Following news that a slew of fashion retailers will set up shop in the newest part of London’s Broadgate campus, Retail Week speaks to Kate Lea, head of shopping centre leasing at British Land, to find out how the landlord is expanding its central London offering and how it aims to appeal to all types of customers
Opened in 2020, the first phase of British Land’s Broadgate central was set up as a mixed-use, seven-day destination providing a range of retail, food and beverage, leisure and office space, traditionally for commuters but increasingly for the general shopper.
Top attractions include Eataly, Watches of Switzerland, Monica Vinader and Space NK. British Land Lea ead of shopping centre leasing Kate Lea says health and beauty, jewellery and accessories are “trading very well”, while fashion sales are up around 20% from last year.
The destination near Liverpool Street draws 29 million visitors a year, which is expected to grow to 33 million once the second phase of Broadgate opens later this year.
Fashion-forward
Lea says phase two is “very complementary” to the existing offer, cementing Broadgate as a retail destination for central London.
The new section will offer 40,000 sq ft of retail and hospitality space, operating as one mall across two floors. It is located next to the existing space and surrounds the food and beverage occupiers in Broadgate Circle.
The space has grown in footfall every year since it opened nearly five years ago, with sales across phase one up 26% annually.
“You can expect more of those premium, higher price point operators but we are also bringing a number of best-in-class high street fashion brands,” Lea says.
“We recognise that the mix needs to appeal to a wide audience and be accessible. At the moment, some of those mid-range price points aren’t quite there.”
It was revealed this week that Mango, Hobbs, Whistles, Ralph Lauren and Luca Faloni will join the new part of Broadgate. Lea wants to bring in more women’s fashion because 43% of visitors are female.
“The mix is currently swayed slightly more to the male customer but it’s important that we cater for women as 50% of spend comes from them,” she says.
In addition to women’s fashion, there will be two more restaurants and grab-and-go units in the second phase. There is still a lot under wraps as British Land starts onboarding a range of occupiers but Lea says there will be a “full suite”.
“There’s the ability to grab a coffee, browse and shop, have lunch, meet friends, and then we have the family offer and leisure coming soon,” she adds.
“The fact that we will have a wider range of retail and leisure there makes a big difference and gives people the opportunity and choice to explore.”
Catering to all
British Land owns several retail parks but has been investing in London locations such as Paddington Central, Regent’s Place and Canada Water that cater to residents, commuters, workers and visitors.
The Broadgate area links to the UK’s busiest train station, Liverpool Street, and the opening of the Elizabeth Line has boosted visitor numbers.
Lea points out that the investment in the area has meant office workers come in on average 3.8 days a week, compared to the capital’s average of 2.7 days.
Office staff are not the only demographic being drawn in – weekend visitors are also increasing.
“We’re seeing higher footfall during the week but last year, weekend footfall was up 15% and sales grew 36%, so we’re seeing higher conversion rates at the weekends,” Lea explains.
The accessibility from the transport links and expansive offering boost Broadgate’s appeal as a destination for all types of customers, according to Lea.
“It attracts visitors across the board, whether you’re working in the office, visiting for lunch or travelling to London at the weekend,” she says.
“In the last 12 months, we’ve seen a big increase in tourists as there’s been a huge increase in hotels being built in the area.
“We believe that it’s a fantastic location to appeal to all of our customers.”
As phase two gears up for a scheduled July opening, there are plans to add to an already inviting location. With attractive brands lined up, more workers returning to the office and more visitors traveling at weekends, this could be a recipe for success.
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