Grosvenor and True in search for start-ups making shopping more fit for the future

Landlord Grosvenor has teamed up with consumer-focused and innovation firm True to find start-ups delivering technologies that will make shopping more fun and fit for the future.

They have joined forces to launch an innovation challenge seeking to discover new technologies and partners that are putting customer experience at the heart of bricks and mortar retail.

The winner of the competition will get the chance to work with Grosvenor to develop their idea and will be given full use of its innovation lab, The Foundry.

Judges will be looking for innovators and businesses who are disrupting the market and building interventions to improve customer experience while also driving success for retail tenants.

They will be looking for solutions that are:

• Social: The solution’s core purpose is to provide customers with the ability to connect with others to create an experiential shopping experience.
• Personalised: It should be flexible to cater to users’ individual needs.
• Interactive: It should elevate the shopping experience through interactive technologies.
• Convenient: It should be easy to understand, quick to use and suitable for all ages.
• Enjoyable: It should be fun and create a memorable experience to fuel word of mouth
• Secure: The solution should not infringe any consumer privacies and should be compliant with regulations.
• Transactional: A critical part of elevating the in-store experience is providing transactional features for customers that make it convenient to make a payment.

Entries for the challenge are now open and will close on midnight on 24 June. Successful applicants will be given the opportunity to pitch products or services to a panel of retail experts from Grosvenor, renowned high street brands and True. The grand finale takes place on 20 July.

Craig O’Donnell, Group Innovation Director, Grosvenor, said: “We’re very excited to launch this Innovation Challenge to aid retail recovery post-pandemic. In Mayfair and Belgravia alone, we support around 500 retail and hospitality companies, the majority of which are independents. Understanding current and future retail trends and anticipating customer need will be crucial to the success of the places we serve and so I’m looking forward to seeing the solutions this challenge brings about.”

Mike Tattersall, MD of Innovation True, added: “Grosvenor is reimagining the tenant landlord relationship and helping businesses to grow and diversify post-pandemic. By understanding the technology and partnerships available in the retail space, Grosvenor can pioneer change and enable their retail tenants to thrive. We’re excited to work with a forward-thinking partner that wants to break the mould and support the industry by embracing innovation.”

Since the pandemic struck in 2020, Grosvenor has introduced a number of new services to address pain points for its tenants including the Tenant Investment Fund and flexible, simplified lease structures. Through a recent partnership with one of the retail tech start-ups from True’s portfolio – NearSt – Grosvenor has also turned online shoppers into in-store customers through a pilot in Mayfair and Belgravia – this was Grosvenor’s first direct investment into the tech sector.

True is a consumer-focused investment and innovation firm and its portfolio stretches from start-ups to scale-up. Businesses it backs in the fashion and beauty arenas include digital-first womenswear brand Hush, rental platform By Rotation, ethical kidswear brand Frugi and men's make-up brand Warpaint.