Intu Properties entered Spanish market in October 2013 with the purchase of this emblematic Shopping centre leader in the North of Spain, advised by Cushman & Wakefield.
The GLA of the Shopping centre is 74,000 m² and it is located closed to a Retail Park with a total GLA of 120,000 m². The centre is anchored by an Eroski Hypermarket and Ikea is also located beside the centre. Among some other fashion anchors, we can point out: Zara, H&M, Primark, C&A, Mango, Cortefiel, Massimo Dutti, Blanco, Bershka, Pull & Bear, New Yorker, Lefties, Stradivarius, Benetton, Bimba y Lola, Pepe Jeans, Tommy Hilfiger, etc. There are also some other important retailers such as FNAC, Media Markt, Forum, Casa, Cinesa, etc.
The main objective of Intu Properties was to make Parque Principado the best Shopping centre in the region with the most complete offer to attract visitors from more than one hour by car.
After being appointed as Letting Agents and Managers of the centre, C&W delivered consultancy services in a design level, mobilization and strategy of marketing, represented in collaboration of management to optimize the running of the centre with actions such as the establishment of conditions of lease together with the property, changing and improving the balance mix of the centre to secure an attractive offer for visitors.
The idea is to reconfigure the size of some of the stores as this shopping centre was opened some years ago and during these years, retailers have change quite a lot and they have different needs and expectatives. We have to downsize some stores and increase some other to keep the centre updated and attractive to most of our clients. Also we have to attract new retailers to the centre as it is the dominant centre of the surrounding area.
Cushman & Wakefield has started to establish Parque Principado as the main centre of the region of Asturias.
Intu Properties has also consolidated as an important developer/owner of Shopping centres in Spain