Gardner, A., Orr, A.M., Jackson, C. orcid.org/0000-0002-8835-8845 et al. (1 more author) (2024) A framework for the management of retail assets. Journal of European Real Estate Research, 17 (3). ISSN 1753-9269
Abstract
Purpose
The retail investment landscape in the UK has drastically changed. Understanding owners’ responses to this structural change is critical to gain insight into protecting investment performance. This paper identifies and evaluates the tactics and strategies being adopted.
Design/methodology/approach
This paper employs a mixed methods research approach, using data collected from semi-structured interviews with professionals involved in the retail investment process. This is supplemented by secondary market data analysis.
Findings
The paper assesses the practical responses made by retail property owners/managers, structured around emerging sub-themes. Actions include mitigating short-term risks through greater use of temporary tenants/licensees and independent retailers, preparing generic “white box” retail space to capture remaining tenant demand, exploiting the tenant mix to provide “the retail experience,” and applying new technologies and processes in a sector where systematic risk remains high. A new framework for retail asset management has been developed.
Research limitations/implications
This study contributes to the retail asset management literature and understanding of the way the contemporary retail landscape is shaping investment management behaviour.
Practical implications
The developed framework provides guidance to real estate managers developing a retail real estate management strategy and will help them recognise tactics to better support the evolving retailing market.
Originality/value
The new framework adds new insights to understanding the process for managing retail assets and the actions necessary for asset managers to address economic/functional obsolescence and sustain asset investment values.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © 2024 The Authors. Except as otherwise noted, this author-accepted version of a journal article published in Journal of European Real Estate Research is made available via the University of Sheffield Research Publications and Copyright Policy under the terms of the Creative Commons Attribution 4.0 International License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ |
Keywords: | Retail market; Asset management; Innovation; Transactional; Operational |
Dates: |
|
Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Urban Studies & Planning (Sheffield) |
Funding Information: | Funder Grant number ECONOMIC & SOCIAL RESEARCH COUNCIL ES/R005117/1 |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 17 Jun 2024 15:38 |
Last Modified: | 24 Feb 2025 16:46 |
Status: | Published |
Publisher: | Emerald |
Refereed: | Yes |
Identification Number: | 10.1108/JERER-01-2024-0004 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:213596 |
Download
Filename: Revised_AM_Paper_Submission_19.04.24_no_tracked_changes (1).pdf
Licence: CC-BY 4.0