As we move further towards Brexit, there will be a continued slowdown in major investment decisions in the private sector.
My hope is that government, through local authority channels, fills this significant gap and seeks experienced development management support to facilitate this. It has the long-term capacity to think beyond short-term income flow and towards wider regeneration benefits. This is the only way to underwrite the successful repurposing of our failing urban centres.
We have had proven success of local authority investment at Friars Walk in Newport and are now focused on a successful outcome with our other local authority partners in both Sheffield and Barnsley. Everyone is conscious that the retail market is shifting dramatically and encountering substantial challenges – this will continue.
Specifically, further CVAs and the uncertainty of the macro-economic landscape will continue to weigh heavy over the sector. As a result, major upheaval and repricing in the secondary shopping centre investment market is guaranteed. Therefore, we need to embrace change and adapt accordingly. The quicker we can do this, the better.
Resolution: The UK is massively over-shopped, and while I am not saying retail is dead, we do need to look at other ways to regenerate our towns and cities. My resolution is to diversify the skill set of our team further to facilitate this.