Need to repurpose retail space the biggest concern for local authorities, landlords and developers, finds survey
July 2023 - Retail
Need to repurpose retail space the biggest concern for local authorities, landlords and developers: A survey has revealed that the need to repurpose retail space was cited as the greatest concern for landlords, developers and other town centre management professionals and local authorities.
The survey of these groups by their trade body Revo and the consultancy Lambert Smith Hampton (LSH) found that six in 10 respondents believe that between 20% and 40% of retail space will have to be repurposed in the next five years in areas such as hospitality, health or civic use, or for leisure, with 12% believing there will need to be even more space reinvented.
The annual survey seeks to deepen understandings of the challenges facing towns and shopping centres and help identify solutions to support the 'revitalisation and renaissance' of these centres,
Plans to turn empty retail spaces which have been hurt by online shopping and the demise of the high street as well as the impact of Covid-19 and the cost of living crisis into alternative destinations with a focus on leisure, hospitality and education have been put on hold by half of the local authorities polled until improvements are seen in the UK economy. However, 2% admitted to abandoning their plans entirely.
When private companies were asked the same, a fifth said their plans were on hold, with around 20% saying they had scaled back their plans and 3% reported shelving them altogether.
At a London conference in March, those in attendance spoke about ways to repurpose the retail spaces that are no longer needed, with ideas including homes and offices as well as venues for entertainment, and ‘attractive’ spaces where local residents can visit that will cost little or no money.
Vivienne King, the chief executive of Revo said: “There is a danger that if our towns don’t transform then some will wither on the vine before the decade is out,” while Steve Norris, head of regeneration and planning at LSH, said: “this shows the scale of the challenge town centres are facing and the radical surgery required.”
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