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ttagroup issue 11

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introduction enter the dragon parklife a sustainable solution to retail development secondary nature

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what’s lugs got to do with it? pop-up shops: revolution or renaissance? all change everybody needs good neighbours...

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working together getting retail right protecting your brand making retail property perform the bourne agenda bargain britain

introduction Contact Details t +44 (0)20 7886 0230 e w

Tricia Topping Chief Executive ttagroup

enter the dragon forbidden city has launched into europe Contact Details

Of all the commercial property sectors, retail is without doubt the most visible. We use shops every day and identify with the brands we choose to spend our money with; as a result the state of the retail property market has a direct impact on all of our lives. Shopping has become a leisure activity in its own right and is worth over £275 billion to the UK economy, but it is also in a constant state of flux. A wide range of factors, such as the growth of internet retailing, are forcing developers and retailers to adapt to meet the needs of tomorrow’s consumer. As with so many things, London is at the forefront of these new approaches. October 2010 saw the opening of One New Change opposite St Paul’s Cathedral, and Francis Salway, chief executive of developer Land Securities, writes on page ten about how the scheme is playing its part in transforming The City into a seven-days-aweek destination. We also have Claer Barrett’s thoughts on how austerity is affecting the UK retail market. As the new retail correspondent at the Financial Times, and with a background encompassing Property Week and Investors Chronicle, Claer has a unique and valuable insight into exactly what’s going on in the market. Finally, I would like to wish you all a successful 2011. Recent times have been tough, and will continue to be so over the coming year, but the property and retail sectors are full of survivors. Just remember that where there are problems there are also opportunities, and everyone at ttagroup looks forward to helping you achieve your ambitions over the next 12 months. ttagroup advises leading brands using creative ideas and marketing tools that work effectively across the digital, broadcast and high profile print media, to help position them with target audiences including the media, purchasers, investors, tourists and government bodies.


t +44 (0)20 8751 4142 e info@forbidden w

Eric Lo, Chairman Forbidden City China

During the winter of 2010, Forbidden City China entered the European market by bringing our bespoke furniture collection to London for the very first time. The luxury furniture collection, designed as a fusion between East and West, was launched and showcased through exclusive London exhibitions at selected venues in both Chelsea and Mayfair. The collection, ranging from home accessories to chairs, cabinets and lamps, is designed to appeal to buyers in the private home, hotel, office and resort sectors. Through the combination of Forbidden City’s expansion plans and purchaser demand from Hong Kong, we have decided to launch into Europe with the ambition to showcase the unique, high quality collection to key buyers, designers and journalists within the European interior design market. We recognise that the UK retail market hasn’t been unaffected by the global economic downturn, however Britain is still considered the business capital of Europe making it an ideal platform to launch the Forbidden City

brand. This launch is supported by the recent Chinese visit by David Cameron in late 2010. Forbidden City has worked closely with the Hong Kong Trade and Development Council, which focuses on utilising and promoting such Anglo-Chinese Trade relations. Bilateral trade between the UK and China / Hong Kong exceeds US$10 billion a year. Forbidden City showcased the collection in the UK for three months in order to promote the 2010 launch. The ttagroup offices have been the selected venue for multiple seminars in which leading high-profile designers and architects have been invited to discuss key issues surrounding the industry. To make an appointment to view the collection at ttagroup’s Mayfair offices, please contact Tandice Abedian t +44 (0)20 7886 0302 e

parklife Contact Details t +44 (0)20 7539 5432 e w

Neil Varnham Director Pradera UK

Retail parks arguably suffered more than their fair share of pain during the downturn, but rumours of the sector’s demise have been greatly exaggerated, says Neil Varnham, director of Pradera UK and past president of British Council of Shopping Centres. As the UK headed inexorably towards recession at the tail end of 2008, the administration of MFI and (in early 2009) Land of Leather were seen as symptomatic of the problems facing the retail warehouse sector. It was thought that people would have to rein in their spending on big-ticket items, which would in turn cause problems for the retailers specialising in these products. Owners of retail parks, where such retailers are clustered, braced themselves for insolvencies among their tenants and rising void rates, with a proliferation of pre-pack administrations causing further headaches for landlords. There were, of course, some casualties and values in the sector were hit hard. But in many cases the problems were overstated and the fallout was not as bad as originally feared. The fundamentals for the sector are sound and, as the UK’s nascent recovery continues, out-of-town retail property is an asset class that has the potential to see generous returns over the coming years. There are a number of reasons for optimism about the sector’s prospects. From an occupier perspective, the administrations of weaker retailers has left the pool of potential tenants stronger, with those brands that have weathered the downturn now in much better shape and achieving robust results in what remain relatively difficult trading conditions.

Further to their expansion into new sub-brands and store concepts – such as the John Lewis at Home outlet in Poole, TK Maxx Homesense across the country and the new drive-through pharmacy from Boots that was debuted in Colchester – established retailers are also looking to grow their retail warehousing holdings to allow better integration between their online and in-store operations. There is a movement towards ordering items online and collecting them from a local outlet; unlike high street stores, retail park units give retailers the space and flexibility they need to have such operations. And, crucially, they are designed to be accessible by cars. From a supply perspective the prospects for existing schemes is excellent. There has been precious little new retail park development in the recent past, with the consequence that, in many areas across the country, demand now outstrips supply. Not only that, but the new concepts, formats and entrants expanding into retail warehousing mean that demand is continuing to rise while supply is staying flat. There is considerable upward pressure on rents as retailers compete for space at the best schemes, with this reflected in values that are steadily rising. Unlike traditional high-street and shopping centre retail property, out-of-town retail parks have the advantage of being relatively cheap to rent and operate, ensuring their ongoing attractiveness to a wide range of retailers. These remain challenging times for the UK economy as a whole, but retail parks as an asset class are ideally placed to not only weather the storm, but also to take advantage as the conditions improve.

