Case Studies

Case Study - Midlands

Centre: Mid-sized city-centre scheme in the Midlands

Background: This asset had been recently purchased by a new owner and they wanted a fresh perspective to drive both occupancy and standards. Flourish have worked with this landlord on other centres and so they had the confidence that we were the right partner to work with them to improve mall standards across the board.

Approach: An initial review highlighted opportunities for optimising revenue, but we also identified a few potential risks, mainly in compliance. This informed the strategy and defined the work we carried out to re-align the mall activity with the retail offer. This included:

  • Identifying at-risk operators by modelling their sustainability and giving rent concessions where necessary to protect the income while we tendered for replacements.

  • Conducting and space-planning exercise across the property.

  • Conducted a gap analysis with the centre management team and invited tenders for various uses, installing improved kiosk designs from both new and existing offers

  • Retender the current list of commercial occupiers to bring in line with the market value

  • Re-tendered vending and split the offer between specialists, increasing income while improving the customer experience

  • Use both physical and digital routes for the procurement of new business

Results: Our primary objective was to retain current income whilst improving the commercial offer all round. However, we exceeded expectations on all levels delivering 75% growth in revenue during the first twelve months. We have also improved the retention rate and relevance of the mall offer and aligned this more closely with the surrounding tenant mix.

Case Study - Kent

Centre: Mid-sized city-centre scheme in Kent

Background: A new Local Authority owner new owner came with new goals and expectations in both how and where the centre procures its business - and local was the theme. The centre had around 40% occupancy at the time of appointment.

Approach: We undertook a full review of the centre looking at the 16 locations and how we might best improve the occupation by sourcing local talent. This included:

  • Conducting and space-planning exercise across the property looking at the incumbents and ancillary revenue opportunities

  • We undertook a full review of the centre with the team, identifying acceptable opportunities

  • Local procurement to focus on an open for business message to the businesses in the area

  • Regular site visits to develop both traction and conversion

Results: Today we have 70% of the business in the centre represented by local people. We have grown the income by 38% and our retention is over 80%.