Canolfan Menai Centre, a shopping centre in Bangor, has recently celebrated the arrival of its first new retail store in years, marking a positive development after being severely impacted by the retail downturn caused by the pandemic.
The closure of Debenhams, in particular, dealt a significant blow to the shopping centre’s occupancy rate, leaving it 80% empty. However, the recent acquisition of the centre by developer Rob Lloyd and the opening of a new store has brought a glimmer of hope.
New letting at Canolfan Menai Centre
In April 2022, developer Rob Lloyd acquired the Canolfan Menai Centre, which was originally developed by Cathco Property Group in 2007 at a cost of £18.5m.
After the purchase, it was announced that The Original Factory Shop (TOFS) would become the first new tenant at the shopping centre. TOFS took over the Select site, which had closed down and has now officially opened its doors to the public.
The arrival of The Original Factory Shop
The Original Factory Shop (TOFS) has established its presence in Bangor, creating nine new retail jobs in the process. This store marks its 184th location in the UK.
TOFS regional business development manager Tom Houlton expressed excitement about serving the local community in Bangor, highlighting that TOFS is a national business comprised of over 180 local businesses.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The store will be operated by local employees, aiming to cater to the needs of the Bangor community.
Positive outlook for Canolfan Menai Centre
Bearmont Group CEO Rob Lloyd expressed delight at welcoming The Original Factory Shop to Canolfan Menai Centre and the Bangor community.
Lloyd emphasised the centre’s immediate focus on attracting new tenants and offering competitive deals to revitalise the shopping experience for both local residents and visitors.
The opening of TOFS represents a step forward in this effort, providing increased shopping options and employment opportunities for the area.
With this new development, Canolfan Menai Centre hopes to rejuvenate its retail offerings and attract more businesses to fill the remaining vacant spaces. The expansion aims to enhance the shopping experience for customers while stimulating the local economy.