TOP TOWNS RANKING 21

Key Facts

Total floorspace: 1 million sq ft (94,190 sq m)

Missing retailers in central Bromley: Optical Express, Timpson, Envy, Republic, Schuh, The Works, Blacks, JJB Sports, Sunglass Hut

Top five under-sized retailers in central Bromley: Next (-17,832 sq ft), TK Maxx (-14,694 sq ft), Bhs (-13,424 sq ft), H&M (-12,832 sq ft), HMV (-10,986 sq ft)

Top centres that share the central Bromley total catchment: Croydon (14 per cent), Bromley (12 per cent), London’s West End (9 per cent), Bluewater (7 per cent), Purley Way (4 per cent), Lewisham (4 per cent)

Area of highest rental growth over the past five years: High Street (1.5 per cent)

Average rental growth over the past five years: 1.5 per cent

Latest deals: Sports World has signed to the Mall

New developments: The Glades is being refurbished, with an extension that will add 51,000 sq ft (4,740 sq m) of retail space, taking the total to 472,000 sq ft (43,850 sq m). It is due to be completed by April next year.

Source: Experian/rental data from Churston Heard

Capital Shopping Centres’ (CSC) high street extension to The Glades in Bromley, Kent, will come on stream early next year.

H&M has signed a 30,000 sq ft (2,785 sq m) unit, which will anchor the 51,500 sq ft (4,785 sq m) extension. The fashion retailer will relocate from a site in the upper mall, which will be re-let or carved up into smaller units. The new three-floor H&M store will front on to the high street improving footfall at the lower end of Bromley’s pedestrianised high street, which has recently been extended and revamped to the tune of£1.3 million by the local council.

Two units either side of the H&M site will be available early next year. The centre is talking to retailers about the spaces, which have the option of two entrances – one from the high street and one from inside the centre – depending on configuration. There will also be two smaller high street units.

CSC group manager Philip Wardle is confident that The Glades will let the sites to new entrants to the UK, to help Bromley maintain its point of difference. “We hope to improve footfall at the top of the upper mall by bringing in new names adjacent to the H&M site,” he says.

The Glades continues to trade well. Part of the upper mall has been given over to a branded fashion offer targeting premium retailers. Hobbs, Kew, Massimo Dutti and Jacques Vert have taken sites in the new zone. The rest of the centre comprises mainstream multiples with Debenhams and Marks & Spencer as anchors. Marks & Spencer has splashed out£12 million on refurbishing its store.

Bromley’s retail offer is fairly unique, with many new entrants to the UK using the Kent town as a cost-effective test bed. Wardle says: “The centre has an established and savvy customer who is used to shopping in London. It is a way to test your concept with that consumer without the Oxford Street rents.”

The Glades is home to some quirky international retailers including Steiff, Australia Homemade and Mugg & Bean. This helps to set it apart from other centres and keeps Bromley’s shoppers happy.

Regent Arcade in the centre of the town is geared towards independents. “Because Bromley is close to London and sophisticated, we need to diversify the range,” says Wardle. “Independents add a separate flair. We try to make sure the rents are geared towards them. There is the odd vacancy because of the nature of the independent market, but we tend to fill the units pretty swiftly.”

Wardle says there have been healthy rent increases in the town. “There is a lot of opportunity in Bromley and retailer interest remains buoyant, despite the difficult retail market.”

Demographics

Population 4.8 million

Total retail spend£21.33 billion

Weighted shopper population 277,509

Index of population with internet access 105

Cars per household 0.9

Annual gross household income£37,187

Most over-represented occupation Administrative and secretarial

Most over-represented age band 25-34

Source: Experian