MAPIC: e-commerce is having the most significant impact on the shopping centre market, a study of European property players has found.
This is the finding of Cushman & Wakefield’s survey, Survival of the Fittest in the Digital World, in which 68% of respondents agreed that e-commerce is the most important factor affecting shopping centres.
The survey, launched at MAPIC today, also found that mid-sized schemes are thought to be the most at risk, while larger destinations and even smaller convenience stores have more potential to withstand or even benefit from e-tailing.
The top priorities for landlords were found to be improved centre design, followed by a stronger food and beverage offer and then more in-store and in-centre technology. Interactive screens were the most adopted technology, closely followed by landlords operating their own transactional website and operating free wi-fi.
Leases are also expected to become more flexible and shorter. Respondents also said that some effort to capture non-store sales would be included in lease terms as the growth of e-commerce makes store sales a less significant indicator of store viability and relevance.
David Hutchings, head of EMEA investment strategy at Cushman & Wakefield, said: “Large, multi-purpose destination centres that appeal to the whole family will dominate in the future. However, size is not everything and there will be room for more diversity, with small, well-focused urban galleries, for example, as well as more local convenience emerging as a strong anchor in all catchments.
