#26 Landsec CEO: Big Shopping Centres are the Future

Mark Allan, CEO of FTSE 100 property giant Landsec, tells Will Bain that much of the narrative around the UK’s commercial property market isn’t quite right. Demand for office space is robust: businesses are signing 15 to 20 year leases, and firms that downsized after COVID are reversing course. Even the fear that artificial intelligence will trigger mass job losses isn’t materialising just yet in leasing behaviour.He is bullish on the future of retail. Allan believes the shopping centre is firmly “back”, with sales and rents climbing again at major destinations such as Liverpool ONE and Bluewater. Retailers, he says, have become more selective - closing weaker sites while doubling down on the biggest and strongest locations. And with no new centres being built, the most successful ones are only becoming more valuable.But Allan is blunt about the challenges facing large scale development in the UK. The affordable housing market won’t improve until private development becomes financially viable again. Rising construction costs, slow and unpredictable planning processes and persistently high interest rates are making major projects far harder to get off the ground. His sharpest criticism, though, is for Westminster. Allan argues that political instability is damaging investor confidence and making long term planning extremely difficult. Allan says the business rates system is "crazily out of date". He welcomes the government’s ambition for planning reform, but says the UK keeps being dragged back into cycles of “permanent drama” that undermine efforts to fix the system.Presenter: Will Bain Producer: Jeevan Nerwan Editor: Henry Jones00:00 Sean and Will start pod 01:35 Mark Allan joins BBI 03:09 What does Landsec do? 04:56 Diversification into residential property 10:02 Gentrification 13:15 Investment outside of London and the South East 16:15 Affordable housing & planning 22:39 Demand for office space & AI 32:48 Shopping centres & the future of retail 39:43 Business rates 41:09: Government decision making & political instability 50:16 End of pod

Clive Chesser, chief executive of PureGym, says surviving cancer fundamentally changed him as a leader — deepening his empathy and reshaping how he approached life, including changing career..His diagnosis came during an extraordinarily difficult period in December 2021. While leading his then pub business through a complex private equity transaction, he was experiencing persistent breathlessness and fatigue he initially attributed to long COVID. After noticing swollen lymph nodes in his neck, members of his family — several of whom are senior doctors — urged him to undergo further tests. He completed them just before finalising the business deal.Christmas brought what he describes as an unimaginable sequence of events. On Christmas Day, his father-in-law died while his wife isolated at home with COVID. Shortly afterwards, Chesser received confirmation that he had cancer in his lymph nodes. The following day, he says, he faced the hardest moment of his life: telling his three teenage children he had cancer.At the time, Chesser was marathon-fit, training regularly and running annually. That physical condition proved critical during treatment. His fitness enabled him to tolerate more aggressive radiotherapy and additional chemotherapy rounds, improving his chances of full recovery — which he ultimately achieved. The experience, he says, transformed his sense of purpose and made his subsequent appointment as PureGym’s chief executive feel profoundly aligned with his personal journey.That personal conviction underpins what he describes as a broader fitness revolution reshaping the UK gym industry. Nearly half — 47% — of PureGym’s January 2025 joiners were aged 25 or under, reflecting what Chesser sees as a generational shift in attitudes to health. Younger members, particularly Gen Z and Gen Alpha, are integrating fitness into their social identity. Gyms are becoming social hubs, not simply places to exercise, where mental wellbeing and community sit alongside physical strength.He describes a trend he calls “fitness snacking” — members moving fluidly between gyms, boutique studios and fitness events before returning to a core membership. Despite this apparent transience, average tenure stands at 19 months and is rising. Most new joiners are returning members, a notable fact given PureGym’s no-contract, month-to-month model, where members actively choose to stay.Women are driving another significant shift in the market, moving away from cardio-dominated routines towards strength and conditioning. In response, PureGym has introduced more than 50 women-only workout spaces across the UK after research showed many women prefer environments where they feel more comfortable and less exposed. These areas exist nationwide and sit alongside screened lighter-weight zones designed to reduce intimidation for first-time users. While the majority of PureGym’s 456 UK sites remain mixed-gender spaces, Chesser argues that offering choice has been critical to growth and inclusion.Chesser also delivers a critique of the Labour government’s economic performance, arguing it has failed to deliver the long-term growth strategy promised before taking office. He points to National Insurance rises and the continued burden of business rates on bricks-and-mortar operators — including gyms and pubs — while online businesses face comparatively lighter structural costs.He draws a stark comparison between government and business leadership, noting that the UK has had six Prime Ministers in ten years — instability he likens to running a football club rather than a company built on rolling five-year strategies and careful succession planning. In his view, the government remains trapped in short-term crisis management rather than long-term economic planning.Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones00:00 Fliss and Sean intro pod 01:50 Clive joins BBI 03:30 Growth on Gen Z gym users 10:20 Women only spaces and safety 16:00 Low cost model 25:20 Govt's 10 Year Health Plan 28:40 Clive's cancer journey 39:15 Frustration at govt's growth promises

