It’s all about quality: Fixing the Square Mile’s shopping district
As Oxford Street struggles to fill vacant spaces on its high street, many in the retail sector are also questioning what the future holds for the Square Mile’s shopping scene.
At One New Change, the City’s prime shopping centre, which was launched in 2010 to rival London’s West End, there are about 10 vacant lots, and footfall in the area during the week appears to be low.
As a move towards hybrid working has driven workers out of London’s financial centre, retail experts have weighed in on what the City’s retail hotspots should do to adapt to this new normal.
“The world was a completely different place a decade ago, when probably a shopping centre [in the City] felt like a brilliant idea,” John Hoyle, founder of pop up retail provider Sook, told CityAM
He said a key problem is the Square Mile is not “largely recognisable” as a specific shopping area, and retailers will be acutely aware of this when it comes to picking new store locations.
“Making a five or ten year commitment now to a space in any location when the future of work is completely up in the air, particularly within the City, feels high risk to retailers at the moment,” he said.
Hannah McNamara, co-founder of commercial estate agent P-Three, agreed that times have changed, and said that what the City’s workers want has changed too. “Without doubt, in a post-Covid world we are looking at a core three-day week in offices for many workers, meaning consumer demands are changing.”
McNamara said it’s now all about quality.
Office workers “want better quality services and experiences”, she said, and places like One New Change will need to think accordingly. “Adding high quality gyms, fitness studios, as well as premium bars and restaurants to entice workers back to the shopping hubs… and the office” will be vital to reviving the sector, she added.
Just as the City has embraced new norms of working, it is thus clear its retail counterparts must also adapt to the new status quo, with creativity and flexibility vital.