After opening a first pop-up department store for Scottish brands, H&M has signed on a new larger store.Ocean Terminal, Edinburgh’s waterfront shopping and leisure destination in Leith, has notched up a string of retail and leisure successes, as part of a strategy by owners Resolution Property.
Most recently H&M has signed a lease on a new 22,000 sq ft store, which will offer a wider selection of fashion and quality clothing for ladies, men and children than its existing Ocean Terminal store. The re-launched H&M store is set to open during Autumn 2015.
The deal is the latest milestone in the ongoing asset management plan for Ocean Terminal, which Resolution Property acquired in 2012. It follows the successful opening last year of Limited Edition, first pop-up department store for Scottish brands – featuring 21 brands over four months – and the recent addition of three independent Scottish street-food outlets Mr Nicks, Taco Mazama and El Falafel.
The next round of investment at Ocean Terminal will include the refurbishment of the atrium and the creation of a new waterfront space. These works, together with the creation of extended retail space, represent an investment of more than £6 million and will create more than 70 jobs on site during construction. Future plans include the introduction of new uses including residential and hotel development.
Ocean Terminal’s proactive marketing approach, which has won two Purple Apple Awards and another two Purple Apple Merits from the British Council of Shopping Centres, includes working with local art organisations Kalopsia Collective and Coburg House Studios to exhibit art as part of the retail and leisure mix.
The centre attracts five million visitors a year, spending an above-average £50 per person, and is home to the Royal Yacht Britannia which itself attracts 350,000 tourists annually.
Subjit Jassy, of Resolution Property, said: “At Ocean Terminal we’re working to create a retail, leisure and cultural destination which is unique to Edinburgh and Scotland. By combining major brands with exciting new pop-ups, food outlets and artists, we’re shaking up the mix and creating an experience you won’t find at other centres. And, our significant investment in improving the retail and public realm will enhance the experience and stimulate the local economy.”