Innesco’s relationship with several clients was an important consideration for the move east, whilst maintaining easy access across London and to road, rail and airport links for business travel. Managing Director Dan Innes commented “We’re delighted to find such a dynamic, open plan space in such a central and vibrant location – the team is very excited about the move. We look forward to welcoming clients and friends to the office in the coming months, and to further expanding our resource to manage the identified demand for the Innesco brand of strategic marketing.”

From Tuesday 31st August 2010 , the new address will be: No.1 London Fruit and Wool Exchange, London. E1 6EX. All phone numbers and email addresses remain the same as before.

Before the General Election Osborne declared that spending cuts should account for 80% of deficit reduction, with tax increases making up the remaining 20%. In fact today’s budget revealed a 77/23 split – a tangible sign of LibDem influence in the Treasury.

For the retail property industry the impact of the budget will be direct and indirect. The direct column is led by a 4% reduction in corporation tax – 1% every year for 4 years – and a massive reduction in budgets for Whitehall departments involved in regeneration. In particular DCLG’s budget will be reduced by 25% over 4 years, reducing that department’s role as a regeneration partner right down to the scheme level. Local authorities too will see their budgets contract significantly, with a consequent impact on their ability to invest in regeneration schemes. However there was positive news in the Chancellor’s announcement that transport infrastructure projects in Leeds, Sheffield and Birmingham will go ahead, which follows on from the Transport Secretary’s guarantee last week to deliver London’s Crossrail project in full.

The Chancellor’s speech also announced the future publication of a White Paper into regional economic differences, designed to address the economy’s reliance on London. This rebalancing effort is heralded with the introduction of a Regional Growth Fund to help fund regional capital projects over two years.

Tomorrow’s newspapers will place the increase in VAT front and centre in their budget coverage. The consumption tax will rise to 20% from January 2011, with many retailers watching nervously for signs of a downturn in consumer confidence. On the upside, many retailers can expect a bumper Christmas as families look to buy big ticket items before the VAT rise kicks in.

Kevin McKeever, Account Director

The compelling new attraction, which features a fast and adjustable sheet of water to emulate the experience of surfing a wave, will beintroduced to high footfall retail destinations across the UK for the very first time over the next two to three years. The concept will also attract a syndicate of retail brands and food offers to complete the experience and destination attraction.

The Flowrider concept from the States has been ergonomically redesigned to meet UK shopping centre layout and floor loading standards, and comes at a time when retail destinations have been criticized for their ‘clone town’ environment. Onslow Wave can bring a much needed point of difference for centres.

Innesco is delighted to be developing the marketing communications strategy on behalf of Onslow Wave Ltd and has kick-started the marketing programme by designing an eye-catching website, and developing a logo which successfully captures the essence of the Onslow Wave brand.

MD Dan Innes said “We are delighted to start work with Onslow Wave, delivering their timely message to the landlord market. Innesco is looking to expand its presence within the occupier market, and this is a great start.” Innesco is looking to work with other brands and retailers.

Mark Ashton, Director at Onslow Wave, added “We provide the experience that all major owners are constantly striving for – an innovative offer that gives their centres stand-out appeal. We combine an extreme and breathtaking ride with lifestyle retail in a fun atmosphere – it’s a real game-changer.”

The Innesco team will handle all media enquiries and strategic marketing on behalf of Onslow Wave Ltd. The campaign started with  front page news in Property Week 4th June 2010.

The successful applicant will play a supporting role in the team, working across a number of different clients, predominantly although not necessarily exclusively in retail property communications.

Click here for the job description and details of how to apply.

There was more positive chatter about different deals and new ventures than I can recall in recent months, mainly fuelled by the Agents including Lunsons, Cushmans, and the irrepressible dealmaker Mark Simms, now at CBRE, lured by a role in the fast progressing Westfield Stratford City site. Am sure EG’s Annabel Dixon will get a few things to pen for this week’s magazine.

What was particularly encouraging was seeing the diversity of guests attending these industry social events now, reaching over into the retail community. Tesco, Aurora, LaSenza, Tie Rack and others were on the list, plus a group from The British Property Federation. I met some very interesting people covering off all manner of topics form EPOS systems and retail ops through to international investment and sovereign wealth – it’s all happening at BCSC!

Next drinks event already in the diary is the New Generation summer social in August 18th at private members club Home House on Portman Square. The events team at the BCSC tell me that tickets are going fast, so get your place in what’s set to be a great garden party!

Dan Innes, Managing Director

The opening day didn’t start well with France drawing with Uruguay (mais non!), then Greece lost to South Korea, upsetting the team at MGPA at PruFrock. The main event was of course England’s opening game with USA, where we do no business – but where our friends at the ICSC are based, but we still expected more than a draw. England expects!

This Friday’s match against Algeria brings two of our Innesco countries together, with North Africa and Algeria’s emerging shopping centre market proving attractive to more and more investors – but I don’t suggest we’ll be ditching the George Cross for the Red Star and Crescent just yet.

With our friends in Russia not qualifying this year, Innesco can still look to other big footballing nations on our teamsheet like Brazil, Italy, Germany and Portugal for fireworks. If England does survive Round C after our shaky start, then we will be straight in with potentially Germany or even Australia – so we’ll either upset some of our German staff, or our clients at Westfield back in Sydney! Secretly I think we’d prefer to take on the Socceroos and laugh it off in our next Stratford meeting. We’ll see.

Dan Innes, Managing Director

Tuesday night saw another New Generation BCSC event organised, on this occasion hosted by Henderson Global Investors at Bishopsgate. Although our MD Dan is Chair of the Committee, the general vibe is that younger members like myself are encouraged to come along to hear discussion on burning issues in the market, as well as network with more experienced in the retail property industry.
We were all there to debate the 1954 Landlord and Tenant Act in regards to whether it’s now obsolete and should be abolished for a turnover based system – giving Landlords the ability to refuse lease renewal for retailers that are underperforming within their centres.  It became clear to me that as occupiers are regularly opting out of the Act when it comes to lease renewals, it is fast becoming out of date and not benefitting the overall ‘business’ – which of course at the end of the day what all a shopping centre is.
The majority of outlet malls are all based on turnover leases, and in practice this system works in order to establish a stronger more transparent business. However, it is hard for a new centre to use this system when signing occupiers during the pre-let stage when figures are uncertain. There are only four development schemes currently on site – led by Westfield Stratford City. It’s an extraordinarily low number, although during these times of austerity understandable – and will surely put pressures elsewhere on the retail property industry.
As always with this topic and at these events, there was much debate with David Feist, Eversheds; Mark Ashton, Astranta Asset Management; and Alan Spencer, CBRE delivering thought-provoking speeches – well at least for me! – incorporating their own experienced analysis of the issue from their different viewpoints.
Following the seminar I chatted with some of the attendees who weren’t shy in expressing their views on turnover rents and the benefits or negatives they would have. Quite few opinionated lawyers at this event!  What was made obvious talking to everyone is that the 1954 Act and a turnover-based system would not work well together.  The drinks and canapés were all served in one of Hendersons’ many conference rooms with an incredible view over the city – one positive of working in a large corporation! I’ll definitely be going to the next NewGen initiative – well worth it.

Lucinda Hannington, Account Executive

Innesco is working with Westfield on building relations with the national and trade press and managing all aspects of the B2B PR campaign running up to the centre’s opening and beyond.