Keynote A welcome break
Welcome to the latest issue of Browse. After around two years of negative media coverage, UK retail has been effectively supplanted in the media headlines by the troubles that WeWork is facing. Given the concerted negativity that retailing – and the property sector that supports it – has endured, this is something of a welcome break.
It is also a reflection that some positive progress is being made. The flow of CVAs has lessened – although it is likely there will be more casualties to come – and there is clear evidence that retailers who are not suffering from legacy property issues are now in cautiously expansionary mode.
There is more talk about the opportunities that the market is offering rather than the casualties it is suffering. The trend for repurposing and repositioning is gaining momentum and we are seeing assets find a new way forward – but not as shops.
The reinvention of an 80,000 sq ft former Debenhams store at the Southside shopping centre in London’s Wandsworth will be pivotal to the reshaping of that scheme and it is one of the topics that Landsec’s Zoe Gilligan touches on in a fascinating interview in this issue.
On the occupier side, VF Corporation’s decision to open a new facility to showcase its stable of brands is a strong endorsement of the capital, and its new Head of EMEA Real Estate, Chris Gibson, talks about the group’s UK plans in this issue. We’re further encouraged by the fact that Colliers has been instructed on new mandates for a series of occupiers some of which also feature.
The fact that WeWork has maybe drawn the attention away from the retail sector may have been mostly about the co-working giant’s extraordinary corporate trajectory. However, while that has been playing out, there has been – whisper it – some slightly better news from the UK shopping scene.
We hope you enjoy this issue of Browse and would be pleased to hear your feedback.
Colliers UK Retail Team
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