There is also the ongoing trend for traditional high street retailers to expand into retail parks. The success seen by names such as John Lewis, Marks & Spencer and Debenhams with their out-of-town stores highlights the ability of retail warehousing to widen their market reach.


a sustainable solution to retail development Contact Details t +44 (0)20 7495 8968 e pcottingham@ w

Phil Cottingham Managing Director of Retail Quintain Estates and Development

Over the past 18 months, new retail development has slowed dramatically. After a flurry of new shopping centre and designer outlet openings in 2007 and 2008 – the decline has been notable. The slowdown in development is down to a number of factors, not least the financial crisis which has resulted in a drying up of available lending from banks and investors - risk-taking has all but disappeared. Of course commercial property development is a drawn-out process – it can take 10 or 15 years from initial planning through to project completion. It may not seem now that the hiatus in development is having much impact – but the effects will certainly be felt over the coming years. A slow down in the pace of development holds back areas of towns and cities badly in need of rejuvenation – and all the benefits that come with it – not just physical improvements, such as public realm or infrastructure, but the creation of jobs, community space, homes, shops and, local services. Successful retail development in this brave new world is still possible, but a longer term, more sustainable perspective is needed. It is clear that the attitude of ‘build fast, sell on’ cannot be maintained through the current economic climate in which we operate. As well as taking this longer-term approach, there is also a requirement to deliver a development that can be adapted to meet both current and future customer requirements. It is here that designer outlets offer one potential solution to the retail development hiatus – they are ideally suited to development in an uncertain economic climate for a number of reasons. Firstly, because of their streamlined design and modern format, designer outlets tend to be cost effective to build, and require less upfront investment for unit fit outs than an equivalent full-price offer. This is an attractive proposition for both investors and retailers - it gives investors access to both established brands and new operators that it might not otherwise have, and it allows retailers the opportunity to take space in a new location at relatively low risk.


Lease structures in designer outlets also tend to be more flexible, allowing investors to respond to the market relatively swiftly. The tenant mix can therefore be tailored to reflect the changing demands of customers, to respond to new trends or concepts, and to quickly replace less successful formats. Designer outlet centres offer the elusive ‘value proposition’ without consumers having to compromise on their preferred brands. This is particularly pertinent in a tough market when savvy consumers still seek out their favourite labels, but on their own terms - they know that it is not necessary to pay full price for non-essential purchases - and this applies across homeware, fashion, electrical and sporting brands. On top of this, consumers are looking for an overall experience – they want more return for their money - to be able to relax and enjoy good quality restaurants and other leisure activities alongside their shopping trip. This is about creating a true lifestyle destination built on a well thought out tenant mix. Designer outlets are perfectly placed to support this mix of uses, and in my opinion a good balance of retail and leisure in an outlet centre is as important as the quality of the brand names on board. From a purely economic analysis, designer outlets offer an attractive solution for developers in challenging times. Of course, they are not a ‘silver bullet’, as with all retail developments, they still require a detailed upfront catchment analysis in order to understand the demographic of the target consumer audience and ascertain levels of demand for the proposed scheme. But creating a sustainable development does not just cover financial investment and return. Environmentally-friendly measures are also important as part of any new retail scheme if you are looking to deliver real, long term benefits for the community in which it sits. Sound sustainable principles sit at the heart of many of our own urban regeneration projects – namely at Wembley City and Greenwich Peninsula.

At Wembley City - where we are developing London’s first designer outlet centre - we are looking to use some of the latest environmental techniques. This includes the introduction of ENVAC - a system of underground pipes to remove waste, which can double the average rates of recycling, reduce rubbish truck journeys and help to create a clean and safe public realm. Our aspiration is that the whole of Wembley City will benefit from our investment in the retail and leisure elements of the London Designer Outlet. We hope that it will demonstrate that well-planned retail development is possible in the current climate and that the benefits can be measured on a number of levels - not just through the successful creation of a vibrant new retail, restaurant and entertainment lifestyle destination, but also via the delivery of local jobs and improved public realm - all underpinned with sound sustainable credentials. Well thought out, long-term investment in retail development can still be achieved if the approach is the right one – and for the continued regeneration of many urban and edge of town sites, it will be crucial.

secondary nature Contact Details t +44 (0)77 7469 3546 e david.izett@

David Izett Chief Executive Tiger Lane Consulting

The growing gulf in performance between prime and secondary retail space is one of the biggest challenges currently faced by the property sector. David Izett examines the issues involved and asks: what can be done to solve these problems?

Of the 25 worst-performing retail markets in the country, only three (Watford, Bristol and Reading) are south of this line1. The average vacancy rate north of the line is nearly a quarter higher than in the retail centres in the south of the country.

Go shopping this Saturday in Bath, Guildford or Tunbridge Wells and you would be forgiven for thinking that everything is rosy in the retail garden; well-let retail centres that are trading successfully and working for retailers, landlords and consumers alike, offering pleasant surroundings and supported by both an affluent local population and varying degrees of tourism.

But that isn’t to say that secondary space is the exclusive reserve of the north. London may conjure up images of a successful retail offer, but Margate (27.55%) and Dartford (20.52%) are two of the worst performing medium-sized centres1. What this serves to demonstrate is that the term ‘secondary’ applies to a specific retail centre before it applies to a region; Dartford for example, is only a dozen miles from The City, but the difference couldn’t be more stark.

Go shopping next Saturday in Rotherham, Blackpool or Wakefield and a completely different picture will become apparent with the number of vacant units. Of the larger locations, Blackpool has the worst vacancy rate in the country, with 29% of shops – nearly one in three – currently sitting empty1. By comparison, Tunbridge Wells has a void rate of just 6.6%1. Indeed, nationally, the average void rate for prime retail locations as at November 2010 was just 8.8%, falling to 5% in the super-prime locations such as central London2. A lack of investment in secondary locations, allied to relatively underprivileged local populations, has seen many shopping centres and high streets reduced to ghost towns, with little apparent prospect of recovery. A vicious cycle is created, whereby retailers collapse, leaving a void that makes the location a less attractive shopping environment, impacting on the trading of the remaining shops. More than 26 major towns and cities have vacancy rates in excess of 20%, compared to an overall national average of just under 13%. A list of the worst performing towns and cities is a roll-call of places synonymous with industrial decline: Bradford (24.6%); Doncaster (23.7%); Wolverhampton (23.7%); Sheffield (21%); and Grimsby (21%) all feature highly1. Although ostensibly a split between prime and secondary retail property, the statistics bring into sharp focus the north-south divide. If you draw a line between the Severn Estuary and The Wash, you are roughly dividing England in two in terms of both area and population.


