Next agrees to anchor £20m ‘hybrid’ shopping centre extension

RETAILER Next is to anchor the £20m outlet extension at Hull’s Princes Quay, which will become the UK’s first ‘hybrid shopping centre’.

Next is taking an 11,000 sq ft unit at the 51,000 sq ft extension Outlet Deck, increasing the level of pre-lets to 55% ahead of an anticipated opening in summer next year, Property Week reported.

The centre will be unique in its combination of outlet and full-price retail.

Colin Brooks, managing director of Realm, which was appointed by owner Jadwa Investment to reposition the 300,000 sq ft shopping centre last summer, told Property Week: “If the full-price/outlet retail hybrid is successful and delivers the anticipated footfall increases we are expecting, it could be an interesting model for urban regeneration elsewhere.

“Princes Quay is right in the heart of the city centre so it’s in a location that is already thriving and has very high footfall. When we were first asked to look at it we weren’t sure what we were going to do, but it quickly became clear to us that the centre needed something different.

“Having secured the pre-lets and carried out market research in the city, we are confident that this is going to be a success. The idea was to get new retailers into Hull, and we are attracting retailers who wouldn’t necessarily take a full-price store here but are happy to do an outlet.”

Other retailers signed up to open outlet stores at the extension include Bench, Ben Sherman and Sole Trader.