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ACROSS

December 15, 2022

Credit: Festival Place

MAKING A POSITIVE CONTRIBUTION TO THE COMMUNITY AND REMAINING CONNECTED TO THE EVER-CHANGING NEEDS OF CUSTOMERS AND LOCAL RESIDENTS IN TIMES OF CHANGE

As a center launched 20 years ago, Festival Place was originally designed for an era in which ‘big box’ retailers dominated. The demise of high street brands such as Debenhams and Topshop changed the landscape for retail landlords, while the breakneck pace of the e-commerce revolution and the subsequent impact of the Covid-19 pandemic have changed consumer behaviour irrevocably. The team behind Festival Place have responded with a renewed emphasis on the leisure offer, closer engagement with the local community and delivering a range of events and services that all serve to keep the center relevant and to drive continued footfall.

credit: Marc Peter

THE GREAT COMEBACK OF PHYSICAL RETAIL REAL ESTATE

A crisis forces us to think in new and different ways. It is a challenge – but finally, almost always, it leads up to new ideas and helps to speed up the much-needed change, states Caroline von Westerholt, Head of Strategy & Repositioning of Retail Properties at Twenty One Media GmbH. She explains her biggest learnings from the current crisis.

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THE LEVEL OF EXCELLENCE WE SHOULD STRIVE FOR TODAY AND TOMORROW
Originally developed solely to meet the daily needs of consumers, shopping centers quickly became an asset class. The model worked very well for a long time, but as consumer behavior has changed, so have the requirements of tenants, operators and investors. The obvious task to satisfy customers, business partners and stakeholders is: Get your customers to return to your locations. Clear differentiation and positioning as well as a clear focus on people are crucial.
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