‘Retail to resi’ – the obvious political opportunity
The DI team attended the Revo conference a week or two ago, what used to be the British Council of Shopping Centres. We found two types of retail investors: those in complete denial and those that sounded like Corporal Jones from Dad’s Army – “We’re all doomed!”
Some simple facts:
- 1. The internet now accounts for 25% of all retail spend, and rising.
- 2. Retail investors/landlords have too much retail space.
- 3. We have pretended for 10 years that ‘complementary leisure’ was the solution when really it was a euphemism for ‘can’t let the space for retail’.
- 4. Prime retail is now much more tightly defined than it ever has been, secondary retail is struggling or dying and tertiary retail is dead.
- 5. Councils have too much land allocated for retail use in local plans.
- 6. We have a housing crisis.
Come on government and investors! Let’s sort a proper ‘retail to resi’ scheme and solve many of these problems in one fell swoop.