Here at Redemption, we tend to throw the phrase ‘pop-up’ around with reckless abandon, but a lot of people still aren’t sure what it actually means.
A leasehold is something that you own for several years, you trade under that leasehold, you have rights to that space and you have a contract with your landlord. There are a lot of people with those kinds of leaseholds in London that aren’t doing as well as they’d like to do, they’re running out of ideas or they’re having a pause in their trading conditions. That is what is creating this market for pop-ups.
It’s a really interesting way the London market has developed so that new entrants can come in; entrepreneurial start-ups get a chance to prove themselves before taking on a big responsibility of a leasehold. A leasehold can be anything from 5-25 years so pop-ups are a wonderful opportunity.
Also if you end up not being able to pay the rent it’s a huge liability and not every start-up can take that on. It’s really helped Redemption break into the hottest property market in the world.
I called our pop-up a ‘Residency’. When we first started we were in Hackney and were doing Sundays and then we moved to Portobello and were in a shared space. Finally at Fairly Square in Holborn we were there full-time for January and then Sundays and Mondays up until the end of March.
I got the inspiration for the term ‘Residency’ from the Ibiza clubbing scene initially, although obviously the weather is pretty different here!