Timo Boldt, founder and chief executive of Gousto, believes Britain’s food system is broken.He points to the growing economic burden of diet-related disease with Government figures suggesting obesity alone costs the NHS more than £11 billion a year, while broader estimates put the total economic cost of overweight and obesity at more than £100 billion annually once lost productivity and reduced quality of life are included.Boldt argues the problem begins with what Britons eat. Research suggests more than half of the calories consumed in the UK come from ultra-processed foods, rising to around two-thirds among children and adolescents. He says these products are often engineered for what the industry calls the “bliss point” — the combination of salt, sugar and fat that keeps people coming back for more — and that the result is rising levels of obesity and diet-related illness.He defends Gousto’s typical price point of about £3.20 per meal per person, arguing that it compares favourably with supermarket shopping once household food waste, time spent planning meals and convenience are taken into account. The company cannot compete with the very lowest-cost diets, he admits, but says it is targeting the large proportion of households already spending similar amounts on evening meals.Boldt also argues that farmers sit at the weakest point in the food chain, squeezed by large manufacturers and retailers who dominate what ends up on supermarket shelves. He says the system would look very different if incentives favoured fresh produce rather than heavily processed foods.Government action so far — including the sugar tax and restrictions on junk-food advertising — is, in his view, only a start. He calls for a broader approach combining taxes on unhealthy products with subsidies for more nutritious farming, alongside tighter rules on product placement in supermarkets.If diet-related disease could be reduced, he argues, the savings for the NHS and the wider economy would be enormous. The long-term solution, he says, is to “go upstream” and change what people eat by reshaping the food system itself.Gousto grew rapidly through the 2010s, with annual growth of around 90% in its first decade. But the business faced a very different environment in 2022, as interest rates rose sharply and household budgets tightened. Boldt responded by expanding the range of recipes and focusing on value, while pushing the company towards profitability and self-funding.He started the business fifteen years ago after long hours in the finance industry left him eating poorly. In the early days he delivered boxes himself, handing out his personal mobile number to customers. Today, after expansion into Ireland, he says the next phase will be international — once the company has fully cracked its home market.Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones00:00 Fliss and Sean start pod 01:39 Timo Boldt joins BBI 02:25 Obesity caused by ultra processed food and its impact 03:50 The cost of Gousto and whether it's too expensive 11:15 Farmer not paid enough. 19:56 Discount model in the industry 23:17 Setting up Gousto and hand delivering food 27:24 Tougher times and how they were navigated 32:20 Why is Gousto only in the UK and Ireland? 39:40 End of pod

