CITY CENTRE RETAIL STRATEGY
Insights
OBJECTIVE
Provide a research, strategy and action plan for the future of retail in Colchester City Centre.
APPROACH
Our Colchester - the Business Improvement District (BID) Company for Colchester appointed Savills Place to support the creation of a Retail Strategy for Colchester City Centre.
The key objective of the retail strategy is to support the shaping of a balanced and sustainable trading ecosystem for the city centre retailers of today and of the future.
Sam Good, BID Director for Our Colchester commented; ‘Savills provided us with in-depth research into how people use our place, how they interact with it and what they want from a city centre experience in the future. This extensive research has led to a clear strategy and action plan which we use on a daily basis to guide delivery”.
Stephen Toal, Head of Retail Research for Savills UK commented ‘we are delighted to have worked with the Our Colchester BID on formulating a retail strategy for the City centre. We worked closely with residents, retailers and stakeholders aswell as using spend data, footfall data, demographics and future residential plans for Colchester to help frame a sustainable and balanced retail strategy that is now working hard for the City of Colchester.
RESULTS
The City Centre now has a structured strategy and action plan which is being used by the BID and partners to create further collaboration and city centre forward-thinking.
Research - benchmarking against which to measure in future years, Collaboration - greater collaboration with city centre partners and stakeholders, Knowledge - an understanding of the future challenges and needs facing our visitors