Grosvenor, a prominent property company with significant land holdings in major cities like London and Liverpool, has teamed up with True, an investment firm that focuses on innovation, to launch an exciting new project. The goal of this project is to discover new technologies and partners that prioritize improving the customer experience in physical retail stores.
The main objective of this collaboration is to create more engaging and vibrant in-store shopping experiences, increase the amount of time visitors spend in these stores, and drive more foot traffic to Grosvenor’s retail and leisure destinations around the world. In the UK, Grosvenor is actively working to redefine the relationship between property owners and occupants by fostering mutual success.
Grosvenor has already taken steps to address the needs of its tenants. Since 2020, it has introduced innovative services such as the Tenant Investment Fund and flexible lease structures. These initiatives have been particularly helpful for physical retailers who have faced numerous challenges in recent times.
In addition, Grosvenor has partnered with NearSt, a retail tech start-up, to convert online shoppers into customers who visit physical stores. This partnership has been successful in Mayfair and Belgravia, and it represents Grosvenor’s first direct investment in the tech sector.
Through this new venture, Grosvenor aims to discover and collaborate with innovators and businesses that are disrupting the market and creating interventions to improve the customer experience, while also driving success for retail tenants. Concepts that qualify for consideration must meet criteria such as being social, personalized, interactive, convenient, enjoyable, secure, and transactional.
Craig O’Donnell, Group Innovation Director at Grosvenor, expressed excitement about the Innovation Challenge, emphasizing its role in helping the retail industry recover from the pandemic. Understanding current and future retail trends and anticipating customer needs is crucial to ensuring the success of the areas they serve, O’Donnell said.
Mike Tattersall, Managing Director of True, highlighted Grosvenor’s commitment to reimagining the tenant-landlord relationship and supporting businesses in growing and diversifying in the post-pandemic era. By embracing technology and strategic partnerships in the retail space, Grosvenor can lead the way in driving change and enabling its retail tenants to thrive.
Overall, the collaboration between Grosvenor and True reflects a shared vision to revolutionize the retail industry through innovation and customer-centric approaches. This partnership presents an exciting opportunity for start-up businesses to contribute to the future of physical retail and enhance the overall shopping experience for consumers.
