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Mixed forecasts for £100m complex Mixed forecasts for £100m complex
(about 3 hours later)
A £100m shopping centre is to open, amid mixed forecasts for its future in a struggling economy.A £100m shopping centre is to open, amid mixed forecasts for its future in a struggling economy.
Wrexham Council claims now is a "good time" for the town's Eagles Meadow development to open its doors.Wrexham Council claims now is a "good time" for the town's Eagles Meadow development to open its doors.
But retail specialist Experian said the centre faced a "very challenging" economic climate which could be "as bad as the 1930s".But retail specialist Experian said the centre faced a "very challenging" economic climate which could be "as bad as the 1930s".
Centre managers claim the 400,000 sq ft complex will catapult the town into the UK's top 80 retail destinations.Centre managers claim the 400,000 sq ft complex will catapult the town into the UK's top 80 retail destinations.
The opening of the complex, which stands on the site of the old cattle market, will be marked with a carnival procession through the town.The opening of the complex, which stands on the site of the old cattle market, will be marked with a carnival procession through the town.
It brings opportunities and jobs to Wrexham at a time when there is a general economic down-turn Steve Bayley, Wrexham CouncilIt brings opportunities and jobs to Wrexham at a time when there is a general economic down-turn Steve Bayley, Wrexham Council
But amid the celebrations, some financial experts are warning the centre could struggle.But amid the celebrations, some financial experts are warning the centre could struggle.
Bruno Rost, of retail analysis specialists Experian, said nobody could have predicted the economic gloom when construction started in 2006.Bruno Rost, of retail analysis specialists Experian, said nobody could have predicted the economic gloom when construction started in 2006.
He said three million square feet of retail space had been added in towns and cities across the UK so far in 2008, at a time which some thought could be "as bad as the 1930s".He said three million square feet of retail space had been added in towns and cities across the UK so far in 2008, at a time which some thought could be "as bad as the 1930s".
He added: "It's going to be very challenging.He added: "It's going to be very challenging.
"We have seen more retail space opened in this last year than any time since 1976 and we're saying it couldn't have come at a worse time."We have seen more retail space opened in this last year than any time since 1976 and we're saying it couldn't have come at a worse time.
Construction of the complex began in 2006 Workers were still adding the finishing touches an hour before opening
"If they had the chance to open in better economic climes there would have been no argument about it, but unfortunately these things are pre-planned."If they had the chance to open in better economic climes there would have been no argument about it, but unfortunately these things are pre-planned.
"It's certainly not a good time. It's going to be very difficult.""It's certainly not a good time. It's going to be very difficult."
The complex - originally budgeted at £95m - will house more than 30 shops including JD Sports, La Senza, Starbucks, Debenhams and Marks and Spencer.The complex - originally budgeted at £95m - will house more than 30 shops including JD Sports, La Senza, Starbucks, Debenhams and Marks and Spencer.
Next, H&M and River Island are also among those set to open stores.Next, H&M and River Island are also among those set to open stores.
The centre will boast restaurants, a bowling alley and there are plans for an eight-screen Odeon multiplex in April 2009.The centre will boast restaurants, a bowling alley and there are plans for an eight-screen Odeon multiplex in April 2009.
Despite concerns that customers will be forced to tighten their belts amid warnings of a looming recession, Wrexham Council said the opening came at a good time.Despite concerns that customers will be forced to tighten their belts amid warnings of a looming recession, Wrexham Council said the opening came at a good time.
OpportunitiesOpportunities
Steve Bayley, chief economic development officer, said: "This is a good time for this development to be opening as it brings opportunities and jobs to Wrexham at a time when there is a general economic down-turn.Steve Bayley, chief economic development officer, said: "This is a good time for this development to be opening as it brings opportunities and jobs to Wrexham at a time when there is a general economic down-turn.
"As the economy recovers, Wrexham will be in a position to offer further opportunities to other retail and leisure providers."As the economy recovers, Wrexham will be in a position to offer further opportunities to other retail and leisure providers.
"The scheme was always planned to open in autumn 2008 and is opening on-schedule and on-budget.""The scheme was always planned to open in autumn 2008 and is opening on-schedule and on-budget."
Speaking last month, the centre's manager Simon Pullen, admitted it was "a difficult time" to open.Speaking last month, the centre's manager Simon Pullen, admitted it was "a difficult time" to open.
"But if people see they can come to Eagles Meadow, I think they'll spend their money here and maybe cut back on other things," he added."But if people see they can come to Eagles Meadow, I think they'll spend their money here and maybe cut back on other things," he added.
Its opening will see the closure of some existing town centre stores, including Marks and Spencer.Its opening will see the closure of some existing town centre stores, including Marks and Spencer.