The Lexicon, owned in a joint venture between Schroders Capital and Legal & General Capital, has announced a trio of high profile new lettings, after reporting rising footfall levels and increased consumer spending during 2023 across Bracknell town centre’s retail destination.
The Lexicon will soon welcome three new occupiers to Bracknell, who have signed leases for a combined 6,600sq ft of space, as it increases its mix of retail, leisure, and eatery operators. Nationwide bar and cafes chain Lounges, known for its eclectic interior decoration and relaxed atmosphere, will occupy a 3,400sq ft space. Meanwhile, Amorino, the international gelato and desert brand with stores in London, Paris, Rome, and Qatar, will also be coming to The Lexicon, alongside growing specialist kitchen and dining ware brand ProCook who will also be expanding into Bracknell.
Beaverbrooks, who have been located in Bracknell since the opening of The Lexicon in 2017, are also in the process of upsizing, taking an additional 1,650sq ft of space. This will create a new 3,350sq ft flagship store for the jeweller, located on The Avenue that will be opening later this year.
These leases will bring the centre to over 95% let, as The Lexicon bucks the trend compared to many other retail destinations who have reported reduced occupancy during the pandemic and cost-of-living crisis.
It also follows a 2023 characterised by new occupiers opening at The Lexicon. These included the popular Thai eatery Giggling Squid who opened a new 4,750sq ft outlet during the summer, as well as growing Danish retail chain Søstrene Grene and well-known home store Robert Dyas. Elsewhere, Five Guys, the iconic American burger chain, opened a 3,500sq ft outlet on Braccan Walk – the chain’s first restaurant within Berkshire. Meanwhile, ChopStix, a quick-service Pan-Asian eatery, opened its first destination in Bracknell – signing a 10-year lease for a 2,000sq ft unit at The Lexicon. German Doner Kebab have also opened a new 2,000sq ft store on the high street next to Santander, while Tortilla has opened a new 700sq ft outlet – bringing a new Mexican offering to The Lexicon.
A number of high-profile occupiers completed lease re-gears in 2023, cementing their occupation in the town centre, including H&M and Cineworld. Meanwhile, The Fragrance Shop opened a new 1,300sq ft, premium outlet, replacing Crew on Upper Braccan Walk.
This flurry of leasing activity helped bring in over 13.6 million visitors to The Lexicon over the course of 2023: an increase of almost 20% on 2022. In December, The Lexicon welcomed 1.6 million visitors and more than 20,000 bookings were taken for the main festive activities.
This growth in footfall has benefited The Lexicon’s occupiers, with average consumer spend among retailers who report turnover figures up 24% compared to 2022. This is particularly the case for larger units, many of whom have reported their best results since opening, and the centre’s F&B portfolio who have experienced renewed levels of bookings.
Ending 2023, The Lexicon’s industry-leading events programme was also recognised by the national REVO awards, where the centre won “Best Marketing Campaign of the Year – Large” for its Bracknell Forest Festival ‘Giants Return’ activation. Featuring two new giant sculptures, and interactive activities, including conservation pledges and a volunteer scheme, the campaign benefited from 150 community volunteers, £15k raised for charity, and a strong increase in footfall.
Rob Morris, general manager of The Lexicon, says: “We’re delighted that The Lexicon’s diverse range of retail, leisure, and dining operators, supported by our award-winning events programme, has resulted in impressive footfall across 2023. It’s been great seeing new visitors, young and old, coming to the centre this year, and we hope to build on this success in 2024 with the arrival of more new retailers and further events throughout the next 12 months.”
Tom Woolven, asset manager for Schroders Capital’s real estate team, added: “Whilst the national retail sector has faced a tough 2023, The Lexicon’s strong footfall growth, increased consumer spending, and recent leasing activity demonstrates the value in using active asset management to build a strong portfolio of retailers and brands. The Lexicon is a thriving retail scheme, benefiting from a safe, attractive retail environment for shoppers and retailers alike. We’re confident that this growth will continue in 2024, and we are excited to already be welcoming even more occupiers to the centre and look forward to sharing news of more big name arrivals over the coming weeks.”
