British Land, in collaboration with the Federation of Small Businesses (FSB), has launched ‘The True Value of Space’ report which highlights the positive impact of an affordable space programme run by British Land and contains independent socio-economic impact research from consultants Quod.

Launched in 2020 to support a new generation of entrepreneurs established during lockdown, British Land’s Really Local Stores (RLS) programme provides affordable retail space and expert support to small businesses, social enterprises, community organisations and charities who source, manufacture or operate hyper-locally. Space is offered for free or at significantly reduced rents for at least three months.

In 2024 the programme: 

• Contributed an estimated £4.7m of additional gross value to the economy
• Recirculated £1.3m of the £3.3m generated in turnover locally, boosting growth and helping to foster thriving communities around British Land’s spaces
• Supported 600 local entrepreneurs and creatives
• Contributed an estimated £2.6m local and social economic value through employment and expert support

The report shows how reactive and flexible use of space makes economic and social sense, even beyond the RLS programme. For example, the Really Local Stores programme provided a £0.7m net gain for British Land through business rate offsets, rental income and service charge. It also lowers financial barriers for early-stage businesses to access prime space, allowing them to establish themselves financially and grow. Early-stage support can lead to these businesses paying business rates and contributing to UK taxes, thereby supporting the UK economy. 

Anna Devlet Head of Social Sustainability at British Land, said: “Providing small businesses, start-ups and entrepreneurs with prime locations that allow them to experiment and expand is critical to a healthy, innovative retail ecosystem. It makes economic and social sense – providing small businesses and entrepreneurs with a fantastic opportunity to experiment and expand with very low risk, whilst having a positive impact on our places, and ultimately benefitting the wider economy.” 

Tina McKenzie, Chair of Policy and Advocacy, at the Federation of Small Businesses, said: “We know that finding available commercial space is a key concern of small businesses. Creating pop-up shops and temporary spaces where entrepreneurs can take their first steps into their own premises not only fills vacant spaces but also provides opportunities for small businesses to establish a physical presence and grow their business. Forward-looking ideas and concepts like Really Local Stores help small firms flourish and be successful, helping them adapt to a rapidly changing world.”

Vivienne King, Chair of the Shopkeepers’ Campaign, added: “British Land’s Really Local Stores initiative is an excellent example of the private sector stepping up to provide the opportunity and support to independent retailers’ success. This kind of innovation is crucial to revitalising local economies, creating jobs, and strengthening our retail places. 

“Industry is stepping up with creative solutions for retailers. Now the Government must do its part by ensuring the business rates system supports investment in our retail places so retailers are given the space to expand and innovate."

You can read more about the report here, which also includes a ‘Retail Ready’ guide to taking on and operating commercial space for the first time.

Case Studies:

The Leith Collective has been part of the Really Local Stores programme at Fort Kinnaird, Edinburgh since 2022 and will soon be moving to a new store at Glasgow Fort as part of the next phase of its growth. It is a platform for 450 local crafters to showcase their products, and runs an employment scheme for people with learning difficulties, disabilities, and mental health conditions, providing a safe community space. 

ArtHouse Galleries was formed after British Land invited a family of artists to open a pop-up gallery in its Ealing Broadway shopping centre on a short term basis. It proved such a success that the gallery remained open for two years, selling works by 15 different artists, and has since opened galleries in numerous locations.

BloomsYard, a speciality café wine bar, is a great example of British Land’s business support beyond the Really Local Stores programme. British Land partnered with founder Bharti Radox on her first ever space, supporting BloomsYard’s survival during Covid-19. BloomsYard has now grown to six locations across London, including multiple British Land campuses. 

-ENDS-

Investors

Jonty McNuff, British Land                             07931 684 272

Media

Charlotte Whitley, British Land                       07887 802 535

About British Land

British Land is a UK commercial property company focused on real estate sectors with the strongest operational fundamentals: London campuses, retail parks, and London urban logistics. We own or manage a portfolio valued at £13.6bn (British Land share: £8.9bn) as at 30 September 2024.

Our purpose is to create and manage Places People Prefer – outstanding places that deliver positive outcomes for all our stakeholders on a long term, sustainable basis. We do this by leveraging our best in class platform and proven expertise in development, repositioning and active asset management.

We have both a responsibility and an opportunity to manage our business in an environmentally and socially responsible manner. Our approach to sustainability is focused on three pillars: Greener Spaces, Thriving Places and Responsible Choices.

Read more about us at www.britishland.com.