High street innovation will suffer if smaller independent retailers remain exposed to the excesses of property redevelopment.
The illegal killing of Cecil the lion has generated many column inches about the protection of endangered species. In an admittedly tangential intellectual leap, I’ve been wondering if we should be adding another dying breed to the danger list – that of the independent retailer.
It seems that just like many animal populations in the wild, retailers who colonise once abandoned areas and make them fruitful again, tend to attract the unwanted attention of bigger game looking for an easy kill.
Currently the country’s richest landowner, the Duke of Westminster is planning to bulldoze a chunk of the Pimlico Road, regardless of the fact that he’ll be rolling the heavy machinery over a raft of long-established and successful independent stores.
Unfortunately for them, it’s not enough that the property is earning more than it’s keep and probably appreciating faster than Tracey Emin’s unwashed bed socks.
The assets must be sweated, even though they’re already soaked in years of perspiration, squeezed from the brows of those who’s businesses trade from them.
Culling the high street
The Pimlico Road has become a magnet for interior designers and anyone looking for something a little out of the ordinary – the antithesis of what chain stores provide, by their very nature.
Yet buoyed, no doubt, by the increased footfall these niche stores have inspired, Grosvenor’s plans are reportedly to develop gargantuan retail units that they believe will be more attractive to larger international brands.
And this isn’t an isolated case. We’ve seen similar changes in character to destinations such as Burlington Arcade, Spitalfields and Covent Garden.
In central London, galleries in Cork Street and Dover Street have been lost, and even bespoke menswear stores and tailor’s workshops that gave streets like Savile Row their iconic status around the world have been ground under the developer’s heel.
While London may be the vanguard for these culls at the moment, it’s a strategy that’s starting to gain ground – literally – around the whole of the UK.
When I entered the high street over 20 years ago, I remember even the most hard-nosed property managers being supportive of smaller operators.
“Developers now fish in a gene pool that is becoming progressively more shallow, producing a retail monoculture where they no longer care about smaller operators”
Not only did they appreciate your staying power, but they saw your business as providing that extra spark and diversity that kept their developments attractive to both consumers and prospective tenants.
There now seems only to be a headlong pitch towards bigger, brasher and more expensive spaces with scant regard for anything a smaller retailer, let alone a start-up, could occupy.
New malls for example now rarely offer spaces small or affordable enough for indies to even contemplate.
Developers now fish in a gene pool that is becoming progressively more shallow, producing a retail monoculture where they no longer understand or apparently care about the requirements for smaller operators, except as pop-ups of convenience or a bit of garnish to their main offer, usually in the form of RMUs.
So where does that leave the small retailer of the future?
If every time a secondary or tertiary location is popularised that’s taken as a cue to erase their existence, where will innovation and verve come from on the high street?
Certainly not from the ‘me too’ generation of international brands, over-hyped and over here, rolling out virtually the same products and service models as every other chain store.
“Without space for new entrants into the retail landscape, where will our chain stores and national retailers of the future come from?”
Perhaps in the same way that sites of special scientific interest are protected by government statute, we should have sites of special retail interest, where smaller businesses can be shielded from the worst excesses of redevelopment.
And this isn’t just starry-eyed idealism. Without space for new entrants into the retail landscape, where will our chain stores and national retailers of the future come from? We can’t expect every successful online business to have a yen for a more physical presence.
In the same way that vulnerable animals need to be protected from the sophisticated firepower of modern hunters, business innovation needs space to breed and expand, outside of what is rapidly becoming a very one-sided fight.
Most conservationists will tell you that habitat erosion is one of the largest causes of extinction events. Maybe the world of retail property management also needs to learn that lesson before it’s too late.
- Ian Middleton founded jewellery retailer Argenteus