Limegrove, located in Holetown, Barbados, is the island’s first mixed-use lifestyle centre. It features approximately 85,000 sq. ft. of retail space, housing some of the world’s leading luxury brands and the best in Caribbean shopping. Limegrove is also home to The Grove Residences, which, upon completion, will include 56 residences – a mix of apartments, penthouses and townhouses. A model for contemporary living, Limegrove offers premium Food, Fashion, Film, Art, Music and Culture.
Paul Altman, CEO Altman Real Estate:
“Investors gained interest in Limegrove Lifestyle Centre, based on the idea that a void needed to be filled in Barbados’ tourism product, and indeed in the country in general. The vision for Limegrove was that it wouldn’t just be a building or a monolith but that it would create a unique experience for visitors and locals alike. Beyond being a place to shop, Limegrove is emerging as a true ‘mixed-use’ development—a Lifestyle Centre, as we call it. Development trends show that the longer you can attract people to stay in a particular location, the more opportunities you have to encourage them to spend. Once we articulated this concept on paper, investors were keen on being a part of Limegrove.
Typically, the leading retailers choose a space for their stores based on the destination and the location. Attracting them to Barbados was relatively easy, since they already considered Barbados to be an attractive investment opportunity. Limegrove then had to prove that it was the ideal location—and it is. The Centre is enviably located directly at the centre of the West Coast of Barbados. With a retail specialist on board during the early days, we were also able to optimize Limegrove to fit retailers’ ideal specifications.
In so doing, we have been able to attract a cadre of premium global brands, who are confident in our destination, location and in the vision for Limegrove. Most of these luxury brands, even in a declining economic environment, have managed to post profits above industry rates—and are still performing well in the retail segment worldwide. Their arrival at Limegrove has no doubt strengthened our product and helped enhance the visitor experience at the Centre.
So far, the investment experience has been worthwhile. The brands at Limegrove are proving that they have staying power. We have a number of tenants across a range of shopping categories, including art, beauty, fashion, film and food—and both visitors and locals have been responding well.”