Next to anchor Hull
Published: 31 October, 2016
Princes Quay relaunches as the UK’s first full price/outlet hybrid scheme
Princes Quay, the 300,000 sq ft shopping centre in the heart of Hull City Centre, is to undergo a £20m revamp to produce a new urban centre concept, combining the existing cinema, shopping and F&B offer, with a new outlet mall and new restaurants, taking advantage of the centre’s attractive waterfront setting.
The project is being delivered by fund manager Seven Dials with Realm as asset and development manager. It is the first time in the UK that outlet retailing has been combined under one roof with full price retailing.
The strategic repositioning project will introduce 24 new fashion brands spanning 51,000 sq ft on a new outlet deck within the scheme. In addition, it will establish a new waterfront dining hub on the harbour deck, with space for seven additional restaurant and cafe units across 18,000 sq ft. Already 55 per cent of the new outlet mall has been prelet and Next has exchanged to anchor the new mall with an 11,000-sq ft store.
Realm MD Colin Brooks said: “The introduction of an outlet mall into an existing city centre shopping scheme is a first for the UK. We believe this innovative combination of outlet retail, full price shopping, cinema and enlarged and improved food and beverage offer will further heighten the consumer appeal of the scheme, which already enjoys an annual and rising footfall of five million customers. This initiative comes on the back of the growing trend towards urban outlet retail. If the full price / outlet retail hybrid is successful and delivers the anticipated footfall increases we are expecting, it could be an interesting model for urban regeneration elsewhere.”