Justin Taylor at Cushman & Wakefield reinforces the point: “It is dangerous to make generalisations regarding the performance of the south of the country versus the north in a retail context. One has to be location specific. For example, our experience of ongoing leasing on projects such as Liverpool One, The Trafford Centre and pre-letting on Trinity Leeds all point towards vitality of the retail market in the north in these strategic centres.” The flight-to-prime is perhaps most visible when looking at yields. Prime shopping centres are changing hands for net initial yields of 6%, whereas secondary space (where it is being bought) is trading at around 9%3. This discount highlights the sentiment in the market concerning the prospects for secondary retail property. The truth is that these statistics are symptomatic of wider urban decay. It is no coincidence that the secondary shopping centres where vacancy rates are at their highest tend to date from the 1960s and 1970s, when industrial-focused cities were still hives of economic activity. Conversely, the well-heeled cities and towns that perform the best have seen widespread retail development over the past 20 years. Taking the examples discussed earlier, MEPC built Royal Victoria Place in Tunbridge Wells in the early 1990s, Multi Developments has recently completed work on the Southgate complex in Bath and Westfield and Hermes are about to embark on a multi-million pound renovation and repositioning of their jointly-owned Friary Centre in Guildford.

What can be done? Finding partners willing to take a punt on such locations could be difficult in the extreme, especially when such centres are often sited where the forthcoming public sector spending cuts will hit the hardest. The situation is further complicated by the strength of out-of-town centres. In many places the horse has already bolted, with two or three retail parks offering a comprehensive retail and leisure offer – crucially, including supermarkets – making it very difficult to re-establish the popularity of the town centre as a retail destination. In these circumstances, to compete, traditional town centres clearly have to work hard on their overall offer. But just because it is difficult doesn’t mean it shouldn’t be attempted. While those living in the affluent parts of the country may tend to feel a little bit smug about their situation, the imbalances across the country have implications for us all. Huge disparities in wealth are detrimental to overall economic growth, while distressed shopping centre assets can, if not managed carefully, have a nasty habit of being contagious. Where a successful new scheme can revitalise and rejuvenate a struggling high street, the inverse is also true. Partnerships between regeneration specialists, retailers and Government organisations need to be developed and fostered with realistic and economically sustainable plans devised as a result. Some success has been seen in the north west, where satellite towns surrounding major cities have developed retail offers to tempt back shoppers from central Manchester and the Trafford Centre. An expansion of the farmers’ market concept to create more informal shopping space has proved popular with consumers in these towns, as has the development of amenities that have traditionally driven footfall, such as discreet yet extensive free car parking space and the sprucing up of existing shopping centres. The initial results are encouraging, but there is much work left to be done.

asset management – using empty units as art galleries or pop-up shops, developing effective marketing strategies in conjunction with retailers – also has a vital role to play in giving a centre life and creating good trading conditions. An interesting case study is Westfield’s recent work in London, namely Westfield London in White City and the soon-to-be-completed Westfield Stratford City adjacent to the Olympic Park in east London. Both of these schemes are considered to be prime retail space, offering leading brands and the footfall and turnover figures to match, and have had substantial benefits for previously-neglected areas of London. An alternative is the retailer-as-developer model along the lines of Tesco’s involvement in Gateshead. There, the retailer was recently given approval for a £150 million redevelopment of the town centre, featuring a Tesco Extra superstore, 200,000 sq ft of retail and a 993-bedroom student village. The scheme will rejuvenate an area that has been largely untouched since the 1960s and will, I’m sure, tempt many people back into the town centre. All these examples have only been possible through partnerships between retailers and developers in the private sector and public sector bodies that are committed to helping create futures for their towns. The mooted advent of tax increment financing (TIF), if implemented, will also help council’s unlock regeneration sites and better assist developers and retailers alike. Make no mistake: there is no panacea for these problems. But if there is a solution it surely lies in a collaborative approach from all parties. Central Government, LEPs, councils, developers, retailers and residents need to work together to breathe life back into retail centres – and wider communities – that are currently in distress. Properly done, such action presents an excellent opportunity, one that should be seized with both hands. 1 Source: Local Data Company Shop Vacancy Report, September 2010 2 Source: Cushman & Wakefield Survey of Prime Retail Locations, November 2010

Shopping centre regeneration can be a driver for community improvement, turning a vicious cycle into a virtuous one. Imaginative

3 Source: Savills Shopping Centre & High Street Bulletin, Q3 2010


what’s lugs got to do with it? Contact Details w w w

Rodger Dudding Dudrich (Holdings) Limited

From queue management systems to lock-up garages, Rodger Dudding knows an opportunity when he sees one. Andy Jefford takes a look at what the serial entrepreneur has up his sleeve for his next trick. Lonsto House, an unassuming office building in Southgate, north London, is perhaps an unlikely location for a business empire. But for Rodger Dudding it fits the bill perfectly, and is the epicentre of a business that incorporates queue management systems, lock-up garage investments, property development and, latterly, classic cars. A natural engineer, it was an idea for a new packaging machine that initially launched Rodger into the business world. But it was a trip to Stockholm in 1970 that inspired a product and company that is still going strong today: Lonsto Queue Management Systems. Although now familiar to anyone that has taken a numbered ticket at a deli counter at a supermarket or been into A&E, in 1970 such systems were non-existent. After seeing a primitive system in Stockholm, Rodger’s engineering mind immediately spotted where improvements and innovations could be made and Lonsto was born. Tesco, Harrods, Selfridges, and the NHS became and remain valued clients, with the systems having hundreds of other business applications. As Lonsto took off, Rodger found himself dabbling in the commercial and residential property markets, investing some of the money generated by the company in opportunities across north London. And then one day he found himself in possession of the deeds to 12 lock-up garages in Thornton Heath, Surrey. “I owed someone a bit of favour,” says Rodger, “and me buying these garages was my good deed in return. But then I had to figure out what on earth I was going to do with them.” Thomas Edison famously said that “opportunity is missed by most people because it is dressed in overalls and looks like work”, a phrase that seems to perfectly sum up the market for lock-up garages. It wasn’t until the first quarterly rent cheque landed on his desk that the potential of LUGs – as Rodger has euphemistically named them – became apparent.


