20 years on: CC Real’s vision for retail’s future

By Fabian Kaufmann, Founder & Managing Partner CC Real

Twenty years ago, CC Real started in a construction container on a building site in Zagreb. Looking back, it is remarkable how far that journey has taken us—from developing Croatia’s first modern shopping centers to becoming an international investment and asset management platform managing approximately EUR 3.5 billion in assets across Europe and Australia. Yet while the scale has changed, our guiding principle has remained the same: creating long-term value. As we celebrate our 20th anniversary, I often reflect on what has shaped both our company and the wider retail real estate industry over the past two decades. The answer is not growth alone. It is resilience.

“We need to stop thinking of retail purely as shopping space. People no longer visit a destination solely to make a purchase.”

We have navigated the global financial crisis, the Euro crisis, the pandemic, inflation, geopolitical conflicts and rising interest rates. In many respects, disruption has become the new normal. These experiences have reinforced a conviction that continues to guide us today: long-term success is built on consistency, patience and the ability to adapt without losing sight of your core vision and values. At the same time, retail real estate itself is undergoing one of the most profound transformations in its history. As an industry, we need to rethink what retail destinations are actually designed to do.

We need to stop thinking of retail purely as shopping space. People no longer visit a destination solely to make a purchase. They want to dine, access services, spend leisure time, meet friends and enjoy experiences.

This shift in consumer behavior is redefining the purpose of physical places. Retail remains important, but it is no longer sufficient on its own. The most successful destinations of the future will be those that become part of people’s everyday lives. That is why I believe the future of retail real estate will look fundamentally different from the past.

The best retail real estate of the future will no longer be traditional shopping centers. They will be mixed-use destinations that bring together different aspects of everyday life.

The winners will be places that seamlessly combine retail, hospitality, leisure, services, workspaces and community functions. They will evolve from shopping venues into urban ecosystems—destinations that create social, economic and cultural value for the communities they serve. Technology will play an important role in this evolution, but not necessarily in the way many people expect. For years, there has been a narrative suggesting that digitalization would replace physical retail. The reality is proving far more nuanced.

Technology helps us operate assets more efficiently and understand customer behavior better. Yet it cannot replace physical places. Technology will complement retail, not replace it.

In fact, the more digital our lives become, the more people value authentic experiences, human interaction and a sense of place. Technology should enhance these experiences, not substitute them.

The evolution of physical destinations also requires adaptation from occupiers. Retailers can no longer rely solely on traditional store formats. To remain relevant, they need more flexible and integrated multi-channel strategies that seamlessly connect physical stores, digital platforms and customer experiences. 

The strongest destinations will be those where landlords and occupiers evolve together to meet changing consumer expectations.

Equally important is sustainability. What was once considered primarily a regulatory requirement has become a fundamental business imperative. Investors, lenders, occupiers and consumers increasingly expect measurable ESG performance and credible long-term strategies.

“The best retail real estate of the future will be mixed-use destinations that bring together different aspects of everyday life.”

The greatest challenge—and opportunity—lies in existing assets. Transforming and future-proofing existing portfolios will be one of the defining tasks of the next decade.

Across Europe, many retail assets were developed for a different era. Repositioning these properties to meet changing consumer expectations while improving environmental performance will require vision, capital and operational expertise. Those who embrace this challenge proactively will create a meaningful competitive advantage. 

Investor expectations are changing accordingly. Capital today is far more selective than it was a decade ago. Location quality, sustainability credentials, operational excellence and the long-term viability of a concept have become decisive factors. Average assets will struggle. High-quality destinations with clear positioning and active management will continue to attract investment and outperform.

At CC Real, these developments have also influenced our own strategic evolution. While Retail & Mixed-Use remains the foundation of our business, we have expanded into Industrial & Logistics and Private Debt Investments, creating a diversified platform that is resilient across economic cycles and market environments.

At the same time, we remain highly positive about Europe’s future. Strong cities, significant purchasing power and a unique urban culture continue to make Europe one of the most attractive retail real estate markets globally. Alongside our established activities in Austria, Croatia and Finland, we see compelling opportunities in Italy, France, Germany, Spain and selected markets across Central and South-Eastern Europe.

Looking ahead, I believe the next generation of retail real estate will be more sustainable, more digital and significantly more mixed-use than anything we know today. The most successful destinations will be those that integrate retail, services, leisure, hospitality and community functions into one coherent ecosystem. 

“Markets will change, and new challenges will emerge. But our ambition remains the same as it was 20 years ago.”

There is no one-size-fits-all model for the destinations of the future. Every asset must be analyzed individually, taking into account its catchment area, competitive environment and the needs of the local community. Success will depend on identifying which uses are already present and which additional functions are needed to create a compelling destination. Not every location can be transformed successfully. However, in our experience, the vast majority of assets can be repositioned through the right mix of retail, services, leisure and community functions. The result is not only a more attractive destination but also a more resilient and sustainable long-term business case.

Twenty years after our beginnings in a construction container in Zagreb, our focus is not on what we have achieved, but on what comes next. Markets will continue to evolve. New technologies will emerge. Consumer expectations will keep changing. But one thing remains constant: our ambition remains the same as it was 20 years ago: to create long-term value.

That ambition is not only the foundation of CC Real. It is, in my view, the foundation of the future of retail real estate itself.

Originally published in ACROSS Magazine Issue 2/2026

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