What: What to do with the too-many retail-dedicated square feet in the UK?

Why it is important: the reflection is far from being specific to the UK and relates to our Cross Functional meeting addressing “space productivity” (28th Jan 21)

In 2020 so far, more than 15,000 stores have closed in the UK. The reason is that these stores missed the fact that audience now prevails over location: when the right customer moves, brands and retailers need to move as well.

As a consequence, the question of what to do with the closed retail unit is raised, with the certainty that all conversions will not be successful.

Financial Times points out that the changing role of physical retail will probably reduce the revenue per square foot, with a consequence on landlords’ productivity as well.

Retail crisis is the mother of urban centre reinvention