Rebalancing Retail Space: Reanchoring, Alternative Uses and Destination Creation

Retail asset management is being rebuilt around a single idea: the most resilient retail space is no longer a row of shops but a curated destination. The Retail Asset Management Tribe at CREAM UK 2026 examined how owners are reanchoring schemes, finding alternative uses for vacant space, and designing for footfall through experience. The discussion was forward-looking and data-driven - success now depends on forecasting a decade ahead, reading consumer shifts accurately, and retaining the agility to pivot. Despite the disruption, the Tribe closed on a confident note.

Tribe Host: Rob Hardie (Landsec)

Co-Hosts: Stephen Daniels (Redical), Louisa Holmes (British Land), Fergus Egan (Orchard Street), Tom Webster (Henley Investment Management) and John Maddison (Quadrant Estates)

Summarised by: Khaleed Aremu (The Land Collective)

Strategic Rebalancing and Asset Evolution

The central focus is strategic rebalancing. Owners are moving away from traditional retail models through reanchoring, identifying alternative uses for empty space, and concentrating on destination creation. Standard mall formats are changing, with hotspots going micro - smaller, targeted zones designed to maximise footfall and engagement within a scheme. Retail parks are evolving well beyond the simple shopping-strip setup into more dynamic spaces, and supermarkets are undergoing structural change, with specialist market operators increasingly taking over traditional formats. The most forward-thinking projects are pushing retail far past its old boundaries, with key London shopping areas being actively curated into complete destinations rather than rows of shops.

Agility, Forecasting and Demographics

Agility and foresight are now non-negotiable. The Tribe stressed the importance of forecasting ten years ahead to stay in front of market shifts, and the equal importance of the willingness - and data - to change strategy quickly when something is not working. The retail landscape moves on evolving consumer needs, and demographics, age in particular, remain a highly influential factor in judging the potential of any asset or concept.

Data, Operations and Urban Planning

Data and operational realities ran through the conversation. The Tribe examined dark kitchens through case studies of where they thrive versus where they fail to launch, and debated the pedestrianisation of high streets - far from a one-size-fits-all solution, with scenarios that deliver strong economic results set against others that can harm trade. Data-driven decision-making featured heavily, drawing on insights from firms such as CACI, alongside omnichannel data harvested directly from physical locations through services like Click & Collect, then aggregated to shape new strategies and decode complex consumer behaviour.

Developer Strategy and the Rise of Independents

On future strategy, the Tribe was clear that novel or unconventional projects demand caution and discipline to de-risk. A winning destination relies heavily on its environment, including the use of natural landscapes to provide a sense of enclosure and aesthetic separation from busy adjacent roads. And there is a marked surge in independent retailers, reflecting an occupier mindset shifting towards "no to high rents, yes to premium quality."

Biggest Opportunity: Destination Creation as a Source of Long-Term Value

The strongest opportunity lies in destination creation - transforming underperforming or conventional retail into curated places that pull footfall through experience, environment and the right mix of occupiers. Owners who reanchor schemes thoughtfully, embrace alternative uses for vacant space, and design with the customer and the surrounding environment in mind can capture the rising demand from independent retailers seeking quality over cost. Backed by genuine data and a willingness to pivot, this approach turns the disruption reshaping retail into a source of long-term value rather than a threat to it.

Biggest Challenge: Managing Risk When Moving Beyond Proven Formats

The principal challenge is managing the risk inherent in moving away from proven formats. Reanchoring, alternative uses and unconventional projects all require owners to act ahead of certainty - forecasting a decade out, reading consumer and demographic shifts correctly, and committing capital to concepts that have no established track record. Pedestrianisation and formats such as dark kitchens illustrate the point: what succeeds in one location can fail in another, so each decision must be underwritten carefully rather than applied as a template. The task for owners is to stay agile and data-led enough to pivot quickly, while exercising the caution that novel projects demand.

CREAM UK took place on 23 June 2026 at Fulham Pier, London.

Find out more about the event at space-plus.org/cream-uk