Shops without fixed counters, staff with iPads, iPads in the fitting rooms and fewer, but larger, wholly interactive stores is the direction retail is going, so say the panellists at Estates Gazette’s Retail Talks round table.
The experts, Andrew Dudley, development director at Land Securities; Ian Dudley, group property director at Aurora Fashions; and Angela Goodings, associate director of research – property at Henderson Global Investors; debated the future of retail amid the near-complete backdrop of the biggest centre to open in the UK in 2013.
Opening this month, Trinity Leeds is the “most digitally enabled scheme delivered in the UK so far,” said Andrew.
The Land Securities project, more than 90 per cent let, also has a relatively large (22 per cent) food and beverage component, reflecting the increasing relevance of landmark retail schemes to restaurateurs.
The positivity around the scheme suggests shopping centres could be taking up the slack of crisis-hit high streets, with Goodings insisting “retail cannot be generalised”.
She added: “Prime assets are stabilising and seeing better tenant demand and consumer growth.”
On the other hand, many secondary assets would “no longer be viable as retail”, she said.
Finally, Ian’s prediction for this year was tenants playing a strong negotiating hand.
“Lease renewals will be very, very difficult for landlords because tenants will either use it as a means of negotiation or a means of exiting from poorly performing stores.”
The Retail Talks round table was chaired by Estates Gazette editor Damian Wild and sponsored by Savills and Land Securities.
Watch the highlights in the video below, or for the entire debate, listen to the podcast.
rebecca.kent@estatesgazette.com
