COMMENT As we emerge from the pandemic, our sector has been dominated by talk of repurposing different retail assets to ensure that they continue to generate revenue. At Landsec, we believe that we need to do more than repurpose our assets to secure returns. We also want to repurpose our assets to contribute to the wider regeneration and long-term success of the areas in which we operate.
Regeneration is not in itself a new theme; however, our opportunity to rethink retail centres that are no longer fit for purpose is. We have the potential to make our suburban retail centres work much better for the long term – working with and for local communities to design and develop new, sustainable urban neighbourhoods through living-led regeneration. Developing this blend of living, shopping, working and play embodies our purpose of creating sustainable places, connecting communities and realising potential.
Firepower and purpose
We understand that the idea of regeneration of an area can at first be scary for those living there, with change unwanted. However, when the alternative is the steady decline of urban centres, impacting local economies, health, wellbeing and livelihoods, we believe something must be done – and that we have both the assets and the purpose to deliver.
Regeneration and investment done right can benefit an entire area. To do it right, we believe that local communities are the key. Working with our local communities is at the heart of what we do – involving and empowering them to deliver a shared vision and create a successful place.
As these projects take time to complete, we need to earn and keep our local communities’ trust and support. Therefore, we make sure that we are an active part of the communities we are working with, whether that is supporting Lewisham Council with a variety of initiatives as part of its year as London’s Borough of Culture in 2022 or helping Camden Council to involve young people in shaping the future of its area. We want our communities to know that we are here for the long term.
Our evolving lives
To develop urban environments fit for the future, we need to think about the long-term social and environmental needs. How are our lives evolving? This influences our approach to placemaking in different ways. The growing demand for homes, the rapid urbanisation of our cities, the influence of technology and the importance of sustainability all provide us with direction on how to reset and rebuild in a way that meets modern requirements, promotes local economic activity and improves the quality of life for the local community. Where there was once a car park, we can instead shape a new neighbourhood surrounded by urban greenery.
At Landsec, we have identified more than 50 acres of land in London alone where we can deliver on these opportunities, but there are even more to come – opportunities for us to leverage our expertise to transform and reinvigorate urban neighbourhoods across the UK, building successful places that are both shaped by and champion local identity.
Deborah Freeman-Watt is head of urban opportunities at Landsec
