Revo has called on retail and leisure real estate players to put community hubs and climate change at the heart of future planning and urged the government to prioritise the sector in its growth strategies.
Research previewed at the industry body’s annual conference this week mapped possible futures for the UK retail and leisure property industry, considering political policies, skills, infrastructure, and socio-cultural shifts over the next decade.
With more extreme weather, including extreme heat and flooding, expected, the sector was told it needs to work together to tackle these challenges. Recommendations ranged from investing in more renewable energy centres across retail and leisure schemes through to adapting to consumers’ healthier lifestyles and lower levels of private car use.
Revo also highlighted the significant role artificial intelligence can play in retail and leisure planning, administration, development and consumer-facing operations, even for smaller schemes.
Experts speaking at the conference said there was a need to focus on upskilling the existing workforce and encouraging the industry to foster partnership-based relationships with data and technology providers to develop new digital infrastructure.
Vivienne King, founder and managing director of Impactful Places and Revo board member, said: “The messages of this future insight are intended to support the retail and leisure property community in positioning their portfolios brands and business interests to take advantage of emerging opportunities, prepare for potential risks and build resilience for in 2034.
“Retail and leisure can play a vital role in delivering economic growth to the UK and they should be central to the renewal and success of places by giving people a reason to visit, engage, spend and dwell.
“The insights also alert our sector to the need to embrace the challenges climate change poses by 2034, and our response must span decarbonisation, energy resilience, asset adaptation and the role of retail and leisure spaces as ‘safe shelters’. Retail environments should consider their own reliable energy generation, assets’ climate resilience and refuge during extreme weather events and develop mitigations against trading impacts.”
King also called on the government to put retail and leisure at the forefront of its plans for economic growth, outlining the opportunity it has to provide community cohesion and mitigate the risk of social decay.
“With the Autumn Statement just around the corner, this newly elected Labour government has to seize the opportunity the retail and leisure industry presents for societal resilience and economic growth. Retail and leisure spaces can support thriving and dynamic communities in which people want to spend time and money, as well as provide opportunities to support Labour’s ambition of creating 1.5m homes over the next five years,” she said.
“In order to be best placed to thrive in 2034, we as an industry must speak with a single voice to encourage the government to continue to support the role bricks-and-mortar retail and leisure can play in helping to achieve Labour’s manifesto goals. This will then allow us all to navigate a pathway to a resilient 2034.”
The full report will be published later in the year.
Image from Revo
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