Brian Niccol took over at Starbucks in 2024. He became CEO at a time profits had been falling and customers going elsewhere. He says Starbucks had got too distracted on efficiency and technology and lost focus on customers and experience.Starbucks has re-introduced things like handwriting on cups and ceramic mugs in a bid to win back customers, and has also given the menu and stores a makeover. It's already seen sales improve but Brian Niccol says they still need to do more..Technology is playing a big part in Starbucks plans to improve efficiency. It's using AI to take orders and allowing people to schedule their orders. It's also using technology to simplify the ordering process and stock. Niccol says this is allowing staff to spend more time to chat with customers. Presenter - Michelle Fleury Producers - John Mervin and Justin Bones Editor - Henry Jones01:40 Getting customers back to Starbucks. Says had lost focus and got distracted 07:22 Using technology such as AI taking orders and scheduling orders for customers 15:30 Partnering with 2028 LA Olympics 19:16 Should investors expect a slow rebuild or will the pace pick up this year 22:20 Giving power back to the storePicture: Reuters

As CEO of financial services giant Legal & General, António Simões plays a huge role in the UK economy, not to mention in the financial wellbeing of tens of millions of people. From managing pension funds to massive infrastructure spending around the country, he oversees well over a trillion dollars’ worth of UK assets. Simões took the top job at the beginning of 2024, and he tells Will Bain how from the start he has been dedicated to maintaining a corporate culture with a healthy work-life balance.Bullish on the UK economy, Simões says the country sometimes spends too much time ‘talking itself down’ and that with its fundamental strengths the UK is one of the most stable economies in the world. But, he says, there are still big worries for young Britons’ futures. He tells Will he’s concerned about the low levels of pension enrolment around the country and says more financial education is needed for people to understand the “eighth wonder of the world”: compound interest.He also tells Will about L&G’s massive investments around the country, from digital infrastructure and energy storage to affordable homes. And he says that despite a backlash against ESG and diversity programmes in recent years, he believes those are essential to ensuring returns for investors, and the country, far into the future. Presenter: Will BainProducer: Olie D'AlbertansonEditor: Henry Jones00:00 Sean Farrington and Will Bain introduce the episode02:00 António Simões interview begins02:21 Maintaining work-life balance and corporate culture05:30 Britons not saving enough into their pensions and the need for more financial literacy 08:40 Addressing low pensions auto-enrollment, challenges for employees and SMEs alike20:30 UK Growth - how to get there? 24:30 AI investments and 'bubble' fears 26:30 Government and private investments in new infrastructure around the UK40:00 The continued value of diversity schemes and ESG amid backlash 41:30 The politicisation of the economy 42:30 Low gender and LGBT representation in the C-suite

Britain's education system stands accused of failing to prepare young people for careers by Neil Clifford, Chief Executive of Kurt Geiger. He tells Will Bain in this episode of BBI that the current education system is "not really fit for purpose" in preparing people for life after education. His own school journey saw him leave with a single O-level in art, achieved by drawing a Dunlop Green Flash trainer that he now keeps displayed in his office. The spurred him on to create the Kurt Geiger Academy, a government-recognised educational institution built within the company's London HQ.Clifford questions the usefulness of teaching history in school and wonders if the emphasis on mathematics - championed by former Prime Minister Rishi Sunak - is wise, seeing as "we can't out mathematics India or China". Instead he says the UK should focus on sectors where it maintains global leadership, pointing to creative industries as areas where Britain would be World Champions. Clifford describes how the company has moved from a struggling British shoe retailer into an international fashion company. The brand has undergone a dramatic shift, with American operations now generating 70% of sales from handbags rather than shoes and individual stores producing twice the profit per square foot compared to UK locations. This was a move that saved the company as he says the COVID-19 pandemic brought the company within weeks of bankruptcy, with profits collapsing from £41 million in 2019 to just £6 million.Presenter: Will Bain Producer: Olie D'Albertanson Editor: Henry Jones00:00 Fliss Hannah and Will Bain introduces the episode 01:31 Neil Clifford interview begins 02:46 Kurt Geiger's transformation from shoes to handbags 05:18 ADHD and dyslexia impact 07:52 Failed attempts at handbags and US expansion 09:30 Strategy acceleration during pandemic 11:29 Trump tariffs discussion 15:34 UK vs international growth 20:03 50% higher conversion in US stores 23:21 Russell and Bromley discussion 24:05 One O-level in art 27:26 Academy origins from COVID 29:45 Education system "not fit for purpose" 35:37 UK hasn't grown in 10 years 35:54 - Brexit: "wasted 10 years"

