Henry Boot has shaved 70,000 sq ft off its £40m shopping centre scheme in Burnley,
The department store chain, which is anchoring more than 50% of new retail developments in the
Henry Boot has now scrapped plans for a department store anchor, and will instead create three 10,000 sq ft stores, cutting the total size of the mall to 180,000 sq ft.
The developer said it was in talks with several retailers to take the smaller stores, including Next, H&M and Philip Green’s Arcadia Group.
Agents said the downsizing of the Oval was likely to be the first of several shopping centre developments to be curtailed during the coming months.
“In current market conditions, 60% of stock will be hit. Around 20% of the pipeline probably won’t happen, and 40% will be delayed or altered,” said one.
“We’re coming to the end of a golden era in retail development,” added another. “Build prices and prelets will have a massive effect on schemes over the next two years. If you can’t get the occupiers into your scheme then it will have to be downsized.”
The
