‘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:
The internet now accounts for 25% of all retail spend, and rising.
Retail investors/landlords have too much retail space.
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’.
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.
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.