John Vincent, founder and chief executive of Leon, joins the Big Boss Interview to explore how the rapid rise of weight-loss medications could reshape the food industry—and how Leon intends to position itself to benefit.Vincent returned to the business in October 2025, four years after selling it, having grown disillusioned as a minority shareholder. He says he lacked the board control needed to run the company how he wanted.Following its sale to the Issa Brothers and subsequent ownership by Asda, Vincent argues Leon became an “orphan child” inside a larger corporate structure, losing what he describes as its “chutzpah, leadership and confidence” and drifting away from its original sense of purpose. So, Vincent has returned, and immediately put the company into administration, but says all suppliers have been protected and will be paid in full, though admits landlords are “probably less happy”. His strategy now involves scaling the business back initially, before rebuilding to around 100–200 restaurants focused largely on London, alongside expansion through franchise partnerships at service stations, airports and train stations, and growth in grocery and direct-to-consumer channels.He also delivers a blistering critique of government policy towards hospitality, describing what he calls an “incredibly toxic tax regime”. His warning is stark: only restaurants “selling crap food” will survive, because quality ingredients are no longer economically viable, and further chain failures are inevitable.Presenter: Will Bain Producer: Olie D'Albertanson Editor: Henry Jones01:40 John Vincent joins the pod 03:00 Establishing Leon in 2004 11:20 Selling Leon to Issa brothers 15:00 Repurchasing Leon and taking it into administration 19:00 "Toxic tax regime" impacting industry 23:30 Expanding to direct to consumer model 24:40 Winner and losers of going into administration 25:50 Impact of weight loss medications on industry 32:00 Vincent's love of music and impact of ADHD

Tom Beahon, co-founder and co-chief executive of premium sportswear firm Castore, joins Sean Farrington on this week’s BBI to tackle some of the most contested questions facing sport, retail and work—including a debate that many families and fans discuss: why replica football kits now cost what they do, and whether supporters are being priced out of the game.Beahon pushes back against the idea that brands are inflating prices arbitrarily, arguing that higher costs reflect inflation, rising material prices and unprecedented global investment in elite sport. He maintains that if consumers genuinely could not afford official merchandise, the market would force prices down. He also outlines how Castore is responding to affordability concerns through entry-level product ranges designed to keep official kits within reach, while defending the idea that premium pricing reflects economic reality rather than corporate opportunism.The conversation then turns to how technology could reshape fan engagement and brand loyalty. Beahon explores the potential for embedded chips in official merchandise—technology that could unlock exclusive digital access to teams and events, while also helping brands combat the growing problem of counterfeit kits. He suggests this convergence of physical products and digital experiences may become increasingly central to how sports brands connect with supporters.Beahon also describes a striking shift in consumer behaviour: the resurgence of physical retail at a time when many brands are retreating from the high street. Castore has seen bricks-and-mortar stores outperform its e-commerce channels in recent months, reversing a trend that dominated much of the past decade. Rising footfall and in-store spending have prompted significant investment in the company’s retail estate.Founded in 2016, Castore is approaching its tenth anniversary as a billion-pound business, following its acquisition of heritage brand Belstaff. Beahon reflects on the balance between legacy and agility, explaining how established brands bring credibility and depth, while Castore’s rapid ascent demonstrates the value of entrepreneurial speed and a willingness to challenge convention. Positioning itself against global giants such as Nike and Adidas, Castore sees its challenger status as an advantage.On the future of work, Beahon delivers one of the starkest warnings of the interview arguing that artificial intelligence and automation are already reshaping how businesses think about staffing, predicting that 2026 could mark a tipping point for job losses in the UK. He says that as many as 80% of the chief executives he speaks to are planning for leaner workforces. These decisions, he suggests, are being driven by rapid advances in AI alongside rising employment costs, including national insurance—raising difficult questions about how workers, businesses and policymakers adapt to a rapidly changing economy.Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones00:00 Pod start 02:04 Tom Beahon joins the pod & discusses Xmas performance 07:12 Physical stores outperforming e-commerce 08:46 Technology, AI, and the future of retail 13:43 CEOs are preparing for AI-Driven Job Losses in 2026 23:57 The Northwest as a hub for innovation 35:37 The challenger brand mindset 39:47 The cost of replica kits and counterfeits

