The Mall Luton attracts M&S & TK Maxx as St George's Square Development Gets Underway

In a further boost to the town, Marks & Spencer has committed to relocate its current store to larger premises in The Mall, agreeing terms to a take a unit of 70,000 sq ft, almost double the size of the existing M&S. The current store on George Street will remain open until the new premises are ready.

The St George's Square development was granted planning permission by Luton Borough Council in 2007 and will remodel the St George's Square end of the centre. The £20 million redevelopment will provide over 75,000 sq ft of high quality new shopping, with cafand restaurants at ground level opening onto the recently redeveloped square.

Of the 75,000 sq ft of space on offer, TK Maxx has taken 38,000 sq ft, Argos is relocating to a new 15,000 sq ft store and discussions are progressing with a third national retailer.

Completion of the St George's Square development is planned for Autumn 2009 with TK Maxx open for trading soon after. The new Marks & Spencer store is expected to open later this year.

This leasing activity follows on the heels of the £150 million regeneration proposals that were submitted in December 2007 to Luton Borough Council, which included plans to improve and extend the retail scheme by around 400,000 sq ft. If approved, The Mall Luton will total over 1.2m sq ft on completion, becoming one of the largest shopping centres in the UK.

John Wood, Retail Development Director at The Mall, says: "We are very excited by our plans for Luton which, subject to receiving approval from Luton Borough Council, could see us committing over £170m to the development of The Mall Luton. The commitment of major national retailers such as Marks & Spencer and TK Maxx also indicates that they share our confidence in Luton as a major retail centre."

"Both our Christmas footfall figures, which showed a 9.2% increase across our portfolio, and these recent lettings suggest that although retailers are cautious, where there is an opportunity, it is one that will not be ignored."