Meyer Bergman and Thor Equities
In October 2013 Cushman & Wakefield was instructed by the joint owners Thor Equities and Meyer Bergman to revitalise the tenant mix, attracting new and innovative ‘game changing brands’ whilst also increasing the rental tone. A number of niche agents had been involved prior to our instruction and the identity and credibility of the Burlington Arcade was diminishing.
Step 1: Conduct a tenant audit of the arcade to understand which brands traded well to draft a strategy for revitalizing the mix. In addition to understand which brands were underperforming and could be bought out to create opportunities to bring in game changing brands.
Step 2: Identify these ‘game changing ‘ brands which would be appropriate to Arcade, customer profile and in turn bring in more shoppers and aspirational brands.
Step 3: Let 5 units to Chanel for their emerging brands creating a unique luxury destination
In the past 18 months we have concluded a number of high profile lettings (11) with a further 5 in solicitors hands whilst acting for the landlord Meyer Bergman and Thor Equities transforming the tenant mix. The rental tone has also escalated from £700za to in excess of £1100za whilst sales and footfall have also increased.
The Arcade is now a top target location for luxury international brands looking for a Mayfair flagship.