Mark Constantine, founder and chief executive of Lush, discusses the Christmas rush, family run businesses, being "woke" and his love of birdsong in an amazing interview for Big Boss. He offers a festive perspective on the realities of retail during the Christmas season and describes the intense preparations for the holiday rush as akin to “preparing for war,” highlighting the logistical challenges and the need for resilience as customers descend on shops in the final days before Christmas.He also discusses the importance of personal support in business, revealing that he works with a psychologist who helps him navigate the complexities of leadership and decision-making. He explains how regular sessions provide accountability and clarity, underscoring the value of ongoing self-development for business leaders.Mark founded Lush with his wife, Mo, and their children have all been involved in the company in various ways. He reflects on the significance of family businesses in the British economy, outlining the strengths and challenges of running a family enterprise and considering succession, longevity, and the unique dynamics that shape these organisations.Mark has followed in the footsteps of his business mentor and confidante Anita Roddick (Body Shop founder) and decided early on that you can run a business and be outspoken about the issues you care about. As well as shutting his shops in the UK for 24 hours to protest against the war in Gaza, Lush has also been vehemently opposed to animal testing from the outset, and even closed down its social media presence—despite costing the company £9 million annually in lost revenue. He explains the reasoning behind this move, citing concerns about the impact of social media on young people and the company’s commitment to ethical responsibility.He also reveals a deep personal interest in both poetry and birdsong, describing the former as a source of wisdom and a means of distilling complex thoughts into concise, memorable lines, noting its value for those in business. He is a self-confessed nerd who loves learning and maintains one of the world’s largest private collections of birdsong recordings

Rupert Soames speaks to Felicity Hannah for his final interview before he stands down as Chair of the Confederation of British Industry (CBI). He describes his surprise at the limited understanding many ministers and policymakers have of the realities faced by business leaders, particularly when it comes to employment, investment, and economic growth. With the Employment Rights Bills ping-ponging its way between the House of Lords and the House of Commons, Soames expresses concern over measures that have increased the cost and risk of employing people, particularly younger workers. He points to the Bill as a source of uncertainty, saying that while compromise was reached on some aspects, the overall effect may be to discourage job creation and make it harder for those with gaps in their employment history to find work, especially post-covid. Brexit and its economic consequences are explored with Soames describing the outcome as “really, really, really bad" for the UK’s economic prospects. However, he acknowledged the need to move forward and reset the UK’s relationship with the European Union, but expresses concern about the slow pace of doing so, and the persistence of unproductive patterns in UK-EU relations, calling this "Code Red".Soames does credit the Labour government with progress in areas such as global trade agreements and regulatory reform, insisting they've done better in this regard than many before, but highlights a persistent gap between rhetoric and action. The interview also covers the challenges faced by Soames when he joined the CBI in 2024, following allegations of sexual abuse that were reported April 2023 in the Guardian. He reflects on restoring the reputation of the organisation and convincing swathes of major organisation to re-join, after many quit or suspended their memberships.Presenter: Felicity Hannah Producer: Olie D'Albertanson Editor: Henry Jones00:00 Sean Farrington and Fliss set up interview 02:40 Rupert Soames joins pod and discusses CBI scandal 13:40 Budget impact on business 20:00 Employment Rights Bill 23:55 Is government creating climate for growth? 25:00 Civil service has grown too large 27:15 Shocking how little government understands business 29:00 Government doing better than EU and US on AI adoption 30:00 Some people were seduced by then opposition govt; It was performative 32:53 Brexit has played out really, really, really badly 38:00 What is Rupert optimistic about?