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

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The Challenge/Task

  • 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 

The Result

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.