'Recession-proof' mall opens
THE former home of the London International Financial Futures Exchange (Liffe) reopens today as an upmarket shopping centre. The Royal Exchange, situated opposite the Bank of England, becomes home to a number of high-profile Bond Street names together with a couple of bars, restaurants and a members' club.
Tiffany & Co was first to sign up, choosing the site for its second London outlet. It was followed by Alfred Dunhill, Boodle & Dunthorne, Church's, Ermenegildo Zegna, John Lobb, Prada, Richard James, Theo Fennell, Paul Smith and JP Tod's.
These shops are located within the central courtyard. Around the exterior are Gucci, Molton Brown, Longmire, Pont and shirtmakers Haines & Bonner. These join shops which include Jo Malone, Louis Vuitton, Mont Blanc and Penhaligon's.
But as London's retail trade suffers from economic slowdown and a lack of tourists, Royal Exchange 'ambassador' Yann Debelle de Montby, who is responsible for raising the development's profile, admits to a little nervousness. He said: 'During a recession people are more careful about how much they spend so they want to be assured that what they are buying is top quality. Here they can do that.'
Others involved in the £37m purchase and redevelopment scheme believe the Royal Exchange is recession-proof. Martin Laking, of marketing company smart, said: 'The traditional luxury goods market is fairly flame-proof.' Mr Debelle de Montby believes that in times of economic insecurity people still want luxury although their definition of it may change. 'For me, luxury is more about design and passion and quality rather than financial outlay,' he said.
'We are trying to compete directly with Mayfair and Bond Street by offering a different experience. The advantages are that everything is under one roof, the site is quick to reach by Underground and it's a good way to discover the history of London,' he said.
The exchange has been a trading centre since Roman times. Visitors will be able to see 32 paintings, each 12ft high, depicting the City's history, for the first time in 20 years. Shops will open initially on weekdays only.
