Since mid-2019 we have been foreseeing the ‘rise of the independents’ across the retail sector. The Covid-19 crisis has strengthened our view and the market evidence is now beginning to cement the medium-term reality for high streets and shopping centres. If the retail sector is to survive in anything like its current form, local and regional independents are going to play a vital role in breathing life back into our neighbourhoods, town and city centres over the next few years.
Across the spectrum, we are experiencing a greater proportion of enquiries from small niche regional retailers. The entrepreneurial spirit is alive and well, and flexible and supportive landlords that have strategies to accommodate these occupiers are staying ahead of the competition. Clusters of well ‘mixed’ quality independents can be a strong draw for high streets and schemes to differentiate from the bland generic-ifcation of the 1990s and 2000s.
In Worcester, Unicorn Walk (pictured top) has reaped the benefits of a strategy focussed on embracing the independent sector. We worked with the landlords, The Crown Estate, to introduce small fitted units with a menu of flexible options for occupiers. The aim was to create an eclectic mix that would evolve and grow over time and this led to a number of retailers relocating there.
For example, Monkey Business, which has traded in Worcester since 2011, relocated to Unicorn Walk in 2018 and due to its success has since upsized from a unit of circa 500 sq ft to a 1,300 sq ft unit within the same ownership in Friary Walk.
Little Italy, a wonderful fashion store, has recently opened adding greatly to the vibrancy and texture of the centre. The tenant, who initially commenced trading on flexible terms, now wishes to enter into a more permanent arrangement following a successful period of trade despite opening in June 2020 in the midst of the pandemic. Other independent occupiers that have been attracted to the scheme over the past few years include Purple Granite and Ganesha. Their success here shows that in the right environment, you can cultivate and grow these independent businesses and create centres that people want to come to and spend time.
The general trajectory of our retail evolution, accelerated by Covid-19, will leave opportunities and space for the growing independents to fill, not forgetting that multiples and retail giants of the future will be amongst them. Exciting times lay ahead for those who are willing to embrace the change.
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