Perhaps the biggest battle was with the banks, which were reluctant to lend against what at the time was an unproven asset class. “But once they saw the numbers and that the debt was being serviced with a decent amount of headroom,” continues Rodger, “they soon came round to the idea.” As the only firm looking at buying LUGS, Rodger had the pick of the best sites and, through his company Dudrich (Holdings) Ltd, now owns more than 12,000 garages across the south of England. Worth up to £10,000 each, it is a portfolio that many ‘regular’ property investors would kill for. Rodger adds: “Much of the success of the business comes down to the fact that these LUGS are in huge demand and as a result we have a very low void rate. Ultimately, a car is often the most expensive single item that people own, and they want to protect it.” Which brings us to Rodger’s great love: cars. Within an anonymous Hertfordshire warehouse lies Studio 434, a truly remarkable private collection of classic cars. ‘The Toy Cupboard’, as Rodger refers to it, is a treasure trove of Aston Martins, Bentleys, Rolls Royces, Jensens, Jaguars and numerous other marques. “All my life I’ve loved cars,” he says, “and I’m in the very fortunate position of being able to indulge myself and buy these fantastic machines. The stories and provenance behind them all make each one unique.” But it seems Rodger has spotted yet another opportunity. He and his son Guy are turning Studio 434 into the go-to company for car rentals to the film and television industries. With more than 100 cars from the past 100 years, one of the Studio 434 cars is certain to fit the bill for any filming being undertaken. “Basically, if we can find a way for these cars to cover the costs of storing and maintaining them, then it gives us a good reason to go out and buy some more!” says Rodger. “We’re not sure yet if it’ll work, but we’re going to give it a damn good try.” Based on previous form, it’s hard to imagine Studio 434 being anything other than a runaway success.

pop-up shops: revolution or renaissance? Contact Details t +44 (0)20 7403 1000 e w

John Lees Chairman Lees Associates

We all flourish on variety and entertainment in life, yet retail can be such a depressingly sameish experience: most shopping malls are built along familiar lines, with flat shop fronts and a standardised approach to branding. Design should enhance the buying experience - but all too often, design constraints hinder it. The rather unattractive term ‘pop-up shop’ has attracted some negative connotations, but in design terms it presents a huge opportunity. The pop-up shop is a temporary retail presence with no preconceived limitations on its design and the potential to push aside the shop front, engaging with customers at the earliest possible opportunity. As such, it is a refreshing re-invention of an ancient approach to shopping – such as was seen in the corn markets of mediaeval times. In removing barriers and creating greater immediacy with the product, we can encourage customers to flow between the brands and engage with them more effectively. This flexibility also creates an opportunity for theatre – both innovative and traditional art forms can be redeployed to entertain and inform, attracting substantially greater footfall and interest. Taking this idea to an extreme, why hang clothes on clothes hangers when they look better on people? And why should the people (man or mannequin) remain static when they look better in motion? I like the idea of a brand which literally walks among its target audience rather than waiting patiently on a shelf. Given this opportunity, let’s all be a bit more dramatic and use the skills we have learnt to help the trade, trade.

We’re moving on to create new pop-ups which indulge all five senses and are infinitely more compelling than a standard shop front. These work best located in a space with a ready-made target audience, such as a hotel lobby or airport. Smell can be utilized to capture people’s attention – whether it’s ground coffee, leather, freshly squeezed lemon, or flowers. Tables and chairs are positioned to encourage the already captive audience to linger and experience the product. Quite unlike the counterfeit perfume experience, customers are enticed, rather than hurried, into buying into the experience. Why is it that people love to buy cheese in Borough Market, yet shopping for cheese in a supermarket is no more than a chore? It is the immediacy with the product – the fact that it isn’t distanced behind a glass screen and its smell sucked into an extractor fan. Internet shopping is the revolution; pop-up shops are the renaissance. Of course there are clear practical reasons for a pragmatic approach to space management, but variety is crucial to reviving the retail experience and attracting footfall. Pop-up shops are bringing shopping back to basics and have the potential to deliver immediacy to compensate for the obvious downsides of both more traditional and virtual shopping.

The preconceived view of the pop-up shop – a man selling fake perfume from an empty retail unit on Oxford Street – might suggest that design is of little importance. But however temporary, this need not be the case. Our first pop-up shop was for Selfridges and therefore demanded a high standard of interior design. The pop-up was slotted into the corner window on Oxford Street (without planning permission!) and for three weeks attracted a vast footfall.


all change Contact Details t +44 (0)20 7413 9000 e investor.relations@ w

Francis Salway Chief Executive Land Securities

One New Change, Land Securities’ new development in the City of London, is bringing retail back to Cheapside. It’s all about meeting the changing needs of working people in the Square Mile, says chief executive Francis Salway. Central to Land Securities’ approach to retail property is the need to provide facilities and amenities that match the requirements of both consumers and retailers. Only when this is achieved will a scheme reach its true potential. But these requirements are not constant. Indeed, they are in a permanent state of flux as people’s attitudes to work and leisure change, not to mention the ever-increasing sophistication of internet retailing and the unique challenges this creates. In a city as dynamic and fluid as London, the status quo can never last for long and the old certainties are slowly becoming redundant. In its way, One New Change is playing its part. Located opposite St Paul’s Cathedral in The City of London, One New Change is the mixed-use development that will restore Cheapside to its rightful place as one of London’s great commercial thoroughfares. Opened in late October 2010, the scheme reflects the changing nature of the City and brings over 220,000 sq ft of retail and restaurant space to the Square Mile at a time when retailers are opening their eyes to the opportunities the area holds. The evolving preferences of today’s consumer, which influence and shape the needs of the retailers themselves, has seen changes to the work and leisure patterns of the City. Aside from expanded demand for shops as part of the working day – the ability to ‘just nip out’ and pick up something is priceless among time-poor City workers – the area is going through something of a renaissance in the evenings and at weekends.


One New Change is both a response to and a catalyst for this trend, helping to create a virtuous cycle that establishes Cheapside as a destination outside of work hours. The fact that 39% of the footfall at the adjacent St Paul’s Underground station – a full 5.1 million people per year – occurs outside of peak commuting times is testament to the changing face of The City. When One New Change opened its doors for the first time on 28th October last year, it represented City debuts for brands such as Banana Republic, H&M, All Saints, Karen Millen, Reiss, Hobbs and Kurt Geiger. Factor in restaurants that include Barbecoa, the latest offering from Jamie Oliver, and a new eaterie from Gordon Ramsey (due to open this spring) and the depth and variety of the scheme becomes ever more apparent. The mix between retail and restaurant space has been designed specifically to complement one other and is indicative of the trend towards shopping as a leisure activity in its own right. By creating a destination – and the location overlooking St Paul’s Cathedral is unique and is a central part of this – Land Securities is itself playing a role in the transformation of the City into a weekend as well as a weekday destination.

