The Lexicon to welcome three new leases

The Lexicon 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.

Nationwide bar and cafes chain Lounges, known for its eclectic interior decoration and atmosphere, will occupy a 3,400 sq ft space. Meanwhile, Amorino, the gelato and dessert 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. 

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 1,650 sq ft of space. This will create a new 3,350 sq 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 4,750 sq ft outlet during the summer, as well as growing Danish retail chain Søstrene Grene and home store Robert Dyas. 

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 1,300 sq 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. 

Rob Morris, general manager of The Lexicon, said: “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.”