L&G developer: Londoners don’t want cookie-cutter high streets
Londoners don’t want cookie-cutter high streets. Independent retail is the key to urban regeneration, writes L&G head of place Denz Ibrahim in today’s Notebook
All hail the indie retail boom! It’s the key to saving the high street
If you build it, they will come. The quip that so long paved the way for urban regeneration. For years it was thought that filling retail units chock-full of recognisable names was the ticket to success. However, as ecommerce took over and everyone turned to Amazon, a thirst for discovery grew. In a world where convenience is king, what purpose can the high street serve in society?
This was the turning point, a sort of seismic shift in figuring out what makes people tick, move and visit somewhere new. For this, it’s the experience that’s key. A study by Faire shows that 74 per cent of Gen Z shoppers prefer independent retailers, shying away from chains and favouring unique experiences.
A problem persisted though: how do you populate commercial spaces with interesting, independent purveyors? The answer moves away from the traditional agent model, which may quickly fill units, only to see those units vacated just as quickly. A new model is on the rise, one that sees curatorial teams come together from different backgrounds – SMEs, retailers, designers, architects – to devise and deliver a strategy that not only fills each space but hand-picks each brand to ensure a unique and cohesive offering.
A new-build neighbourhood offers a blank canvas to deliver this approach. We crafted a strategy to encourage footfall without overcrowding, creating a ‘constant hum’ of activity. This model focused on crafting experiences that resonate with modern consumers – spanning indulgence, entertainment, community and wellness.
Just building it was not enough. To create a bustling neighbourhood, we had to curate an environment where independent brands could thrive, and a place people want to live and visit. This is how we’ve embraced the everlasting indie boom. The result at our new project New Acres, where we’ve deployed a curatorial team to fill the commercial offering? Each of the 40 commercial units are leased, even before the official announcement.
Longevity is the true marker of success
As the build-to-rent (BTR) model is on the rise across the UK, future-proofing the sector is imperative. L&G’s £500m investment into the new neighbourhood of New Acres, Wandsworth has longevity top of mind.
Potential residents are spoilt for choice by desirable buildings and attractive amenities. So, what differentiates one from the next? The ground floor retail space in residential communities acts as the ‘connective tissue’ that binds the spaces with like-minded independent brands, experiences and services. Engaging the wider community is key to activating the public realm and connecting new developments to the urban fabric and character of the local area.
This is how we transform ‘assets’ into curated neighbourhoods. Our marker of success is the people who stay, both residents and businesses.
New Acres’ kick-starter package includes one-year rent-free, a second-year turnover rent and a third-year hybrid rent, a free co-working membership and suite of marketing support, ensuring a business can focus on creating experiences, engaging audiences and turning profit. Residents get the keys to a community curated with their interests, from communal spaces, a pool, gym, a Foundry co-working space and design-led flats alongside organic grocers, wellness studios, cafes, restaurants and bars.
Each piece of this BTR puzzle is selected to deliver a flourishing future ready community that attracts residents and businesses for years to come.
Quote of the week:
“Make the complicated simple. And the simple interesting”
Ajaz Ahmed, Velocity
My favourite hidden gem in Dalston
As a born-and-bred Londoner, I’ve got to shout out one of my all-time favourite spots and a place my family and I have been going to for years. For me, the perfect restaurant isn’t just about design and Instagram aesthetics (though ironically, this place has that too: unpolished, slightly weathered, and effortlessly iconic). Nothing forced or trendy, just real. The magic lies in the authenticity: the food, the smells, the story, the family who runs it and the fact that the owner somehow knows everyone’s face. That place is Mangal 1 on Arcola Street, Dalston. A hidden gem tucked away on a quiet side street, with half the sign practically falling off. But don’t be fooled, there’s almost always a queue out the door. No bookings, just a small team behind a massive charcoal grill, serving up the best kebabs in the city. It’s nothing fancy: just perfectly grilled meat, freshly baked bread and made-to-order chopped salad. Simple. Honest. Unforgettable.
Denz Ibrahim is head of futuring & place at L&G