British Land is one of the UK’s leading property companies. Their mission is to create places people prefer, delivering the best, most sustainable places for their customers and communities.
British Land has worked with Local Data Company since 2016, initially using our Local Data Online platform to monitor the health of the retail market and identify growth opportunities. Since then, the relationship has evolved and today, British Land take quarterly updates of the entire LDC database which can be meshed with other strategic data sources, using Alteryx, to enable the team to track market developments and forecast future risks and opportunities.
This system was particularly valuable as the COVID-19 pandemic hit. Using LDC data at the core, they modelled out a forecast of possible store closures using the risk factors that they knew based on the changing consumer behaviours that were being seen at the time, such as exposure to fashion and preferences around visiting open-air schemes.
To do this, they built out a compound risk model using LDC data to identify the assets that might be more at risk. This modelling was critical in British Land’s successful navigation of the pandemic and led to strong and decisive action being taken.
Having a market-wide view has become increasingly important for identifying growth opportunities. By using spatial tools to query the LDC data, British Land can identify expansive retailers and restaurants, track polarisation occurring across the market and monitor openings and closures in competitor schemes and surrounding retail destinations.
LDC data is often used to support leasing conversations with customers and prospective customers. Maps of brand portfolios can be layered onto locations of British Land assets to identify gaps that could be plugged by a new opening.
Finally, the LDC data is used by the team to identify assets that meet acquisition requirements, considering the vacancy rate, category mix and alignment of the brand line up to the demographics.
“The scale and coverage of the LDC data allows us to understand the market at different levels, from granular detail on a specific centre or high street, up to national changes over multiple years. Working collaboratively with the LDC team over the past 5 years we have developed new applications of the data, building tools, models and dashboards that support teams across our business, from Leasing and Asset Management, to Strategy and Investment.”
- Jess Ford, Senior Insight Manager
To talk about how LDC's bespoke projects can support your business objectives, email Katie Girdwood at katieg@localdatacompany.com.