It’s no secret that the high street, once the vibrant heart of our cities, has seen better days. Last year in the UK alone, 13,479 high-street shops closed permanently – a staggering average of 37 closures per day – according to the Centre for Retail Research. Economic headwinds have certainly played a part, with an increase in rents, the rise of the digital marketplace and shifting consumer habits all contributing to a slow but sharp decline. The result? Less vibrancy, fewer characterful shopfronts and more homogeneous streetscapes dotted with the usual chains. But it doesn’t have to be this way.

In Wandsworth, southwest London, a new development is offering a bold counterpoint. New Acres is a £500m (€587m), 50,000 sq ft purpose-built neighbourhood designed with one clear goal: to prioritise independent retail. The numbers are impressive: 1,034 new rental homes (35 per cent of which are affordable, meaning that rents are at least 20 per cent below local market rates) and 40 independent shops, as well as a makers lab, wellness studios, co-working spaces, market stalls and podcast studios. “It was really important to ensure that we had a curated approach to the environment,” says Denz Ibrahim, head of futuring and place at Legal & General. “We want to create an independent neighbourhood. If we followed a traditional route, the brands wouldn’t resonate with us or our residents.”

The most radical detail? More than half of the shops at New Acres will be offered a year of free rent, creating a soft landing for new ventures and small businesses. “We wanted to celebrate independent brands,” says Ibrahim. “For us, that means either a first or second shop or a company relocation from an existing site. This is about making something that’s civic and democratic and that faces one of the biggest challenges in retail today.”

Instead of putting all businesses on equal footing, New Acres wants to champion the diversity that makes each of these ventures so rich and distinctive. After the first rent-free year, companies will be placed on performance-based rents, whereby payment is calculated as a percentage of the revenue to reduce financial pressure and allow for growth. This is all part of a three-year starter package that comes with marketing support and a “white box” space to allow for easy customisation and branding. “We want people to stay in New Acres because they love living there, so we need to ensure that the neighbourhood looks outwardly and blends with the community,” says Ibrahim.

What New Acres proposes is a reminder of the importance of being selective with retail offerings to ensure that local businesses are given a fair shot against established brands. That’s why schemes such as Lisbon’s Lojas com História (Shops with History) have been seen as models for other cities. Launched in 2015, the programme now has more than 160 shopfronts under its umbrella, ranging from century-old cafés to glove-makers and artisanal grocers. The spaces are protected from rent hikes and receive tax incentives to ensure that heritage brands stay put. In neighbouring Barcelona, a protected-establishments registry was created to safeguard historic businesses from eviction or rent spikes, while Tokyo has long preserved its traditional shotengai (shopping streets) with zoning laws that favour low-rise buildings.

Be it safeguarding beloved institutions or offering a platform for the next generation of shopkeepers, supporting independent retail is about more than economics. It’s about civic pride, urban character and creating places where people want to live and linger. “We are a long-term investor, so we have a long-term view,” says Ibrahim. “Everything we do is based on two things: making incredible places for people and ensuring that it’s future ready.”

To hear Monocle’s full interview with Denz Ibrahim, listen to the new episode of The Urbanist.