The past two years have brought about a number of notable changes in our lives; our homes transitioned into our offices, gyms, and social hubs (albeit over Zoom). This time spent at home has influenced the interior & design industry as we are far more conscious of the spaces we live in.
Home furnishings were already the fastest growing e-commerce category in the U.S. even prior to COVID. The stay at home directive has only furthered the speed of growth towards the interior & home furnishing market.
The residential real estate market was red hot, as low mortgage rates and work-from-home freedom pushed home prices upward across the country. This encouraged opportunities for growth in the interior & design industry, with digital design marketplaces such as Chairish and 1stDibs, both known for well-curated selections aimed at discerning shoppers, successfully tapped into the collective desire to make homes feel new with just a few clicks.
After staring at the walls of our homes for months on end, it’s no great shock that many of us decided those surfaces could use new paint. Interior designers reported record growth as customers wanted not only big design moments but also for help with little updates throughout their homes to make it more liveable, functional, and to feel more complete.
We have witnessed the success of this market in the globally renown design district of Pimlico Road. Through its luxury design credentials it remains the best yardstick to measure the success of the wider industry.
There we welcomed several new operators to the street. Rose Uniake will open a second store on the street, this will house newly developed lines in paints and upholstery and Ochre are expanding their offering, both showing their recognition of the street as the best place to support business growth. Bonodea opened its first boutique as well as Sinclair Till the flooring specialist.
Our attention now focuses on the leasing of Newsons Yard. A former timber merchant that Grosvenor have been sensitively transforming to create five new retail units and two food and beverage spaces, surrounding a central double height courtyard – a new hub for the design community. This will make space for a new wave of craftspeople and designers.