Connect with us

Current

Peter Todd, Founder, Portus Retail

Voice Of EU

Published

on

Peter founded Portus Retail in 2016 with the aim of creating places that perform as retail destinations for shoppers with shopping environments that are adaptable to retailers in a rapidly changing market.

What are the main changes in the physical retail sector that you expect to define the market in the post-covid world?

The number of store closures and the consolidation of retail, F&B and leisure outlets are reshaping the look, feel and content of city centres and shopping centres. This is driven by more than store closure; it also reflects changes in consumer behaviour that require the physical retail sector to reinvent itself to remain relevant. The recently announced plans for revised and substantially reduced retail content to the development plans for Croydon Town Centre are an example of this. Town centre retail and shopping centres need to be or become mixed-use developments offering facilities that consumers want and will visit – offices, cultural attractions (more leisure), education facilities, community uses such as medical centres are all examples of the content that owners of retail locations will need to repurpose their centres to accommodate. In addition to this, the changing role of the physical store is a factor that will reshape centres; online sales growth is a permanent shift in the market and Covid has accelerated that. Physical stores need to offer customers both convenience and experience, this will mean store sizes will change and mainly reduce in size as they serve a role as both a point of sale, a showroom and in many instances click and collect for the fulfilment of an online sale once the customer has browsed the products! Smaller stock rooms, smaller store sizes will all require the owner and retailer to work on physical reconfiguration, potentially releasing space for alternative uses such as those mentioned. 

 

What have been the most significant changes to consumer behaviour that you have witnessed since the pandemic and Freedom Day? What is the key to addressing them?

There has been a strong customer return to physical shopping in recent weeks since the lifting of many of the Covid restrictions. This has been confirmed by the results of the major online retailers where the growth has stopped. In today’s FT Walmart reported disappointing online sales growth in Q2 and on the same day a surge in physical store sales from a strong back to school campaign in the US. There is a clear divide in the level of caution of consumers based largely on age, customers below 45 seem more confident in visiting physical retail locations, we have observed this at one of our larger centres – Docks Bruxsel in Belgium. We have also seen a very strong return to shopping with our footfall being substantially higher than during the same period of 2019, pre-pandemic. Unsurprisingly there has been a shift in consumption with more customers focussed on fashion, F&B and leisure than during the lockdowns as they purchase the items and experiences that were less available to them and less on home goods and electronics which had a boom during the pandemic. In my view, this increase in footfall for Docks is also because of consumer trends. CACI has recently released a consumer survey confirming post-pandemic trends, this identified an increased desire to support local retail centres, to visit retail destinations that were open-air, environmentally positive and offered multiple attractions with mixed-use, not just retail as well as an experience. Destination leisure, offices, event space significant F&B in an environmentally friendly environment are all characteristics of Docks. In the CACI report, they also confirmed the clear divide in intent to visit physical retail locations among younger customers and a shift favouring local high streets, shopping centres and away from large city centres.

 

Are there any concerns regarding managing future covid waves? 

Most retailers and owners have learned a great deal during the pandemic about how to operate and engage with customers to reassure them with healthy shopping environments and social distancing measures being well defined. That should put the shopping centre market in a good position to cope with further waves. The risk remains more to be the unknown, stringent lockdowns and enforced closures impact cash flow and that is the greatest remaining risk along with the challenge of repositioning retail environments as mentioned above. Additionally, there are locations that will not be able to carry out the repositioning either physically or because of economic viability. In my opinion, the economic costs and challenges of repositioning will be the greatest risk and challenge to retail centres.

 

What role do you think temporary retail solutions will play during the recovery?

Embracing temporary solutions will be essential to success for the owners of retail centres. One of the most exciting aspects of the post-pandemic market will be the emergence of new retail and leisure concepts and formats. Temporary lettings, pop-ups, trials of new concepts and those owners who can accommodate and incubate the new formats with temporary retail solutions will in my view be the more successful owners. We are seeking to keep available floor space in a “white box” format for exactly this as the new formats emerge and develop.

 

What does the future hold for Portus Retail?

I am very optimistic for the future, there shall be an unprecedented need for repositioning of retail real estate; this will at times be painful, difficult, and expensive. As I have mentioned not all centres will have a viable future. We have already seen some of the emerging consumer surveys and corporate results confirm a return to growth in physical store retailing. I am therefore positive about the prospects for the sector, provided that these is locations and centres that are successful in the repositioning mentioned. This will be a huge economic and management challenge with the need for very hands-on management of the retail environments. The changes to come will present an opportunity for owners and investors, provided they are focussed upon the key consumer trends in the sector and prepared to work extremely hard. In conclusion, I expect Portus Retail to be extremely busy working upon repositioning of retail environments.

Source link

Current

Tumble-down cottage in Wales is one of the most viewed properties on Zoopla

Voice Of EU

Published

on

A tumbledown cottage in Wales has become one of Britain’s most viewed properties for sale – because it is all about location, location, location.

The rundown three-bed home in a stunning seaside town near Swansea is the second top-viewed property on Zoopla.

It goes up for auction with a £300,000 guide price and auctioneers, Dawsons, expect a bidding war today and tomorrow due to its sought after location.

The cottage is in the village of Reynoldston on the Gower Peninsula which was Britain’s first area of natural outstanding beauty.  

The Gower Peninsula was designated an AONB – area of natural beauty – on May 9, 1956, and today it welcomes hundreds of thousands of visitors each year.

