Member Article

Hammerson boss on future of Victoria Gate

Hammerson has been at the forefront of Leeds’ retail recovery. Along with other developments, the Victoria Gate development which Hammerson is overseeing will bring the total investment in the Leeds region to £2.5 billion.

Here, Fiona Campbell-Roberts, Hammerson’s UK head of marketing discusses the successes of VQ and Victoria Gate, and Hammerson’s plans for the future.

How many businesses have VQ managed to secure in the past few months?

Six in the last 12 months with a combination of quality independents and international retailers. The latest addition to the VQ is French Sole, which opened it’s first UK store outside of London at the VQ in February. High-end children’s boutique, Cootchie-Coo, has also started trading in the VQ within the last 12 months.

What are your plans for future expansion - do you want to concentrate on fashion, or more food outlets?

It is a combination of both. Our research has demonstrated there are significant market gaps for both premium fashion and catering. The aim is to customise our retail mix to match customer expectations through a combination of quality national and independent brands.

The development of Victoria Gate will also offer VQ retailers the opportunity to upscale to larger units, particularly if they’re looking to expand into a flagship store. As VQ is a listed building and an old arcade, retailer units are generally smaller and cannot be extended. As part of the ongoing commitment to all its centres, Hammerson is currently considering how the shopping experience can be improved in the VQ.

What is the criteria for businesses when you are looking for new businesses to come under the Hammerson umbrella?

The offering needs to be premium and fit with the existing retail mix. The VQ is anchored by Harvey Nichols and is home to a selection of high-end luxury retailers from Jo Malone to Reiss. It is important that a new retailer does not cannabilise sales from existing retailers. It is great that we have control over the whole premium supply chain (VQ and VG) so that we can ensure the two complement one another rather than compete.

What’s the best decision you’ve made so far? Purchasing the VQ. This has allowed us to establish critical mass for retailers within VQ and VG. Both schemes will complement each other perfectly and put Leeds on the map for luxury shopping.

What key challenges has your company recently faced? The VQ is no longer just competing with cities in the UK, but international cities across the globe. This can be challenging but will have the end result of making Leeds stand out internationally, profiling the city as a shopping destination.

What is your biggest achievement over the past 12 months?

For Victoria Gate, announcing the official start on site date, April 7 2014. For VQ, it would be the strong occupancy rate at 99.6% let. This is a fantastic achievement. The VQ has also successfully maintained retailer interest, which can be seen by the recent arrival of French Sole, which chose the VQ for its first UK store outside of London.

Can you share with us your view of the current landscape of business, in your region or generally, and where your organisation sits within it, I know there’s a lot of competition in the Leeds shopping scene but where does VQ fit into this in your opinion?

Trinity has done a great job of helping to raise Leeds’ retail game, as well as filling the gap within the city’s mainstream retail landscape. The city is well provided for with independent retailers and the value ends of the market. Whilst VQ has a great premium offer there is still a significant demand for more, with the closest luxury offer being Manchester.

Victoria Gate will help add to Leeds’ luxury retail offer, providing a first for the city with the arrival of John Lewis, which ultimately helps to profile Leeds as a shopping destination for both high street and luxury goods.

This was posted in Bdaily's Members' News section by Clare Burnett .