Peterborough’s Rivergate centre offers ‘innovative deals’ to attract new businesses
Innovative rent deals have been created at a Peterborough shopping centre as it battles the whirlwind ripping the heart out of retailers.
Managers of the Rivergate Shopping Centre are offering inclusive rates and service charge deals in a bid to drive down costs for new arrivals.
They have also slashed the length of tenancies as they seek to entice new retailers into their empty units.
There are currently 11 units available in the 66,700 sqft centre, which has a total of 26 stores.
According to the website of Peterborough commercial agents Barker Storey Matthews, which handles the leasing of the centre’s units, there are a variety of units and leasing options available.
Costs range from £36.60 a day to £108.49 a day. There are also figures for weekly and monthly charges.
It is understood that the charges include business rates and maintenance costs with the rent set at zero.
There are also options on the length of leases. Tenants can operate pop-up shops on short term flexible leases.
A year-long lease can also include break options that come into use any time after six months.
The offer comes four months after Rivergate outlined how it was going to try and fill its empty units.
The centre has not been immune from the surge of retailers collapsing in the face of falling customer demand, the growth of online shopping, and the problem of expensive rents on long leases.
A centre spokesman said: “We are mindful of the challenging retail environment and have done a number of innovative ‘service charge and rates inclusive’ deals which reflect the flexibility or lease length, that tenants require.
“In today’s environment, retailers look at their total occupational costs, i.e. rent, rates, insurance and service charge, as opposed to just rent.
“By doing these pop-up deals we hope to attract new and exciting retailers, which in turn will drive footfall and overall customer experience, which in turn will support existing tenants.”
Departures and arrivals
Last year furniture retailer Multiyork collapsed.
It had operated a prominent unit on the Bourges Boulevard corner of Rivergate.
Shortly afterwards discount retailer Poundworld, which also operated a large store in Rivergate - opposite the Asda supermarket - collapsed.
Both units have been filled.
A Peterborough fashion retailer moved into the Multiyork unit while Bargain Buys moved into the ex-Poundland store