New stores perform strongly at The Exchange
Following their opening in the last quarter of 2012, The Exchange's new stores have turned in very strong performances in contrast to recent closures on the High Street.
Whilst an initial flurry of interest might be expected with the arrival of a new a brand, both Patisserie Valerie and Dr Marten's built on their early form and have continued to perform above expectations. Indeed, in the few short months since opening, the Patisserie Valerie store has risen to an overall seventh position in the group as a whole.
Andy Singleton, Head of Real Estate at Patisserie Valerie said, "As a business that draws a significant proportion of its sales from shoppers it's important to be located in strong retail areas. Nottingham is one of the top 10 retail locations in the UK and an obvious fit for Patisserie Valerie. Since opening in August the store has been a consistent top 10 performer and we are delighted with the response from the people of Nottingham."
The Exchange is Nottingham's oldest shopping scheme and has been at the centre of retailing since it opened in 1929. As Neil Fincham, The Exchange Centre Manager commented,
"The Exchange's position at the head of Market Square is about as central as it's possible to be in Nottingham, and as such it is in effect the hub around which the rest of the city centre revolves. Combined with its unique Edwardian architecture, it has huge appeal for both stores and customers alike."
"I'm sure these factors play an important part in the consideration of new stores when they look to open here," he continued. "As someone who's here every day, I can see that both Patisserie Valerie and Dr Marten's are extremely popular with customers and have undoubtedly added to the overall appeal of the scheme."
The centre's other more established stores have also performed well over the last 12 months, notably Austin Reed who recently recorded the best performance against target across all the group's UK stores. These strong performances have mirrored an increase in footfall for The Exchange, with the latest figures showing a 13% increase year on year.
Mr Fincham added, "Investment in The Exchange continues with the opening in March of the new Castle Fine Art store. Castle Galleries have had a highly successful presence in the centre for many years, and the opening of their new and significantly bigger unit represents another vote of confidence for both The Exchange and Nottingham as a whole."