Meanwhile in Leeds. . . The ability of retail property to help change the face of a location is something that Land Securities has explored with another of its development projects. Trinity Leeds, due to open in spring 2013, will bring almost one million sq ft of high-quality space to the centre of Leeds, creating a new shopping quarter in a city that has been under-served by new retail development over the last 20 years. With its emphasis on regeneration, Trinity Leeds has been designed to slot into the existing fabric of central Leeds, with permeability absolutely central to the project’s success. Land Securities has built on its experience at the successful Cabot Circus scheme in Bristol to design a development that will not only provide the retail offer that Leeds needs, but do so in an environmentally sustainable way.

With 43% of the scheme currently pre-let, and a further 16% either in solicitors’ hands or under negotiation, it is clear that there is a built-up demand for modern retail floorspace in Leeds. Trinity Leeds represents a major investment in the city not just by Land Securities but by the retailers themselves and this reflects the potential central Leeds has as a retail destination. The opening of Trinity Leeds in spring 2013 will bring 120 retail outlets to the centre. With its semi-indoor environment, protected from the worst of the Yorkshire weather but open and linking seamlessly into the rest of the city centre, it will create a retail scheme that truly meets evolving best practice on urban design and also the changing needs of consumers.

A collaborative approach Our energies are focused not just on bricks and mortar, but also on being innovative in how we manage our relationships with retailers. Our Clearlet initiative, which was unveiled in autumn 2009, has simplified leases and encourages openness between ourselves and our tenants. There is also our Brand Empire incubator initiative, through which we are working in partnership with European retailers to help establish a presence for them in the UK. The first of these retailers – Spanish brands women’secret and Springfield – have both taken space at One New Change, with further opportunities currently being identified. Retailing has always been a very dynamic sector and we expect the pace of change to continue, or even accelerate, throughout this decade. We aim to lead change in the retail property arena both through how we manage our relationships with retailers and through the new schemes we bring to them.

everybody needs good neighbours... Contact Details t +44 (0)20 7622 9555 e w

James Audsley Associate Malcolm Hollis

City centre retail developments have risen in popularity in recent years, but building so close to neighbouring properties and businesses creates its own problems. James Audsley of Malcolm Hollis takes a look at the issues involved and what can be done to overcome them.

Another issue to be overcome was that of crane oversailing. With tower cranes very much the norm for a project of this size and scope, it was essential to secure the agreement of adjoining owners, above whose property the cranes would need to oversail.

When it comes to development projects, any property company will tell you that time is money. And nothing is more likely to waste time than a disgruntled neighbour with an axe to grind. Unless carefully managed in a timely fashion, rights of light, party walls and crane oversailing licences all have the potential to trigger disputes and cause everyone involved an unnecessary headache.

Malcolm Hollis’ involvement from an early stage meant the agreement was secured from all ten of the neighbours affected. Failure to do so could have led to the use of tower cranes being prohibited on the site, with resultant impact on the construction schedule and increased costs.

At Malcolm Hollis, we have just completed an instruction for Capital Shopping Centres (CSC) on the third phase of the redevelopment of their Eldon Square mall in Newcastle-upon-Tyne. We were appointed as soon as planning permission had been secured, allowing a comprehensive process to identify all possible issues, but the project certainly highlighted the potential pitfalls for those not employing the services of a specialist building surveyor. In a development such as Eldon Square, both the range of works to be undertaken – including demolition, excavation, reconstruction and the interfacing of new structures – and the proximity of the site to a number of neighbouring buildings created a key issue to be overcome. After establishing CSC’s rights and obligations towards the numerous neighbours under the Party Wall etc Act 1996, we were able to negotiate formal party wall awards, establishing exactly what could and could not be undertaken. With negotiated elements ranging from temporary weatherproofing to excessive noise and dust, the work undertaken by Malcolm Hollis ensured there was no hold-ups to the development once work had started, keeping CSC’s costs to a minimum.


Perhaps the most complicated issue faced was that of rights of light. Our early involvement, allied to our comprehensive in-house analysis software, allowed a detailed appraisal of the level of risk involved, as well as allowing solutions and options to be identified that would allow the construction work to go ahead. Approaches were made to all affected neighbours to secure Deeds of Release and hence avoid potential ‘ransom situations’, with light obstruction notices registered with all occupiers that could not be reached. Such notices either persuaded them to come forward, or extinguished any pre-existing rights to light they had over the site, again reducing the risk of a later claim. Our role in the development of Eldon Square demonstrates that the early involvement of a neighbourly matters specialist can minimise the threat of an injunction or a claim for prohibitive damages and so prevent costly delays during the construction phase. Of course, it also goes a long way towards maintaining cordial neighbourly relations, which is in itself no bad thing either! Malcolm Hollis is one of the leading independent building surveying consultancies in the UK and Ireland, operating from a network of 13 offices across 17 service areas, including: dilapidations; wider landlord and tenant work; construction and development; and due diligence surveys and assessments.

working together Contact Details t +44 (0)20 7758 5643 e w

Howard Rosen Director Lee Baron

The landlord-tenant relationship can often be a strained one. There will always be conflicting goals but communication can help highlight problems before they arise, leaving both parties to benefit from a more conciliatory response. Howard Rosen, director in Lee Baron’s dedicated Shopping Centre Professional Department, takes a look at the issues involved. Declining consumer spending is leaving vacant units on the high street and in shopping centres. When it comes to negotiating terms to take a new lease or to renew an existing one, where does the balance of power lie? Are landlords being flexible enough and / or are tenants being too opportunistic? The uncertain economic outlook has undoubtedly shifted the equilibrium towards the tenant and in a lot of cases all the way in the tenant’s favour. From the landlord’s point of view, the primary concern will be the risk of an empty unit and the prospect of a lengthy void period with empty rates liability. From the tenant’s perspective the major concern when a lease comes to expiry will be relocation costs and the potential loss of continuity of trade. Dilapidations liability may also be a factor. The key issue is proper communication between the two parties. This should occur ideally not just during the lease renewal process, but throughout the lease. It is often the case that landlords and tenants only contact is at a time when there is a problem or dispute. A better working relationship with regular audits can help identify and highlight issues of concern at an early stage providing opportunity to consider, plan and structure agreed solutions. In terms of actual lease renewal negotiations there are a number of areas where a collaborative more flexible approach from both sides could have significant mutual benefit.

