“Landlords need to be like media companies. If I was ITV right now I wouldn’t sign X Factor into a 25-year contract. Rather than keep a crappy souvenir shop until you’re ready, kick them out and get something else in,” said Ross Bailey, chief executive and founder of Appear Here.
Bailey spoke on the Future of the West End panel at the London Real Estate Forum, where delegates engaged in a lively debate about outside versus inside and how to ensure the West End continues to thrive.
While the outside environment was important, Bailey acknowledged, what was inside drew crowds to places like Shoreditch.
“I want things in the West End to be discoverable,” he said.
He suggested using empty spaces in the West End to house new concepts retailers and brands, on temporary leases if necessary.
Toby Courtauld, chief executive of Great Portland Estates, countered, saying: “We have to think about the environment that is being created. We need the infrastructure and investment – you cannot do that on temporary income, you need to have a balance.
“Public realm needs to match the investment of owners and stores, in terms of money they put inside, so the outside mirrors quality and benefits inside stores,” said Sir Peter Rogers, chairman of the New West End Company.
James Cooksey, of the Crown Estate Businesses said developers needed to be prepared to break barriers when thinking about public realm.
Beverley Churchill, creative director of CapCo, said it was important to embrace London’s heritage and represent it in a “relevant way” to attract occupiers.
As well as investment into infrastructure and the public realm, improving traffic, air quality was essential, panellists agreed.
Rogers added: “We have to face the fact that local authorities don’t have a lot of cash and we start from that premise. The old investment that used to exist for public realm has virtually disappeared.”
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