"What do we know now about the changing needs of the market?

As retailers reduce their footprint, landlords are left with irrecoverable business rates and service charges.
Many units remain empty with diminishing tenant interest with current “leasing” models no longer sustainable.
25% estimated oversupply of retail space in the UK with vacancy rates set to increase over the 13.7% mark.

Even pre-pandemic we knew the challenges; the re-purposing 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. 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 re-purpose 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. Many of these assets will have ample parking, supporting other uses including regional office hubs as commuting habits change.

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