NORWICH’S LANES SHOW THAT RETAIL CAN STILL THRIVE AND PROSPER

There has been much debate in local media recently about the controversial decision to cancel this year’s Norwich Lanes Festival, on the grounds that it is on the same date (although not at the same time of day) as the final of the Euro 2024 football tournament, writes Guy Gowing.

That this move has given rise to so many column inches shows just how important this event is to the many independent traders who make up The Norwich Lanes, and equally, just how vital The Lanes are to the wider prosperity of the city.

Our city is one of few which has such a widely-recognised brand for its independent retail and hospitality zone – only Brighton and York have anything similar.  The Lanes initiative has shown the strength in banding together and building a strong brand, and that with the right marketing bricks and mortar retail can still very much prosper.

The Lanes’ mix of niche, independent and quirky shops, bars, cafes and restaurants gives people a reason to come into the city.  This is important not just for the traders in The Lanes itself, but for wider city centre commerce.  The Lanes plays a big part in putting Norwich on the map, and in its reputation as a retail centre.

It also acts as an important incubator for new start-up businesses.  Some of these begin life on Norwich Market (another real asset for the city), take their first steps in bricks and mortar retail in The Lanes, and then go on to bigger things both in the city and elsewhere.

I have said before in these pages that the High Street is far from being dead, but it is undeniable that it faces many challenges; initiatives such as The Lanes play a vital role in tackling those challenges.

The demand for leases in The Lanes remains buoyant, and on the very rare occasions when a freehold becomes available, there is a clamour to snap it up.  The Lanes is seen as a strong investment opportunity, notwithstanding a more cautious view about retail overall.

We are about to bring to market the freehold of one of the bigger retail premises in The Lanes, 14-16 Lower Goat Lane.  More mature readers will remember this as the location of Andy’s Records; in more recent years it has been home to Pure Brides and Mambo Jambo restaurant.  The ground floor is currently occupied by The Games Table.

The level of interest shown in this freehold investment opportunity even before it officially came to market is very encouraging, not just for landlords in this part of the city, but also for the many independent businesses which make it so vibrant.  Even if the England team fails to live up to expectations in Euro 2024, The Norwich Lanes is already a champion idea worth celebrating.