Following the thorough modernisation of Phoenix Retail Park, Swansea, phase one of the development has been let to B&M Retail, operators of the B&M Bargains chain of stores.
Barberry acquired the first generation retail park in 2008, and have now committed to an extensive refurbishment of the park including re-configuring the car park and providing a new access road from Fenrod Way to the front of the scheme. Already an established retail destination with nearby retailers including Tesco Extra, Carpet Right and Comet, B&M Retail have taken 18,900 sq ft on a 15 year lease.
B&M Retail are already open and trading well at Phoenix Retail Park under their brand name of B&M Bargains. The principle behind the discount retailer is to sell top brands at the lowest possible prices, creating a new type of “branded” discount retailing which is a far cry from the days of “pile it high and sell it cheap” discount stores. They are one of the UK’s fastest growing retailers with 190 stores, with their massive growth attributed to rising customer awareness as their geographic footprint extends. The stores attract over 1 million shoppers per week, helping them to achieve a 140% growth in profits in 2009.
Simon Arora, Managing Director of B&M Retail says of the new store:
“As we have experienced unprecedented growth since our formation in 2004, we have been looking to expand further south from our home market in the North West for quite some time. Having the store at Phoenix Retail park means we are better equipped to serve the needs of our customers in Swansea and the surrounding area. Phoenix Retail Park is an ideal location close to the centre of Swansea yet provides the floor space we require. We are certain that this will be a lucrative investment for us and footfall to the store will be high.”
Phoenix Retail Park is ideally located within four miles of the city centre and has excellent access to junctions 44/45 of the M4. Barberry have gained planning permission to improve the access roads from Phoenix Way into the retail park. and have also committed to providing a new access road from Fendrod Way to the front of the scheme. These works are due to commence shortly and will provide easy access to the retail park, ensuring this is a prime retail destination for years to come.
There have been strong expressions of interest in the second phase of this development, with work already starting on site to refurbish the remaining 45,000 sq ft of open A1 retail space, and modernise and reconfigure the car park. The estimated completion date for the refurbishment work is September.