Legal & General Investment Management Real Assets (LGIMRA) has launched the second phase of its strategy to reinvent and reframe its retail places, revealing three new initiatives to create places and experiences that go beyond traditional retail.
5 Nov 2021
LGIMRA has created independent trader markets, a new events programme and exceptional new public realm spaces at The Dolphin Poole, The Grosvenor Northampton, The Overgate Dundee, and The Beacon Eastbourne.
GATHER will curate more than 3,000 live performances and programmed events a year delivered by a plethora of local hosts. The community events and activities will include music and dance performances, yoga, boxercise, kids care, music schools, book clubs and much more all curated in-house by newly appointed Community Curators.
STREET MARKET features an extensive selection of carefully selected local makers, merchants and foodies, working with content providers to deliver the freshest ideas across LGIMRA’s spaces. PUBLIC moves the dial on public realm, stitching all the offer together and acting as an anchor to bring people to play, work and meet in the heart of the community.
The new experiences follow LGIMRA launching a brand new high street, KINGLAND, dedicated to the best local independents and SMEs in Poole in April 2021. The businesses were given a shop with no rent and no business rates for the first two years to develop space for a creative community to flourish, injecting a new identity and vibrancy into the town centre. The carefully curated and diverse line up includes a fishmonger, coffee roaster, design studio, surfboard shop, zero waste grocery store, art gallery, gin bar and store, home interiors specialist, restored second-hand furniture shop and perfumer.
Due to changes in consumer trends and expectations, LGIMRA believes that retail environments must be reimagined and recurated to remain relevant. To respond to the ‘cultural shift’, LGIM Real Assets has totally rethought its approach to retail investment and offering, refocusing the value on treating the occupier as a partner and the end consumer as an L&G customer – a strategy that was in motion long before Covid.
Bill Hughes, Head of Real Assets for LGIM: “The second reimagining phase is a further strand in our wider strategy to reframe and reposition our retail offering. It further enhances the shopping experiences in these initial four towns and cities and delivers dynamic, multi-faceted and future ready experiences.
We are diversifying our occupier base to create truly relevant retail places for our partners, driving value for our investors and delivering better experiences for our customers.”
Denz Ibrahim, Head of Retail & Futuring for LGIM Real Assets: “GATHER, MARKET and PUBLIC bring a refreshing new perspective on what shopping centres can and should provide for their communities. This is a continuation of our making incredible, future ready places for people to spend time in. The new additions enable us to turn a quick trip to the shops into a totally unique experience.
“Through supporting localism and regeneration, we are helping the economic recovery and bringing significant positive social and economic impact to the local economy.”
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Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
* at 30 June 2021
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
(As of June 2021)
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