BCSC calls for collaboration to tackle retail challenges
Published: 04 March, 2011
Representatives from some of retail property’s biggest names called for greater co-operation between stakeholders in order to face the fundamental issues affecting the industry, including competition from online sales, and an unfavourable economic climate.
Richard Akers, BCSC president and managing director for retail at Land Securities called for delegates at BCSC’s Shopping Centre Management Conference, held earlier this week in Edinburgh, to take action in order to enhance their centres’ profitability, arguing that good asset management, not pure location, will now separate the “best from the rest.”
Akers said: “The last few years have shown that we need to be able to adapt to change, and to share information so that we can actively and appropriately manage our assets to the benefit of all parties. Never have owners’ and occupiers’ objectives been so aligned in the need to create successful retail destinations for our customers.”
There was also a strong recognition that this success would depend on new leasing models that allow both parties to adapt to shifting requirements in the market. There was agreement that turnover leases were now becoming well-established, as a result of an increased level of engagement and recognition of the need to align business interests between retailers and landlords in recent years.
Ed Jenkins, head of UK retail at Standard Life Investments pointed out that the economic downturn had acted as a catalyst for change, and created a recognition that ongoing collaboration now will benefit the industry in the future: “Profitable partnerships are not only about pounds, shillings, and pence, but also cooperation and building sustainable, long-term relationships that will eventually feed through to a financial return for both parties.”
