Cardiff’s St David’s 2 shopping centre opened its doors this morning.
The £675m extension to the existing St David’s centre was still around 30% empty as it opened having struggled to fill space as retailers put their expansion plans on hold during the recession.
However, at the time of launch, stores including John Lewis, New Look and H&M all had a sizeable presence in the development, which is a joint venture between Land Securities and Capital Shopping Centres.
Fast fashion retailers are also supporting the venture. Peacocks chose the site for its new 10,000 sq ft flagship store and the launch of its first designer collection by Pearl Lowe. Primark is also reported to be in negotiations to open a 100,000 sq ft store in the development. If the popular fast fashion giant opens in the development it is likely to attract other retailers to follow suit.
Retailers are reported to have negotiated extremely favourable rental deals, averaging 24 months rent-free on ten-year leases.