The up for sale Quadrant Shopping Centre in Swansea has reported its best December trading since before the pandemic.
Tenants collectively reported a 17% year-on-year increase in revenues and against a 海角视频-wide year-on-year fall in footfall of 5% the shopping centre experienced a decline of just 1.1%.
The centre, which extends to 440,000 sq ft, had a footfall of 826,321 shoppers in the crucial trading month. For the year (2023) overall footfall was up 4% on 2022 at 6.83 million.
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Its former flagship Debenhams store, which extends to 150,000 sq ft, was acquired by Swansea Council last year. The local authority, which paid nearly £3m for the property asset with backing from the Welsh Government, is planning to attract new retail tenants to the space, which has been vacate since the collapse of Debenhams in 2021.
The shopping centre was put up for sale with a £10m price tag, plus VAT, last year, by its long-term leaseholder, Coal Pension Properties Ltd. The sales process has attracted strong interest, with a new owner expected to confirmed shortly, potentially the first quarter of this year.
Of the centres 35 units, including the former Debenhams’ store, there are five empty, which on offer on one of the them (not Debenhams).
Quadrant Shopping Centre manager, Lisa Hartley: “These statistics are hugely positive for us at the Quadrant, but also for Swansea as a whole. The results showed that while footfall (December) was slightly down compared with 2022, our shoppers were spending more.
“Consumer confidence is on the rise, which can only be a positive for the city. We experienced the arrival of new retailers to the centre in the run up to Christmas, from Goldsmiths and the Ospreys Club Shop, right through to impressive renovations for key, existing, brands, HMV and H Samuel- giving customers brilliant, new reasons to visit.
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“The enhanced Christmas experiences across the city from Waterfront Winterland, Swansea’s Christmas Market, and Swansea Indoor Market, helped make Swansea a key Christmas destination for shoppers. It was even listed as the top Christmas destination in the 海角视频 and 18th best world-wide, which helped put the city top-of-mind during this key trading period in the retail calendar.”
chief executive of Swansea BID (business improvement district, Russell Greenslade, said: “These figures are extremely positive for Swansea. The Quadrant is such a pivotal part of the city and the arrival of its new shops over the past three months have been vital for enhancing the city’s evolving retail mix.
“However, it’s not just about retail therapy. Our Swansea BID area has also experienced an influx of new food and beverage outlets, from Proud Mary’s and Raj Kitchen to Bowlz and Level 256. Visitors now have even more reasons to enjoy the city centre, and we look forward to watching 2024 unfold as more brands arrive in Swansea as we continue to deliver and amplify our destination management and marketing strategy.”
Leader of Swansea Council, Rob Stewart, said: “We know how important Swansea city centre is for our residents, businesses and visitors to the city.
“That’s why a £1bn regeneration programme is ongoing there to create a vibrant, mixed-used destination where people can shop, enjoy, live, study and visit.
“These footfall figures are encouraging and are testament to the hard work of businesses, their staff and all involved in the city centre’s running and regeneration.
“A lot more positive change is soon on the way too. This includes the construction of a major new office development at 71/72 Kingsway, which is continuing at pace. Once complete, the development will provide space for 600 workers, which will be a further boost for city centre footfall.
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“Discussions aimed at bringing the former Debenhams unit back into retail use are also ongoing, and major improvement works at Castle Square Gardens are due to start by the end of the year.
“Work is also continuing on schemes like the new ‘Y Storfa’ community hub at the former BHS building, and the private sector is forging ahead with schemes like Princess Quarter and the innovative ‘living building’ development at Picton Yard.
“We’re also now developing a scheme with Swansea BID and other partners to promote the city centre, to help raise awareness of everything that’s there – from its fantastic traders and events to all the major regeneration that’s happening.”