By Reinhard Winiwarter
Numerous new projects came to a halt, were delayed, or shelved entirely. It took the industry years to recover from its shock-induced paralysis. In the first months of the Lehman-weekend we already predicted in our second issue that particularly major players could see this crisis as an opportunity. And that is exactly what happened.
However, it was not just the global economic crisis that kept the industry on its toes. A wide range of challenges, innovations, and paradigm shifts made it necessary to embrace change. Retail properties ultimately seized to be mere supply centers. They became meeting places, venues for excitement and entertainment.
Today, they strive to fulfil the social aspect of their roles. Driven by the “specter” of online retail, sectoral mixes as well as area structures and shops started to change, but also the very concept of stationary retail had to learn to live with being scrutinized repeatedly.
On the other hand, retail properties started to become the new favorites of investors. Established shopping centers became sought-after additions for broadly positioned portfolios, turned up in special funds by the dozen, and are considered as low-risk investments due to their consistent cashflow yields.
But also special formats like retail parks and outlet centers became increasingly popular among investors and experienced a comprehensive professionalization-boost. “Retail is change” is probably one of the most popular and often-used sayings in the industry. Find out how true it actually is by reading the following pages of our 10th-anniversary issue.
Speaking of 10 years: I am very proud to tell you that, over the past decade, ACROSS has become the most important and influential medium of the retail real estate industry.
Our print issues are published five times a year with a circulation of 18,000 and delivered directly to your desktops in 42 European countries. You find us online in the most important social media as well as at every industry-related fair and event.
With this in mind, I would like to thank you for your loyal readership and I am looking forward to the next ten exciting years of ACROSS.