Mayfair Mixed Use Development - Commercial Strategy and Configuration Analysis
About the brand
The client is a leading global real estate company, which specialises in long-term asset management.
The site was an office-focused, mixed use development, with an underperforming retail podium, in Mayfair, London.
Pragma was asked to develop a commercial strategy for an underperforming retail podium at a Mayfair mixed use development, as well as provide an overview of the Mayfair luxury market more broadly.
WHAT WE DID
The work programme was centred on understanding both the customer base and the supply of retail in Mayfair, with a specific focus on developing options for the optimal configuration of the site’s retail podium:
- An in-depth audit of the main streets in Mayfair, using Experian GOAD, to understand the dynamics of luxury retail both today and over the past 15 years
- Expert interviews with leasing agents and luxury retailers, in order to understand what high end brands are looking for from units in Mayfair
- Developed an understanding of the future trajectory of Mayfair’s main streets, with a particular focus on the spreading of luxury off-Bond Street
- Customer composition analysis, to understand the key groups present in Mayfair, across residents, workers and shoppers
- Provided the client with a number of options for the optimal spatial configuration of the development
Pragma’s work provided valuable strategic insight to the client on the optimum configuration of the development, which will be utilised over the next 5 years. The development’s addressable market was identified and used to work towards a relevant proposition. Furthermore, Pragma provided a thorough overview of the Mayfair luxury retail market, and particularly the future trajectory of the area’s main streets.