Retail schemes are looking to diversify the tenant mix with offices, leisure, entertainment, F&B and residential units, to create a place for people to live, shop, work and play.
These mixed-use developments are destinations for consumers to enjoy an experience. Due to the diversity of the offering, footfall and dwell time naturally increase, making units much more appealing to potential tenants. Although investment is needed to develop existing shopping centres, a mixed-use scheme can have a significant positive impact on the wider community and stakeholders.
There has been a swift rise in mixed-use transformations with some examples including:
Mixed-use schemes provide fantastic value for tenants with the different property elements really complementing each other: residents drive footfall to retailers and provide candidates for offices, and reciprocally, the convenience significantly increases interest in housing.
Creating a mixed-use destination where consumers can live, work, shop, meet friends and enjoy leisure activities delivers a sense of place. We’re seeing developments increasingly transform urban areas outside of city centres, creating vibrant neighbourhoods and truly becoming the heart of communities.
Mixed-use is clearly the future of shopping centres. The retail market may be receiving some bad press regarding a ‘struggling time’ however, when looked at closer, it becomes clear the market is going through a period of positive change and development, with mixed-use proving to be key!