The coffees are on us*

So, as the team gets ready for more great conversations, Alex Hutchings, our Head of Real Estate, reflects on what was dicsussed in April and looks ahead to how conversations might go next week.

“The event didn’t disappoint again. Old Billingsgate is always brimming with positivity, and this year could be when we see green shoots returning and deal flow increasing… everyone in the room is there to make deals happen, and it was much of the same this year.

We at Greenwoods, have seen a polarisation in the retail market, with best-in-class assets significantly outperforming mid-market and tertiary locations, which was echoed by some of the attendees we spoke to on the day. Whilst partly accelerated by the pandemic and impending minimum energy efficiency standards, if we are honest, it’s been lurking in the background long before we’d even heard of lateral flow tests.”

Landlords and asset managers must work harder to compete for footfall with everything available online. There will always be cookie-cutter high streets; however, the next generation of consumers is looking for an individual shopping experience, and we are seeing a marked shift towards supporting independent retailers.

So, what can landlords and centre managers do to create a thriving indie retail community?

One more photo of our lovely coffee stand before we continue.

1. Start with a vision…

Placemaking doesn’t just happen; it results from planning and implementation. What do you want from your indie retail quarter? Are you looking to create a buzz, attract a new demographic to the centre, or just cover costs while you develop redevelopment plans?

All the above are valid reasons, but your motivation will ultimately affect the result, so make sure you give the initial planning the focus it deserves.

2. Go big or go home…

If you are committing to this, then one indie kitting shop isn’t going to cause a splash. The resurgence of Kingland Crescent in Poole following Legal & General IM’s rent-free incubator proves that the model can work. However, it’s essential to ensure tenants are provided with help and support every step of the way.

3. Make it easy

No one wants to read an 80-page lease… task your lawyers with creating a balanced leasing precedent written in plain English.

Consider tenant-friendly policies such as white boxing sites to reduce fit-out costs and monthly all-inclusive payments to help cash flow, reducing barriers to entry and delay.

4. Think long term

We’re not known for “patient capital,” but can you take a strategic view of the benefit of an exciting tenant mix? Perhaps office rents can be used to subsidise the ground-floor retail to attract occupiers who might not otherwise have had a look in. Consider the additional value consistent footfall can bring; it might make it easier to let or retain tenants in the building.

If you squint you can see a cup (promise)

5. Ask questions

Do you know what the local community want from their high street/centre? Bring them along for the ride and ask their opinion; getting buy-in early makes it more likely the local community will support the project.

Greenwoods Legal LLP isn’t your typical law firm; like anyone else, we know the law, but we’re anything but dull. We thrive on turning your real estate visions into reality… not just technically smart and commercially savvy but also friendly individuals who want you to succeed.