I see 2024 as THE YEAR when placemaking projects really start to happen in traditional retail anchored shopping locations. The challenges are simple in my mind and focus on how to reuse space for other activities, when that space was originally designed for only retail use. The shape, size and configuration of the space has to change. Investors are already largely ready for this change in key parts of their retail portfolio, especially department stores and large shop units.
The opportunities are huge. We need to get away from “only retail” to a more mixed portfolio of offers for our guests, extended trading hours, more leisure, and an increase in the nighttime economies for our shopping places. MyZeil Frankfurt has proved this point so well. Guests want it, love it, and use it. It’s been a long time that I have been saying it, but this year it comes true.
There are going to be lasting changes as we integrate more food and leisure into projects, not as a “quick fix” but as a permanent and lasting solution, increasing attractiveness through variety and different activities. Rents and expectations are more realistic, allowing a whole range of new operators to come into spaces they had not previously had access to.
Finally, landlords need to be realistic and recognize that we are not going back to the 1980s and these new tenants who can repurpose these spaces need to understand they have to be reasonable in their requests, their occupation costs, and their support packages. Both sides working well together will make this happen. That’s what I do…
Jonathan Doughty
Jonathan Doughty is Project Director on behalf of ECE Marketplaces.
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