PRESS RELEASE - Jan 08
MARKS & SPENCER TO OPEN NEW FLAGSHIP LEEDS STORE
MARKS & SPENCER has announced plans to create one of the retail giant’s largest stores outside London to anchor the new Eastgate Quarters development in Leeds.
The company has agreed terms on a store of 18,250m2 square metres with The Leeds Partnership, which is developing the retail-led scheme in a 90:10 joint venture between Hammerson plc and Leeds-based Town Centre Securities plc.
The new store will include a complete range of womenswear, menswear, childrenswear, as well as a full home offering, food hall with bakery and restaurant.
The Leeds Partnership gained planning permission for the £800 million development, located in the Eastgate and Harewood Quarters of the city, in February 2007. The scheme will include more than 100 retail units across 110,000 m2 as well as restaurants and bars, a hotel, office accommodation, up to 600 new homes and 2,700 associated car parking spaces. The development will also be anchored by a 26,000 m2 John Lewis store. It is anticipated that construction of Eastgate Quarters will begin in 2009, with completion in 2012.
John Richards, Chief Executive of Hammerson, said:
"I am delighted that one of the UK’s most successful retailers has committed to our scheme. This is a major step forward in our bid to bring a retail offer of the highest quality to the people of Leeds and the surrounding areas. Securing Marks & Spencer as an anchor tenant is a great coup for the development."
Edward Ziff, Chairman and Chief Executive at Town Centre Securities plc said:
"Marks & Spencer’s decision to open a new store in Leeds gives a real boost to our plans for the city. We have been closely involved in Leeds for many years and are pleased to increase that involvement through the development of this exciting scheme."
Iain Perkins, Marks & Spencer Divisional Executive, said:
"The Eastgate Quarter will be a fantastic shopping environment. We are delighted to be anchoring the development with a brand-new M&S that will complement our existing Briggate store and strengthen the M&S offer across Leeds."
Marks & Spencer will retain its existing store on Briggate.