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“What do we know now about the changing needs of the market?
Landlords have irrecoverable costs, as retailers reduce their footprint. Units remain empty and current “leasing” models are not sustainable.
Oversupply of 25% retail space in the UK with vacancy rates increasing
Even pre-pandemic we knew the challenges – the repurposing of retail assets was one of the strongest trends to come out of the PWC “Emerging Trends in Real Estate 2020” report. COVID-19 has accelerated this trend.
A JLL survey has found that retail locations, especially shopping centers, are uniquely positioned to capitalise on consumers growing healthcare needs.
Vision and foresight is required to proactively redefine retail as an integrated space to live, work, shop and play. There is a once-in-a-lifetime opportunity to reshape and repurpose retail through incorporating experiential health & wellness destinations and smart workplaces as part of a dynamic mix of integrated uses – the urban mixed use eco-system.
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