Specific areas for discussion • Turnover Rent - Could part of the rent be linked to turnover? This will in itself foster a sense of partnership between the landlord and tenant. • Rent Free Linked to Fit-Out Costs - If the landlord is prepared to consider agreeing a rent free period what commitment can there be from the tenant to undertake specific shop fit works? • Service Charge - If the landlord and tenant can agree what the appropriate level of service costs should be for the services provided there may be room to agree a service charge cap at that level or just over. • Break Options - If the tenant requires a break option could this be linked to a penalty payment and a reasonable notice period. • Marketing Opportunities - Are there opportunities to improve signage and are there any benefits for a tenant to be involved with the landlords marketing / promotional activities in the centre? The above points are only a small sample of the numerous potential issues which could be relevant but what can be seen is that it is not possible to fully explore all settlement avenues without proper communication between the parties and their agents. This could be the difference between reaching an agreement and falling short. An effective landlord, often through a managing agent, will ensure this is properly implemented. At Lee Baron such an approach is our hallmark and is a formula that has generated much success. Lee Baron is a leading independent firm of consultant surveyors, specialising in market-leading property management, professional and agency services handling over £2.5 billion of client assets.


getting retail right Contact Details t +44 (0)20 8568 1100 e dickensyard@ w

Ian Dobie Managing Director St George West London

As one of London’s leading developers, St George, part of The Berkeley Group, has a reputation for transforming neglected brownfield sites into some of the capital’s most desirable communities. With the launch of its latest scheme, Dickens Yard, Ian Dobie gives his view of what makes a successful mixed-use scheme.

Positioned just off the High Street in the very heart of Ealing, Dickens Yard is St George’s latest mixed-use scheme. With 698 new apartments and penthouses set around a European-style public piazza with landscaped gardens, the scheme will boast 100,000 sq ft of prime retail space.

Developing quality residential schemes that give birth to exciting and vibrant new communities is not easy (although thankfully, after over 20 years of doing exactly this, St George has got this down to a fine art).

Tenant mix

Creating great retail and leisure destinations where people come to spend their hard-earned cash, particularly in this time of economic uncertainty, is also pretty difficult and so it only stands to reason that building a scheme that successfully incorporates both of these elements is a challenge not to be underestimated.

Firstly, the retail / leisure element has to add to the overall appeal of the development in order to attract buyers to the residential development. The real and perceived value of a home is largely dictated by its surroundings and residents of a mixed-use scheme will be aware that they will be judged as much on the shops at the development as their apartment itself.

Living in a mixed-use development, with a range of shops, restaurants and services on the doorstep, definitely has its advantages and research has shown that there is often a significant premium attached to residential properties within close proximity to retail facilities.

At the same time, unless it is building an exclusive gated community, the developer and tenants cannot afford to exclude existing residents from the local area and need to ensure that they are offering something that the community wants.

Likewise, being sited within a mixed-use development alongside a significant residential element can prove very advantageous for retailers who will find themselves blessed with a ready-made set of customers.

Finally, the retail element has to complement and enhance the existing retail and leisure offering rather than cannibalise it. This should help ensure that the surrounding area benefits from the uplift that a new development provides rather than suffer from it.

For the developer, this symbiotic relationship between retail and residential can prove very effective in maximising footfall through the scheme and help it achieve ‘destination’ status as opposed to being seen as just another bunch of apartments. This obviously has the effect of making the development more appealing, which is good news for the developer, good news for the retailer, good news for the residents and great news for the local area. Everyone is happy.

For a high quality scheme like Dickens Yard, which appeals to a wide range of purchasers from young professionals through to City Boys and City Girls, it is important that the retail element is aspirational rather than everyday but neither overly exclusive nor overtly value-orientated.

Getting to this stage, however, requires a lot of planning, coordination, and of course a lot of hard work, a fact that has become increasingly clear to me as we have been planning Dickens Yard.


Choosing the right mix of retail and leisure operators, from shops and restaurants through to gyms and cafes, is the ultimate key to success.

We will be carefully targeting selected operators to ensure that we provide Ealing with an innovative mix of exciting stores which will complement the more mid-market and convenience offers provided by the local high street and existing shopping centre. Tenants will therefore include niche independents, fashion and lifestyle anchor stores, aspirational retailers as well as high street brands.

Quality of accommodation and environment


At the risk of stating the obvious, in order to create a successful mixed-use scheme you have to build what people want.

There are very few mixed-use schemes where retailers can survive purely on the custom coming from the development’s residents and so they need to attract customers from outside of the immediate catchment area.

In the case of residential, this means spacious, well-proportioned homes that are finished to a high standard and have been fitted out with the right kitchen appliances, bathroom suites and modern technology. For retailers, especially the boutique types that we are aiming to attract at Dickens Yard, building modern, spacious, well-lit units that provide the operators with a blank canvass that can be fitted out relatively cheaply is absolutely key. Both residents and retailers are also looking for the right environment, so the quality of the public realm, such as the walkways, public squares and landscaping, is very important. Dickens Yard will create a landmark destination of first choice by providing an innovative tenant mix within a stunning, attractive and ambient environment of open spaces and a high quality piazza that will play host to lively markets, street theatre and jazz events. The nearby historic architecture and rich heritage of local landmarks, such as the old fire station, parish church and town hall, will blend in with the new contemporary shops and restaurants and add a different dimension to the existing high street. By establishing pedestrian boulevards, traffic-free streets and squares lined with boutique shops and cafés, St George will be encouraging permeability and create a vibrant and dynamic new social hub linking up with the other main streets of Ealing.

In order to be able to attract this wider customer-base, the development has to be accessible, either by road, foot or, especially true for London developments, public transport. On the flip side, good transport links naturally mean that as well as attracting additional customers, a development or area can experience consumer leakage to nearby retail centres. To prevent this, developers and retailers have to work to ensure that their scheme offers something unique and becomes a destination in its own right – somewhere that people come to because it offers things that other retail locations can’t – such as a better setting or a unique retail offering. With its fashionable café culture environment and the feeling of an exclusive London village, Dickens Yard will attract not only those living on the doorstep, but visitors from all over Ealing and neighbouring affluent areas, improving and rejuvenating the local retail offering.


protecting your brand Contact Details t +44 (0)20 7634 4620 e w

Sarah Kelly Solicitor Pitmans SK Sport & Entertainment LLP

As successful retail brands and designs become increasingly valuable, the need to protect them from abuse becomes increasingly important. Sarah Kelly, a member of the Intellectual Property team at leading law firm Pitmans, takes a look at the issues involved and how retailers can protect themselves. The name of a company can be the most valuable asset owned by that business, along with any brands, designs and copyright associated with the company’s products and services. Such assets are protected by intellectual property law, which seeks to prevent others from taking unfair advantage of a company’s work, innovation, and reputation.


