Retail property body Revo has launched a consultation to redefine the different types of UK shopping centres in line with international industry standards.
The objective is to more accurately describe the different types of centres so investors can more easily understand assets – as opposed to shopping centres being labelled simply primary or secondary.
Revo has produced a draft classification in which centres are split into three broad categories – ‘Regional’, ‘Local’ and ‘Specialised’. Within each of these groups, three subcategories are proposed.
Revo expects to publish the new classification at its annual conference, Revo Manchester 2018, which takes place on 18-20 September.
Mark Williams, president at Revo, said: “The descriptions ‘primary’ and ‘secondary’ are anachronistic, subjective and too simplistic. We need a wider, more objective range of categories which recognises that different locations fulfil different consumer needs, and which will support a more accurate assessment of assets. Investors, banks, analysts and valuers are all asking for better clarification, and this will provide it.”
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