20
Dec
Commercial Property: A revolution in Retail space
A commercial property, retail space revolution has been
occurring in Shoreditch since the end of November, with the birth
of Boxpark.
Combining strong branding, great creativity, entrepreneurial
flare and contemporary design, this ingenious idea creates retail
space by recycling shipping containers. Containers are stripped and
custom refitted to the tenant’s specification.
The 60-unit development is the brainchild of Roger Wade, founder
of fashion label Boxfresh and real estate developers Hammerson and
Ballymore. This retail revolution has created a pop-up Mall on an
old railway goods yard, a previously unused space not scheduled for
redeveloped within the next 5 years.
Tenants have been carefully selected to create the right mix of
world famous brands like Calvin Klein, Levi and Nike with smaller,
niche and fashion brands like Etnies, Evisu, One True Saxon. Brands
that will appeal to the cool, bright young things around
Boxpark.
Areas like Shoreditch didn’t get the full benefit of the
last development boom and a concept like Boxpark can bring
contemporary retail to these areas until the economy recovers and
re-development begins.
The Boxpark concept delivers a flexible and affordable retail
solution to tenants in what will surely become a landmark in the
area. Leases are flexible from a minimum of 12 months to a maximum
of 5 years. And the space is flexible too; if Shoreditch
doesn’t work for you, your retail unit can be literally
lifted up and taken to a new site.
Affordable rates mean that rent is cheaper than the equivalent
amount of floor space in a shop. This flexibility and low cost is
designed to attract smaller designers and fashion brands to
commercial retail space.
Mark Phillipson of commercial leasing agents Briant Champion
Long says “It is an edgy and cosmopolitan area of London, so
we are not going to be competing with the established shopping
centres but offering an alternative way to shop,”
Charles Dunstone of Carphone Warehouse is reported to be one of
the backers.
Philip Burrows, Marketing
Consultant
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