Market Leader Moves into Retail Asset Management
London, UK – Wellington Market Company Plc (WMCo) - the UK’s largest private operator of traditional markets - has announced a move into asset management for the wider retail sector.
In launching its new company, which has been named Activate Assets Ltd, WMCo has signalled a significant change of direction - brought about as part of a programme of diversification that has been introduced by its chief executive, Malcolm Ball. Drawing on its parent company’s 700-year retail heritage, Activate Assets Ltd, has created an attractive proposition for asset owners by bring together all of the elements required for a site’s success, including: retail operations; property asset management and development; marketing; commercialisation and event management.
Malcolm Ball, who took up the position in 2008 - having previously been chief executive of London’s Vinopolis wine attraction - explained the reasoning behind the move: “It’s certainly no secret that traditional markets have been experiencing a slow decline over the last few decades as more and more shopping centres and superstores have emerged. With ever-more discerning shoppers moving into a branded culture, we clearly needed to adapt to the changing face of the High Street and look at ways in which we can transfer our unique skill set.”
Having introduced a raft of diversification initiatives that have seen many new attractions added to the company’s existing retail assets - including family-oriented play facilities, Ofsted-approved childcare and nurseries and staging of external events – bringing in valuable revenue and footfall - the company has now turned its attention to the wider retail sector.
During this transition, the company secured a contract with the Ballymore Group for the operation of one of the UK’s best-loved shopping destinations - London’s historic Old Spitalfields Market.
The company’s role not only includes the day-to-day operation, but also the responsibility for marketing the entire site on behalf of the traders and tenants – helping them engage with shoppers.
Having been fully renovated in recent years, the Victorian market hall offers a mix of themed stall markets, high-end retailing, bars, restaurants and food kiosks that together, regularly attract in excess of 30,000 visitors on a Sunday alone. Within the first 18-months of operation at the site, the company has won awards and gained planning approval for Saturday trading which is set to provide significant income for its client.
Ball continued: “My Company has essentially been working as an asset manager for a very long time - albeit in a smaller segment of the retail sector. This move is a logical step for us and our approach will undoubtedly add a new vibrancy to the sector – at a time when it’s needed more than ever.”
http://www.activateassets.com
Further Press Information
Please contact Tim Ward of Parker Ward Limited.
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E: tim@parker-ward.com
Wellington Market Company Plc
Wellington Market Company is a public company created by an Act of Parliament in the middle of the nineteenth century and can trace its history back to 1244 when Wellington Market was established by Royal Charter. It has become the leading private sector retail market operator in the United Kingdom. Currently it operates markets 20 at locations throughout England and Wale and is the only public company operating retail markets.
A PLUS-quoted company, in the year ending 31stDecember 2010, it turned over approximately £7m with around 80 employees.
Website:
www.wellingtonmarkets.co.uk
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