Yahoo Finance Shopping centre owners 'excited' for future
Owners of a struggling shopping centre said they were confident a new multi-screen Imax cinema scheduled to open before Christmas would be a catalyst in its revival.
Peterborough’s Queensgate shopping centre has faced tough times in recent years after big names including John Lewis, Marks and Spencer, Next, Monsoon and Accessorize left the building.
Previously, shoppers said they had “very little incentive” to come into the centre.
But, Queensgate owners, Invesco Retail Estate, said the future was looking “exciting” amid plans to bring a combination of leisure and retail businesses to the centre.
Ed Ginn, Director of Investment Management at Invesco Real Estate, said the centre has had to “grapple with a vacant anchor store [John Lewis] alongside the usual struggles facing the high streets everywhere.”
Mr Ginn said: “They are large stores and the investment needed to fill them and create a cinema can’t be done overnight, but we want to thank everyone for their patience.”
Invesco said the new Odeon cinema alongside the retail giant Frasers, which is due to take over the former John Lewis units in May 2025, was creating a “positive momentum for Queensgate”.
“Our focus was the cinema and the Frasers unit. The cinema in particular is an important catalyst for the centre which we signed in March.
“It has opened up a number of conversations and a number of leisure operators speaking to us about occupying the space underneath the cinema.
“We have got five restaurants coming in the entertainment complex and some more scattered around the centre but we can’t give any further details at this time due to competitive tension,” Mr Ginn said.
‘Tenant profile of Queensgate is changing’
Over the past few months, Queensgate has seen some new business additions including TK Maxx, indoor golf venue Puttstars and Black Sheep Coffee.
Home and lifestyle retailer Sostrene Grene is the latest brand to be confirmed for Queensgate, and will move in to the former Joules unit on the ground floor. No date has been confirmed yet.
Jewellery brand Beaverbrooks is also in the process of moving to a larger unit within the centre, Invesco said.
Rory Morrison, Managing Director at Invesco Real Estate, said: “We are bringing in more leisure operators with an aim to bring back late night activity to the centre.
“This positive momentum is creating tension within retailers who want to come to the centre because of the investment we have made and because of the great city of Peterborough.
“But adapting with trends, we understand the centre needs to be a good mix of both retail and leisure.”
‘Not giving up on Westgate Arcade’
Invesco agrees retailers in the Westgate Arcade, home to independent businesses, have had tough times and said they feel “left out”.
“We haven’t given up on Westgate Arcade and believe it’s an important part of the centre.
“We constantly discuss what we can do down there.”, Mr Ginn said.
‘Here for the long-term’
Previously, shoppers told BBC Peterborough the Queensgate centre, which opened in 1982, looked “dated” and needed modernising after regular issues of broken lifts, escalators and even a leaky roof.
Mr Ginn agreed lots of things needed to be improved especially at the bus station.
Mr Morrison added: “Peterborough is a fast growing city and it deserves a thriving centre.
“Other centres around the country are being knocked down and converted into houses. We are not doing that. We are committed to making it a thriving mixed- use centre with leisure and retail offering.
“There’s a lot of development happening around the centre.
“It’s difficult for one landowner to change the direction of the city on their own. So the fact that we have multiple landowners committed to creating the future journey for the city is really exciting.”
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