February 2011 Archives

There's an interesting debate on The Economist online that asks whether the internet is inherently a force for democracy. Evidently this issue has been raised in response to the turbulence in the Middle East and North Africa and the, sometimes terrifying, images that are finding their way into our newspapers and onto our television and computer screens despite the restrictions imposed by these oppressive regimes.
 
So what's the relevance? Maybe it's tenuous but the debate and importance of individuals', and groups', ability to communicate freely and vividly online, often from mobile technology, made me start thinking about our industry and how much we understand the power of new communication methods. Social networking sites like Facebook and Twitter clearly provide an important source of information on customer opinion - whether that's of your brand or product, the customer experience, price or the quality of product. It's critically about two-way communication, not just looking at these platforms as opportunities to promote your latest offers or initiatives.

Yesterday's report from the Local Data Company (LDC) on retail occupancy rates confirms that high streets and shopping centres are facing a major problem with empty units, an issue that attracted a lot of comments when I last mentioned it in January.

It seems evident that this is not simply a cyclical change, but a structural one - and therefore we should not assume that vacancy rates will fall as the economy recovers. In reality, many of the empty units on the high street are simply not the large, modern, energy-efficient space that retailers want. Despite the availability of space and incentives from landlords, we still have a significant proportion of shops lying vacant.

Of course, as highlighted by the Empty Property Network commenting on this blog, those involved in establishing community hubs, arts and cultural venues, recording studios and learning centres will benefit from this supply, and in doing so will plug some of the glaring holes on high streets up and down the country.

But this creative approach is only one part of the solution, and it will naturally have its limitations. Alternative action is also needed.

BCSC arranged a tour of the new Westfield development and Olympic Park this week, and even the February gloom couldn't take the gloss off what is a phenomenal several hundred acres of development - regeneration in action without doubt.

Clearly the legacy of the Olympic Stadium has received a lot of media attention recently (and as I write the future of the venue is being announced, but in my mind that's just peripheral to what's going on in this part of East London - as important as it might be if you're a West Ham, Spurs or indeed athletics fan. The future social, economic and environmental benefits of this combined retail, leisure and sports led economic development are already in tangible evidence.

There must be some big brains behind the logistics of both sites, which already clearly resemble the completed masterpiece.

Peter Miller was on good form, and understandably so as Westfield should be in a position to hand over keys to many more of its occupiers before long (several are already fitting out). Handily for them, we published our Guide to Retail Delivery this week - perfect for making sure that everything's ready for the grand opening in September.

Being over in Stratford certainly gives you a real sense of excitement, especially when they play that video of the announcement back in 2005, and appreciation of this unique and once-in-a-generation development. The countdown to 2012 has definitely begun for me - I wonder whether the GB Olympic team is short of anyone? Come to think of it, I might have an old BMX somewhere at home...