Since it was set ablaze in last year’s riots, retailers are showing renewed interest in Croydon, with talk of possible regeneration.
Why are we talking about it now?
Croydon in South London has become a focal point for retail debate in recent months after, first, Hammerson and Westfield became involved in a bitter conflict to secure the Whitgift shopping centre, then iconic department store Allders collapsed into administration earlier this month. Almost a year since the blaze at the 145-year-old furniture store Reeves, which was one of the most harrowing images of last summer’s riots, the microscope is firmly on Croydon’s retail landscape.
Why is it attractive to retailers?
The borough has a population of more than 339,500 and, with strong transport links and an affluent catchment area, the potential for healthy footfall is high.
However, Croydon has fallen from grace from the position it held in the 1980s as one of the key retail destinations in the UK, with Allders the jewel in its crown. The town has lost shoppers to other shopping havens – the opening of Bluewater in March 1999 was a landmark moment – and has become run down.
How can it bring shoppers back?
All eyes are on the resolution of the deal for the Whitgift Centre. Westfield has agreed a deal with the freeholder Whitgift Foundation to develop the centre while Hammerson has formed the Croydon Alliance with Royal London Asset Management and the Irish Bank Resolution Corporation. Any development is likely to vastly improve the town centre and bring shoppers from London. A new ‘Westfield South’ centre would benefit from the strong Westfield brand, while Hammerson plans to work on a large-scale regeneration plan with the council alongside the redevelopment of its Centrale shopping centre in the town.
A spokesman for the Alliance said its aim is to “bring to life a vision for the town’s retail and leisure offer”. Possible buyers of Allders remain unknown, however, footfall-driver John Lewis has made it clear for some time it would like a full-line central Croydon department store.
What is the next step?
The future of Croydon as a shopping destination relies on the outcome of a range of disparate factors. The town has been selected as one of Mary Portas’ pilot towns and the results of the trial will be studied keenly. Meanwhile, the future development of the Whitgift Centre – which could transform the Croydon retail landscape – relies on a speedy resolution of the dispute between Hammerson and Westfield. The council is keen for action to be taken quickly. For now, Croydon’s retail future remains unclear.
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