Lexicon Bracknell reports strong six months

By

Sandra Halliday

Published
Mar 8, 2018

The major Lexicon mall that opened in Bracknell six months ago appears to be a success with the mall’s operator saying this week that visitor traffic has been higher than expected and a larger-than-average level of affluent consumers are shopping there.

Part of a major redevelopment and regeneration project for Bracknell town centre (which is around 30 miles form central London), footfall in its first 12 months is now forecast to be 16 million, up from an original projection of 12 million. It has seen 8.4 million visits in its first six months with a peak in the week before Christmas of 500,000.

And the developer said customers have been travelling there from Berkshire, Surrey and Hampshire with some retailers exceeding their targets.

It quoted research by FSP Retail Business Consultants that showed the town centre is now the destination of choice for 61% of people living in the catchment area, despite the availability of alternative choices in Reading, Camberley and towns further afield. This is up from 17% in the mall’s opening week, “reflecting previously poor perceptions of the town centre from before the redevelopment.”

The Lexicon is now ranked as the 33rd top shopping destination in the UK by industry analyst Trevor Wood Associates, having only been ranked 255th last year on expectations of what it would be prior to its launch.

Its net promoter score is also strong at +48 compared to an industry average of +15, with the proportion of ‘Affluent Achievers’ and ‘Rising Prosperity’ shoppers being above the UK average and accounting for 48% of total visitors.
 
Mall management quoted retailers from both ends of the price scale reporting strong trading. Kevin Corr, Director of Retail at Charles Tyrwhitt, said trade “got off to a flying start” and that its new store has helped it connect with brand new shoppers. Meanwhile a Primark spokesperson said it was “delighted with the number of shoppers who have been attracted to the store.”

Reflecting the strong footfall, long dwell times, frequency of visits and customers travelling from further away, the available spend on non-food items in Bracknell town centre generally has been benchmarked by FSP at £724 million, up from £179 million before the opening.