As UK high streets face challenges from the rise of internet sales, out-of-town retail competition, and the impacts of the pandemic, one town and its residents are fighting back – in part thanks to your pension investments.
Through our partnership with Legal & General, we invest some of your pension savings into property projects across the UK, including as part of an initiative to revitalise a shopping centre in Poole, Dorset. 10 local entrepreneurs were given the opportunity to open a shop on the street, outside the shopping centre, completely free from rent and business rates for 2 years.
Steve was one of these entrepreneurs. 10 years ago, he was homeless and suffering from drug addiction. Having learnt furniture restoration in rehab, he was able to turn his negative habits into positive ones and dedicated his time to perfecting his craft. Today, with a little help from your pension investments in Poole's property, he’s the proud owner of a furniture restoration business, Restored Retro.
And it’s not just Steve you’ve helped. The area is now home to an NHS outpatient clinic and a co-working space. The shopping centre is seeing footfall higher than pre-pandemic levels. We believe projects like this offer strong financial returns for your pension pot and have a positive impact on the community. Many of the entrepreneurs who took advantage of the opportunity to move into a physical shop are expanding, creating local jobs and revitalising the area – all while helping boost your pension pot through property investments.
Meet some of the other residents of Poole town centre.
Hope Dean, a Nest pension member and employer, started a plant business after losing her job during the pandemic. Her business, Wild Roots, is now expanding into the neighbouring unit. The new space will mean more room both for stock and for holding free community workshops.
'My proudest moment since owning the shop is probably growing a team of employees.'
A young entrepreneur, Bethany Holland, turned her love for thrifting and western fashion into a retail brand. Starting with just 50p, she sold a scarf from a charity shop to make her first profit. Her physical store, Lavender Moon, now turns over £18,000 a month.
'I did the maths and we're 126% up on last year. It's been life-changing for me and my family because it's meant that I've been able to pursue my dream, make a career of it and have a positive impact on my family life as well as my local community.'
We’ve invested more than £8.5 billion in British businesses and projects. It doesn’t stop there though – we plan on investing £20 billion by 2030.