This year’s BCSC conference being held in Manchester has a real buzz about it. Delegate and exhibitor numbers are up on last year and a broad programme will see industry and public sector leaders debate issues ranging from owner-occupier relationships to capturing spend from the internet-savvy consumer.
An important challenge facing our industry is to rediscover the asset management strategies that drive retail property values and tenant performance. This is particularly relevant in the secondary market, as was highlighted by a ground-breaking report the BCSC published at the beginning of the year.
While the outlook for the economy has improved over the past 12 months, the problems facing some shopping centres – and the detrimental effect these problems have on local economies and communities – have not gone away. Indeed, the chasm between prime and secondary seems to becoming more deeply entrenched.
As an industry, there is much we can do to try to address these issues, but this requires a collaborative, long-term view from owners, banks, retailers and central and local government, and a shift in thinking towards managing assets as living, breathing businesses.
Banks will fund only those investments that make economic sense, so it is crucial that asset managers ensure their investment is effectively managed by showing a good understanding of retailers and consumers in order to attract new tenants, boosting footfall and sales.
It is is extremely important that the industry continues to engage with central government on its localism agenda. It is also vital that the BCSC continues its objective to build stronger links with local government by emphasising the role that shopping centres can play in creating vibrant town centres.
I hope you have a very enjoyable and productive conference.
Neil Varnham
President, BCSC
