The Lexicon Retail Impact and Leasing Support
About the brand
The Lexicon is the new 58,000 m² shopping, dining and leisure shopping centre in Bracknell developed by Legal & General and Schroders in close co-operation with Bracknell Forest Council.
Prior to opening, Legal & General required insight and research to plan the design, retail mix and centre branding and to communicate the future trading opportunity to target occupiers
- Provide a detailed understanding of the retail catchment post opening
- Assess how affluent shoppers will respond to proposed designs and retail offer
- Demonstrate how the profile of shoppers will become more affluent
- Provide key information to inform target occupiers about the opportunity
- Support leasing activity with bespoke occupier reports and turnover estimates
WHAT WE DID
Used a gravity model to estimate future changes in shopping patterns
Undertook bespoke work (focus groups, customer analysis and turnover estimates) to inform Fenwick’s decision to open an 8,000 m² department store
Recommended an ideal retail mix to widen the catchment and increase spend
Provided independent research summaries and turnover estimates for more than 60 occupiers
Prior to opening, Pragma’s focus group research identified a need to develop a new brand for Bracknell (‘The Lexicon’)
The centre opened in September 2017, with Fenwick and Marks & Spencer anchoring and H&M, River Island and Arcadia Brands opening major stores.
To date, Pragma’s support has contributed to more than 20 retail and Food & Beverage lettings at The Lexicon.. Pragma continues to support Legal & General’s asset management team with shopper insight, leasing collateral and advice on occupier turnover and affordable rents.