Honfleur Normandy Outlet Outlet Centre Feasibility
About the brand
Located beside the Pont de Normandie, set within a new ecological zone and designed by Parisian architect Edouard François, Honfleur will be the gateway to one of the most iconic tourist destinations in France.
Group SHEMA and Resolution Property required an assessment of likely trading performance and key catchment statistics to justify the project and support leasing activity
Evaluate the commercial opportunity at a site previously rejected by a major operator as unsuitable
Understand the potential impact of a rival development at Douains
Understand how to exploit the renowned local tourist opportunity
Convince sceptical stakeholders and press of the viability of the scheme
WHAT WE DID
Pragma undertook a field based review of full price competition to understand the competitive positioning opportunity
Used gravity modelling techniques to estimate the catchment opportunity, lifestyle profile and spending potential of residents and tourists
Identified an ideal tenant mix and target brands and allocated floor space.
Estimated turnover and rental income by merchandise category for different visitor types. Scenarios reflected proposed development phasing and potential changes in competition
Benchmarked Honfleur with established outlet centres in terms of population and provision benchmarks, similar schemes and turnover and sales density performance to support leasing activity
Presented outputs from the feasibility study to the French property press at launch events at Honfleur and Paris
The feasibility assessment convinced Resolution Property to progress the project
The press launch created strong occupier interest, culminating in pre-lettings to Galeries Lafayette and Nike.
The rival scheme at Douains has not been progressed.
The first phase of Honfleur Normandy Outlet opened in November 2017.