Legal & General Investment Management has handed 10 young entrepreneurs free retail space at its Kingland Crescent retail parade in Poole, Dorset, as part of its plans to reinvent and reposition retail.
The scheme, which opens today along with other non-essential retail across England, will see 10 entrepreneurs given a shop with no rent and no business rates for the first two years to develop space for a creative community to flourish.
The line up includes a fishmonger, coffee roaster, design studio, surfboard shop, zero-waste grocery store, art gallery, gin bar and store, home interiors specialist, restored second-hand furniture shop and perfumer.
Bill Hughes, head of real assets at LGIM, said: “Following the launch of our flexible leasing model last year, the launch of Kingland is a further strand in our wider strategy to reframe and reposition our retail offering. As owners, investors and innovators, we have a responsibility to ensure that we are delivering future-ready places. And, through supporting localism and regeneration, we bring significant positive social and economic impact.
“Owing to changes in consumer trends, the UK retail sector has undergone a seismic shift in recent years. Traditional retailers have had to respond, or risk being left behind. LGIM Real Assets continues to shift the dial, stripping out the intermediaries and moving above and beyond the traditional retail model of ‘one size fits all’. This approach is testament to our focus on both the occupier and final customer, and demonstrates our commitment to bring innovation to the real estate sector. This will be key to remaining relevant and resilient in a post-Covid world.”
Denz Ibrahim, head of retail and futuring at LGIM Real Assets, added: “Kingland is a physical manifestation of what can happen when you offer deliberately ambitious, bold, creative, standout brands – who are doing something a bit different – a platform to launch their ideas and share their stories. It will deliver a market-leading environment jam-packed with hand-picked brands, programmed events and content all sourced locally. It’s a great example of our role as an editor of space, shaping environments to ensure we have the right content, at the right time, in the right places.
“As retail owners, we want healthy, successful and profitable businesses within our schemes; by bringing 10 new shops, and injecting vibrancy and experience into the area, we are driving up footfall and delivering value to Kingland Crescent and neighbouring Dolphin Centre. Now, more than ever, consumers prioritise localism, convenience, variety and experiences.”
The redevelopment of Kingland Crescent is the first step in Legal & General’s long-term plans for the area, which will see innovation and investment in the neighbouring Dolphin shopping centre. Within the coming 12 months, further units are set to open at the shopping street as part of the project’s next phase. Plans to bring an annual programme of local events to the new retail space are already under way.
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