Keynote Picking winners
We’ve moved into a phase of the UK retail property market where the ability to discern winning brands and strategies has become of pivotal importance.
During the recession, the emphasis in our leasing market was predominantly on mitigating voids and the cost of carrying them.
The weight of international capital targeting UK property meant that – prior to the EU Referendum at least – there was often less of a challenge in terms of locking into investment transactional activity.
Today, the situations of these two strands of our sector are slightly reversed. In the leasing market, rents have re-based, incentives have largely stabilised, new brands are moving forward while others have fallen by the wayside.
In contrast, the retail property investment sector has become less certain as capital has become more discerning in its approach and decision-making remains influenced by the turbulent political and economic landscape.
More than ever, the ability to ‘pick winners’ is crucial in our market and it is also a recurring theme in this issue of Browse.
As a backer of property companies, it’s what Ray Palmer has built a career on (see p29) and it’s what Grosvenor is depending on to position London’s South Molton Street as an exciting retail destination (see p10). And at a very specific level, it’s about being able to spot a winning concept in situations like when you are faced with picking the right occupier for empty basement space (p22).
It’s also a benchmark for us as a property consultancy and we measure it in terms of the long-standing and new relationships we have with the investors and retailers who are winning in what is an often very difficult and challenging market.
In that context, the forthcoming MAPIC exhibition in Cannes is always a great showcase for where our sector is headed. Our Retail teams from across the Colliers network look forward to meeting many of you there.
Mark Phillipson
Head of UK Retail Group
mark.phillipson@
colliers.com +44 (0)20 7344 6866
Cover image: the giant Panda model outside Hill & Friends in South Molton Street (see p10)
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