|
Bay Street reaches 100% occupancy
by Franco Aloisio
Bay Street complex in St George’s Bay has reached 100 per
cent occupancy in terms of the retail space available for local
businesses, the company’s marketing director Chris Grech
has confirmed.
Mr Grech told The Malta Business Weekly the last few contracts
for the remaining retail outlets
were successfully concluded last week.
When the complex opens on 25 November, Bay Street will have
a full complement in all the food and beverages, entertainment
and retail areas. In total, there will be around 60 operators
in Bay Street, which will include also the Hard Rock Cafe and
a Formula One merchandising store.
“We managed to achieve 100 per cent occupancy thanks to
relationship marketing, whereby we met our partners and discussed
how they can benefit from Bay Street, and in turn, how Bay Street
can benefit from their business. Our aim is to build a team,”
Mr Grech said.
Mr Grech said that right from the start the company wanted to
create a leisure destination for the island where the retail
sector plays an integral part.
“Our aim was to create a complementary rather than a competitive
mix of occupiers with an emphasis on quality standards, image
and security. For this reason we have created a retail environment
that is a living experience appealing to a diverse customer
base,” he said.
“For example customers visiting the Formula One outlet
will not simply have an array of Formula One merchandising to
choose from, but will also be able to see a life size Ferrari
Formula One car in the store, as well as watch F1 races and
download information about the proceedings of the F1 competition,”
Mr Grech added.
Bay Street’s marketing director said the introduction of
this leisure retail experience was based on research which has
shown that
customers tend to spend more
than their intended budget in a
well ordered and innovative retail environment.
“In fact the retail experience is today considered as the
single most popular leisure activity in the world. This synergy
has today led to retail outlets, in the most important commercial
centres being converted into complete interactive retail centres
where customers can get a feel and experience the products they
wish to purchase.
“At Bay Street this is being implemented through careful
architectural innovation which have transformed retail outlets
into leisure destinations with a mixture of music, monitors,
in-store promotions, life size exhibits and memorabilia,”
he said.
Bay Street complex has a total of 3,753 square metres of retail
area spread over two floors and hosts over 60 operators.
It will include also a four-star hotel with 125 rooms on the
top three floors of the complex
|