Once clearance searches are complete, the next step is to apply to register trade marks and domain names. A registered trade mark places others on notice of your rights. Registrations can be used to police your rights more quickly and cost effectively, than trying to assert rights in unregistered marks (for which you are required to produce evidence of reputation).

Abuse and infringement of intellectual property rights takes many forms. Retailers need to take care to ensure that they do not infringe the intellectual property rights of others. At the same time, they need to ensure that their own rights are protected, to enable them to deal with infringements by competitors, counterfeiters, and internet fraudsters.

Domain name registration has been given added importance over the past decade by the need to establish an effective internet presence: obtaining the name of your company / product / service as a domain name for your website is a key plank in establishing any new brand. When trading on the internet, you may also need to consider whether selling goods under your brand could raise trade mark issues in other jurisdictions. To avoid problems you may need to block users from certain countries from purchasing goods from your website, or amend your terms and conditions for online sales. It is recommended that brand owners wanting to enter new markets conduct clearance searches in other countries to identify any potential trade mark issues.

Trade marks

Design rights

Before a new retail brand is launched, it is essential to ensure that it does not conflict with existing brands. Otherwise, making a serious investment to raise your brand’s profile could simply result in the threat of legal action by someone who is using the same name, or a similar name. A comprehensive review of the marketplace and searches of trade mark registers should be carried out to ensure that the proposed brand is unlikely to conflict with other companies. All too often, these clearance searches will locate an identical trade mark being used by a competitor for the same product. This is not because the company wanting to use this name is deliberately planning to copy the other’s brand – it’s just that they chose the name because they associate it with the product – it “sounds right”.

Especially in the fashion world, designs are jealously guarded and understandably so. In a market where having the latest trends is absolutely key, there is a big temptation for brands to copy the designs of others as a shortcut to success.

It is not just use of a name which can potentially infringe. There may be colours or themes associated with existing brands. Something as simple as the use of a colour – for example, a new phone retailer using the colour orange – could infringe an existing brand that has an association with that colour.


Designs can be protected via registration. There are also unregistered design rights which can arise when a design is first recorded, marketed, or when an article is made to the design. If you are sourcing goods such as clothing from a wholesaler or distributor, it is essential to obtain indemnities in case they have copied the design. Also ensure that suppliers provide warranties that they have obtained protection for all rights in the design.

The key to dealing with infringement of your brand is to work towards a practical, proportionate response. In some cases a brand owner may offer to licence use of the brand to the infringing party. In other cases, court proceedings may be the only option to stop continuing infringement.

making retail property perform Contact Details t +44 (0)14 9159 8281 e w

Kevin Beard Creative and Managing Director KVB Design

The location and building itself are obviously important - first impressions count. A strong brand name and a good product are also key. However, it is the shopping experience that will have the most profound and lasting effect on today’s customer. KVB Design creates new commercial store concepts for well respected international retail brands. Over 95% of our work is overseas. I founded the business in 1995 with a simple wish to do things differently and better! If I had to sum up my job in less than a minute, I would explain it is made up of three simple things:

This philosophy works globally and also in markets with extremely tough trading conditions. By Christmas 2010 we rolled out our new Cosmote store concept in 50 locations throughout Greece, already showing a much improved market share and excellent customer feedback. Last year saw new Meridian stores opening in Bangkok, India, Kuwait and Mexico and a Harman flagship store in Shanghai that opened within ten weeks of us putting pen to paper.

• Get the customer into the store. • Encourage the customer to stay in the store as long as possible. • Make the customer want to return.

These principles have always been the foundation of a commercially successful retail space but they have gained even more significance in this new age of the Internet. If retail is to have a future, it must become more entertaining, more interactive, more sociable and more educational than shopping in front of a computer.

All senses should be aroused: smell, sight, touch, hearing, taste. This can be done with all the usual retail elements: lighting, visual merchandising, shop fixtures, graphics and communication. But I believe that one main philosophy is paramount – KVB Design stress the importance of Customer Routing.

I consider KVB Design to be very different within the retail design business – we look at the store ‘through the customer’s eyes’ – a philosophy that leads to commercial success.

We approach a store concept from the customer’s point of view. Imagine the store is like a book. The sign above the door is the book’s title with the reassurance of the author’s name. The windows form the preface offering the latest news to grab attention and spark interest. Once inside the store, the plot deepens. Even a footprint of 40 m2 requires the ability to ‘pace’ the customer’s journey round the store to expose them step-by-step to all the products. The excitement should build with each chapter leading the customer around the entire store. Key areas of the store should give visual impact to punctuate the story before turning the next page. Every square metre of retail space is vital. In my early days at IKEA we introduced the idea of ‘one entrance, one exit, one route’ – the customer sees all. If they enjoyed the environment, you have sown a seed for a future sale. At Bang & Olufsen we created this in-store ‘book’ and increased the percentage of people visiting the rear of the store from 13% to 38%.


the bourne agenda Contact Details t +44 (0)20 3170 0800 e w

Tadhg Flanagan Managing Director Bourne Capital

Bourne Capital’s strategy is to continually improve and develop its four major London estates to make them an attractive location for businesses, including retailers, leisure and commercial occupiers and generate vibrant locations that people choose to visit and that have a distinct sense of community. We believe that by using our own worldclass leisure businesses and destination ‘hotspots’ to seed growth within our estates, we increase footfall and generate the revenues needed to further develop the area. Our portfolio of leisure businesses includes some of London’s most famous and well-loved theatres, restaurants and bars that help to generate footfall to the retail and commercial outlets. The leisure businesses also help generate publicity and cachet for each of the estates, which helps manage risk, generates customers, above average returns and capital value growth. Actively managing and promoting these businesses has driven footfall to all four estates. When allied with a range of strategies such as acquiring adjoining property assets, building long-term value through planning consents and active day-to-day property management, this creates a potent way to regenerate an area and breathe life into both the estates and the communities they represent. The success of our strategy is reflected in the stature and cachet of the estates. Bourne Capital’s impressive portfolio is worth £225 million and now comprises four estates: Queensway, Waterloo, Chinatown and Islington. Our approach is designed to bring about positive, lasting change in the communities of each estate. It is a clear strategy that relies on our ability as a group to adapt the estates to market conditions, our knowledge of the areas that the estates occupy, communication with clients and local communities and specialist knowledge of the sectors in which the operated businesses belong.


