Victoria Square Shopping Centre, Belfast, Co. Antrim
Victoria Square opened on 6 March 2008 and provides c. 800,000 sq ft of retail space over four floors, leisure units including restaurants, bars and cafes, an 8-screen cinema, 954 car parking spaces and 106 residential apartments.
The Brief
We provide both property management and retail agency services at the scheme. This involved pre-opening set up and continuous management of operational systems and onsite teams. We have been involved in letting since January 2005.
The Client
Commerz Real Investmentgesellschaft mbH (CRI)
Our Solution
Victoria Square is an impressive £350 million urban regeneration project in Belfast city centre. The marketing of the centre is therefore key to its establishment within the city as the prime retail and leisure destination. To accomplish this we work closely with the onsite centre management team in managing both the marketing and service provision for tenants and customers alike. Rent collection on behalf of the client is an essential function of the property management accounts team in order to maintain the income stream. Management and maintenance of the physical fabric of the property is also vital to protect the asset value and insurance cover. The introduction of key retailers and new trading fascias to the scheme is the main focus of the agency team. The aim is to ensure Victoria Square becomes the preferred location for shopping and entertainment within the wider Belfast market.
How We Added Value
The dedicated onsite centre management and marketing teams work closely with the tenants collating sales and turnover figures in order to analyse trading conditions. The information is then used to create targeted marketing initiatives to drive footfall. Management of the service charge budget is a key focus in order to save costs for tenants. This is of particular importance in a pressured economic climate when operational costs and outgoings have a more pronounced effect on profits. As part of an evolving city centre Victoria Square has maintained a key representation in local steering groups and city centre chambers. This has resulted in a drive to promote the evening economy in Belfast. The retention of key retailers within the scheme during difficult economic conditions is a key priority and our retail agency team work closely with the client in this respect. A number of new retailers to Belfast have also been secured in the scheme including both fashion and restaurant operators.
