Nine out of ten Liverpool One retail units already let

May 28 2008 by Alistair Houghton, Liverpool Daily Post

THE first phase of Grosvenor’s £1bn Liverpool One shopping complex is already 90% let – and chief executive Joanne Jennings says the remaining stores will fill up quickly once retailers see the centre open to business tomorrow.

Ms Jennings says 80% of the development’s floor space has been let, and is confident the centre will fill up despite the current tough retail climate.

There are 70 stores in the development’s first phase, of which 40 will open immediately and others will open over the next few weeks.

The flagship department stores are John Lewis, which is opening its biggest store outside London, and Debenhams.

The scheme’s first phase opening tomorrow will be marked by a spectacular party including acrobats, aerial artists and a “theatre of fashion”.

Ms Jennings said: “On day one, we will have in excess of 40 stores open, but the remainder of the stores will then open in coming weeks. New stores will be opening every week in June and July.”

Grosvenor’s investment has transformed a huge 42-acre site in the city centre, around South John Street and Paradise Street, into a new retail hub for the North West. The second phase, set to open in September, will include cinemas, bars, restaurants and the reopening of the new Chavasse Park.

Ms Jennings said: “It’s a phenomenal investment and a phenomenal project. This scheme is unparalleled anywhere in Europe. The fact that Liverpool has been able to capture it is very commendable for the city and there has been a lot of hard work getting it here.”

Liverpool One has leasing teams working locally and in London and will also be attending the MAPIC retail conference in Cannes to showcase the development to an international audience.

Despite the ongoing pressure on retail spending since the credit crunch, Ms Jennings says she is confident that, when potential tenants see the project’s first phase, they will be keen to sign up to the remaining units. Ms Jennings said: “Of course we have to look at letting every single unit and look at the opportunities for bringing more and different people into the scheme.

“There is a major opportunity for us to bring brands in to see Liverpool One in operation, and the easiest way to see that is to see it open.”

alistairhoughton