Repurposing retail
We recently highlighted in a previous Perspectives how a fascinating occupational shift is taking place in prime shopping centres between former department store space and unit shops. We also pointed out that this kind of retail merry-go-round only applies to premium malls – other centres will need to be much more creative in their use of what was previously retail space.
When it comes to repurposing, economic returns aren’t the only measures of success. Increased occupancy and footfall (and enhanced animation of the local area), positive community feedback and environmental gains are all potential wins. These are most likely to be achieved by focusing on the communities at the heart of any project.
Through collaboration among developers, local authorities and residents, repurposing projects can contribute significantly to the dynamic and resilient development of cities and communities. They offer a sustainable and adaptive solution to the challenges posed by the changing occupational landscape. Repurposing not only revitalises spaces but can also create new, diverse opportunities for businesses, enliven the offer for consumers and foster community cohesion.
This year we have seen some creative thinking for repurposing retail space take shape in plans both in London and further afield. Over the summer, for example, Galliard Homes, which bought the Eastgate shopping centre in Basildon just a few months earlier, released details of a scheme to transform the former Debenhams store into a mini-hospital for NHS and private patients. The whole 110,000 sq ft building will be repurposed lock-stock as Basildon Health Centre.
I think the health sector is likely to be an important occupier of former retail space going forward, but its requirements aren’t yet widely understood. So, I’m excited that one of the experts participating in a panel discussion I’ll be moderating at MAPIC later this month (more details below) is Prof. Dr. Katharina Janus, president/CEO of consultancy firm Enjoy Strategy. She has extensive experience in the practical requirements of the health sector.
Joining Katharina on my MAPIC panel is Francois Agache, managing director (development & operations), at Paris-based developer investor APSYS. Francois has been spearheading a major regeneration project in Bordeaux, where buildings are being repositioned to create a “city within a city”.
An important UK player also on my MAPIC panel is Ruth McFetridge, senior retail leasing director at LandSec, who is involved in some of the property company’s ambitious repurposing projects. These include:
St David’s, Cardiff where Landsec is investing in a place-making initiative. As part of the plan, Landsec intends to remove 160,000 sq ft of vacant retail, previously a former Debenhams store, as well as create a new city square and introduce 30,000 sq ft of new F&B and leisure offerings.
Lewisham shopping centre, London. Images by architect Studio Egret West were unveiled earlier this month illustrating the planned metamorphosis of a 1970s centre into a pedestrianised high street, with a new public park and 1,700 new homes.
These schemes show the real potential for value growth in shopping centres assets and were no doubt front of mind when IKEA (via its property arm Ingka Centres) this month purchased Brighton’s Churchill Square centre. The 520,000 sq ft mall, which includes a vacant former Debenhams store, has already been branded a ‘meeting place’ by IKEA, which clearly understands the prospects of reinventing former retail space.
When it comes to repurposing, economic returns aren’t the only measures of success. Increased occupancy and footfall (and enhanced animation of the local area), positive community feedback and environmental gains are all potential wins. These are most likely to be achieved by focusing on the communities at the heart of any project. As with any kind of development, engaging the community early in the decision-making process helps identify local needs, preserve local identity and facilitate long-term success.
If you’re at MAPIC this year you are very welcome to join the panel discussion ‘Repurpose with purpose’ at 10:30 local time on Wednesday 29 November. You can see more details here. It promises to be an informative, inspiring and fun session.
Article by Thomas Rose
Photo credits: Apsys
