store outside of Central London, and independent jeweller Mococo also committing to a new 10-year lease and tripling their unit size at the asset.
Initially commissioned to work for Columbus Capital Management throughout the acquisition process, I-AM were appointed in January 2013 to manage the asset and deliver the positioning and leasing strategy developed during the purchase process.
The first stage was to introduce a ‘retail first’ approach to managing retail relationships so that those responsible for the delivery of services to retailers, think and act like retailers. With an emphasis on retailer engagement, brands, products and social media, a new marketing approach has been implemented with training and mentoring. Retail collaboration in marketing campaigns has increased significantly, as have returns on advertising and more importantly sales. The asset has won an award from the BCSC for the campaign.
This collaborative approach to driving sales has been complemented by a raft of other asset management and leasing initiatives, including:
- Relocating the escalators in the scheme to improve customer flow to the upper flow;
- Gieves & Hawkes have relocated to the upper mall, doubling the size of the store in the process;
- Jack Wills are also relocating to the middle of the upper mall to benefit from the improved traffic delivered by the initiative; Leading independent jewellery retailer Mococo have relocated and quadrupled the size of their store;
- New independents such as Miss Francesca Couture and Olivia Devine have opened stores.
All are trading above forecast sales expectation.
The next phase of the positioning is underway, with the introduction of a premium leisure offer at the rear of the centre comprising a boutique cinema and up to three complementary premium restaurants and bars, which will cement the assets position as the only premium destination in Liverpool for consumers to meet, eat, shop and socialise and an unrivalled location for retailers wishing to be in the best managed retail environment in Liverpool and connected to the most brand savvy consumers.