Retail Strategy - Developing Tenant Mix in a City Centre
Having undertaken an audit of retailers the Cathedral Quarter BID area was identified as having the highest density of premium brand retail offer of anywhere in Derby City Centre. It was also identified that the catchment area of the city had a higher proportion of wealthy socio economic groups as per the Acorn* classification of demographic lifestyle segments, than the national average and that there was a potential for more premium retail floors pace than was currently provided.
As project managers for the Cathedral Quarter BID, pfbb UK developed and implemented a retail strategy of the area which, target marketed premium retailers of both national and independent businesses and brought together landlords and commercial property agents of the area to understand the long term aims and benefits of developing the area. This reduced vacancy levels at a time when national vacancy levels were rising and increased the proportion of premium retailers in the Cathedral Quarter.
Significant Achievements
• Reduction in vacancy levels below national, regional and city wide levels
• Gained a net of 38 businesses into the Cathedral Quarter Jan 2010 to Jan 2012
• Retail sales performances exceeding levels seen in the rest of the city centre e.g 2011 v 2010 averaging plus 3% on the year in comparison to the rest of the city centre at -3.7% on the year. *
• Reduced the number of retail categories in the area but increased the depth of offer particularly in ladies fashions and jewellery.
*figures from 'Sales Monitor' service operated by
pfbb UK (see Sales Monitor in Services section)