We have been highly selective in our acquisitions and all the estates are centered on destinations with an established history, high profile brand identity and substantial retail sites. They feature both tenanted lettings and group-operated businesses. All have ‘anchor’ tenants tailored to the area such as a major retail chain or department store to drive footfall to the estate.

Queensway Queensway is the largest estate. Bordering Hyde Park and close to the West End is 41% retail. It contains inner London’s only ice rink, Queen’s Ice and Bowl, and provides a wide range of retail outlets from designer clothes to antiques and souvenirs, in 31 units that include Royal China, WH Smith, Holland & Barrett, William Hill and HSBC Bank. The estate has been extensively redeveloped since Bourne Capital’s initial acquisition as a substantial new leisure complex and has become a model for inner urban regeneration. Alongside the leisure complex, the Queensway Estate includes retail, office and residential space, as well as a six-level underground car park with 310 spaces.

Waterloo The Waterloo Estate dominates an entire block on Waterloo Road and has 23% retail, which includes Sainsbury’s and Evans Cycles. Located on the doorstep of Waterloo train and underground stations, the estate has an impressive footfall from commuters, shoppers and business people who walk through this area every day. Mercury House on the site contains a parade of retail spaces on the ground floor and basement, extending to 40,327 sq ft. The Waterloo Estate also includes other important retail outlets, landmark office buildings, a business centre, leisure venues and parking facilities.

Chinatown The Chinatown Estate is an integrated part of London’s history and global identity. Bourne Capital’s portfolio includes Chinatown Market, a 3am licence nightclub and 36% retail including William Hill and Holland & Barrett.

The reputation of its world-class Asian cuisine, wide range of Chinese shops, iconic Chinese Gates, street furniture and pavilions are all symbols of the success of this fascinating district. Bourne Capital’s vision is to increase the footfall to the estate, connecting Chinatown with the Charing Cross Road.

Islington The Islington Estate was originally acquired in 1995 at the north end of Islington Green and has 15,000 sq ft of retail and leisure space bordering Islington Green in the heart of Islington. A major redevelopment is in progress to revive the old Collins Music Hall and create space for specialist shops and restaurants. 70 new apartments, performance space, retail and leisure accommodation are also being developed as part of Bourne Capital’s overall regeneration project on the Islington Estate. Bourne Capital has devised a successful blueprint to provide urban regeneration in the areas we work within for the past 20 years, but in regards to the future we are not keen to slow down. There is always work to be done and we already have plans in place for the next decade by focusing on continuing to build financial stability and create real growth to the business model. The group has built a strong platform for growth over the past two decades, but it is our dynamic young management team that will create the real growth over the course of the next decade. The success of Bourne Capital’s long-term commitment to our properties relies on the strength and application of our values towards constant innovation, forging strong relationships, vital stability and unwavering determination. For all of its estates, Bourne Capital is looking to expand through land and property acquisition and property development opportunities, in partnership with developers, investors or private individuals.

bargain britain Contact Details t +44 (0)20 7873 3000 e w

Claer Barrett Retail Correspondent Financial Times

Everyone’s looking for a bargain on the high street - and the retailers are no exception. The advent of Austerity Britain has transformed the consumer psyche. Government cuts, rising unemployment, VAT and inflation are weighing on consumer consciousness and influencing spending decisions. This will almost certainly result in some retail casualties come March quarter-day. However, retailers who have adapted quickly are able to cash in. I ‘walked the floor’ with John Lewis retail supremo Nat Wakely the week before Christmas, and he reported that traditional toys were top sellers in its Oxford Street flagship, as parents hankered after a bygone era. Lego sales were up 50 per cent, eager dads queued to buy train sets and Scalextric (now with the modern addition of a digital lap timer) and wooden toys were all the rage. Over the year, sales of kitchenware and (bizarrely) curtains have soared as staying in becomes the new going out. In Austerity Britain, we might not pay to eat in a restaurant on a weeknight anymore. But we will happily pay M&S to ‘Dine in for £10’ and feel smug about saving money, even though we are spending more than we’d pay for a home-cooked meal. Doing the weekly shop at Aldi or Lidl could be a step too far, but might you be tempted to enter a Poundland this year? The latest entrants onto retail parks, pound shops are adapting their format to appeal to a wider range of consumers. This doesn’t just involve changing the size



Tricia Topping, Chief Executive t +44 (0)20 7886 0230 e Alex Lawrie, Director t +44 (0)20 7886 0304 e

of the footplate; 99p Stores has changed its name to Family Bargains for large format stores, removing the stigma for posher shoppers. Rising inflation is the biggest enemy of the fixed-price retailer, so a doubly smart move on its part. Retail park landlords have been sniffy about putting value brands on parks, fearing it will turn shoppers off. But when they see the rental offer, snobbery flies out of the window. As the housing market resides in the doldrums, changing bulky goods consents to open A1 retail is a sure-fire winner. The pipeline of new shopping centres is thin and distant, so out-of-town is the only feasible place for brands to take large, efficient space and expand. But there are other places where retailers can find bargain property. Pubs have been one of the biggest casualties of the downturn (partly due to the fearsome debts pub companies took on in the boom). Now, boarded up boozers are being transformed into Tesco Express convenience stores as the supermarket giant expands into local shopping. It is targeting 150 new stores over the next three years, and finds pub sites ideal as they are cheap, have car parking and are in residential areas. And pubs aren’t the only redundant buildings in its sights. Tesco converted its first church just before Christmas, meaning shoppers in Dorset can literally worship at the altar of retail. Claer Barrett is the Financial Times retail correspondent, and former associate editor of Investors Chronicle and Property Week.




Industry Insights has been produced by Bullnose Design Consultants, part of the ttagroup. Bullnose specialises in providing marketing, digital, brand and design services to the construction, property and technology sectors. Together with ttagroup, Bullnose is part of Chime Communications plc, the UK’s number one communications group. Bullnose has produced this newsletter using only environmentally safe products and this newsletter is suitable for recycling. Chime Communications has been CarbonNeutral since 1st January 2007. All information contained within this issue of Industry Insights is copyrighted by ttagroup. The views and opinions in this publication are those of the writers and contributors and do not reflect the views of ttagroup and Chime Communications plc. Any statement or allegation is that of the author.


Industry Insights Issue 11  

Industry Insights, the mazine for everything property and now.