We conceptually designed and commercialised Fuencarral Street in Madrid: we transformed it from a degraded area in 1996 to a Prime category street in 2005, thus achieving a 2000% value increase.
OUR STAR PROJECT
During the years prior to creating TRUEBROKER, the founder noticed that there had been a conceptual change in understanding fashion and exclusivity. This conclusion resulted from his consumer studies, experience in the world of university marketing and work in commercial areas in US cities. Additionally, as a result of the evolution of the economy and consumption within Spain, he noticed that a change of CONSUMER LEADER was coming for the younger population, which was developing as a group of consumers with their own identity. The new brands present in the international business world were unable to penetrate the existing commercial zones in Madrid, due to the low nominal ticket in the city centre and the cultural barrier fashionable brands had raised in the Salamanca district. After analysing Madrid’s commercial areas, we thought Fuencarral Street, for its urbanism and being the chosen set-up location of some independent businesses, could have great commercial potential to develop our street project TREND.
We created a project dossier and explored the world’s cities and trendiest fairs to discover brands that fit the trend criteria for the younger population. Once we had done this, we began to convince their management of the niche market and the opportunity that the street presented with our model.
We received widespread criticism from the REAL ESTATE world, where we were branded as crazy, and scepticism from brands over our capacity to convince enough operators.
So, we decided to follow our model and start to develop from one end of the street, growing little by little, placing new operators next to one another. In order to offer something different to other streets, we impeded access to brands that had a large network of shops in Madrid. Six years later our model became a reality and attractive to both brands and Real Estate, as a preferred street.
In 2005 the street achieved PRIME category status. This was also the key reason why Madrid City Council supported the growth and regeneration of the adjacent district. Today, our dream for this street has become a reality.