NEARLY a decade after it opened, The Outlet shopping destination in Banbridge is finally getting a roof.
It is among a number of initiatives revealed by its owners the Lotus Group to revamp the popular but recently neglected retail boulevard.
And Lotus claims its £4 million spend will lead to "dramatic changes to the look and feel of The Outlet as it currently sits".
The investment will include the installation of a modern covering of the mall, made from a transparent plastic membrane similar to that used in the Eden Project in Cornwall, Beijing’s National Aquatics Centre and the Bayern Munich stadium in Germany.
And Lotus claims the unique roof will be a first for any retail park in Northern Ireland.
An additional 100 permanent jobs will be created following the improvements, with 20 jobs created during the construction period.
The Outlet opened in 2004 with only around a third of its 82 units filled, though it soon expanded, buoyed by shopper numbers from the Republic.
But following the property crash its fortunes slumped dramatically, and in 2011 West Register, the property asset management company owned by Ulster Bank, acquired The Outlet from its former joint owners GML Estates and Land Securities.
However, in April 2015 London investment manager Tristan Capital Partners and Banbridge-headquartered Lotus Group paid £40 million for The Outlet (which originally cost £70 million to develop) and the Junction One retail park in Antrim - the first time both centre have been under single ownership.
Lotus Group's property management director Alastair Coulson said: “When we bought The Outlet, we saw the opportunity to reinvigorate the site through capital investment with the installation of a covering for the walkways, a new children’s play area, as well as new cladding on all retail units.
"Customer surveys undertaken by the centre manager team and comments from retailers have highlighted the need for a covered walkway. The new covering will allow for a sheltered walkway to enhance the shopping experience at The Outlet.”
“We are confident that these improvements will not only give us a competitive edge, but will encourage new high-profile tenants to The Outlet and ultimately more choice for shoppers.”
He added: “These improvements will build on the success we have already experienced since we acquired the scheme. We have enjoyed a growth of 27 per cent in sales and a 26 per cent increase in the number of shoppers visiting the scheme. This has been attained by opening new stores, fully integrated marketing package including TV advertising and working closely with the retailers on their stock packages.”
New tenants which have recently set up at The Outlet include a McDonald’s drive-thru, nine screen Omniplex cinema, a Bench clothes shop and a Smyth & Gibson store.
