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RESOLUTE ASSET MANAGEMENT ACHIEVES SUCCESS THROUGH AN ALTERNATIVE APPROACH IN SPAIN

 

Resolute Asset Management is delighted to be behind one of Spain and Southern Europe's shopping centre success stories in 2020 and 2021.

At the end of 2019, Resolute Asset Management decided that a different approach was needed if they were to improve and grow La Marina Shopping Centre in Finestrat, one of the main objectives was to move the Centre into the 21st century and create a premier shopping, leisure and hospitality destination in the Costa Blanca region.  Resolute Asset Management prepared a comprehensive business plan, which has been implemented for the years 2020 and 2021, together with a more hands-on, on-the-ground asset management approach.

WE NOW HAVE A SHOPPING CENTRE SUCCESS STORY THAT THE WHOLE COMMUNITY CAN BE PROUD OF. 

An artist's impression of some of the development aspects and ideas being realised at La Marina Shopping Centre.

The recent success has been the result of building strong foundations in early 2020, which included the formation of a first-class management team, with BNP Real Estate as the centre manager, Why Media as the specialist external marketing agency and Chapman Taylor as the architects.   

La Marina Shopping Centre turned 20 in 2020 and had to go back to basics, such as taking care of the environment and removing years of clutter, inconsistent messaging and basic repairs and maintenance.  La Marina Shopping Centre was stuck in the Dark Ages when it came to technology, with paper orientation screens, paper brochures, extremely poor WiFi and an unattractive marketing and PR campaign that included low social media engagement and websites that were not even indexed on Google, all of which were resolved by the best design and marketing agency in the industry, Why Media. 

"WE DID NOT LET COVID PREVENT US FROM SUBSTANTIALLY INCREASING OCCUPANCY". 

Gone are the days when assets could be managed from afar, or even from a management office tucked away in the darkest and most inaccessible parts of shopping centres.  Tenants and customers demand an easily accessible aspect to the shopping centre floor, and with this in mind, an empty shop was converted into an asset management, marketing and architectural office.  The response has been 100% positive, with shopkeepers coming forward to solve any problems or listen to proposals and shoppers coming to find out how La Marina can support their local groups as part of a joint approach and the aspirations that the community shares to support Finestrat and Benidorm. 

 

Work on the terrace is due to be completed in spring 2021.

All of the above has contributed to a number of new lettings during 2020 and 2021 as potential operators have been able to see the improvements that have been made and have wanted to be part of the success of La Marina Shopping Centre. 

Nöel Picou, Director of the International Department at RE/MAX Inmomas Group: "We were initially cautious about taking a new location in a shopping centre, as we were successful with our office in the city centre and were not looking to relocate, but after analysing the large influx of international visitors, we were convinced to take a larger and well-positioned location in La Marina. After a successful trial, taking advantage of the benefits of the centre, such as visitor flow and free parking, we could see that this was going to be a success.  Today, our customers come to the centre to meet with us, while shoppers only come to register and make enquiries.  We also like to feel that our presence here benefits the community".   

This new leasing approach has also been adopted to attract other major brands such as Chocolates Marcos Tonda, RE/MAX, Mango Kids, Pöema, Miniso and MOA Paris, which has led us to achieve 100% occupancy on the first floor and 96% occupancy on the ground floor.

In addition, due to their confidence in the new and improved La Marina Shopping Centre, several shops, such as DON DINO, DRUNI, GUESS, REMAX, Tramas +, Jack & Jones and ALE-HOP, have refurbished their shops.

BNP Paribas Real Estate Spain - Felix Chamizo Santos, Head of Shopping Centres commented "Following a formal tender process in late 2019, we were delighted to be formally appointed as the on-site centre management team.  We were really impressed with the aspirations RAM had for the Centre and were extremely optimistic that they were going to succeed and we wanted to be part of this success.  Despite the challenges of 2020, the Centre has come on leaps and bounds".

THE WORKS CARRIED OUT TO DATE ARE IMPRESSIVE!

The refurbishment works are progressing according to the timetable proposed from the outset and within budget. La Marina will offer a totally new dining and leisure experience for the whole community and tourists. 

Chapman Taylor - Mikel Barriola, director of Chapman Taylor, explains that "the energy and change at La Marina Shopping Centre has been swift and impressive, the team is united and the project is on budget and on schedule, we expect to see much of the work completed in 2021 and progress further improvements in 2022". 


Press Contact:

Mr. Didier Closset
W. Why Media
E. didier@whymedia.com