Commercial Property: A revolution in Retail space
20 December, 2011 | Web design
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