Starting up
We’re seeing two interesting patterns. First off, independent operators are being offered real estate leases that they wouldn’t have had access to in pre-Covid times.
Two such operators we’re talking to are negotiating with shopping centres in regional UK cities. These negotiations have arisen as existing tenants are unable to meet their rent commitments or agree a more flexible, mutually acceptable solution with the landlord.
One, a premium drinks brand, is looking to set up a distillery, bar and experiential space in a shopping centre unit, something they claim would be a world first.
The second, an independent events company, is looking to take its coffee and juice business into bricks and mortar. The shopping centre landlord is keen to introduce this young, fun, lifestyle-led brand to attract the right sort of customer to its development.
From a glass-half-full perspective, it looks like green shoots are beginning to poke through and that if you are an operator looking to launch a new concept, deals are there to be had, if you are able to weather the storm.