ELDON SQUARE UNVEILS NEW SHOPPING ERA FOR NEWCASTLE

February 16, 2010

Capital Shopping Centres PLC (CSC) and Newcastle City Council (NCC) today unveil the new extension to Eldon Square, showcasing more than 25 new shops in a transformed shopping centre in the heart of the City.

The five year, £170 million redevelopment has increased the size of Eldon Square to 1.3m sq ft, one of the biggest, most modern and exciting retail destinations in the UK.

St Andrew’s Way, the new 400,000 sq ft undercover streetscape which opens today, is fully let, and will introduce many retailers, including Apple, Hollister, Superdry and Guess, to Newcastle for the first time. Other shops are launching new store designs and displaying full fashion ranges; Top Shop is bringing its New York iconic design store to Newcastle and River Island and New Look are opening flagship stores.

The four-storey Debenhams, anchoring St Andrew’s Way, will be Newcastle’s first new department store for a generation. Tesco Metro and Paperchase are opening their first stores in the City; other new shops opening include Miss Selfridge, Schuh, and All Saints and a new restaurant from Lau’s 202. More than 30 million shopper visits are expected to the enlarged shopping centre over the next 12 months.

The extension is just the latest part of the ongoing improvements to Eldon Square; the floors in the existing centre are due to undergo a £2m refurbishment and further new retailers will shortly be announced. The food offer in the centre has also been extended with the addition of many new outlets: Nando’s, Strada, Starbucks Coffee, Waitrose, and Wagamama, and new restaurants have been developed in established stores, including The Brasserie and The Place to Eat in John Lewis; YO! Sushi and The American Diner in Fenwick.

Kay Chaldecott, Managing Director, Capital Shopping Centres, said: “Today’s opening is the culmination of many years’ proactive and energetic activity as long term investors in Newcastle, and is testament to the shared vision and commitment of Newcastle City Council and Capital Shopping Centres. We are immensely proud of Eldon Square and the positive changes it has brought to the city centre, harnessing its great spirit and augmenting the shopping experience. This expansion will reinforce Eldon Square’s position as one of the leading retail destinations in the UK.”

Eldon Square Centre Manager, Tim Lamb, said: “Newcastle has a focus on the future and Eldon Square plays a significant role in its vision to enhance this vibrant, modern city. Before the new development program began, Eldon Square was already the focal point for shoppers in the North East. Anchored by John Lewis, Fenwick and Marks & Spencer department stores we offered a comprehensive range of retail from national multiples to specialist retailers as well as restaurants and bars.

The new development has allowed us to offer modern, well configured retail space to a range of exciting and high profile brands, not currently represented in the region. St Andrew’s Way links seamlessly into the existing Shopping Centre and provides easy access to the city centre via Clayton Street and Newgate Street.”

Cllr John Shipley, Leader of Newcastle City Council added: “Newcastle is the shopping capital of the North East and the redevelopment of Eldon Square will further enhance our status.

Retail is a key driver of employment and the city council wants to ensure that it thrives in Newcastle by seeking to maintain vitality in the city centre. This is central to our plans for regeneration.”

Andrew McAlpine, Partner of Sir Robert McAlpine Ltd., commented: “Sir Robert McAlpine has been involved with the development of Eldon Square Shopping Centre since the early 1970’s and we are delighted to be associated with Capital Shopping Centres and Newcastle City Council on this latest prestigious project which will provide great benefit to Newcastle and the North-east region.”

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