We have seen a consistent trend of consumers being more inclined to shop online for price, choice and convenience, this has been worrying for the UK high street. However, a recent promising return in interest to bricks and mortar for retailing has occurred, especially in London.
To re-capture consumers attention, landlords and landowners are acknowledging ‘place-making’ as a way of enticing consumers back into the shops. We are seeing restaurants, cafes, repair centres, florists, gyms featuring in mixed-use environments, offering a dynamic and vibrant destination, which in turn encourages spend through additional dwell time and discovery of new products and services. This atmosphere is something that cannot be satisfied through online shopping. With the modern-day millennial being space and time poor, a mixed-use destination that can offer enjoyment is pulling people away from their screens and on to the streets. 42 online only brands have opened physical stores in the UK since 2008. Retailers are seeing a 37% increase in web traffic and 32% more online sales in a market where they have opened a new store demonstrating the importance of a physical space and try before you buy.
This is bolstered by both LinkedIn and Goldman Sachs’ recent new office acquisitions – among others – in the area, and gives us every confidence that Farringdon will prove an exceptional investment location for many years to come. |
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