 Stacey and his business partners had formed a company called Regent Street Limited in 1929; other company directors were David Manson, Alexander Hamilton Forbes, and John Joseph Dougall.By February 1930, the project had been approved in principle by Christchurch City Council.The concept of a number of small shops all built as a comprehensive development was advanced for its time, and can be regarded as the forerunner of modern shopping malls.