The Bond Street development will dramatically enhance Chelmsford's attractiveness to its catchment population, so elevating it from a major to a primary centre.
CACI’s analysis has highlighted that the post-development retail offer in Chelmsford strengthens its local appeal significantly and captures an increasing proportion of expenditure from within its catchment and a wider market share from competing centres.
Home to a core population of 239,921, Chelmsford is already an extremely popular retail destination, but is struggling to cater for its affluent catchment within the existing retail provision.
The Bond Street scheme will add significantly to Chelmsford’s retail and leisure offer. This will result in the city being known as a Premium Major Centre, sitting alongside other major shopping destinations such as York, Maidstone, Solihull and Tunbridge Wells.
Comparison goods market potential increases to £314.6 million (27% increase). This increases further to £660.9m when adding in catering and convenience spend.
The scheme will see Chelmsford’s core catchment shopper retention increase by 18.4%, and the total catchment shopper retention increase by 19.6%.
54% of the catchment comprise ‘Wealthy Executives, Flourishing Families and Secure Families’ – the most affluent CACI groups.
There are 51% more ‘Wealthy Executives’ (CACI’s highest affluence group) in Chelmsford than the national average.
KEY DEMOGRAPHIC DATA