National brands show massive appetite for city centre

MAJOR restaurant and retail operators are queuing up to move into Preston – with new figures revealing more than 30 national brands eager to open outlets in the city centre.

Their growing appetite for Preston has been revealed by national retail consultant GCW, which is working with Fishergate Shopping Centre (FSC) owners Benson Elliot on its £40m regeneration plans.

It says a number of big name national chains have confirmed their interest in a revamped centre which, subject to planning consent being granted by Preston City Council, will deliver new and bigger retail space, a restaurant and food cluster with five family oriented outlets and a replacement cinema for Vue.

GCW, whose clients include some of the biggest owners of shopping centres in the UK, believes the level of interest being shown in Preston bodes well for regeneration and investment plans across the city centre with different outlets targeting particular character areas of the city centre to deliver their ideal customer base – the popular Turtle Bay chain being a recent example.

It is estimated demand for the city is coming from up to eight times as many brands as there are restaurants proposed at the Fishergate Centre.

David Gooch, partner of GCW, said the Fishergate Shopping Centre’s ambitious plan has alerted top brands to the new opportunities coming up in Preston including Wagamama, Ed’s Easy Diner, Prezzo, Gourmet Burger Kitchen, Bill’s Restaurant, Byron Burger and Chiquitos.

He said: “For a city the size of Preston the restaurant offer is very limited. The exceptional number of requirements reflects the pent up demand and the frustration the major chains have with the lack of suitable units and locations in the city centre.”

Peter Cornforth, director of retail at Benson Elliot, believes the Fishergate Shopping Centre revitalisation programme, which is set to go before city councillors within weeks, could kick-start a surge of new openings in Preston.

He said: “The interest in Preston is growing. Our regeneration plan is just the start and the arrival of well-known national chains at the Fishergate Shopping Centre will send out a message to others in the sector that Preston can deliver.

“Getting our mid-market retail and family oriented project up and running in the next few months could open the flood gates of interest for a real revolution in the city-wide dining and leisure experience.

“Many of the big names who want to come into Preston are also looking at the tourism, late evening and student markets that exist and are envisaged elsewhere in the city centre, such as the emerging Markets Quarter.
 
“It is an encouraging sign that they want to do business in Preston. What we have to do now is convert that interest into action and we believe that our blend of modern shopping and leisure will be a strong first step, raising the city’s profile and potential amongst the wide and still increasing pool of branded food and beverage operators.

“Preston is back on the radar for the restaurant and leisure sector and there are real opportunities here.”

The FSC revitalisation programme, which will be one of the largest private sector investments in the city centre for  more than two decades, aims to bring the popular shopping centre into the 21st century, is set to be discussed by planners within weeks.

And if the planning committee gives it the go ahead, as early as its March committee meeting, work to deliver an economy-boosting customer and visitor experience comparable to other ambitious cities in the UK will begin straight away.

The new multi-purpose Fishergate Centre will also see bigger and better shops. Benson Elliot will invest £25m in delivering the new centre with a further £15m invested by occupiers such as Primark, TK Maxx and Vue.
 
It is predicted to create an additional 250 long-term jobs and employ more than 150 construction workers during the building programme –opening and attracting visitors early in 2017.

The plans also include major improvements to the important gateway into the city centre, integrating more with the railway station and complementing the work already carried out to Fishergate.