Lakeside: Learnings from a retail centre that has stood the test of time
As Lakeside Shopping Centre in Essex approaches its 35th anniversary, Rob Jewell, managing director of asset management at Pradera Lateral, explores how retail destinations can embrace the ever-evolving retail landscape.
Over the past 35 years, the retail sector has undeniably undergone a remarkable transformation. Gone are the days of a transactional, stagnant industry and instead, a new dynamic, future-facing business has surfaced, where customer experience is at the heart of all decision making. It’s fair to say that compared to the market that Lakeside Shopping Centre entered in 1990, when it was one of the original shopping destinations to open in the UK, there has been an incredible evolution.
One key innovation that the sector has implemented in the last 35 years, is the development of the ‘third space’ approach. In the face of e-commerce challenging traditional sales, retail centres across the UK are investing in their F&B and leisure facilities as a key way to attract visitors. By elevating themselves to become more than just shopping locations, and instead destinations, where visitors can dine and enjoy innovative experiential activities, retail centres are widening their appeal; promoting increased dwell time, spend and engaging a broader audience group. At Lakeside, our leasing strategy has bought this to life, through an exciting lineup of 50+ F&B outlets in our food court, as well as a vibrant offering of leisure brands.
Ultimately, retail centres are becoming places that truly connect with their communities. At Lakeside Shopping Centre, an exciting new vision is taking shape, one that embraces the centre’s unique lakeside setting and natural surroundings. By capitalising on the lake and outdoor environment, the transformation will prioritise wellbeing, connection to nature, and create a space where people want to spend time. While full details will be revealed in due course, significant and exciting developments are on the horizon. This future-facing approach is one that all retail destinations in the UK need to embrace: retail centres must elevate above and beyond their traditional offering and champion their environment to the fullest.
To stand the test of time, retail centres must also go beyond the expected basics of ‘clean, safe, secure’ and embrace active asset management, continually evolving to meet the needs of both retailers and consumers. This means not only curating the right mix of tenants and experiences for the location, but also making bold, long-term investments in the physical asset to drive performance. At Lakeside, we’re doing exactly that. Through strategic CAPEX investment, the centre is set to redefine what is possible for a flagship destination and set itself up for future decades as an integral part of the Essex landscape.
With well capitalised ownership and a clear vision for growth, destinations must think creatively and invest with a clear focus on the customer experience. At Lakeside, this isn’t about recapturing the past, but about confidently embracing the future and elevating Lakeside’s unique qualities, such as its expansive outdoor space and natural surroundings, to create an even more vibrant, engaging environment. With a new brand and an ambition to enhance every aspect of the experience, Lakeside is on the path to strengthening its current position and becoming one of the UK’s most compelling retail and leisure destinations.
At the heart of transformation for any retail destination is a simple but powerful principle: the customer experience must come first. By staying true to this central tenet, retail destinations can ensure they thrive in a competitive landscape. By placing customers at the heart of every decision, Lakeside is not only enhancing its offer today but laying the foundations for long-term, meaningful success. This approach ensures the centre remains relevant, resilient, and truly connected to the needs of the people it serves.