Re-Purposed High Streets One Step Nearer Reality

“Sadly, 2020 will be remembered for Covid-19. Within retail, the impact of the lockdown will bring changes to this sector which will reshape the way town centres operate for decades to come. That raises serious questions,” said Tim.

“Could there be a positive to come out of such a negative event? Was the well-established town centre retailing model already broken to the point where it simply could not be repaired? Structural change had set in and Banks Long & Co was predicting that, over a three-to-five years period, town centres would be unrecognisable. Landlords would need to rethink their approach to owning shop property and their relationships with their tenants.

“Covid-19 has effectively accelerated the inevitable demise of the post-war High Street model. We are now entering the post Covid-19 period; a period which we would have reached through a slow and painful process in the absence of the horrific worldwide pandemic.

“Some commentators, including myself, could argue that this is a “positive.” Whilst the next six-to-12 months will see an exaggerated repositioning within our much loved High Streets – centres which grasp opportunities for change, by re-purposing, looking ahead and embracing what will be the “new normal”, will be those where investment will quickly return and tenants will thrive by working hand-in-hand with their Landlords.”

One of the world’s most successful investors Warren Buffett, once said: “It’s only when the tide goes out that you discover who’s been swimming naked.”

“In my opinion, the tide is as far out as it could be in modern day free-market terms.  Lots of businesses, many retailers and food and beverage companies will be lost.  Business will return, but towns and cities will look different,” said Tim.

“In Lincoln,  for more than five years now, Lincolnshire Co-operative has recognised the direction of the tide.  Rather than investing for the short term, the Society’s strategy has been to invest for the long term.  The success of the Cornhill Quarter, Lincoln, www.cornhillquarter.co.uk, is testament to the emerging new shape of our city centres.”

Banks Long & Co, which is surrounded by a group of like-minded advisors to the Co-op, has been fortunate to be part of the regeneration of Lincoln’s Cornhill and Sincil Street areas.  Before Covid-19, the scheme was being referenced as an example of the new dawn when it comes to the re-purposing of town centres.

“Open air, attractive street frontages, quality public realm and a mix of quality occupiers, who bring an added and varied dimension to the town centre visitor experience, are key.  Attracting the likes of Everyman Cinema, The Botanist, Seasalt, 200 Degrees Coffee, Flying Tiger, Neon Sheep – and the shortly to open Whistles, Hobbs and Phase Eight – has been an achievement which, coupled with small independent traders, will allow The Cornhill Quarter to continue expanding beyond Covid-19,” said Tim.