The Gower peninsula has been a popular tourist destination since the 1950s as it is an area of stunning natural beauty

The Gower peninsula has been a popular tourist destination since the 1950s as it is an area of stunning natural beauty

The property would need a sizable budget and a realistic vision to renovate it as it has become tired over the years

The property would need a sizable budget and a realistic vision to renovate it as it has become tired over the years

The special status has saved the Gower from being overdeveloped while preserving it as a stunning location for generations of visitors and holidaymakers to enjoy.

With easy access to some of Wales’ most stunning beaches and coastline, the house is nestled within the heart of the beloved peninsula which stretches out into the sea.

The village facilities include a Post Office, St.George’s church as well as the King Arthur Hotel.

All of which are just around the corner from the cottage which is also within walking distance of award-winning beaches for plenty of peaceful walks.

Sian Musgrave, head warden, told Wales Online that without the AONB status, development would have been inevitable with more caravan parks and hotels, she said: ‘What is unique about this landscape is that it has been preserved,’ she said.

‘There is a sense that we are all working together to hold onto something very special.’

The house is going to auction with a guide price of £300,000 and is property website Zoopla’s second most-viewed online property across the UK for all of April.

The lone large bathroom of the three bed property is up to date and usable for new owners but may want to revamp it

The lone large bathroom of the three bed property is up to date and usable for new owners but may want to revamp it

The one reception room in the cottage houses a fireplace, stone floor and wooden shelves as well as a sunken window

The one reception room in the cottage houses a fireplace, stone floor and wooden shelves as well as a sunken window

Estate agents Dawsons described it as an ‘opportunity to purchase a delightful detached cottage, situated in a quiet country village of Reynoldston nestled in the heart of Gower.’ 

However, they added: ‘The property requires full renovations and is ideal for investment.’

According to Zoopla, the average asking price for a detached home on Gower peninsula is currently £493,369, with the average sold price overall within the last 12 months standing at £354,613.

The home is in need of a full renovation project both inside and out so the new owner will have to have a good budget and vision for the property.

There is potential to keep horses on site as the house comes with just under an acre of land  surrounding the home, plus there’s separate gated access into the field beyond the front garden, ideal for equestrian use.

The property has acres of land ideal for horses and woodland for plenty of time to enjoy the peaceful Welsh countryside

The property has acres of land ideal for horses and woodland for plenty of time to enjoy the peaceful Welsh countryside

The kitchen houses another fireplace and would need updated appliances and structural work

The kitchen houses another fireplace and would need updated appliances and structural work 

One of the three bedrooms in the house which has a crumbling roof and fatigued interior

One of the three bedrooms in the house which has a crumbling roof and fatigued interior

The floorplan of the cottage shows off the rooms over two floors with plenty of potential for new owners

The floorplan of the cottage shows off the rooms over two floors with plenty of potential for new owners

The cottage has two entrances and two floors as well as wooden furniture and staircase leading up to the bedrooms

The cottage has two entrances and two floors as well as wooden furniture and staircase leading up to the bedrooms

The kitchen measures 2.88m by 3.35m and is in need of some updates to modernise the cottage and bring it up to date

The kitchen measures 2.88m by 3.35m and is in need of some updates to modernise the cottage and bring it up to date

Through a gated entrance there is currently parking for one car at the rear but most of the garden is at the front of the cottage.

It has just over an acre of more land that comes with the house but is not adjacent to it.

This bonus land is mainly woodland and does not have vehicle access but does have pedestrian access.

For cash buyers only, the house is going to auction with Dawsons Property with a guide of £300,000.

Auction registration is now open with the bidding opening on Monday, May 16 at noon and will close on Tuesday, May 17 at noon.

Dawsons estate agents expect a bidding war over the cottage as it is in a beautiful area with a close community

Dawsons estate agents expect a bidding war over the cottage as it is in a beautiful area with a close community 

Another of the three bedrooms in the house which would need attention and modernising to give the cottage a new life

Another of the three bedrooms in the house which would need attention and modernising to give the cottage a new life

The Gower - Britain's first area of natural beauty is a sought after holiday destination so the cottage could be rented out

The Gower – Britain’s first area of natural beauty is a sought after holiday destination so the cottage could be rented out

Woodland and a parcel of land ideal for a paddock comes with the cottage which has acres of potential

Woodland and a parcel of land ideal for a paddock comes with the cottage which has acres of potential

The cottage comes with an acre of land for the new owners to enjoy the Welsh countryside and landscape how they wish

The cottage comes with an acre of land for the new owners to enjoy the Welsh countryside and landscape how they wish

The Gower became preserved after plans for a Butlin's holiday camp were rejected but tourists still flock to the seaside town

The Gower became preserved after plans for a Butlin’s holiday camp were rejected but tourists still flock to the seaside town

Source link

Continue Reading

Current

Universities want Leaving Cert moved to May to ease pressure on students

Voice Of EU

Published

on

Universities want Leaving Cert exams to be shifted to May to reduce stress on students and give families more time to find accommodation when college offers are made.

Their comments follow a report in The Irish Times on Monday that Leaving Cert results and college offers may be issued later than the traditional mid-August date.

Students and colleges fear that late results could delay the start of the academic year for thousands of first-year students and results in a last-minute scramble for accommodation.

In a letter to the Minister for Education Norma Foley, the Irish Universities Association (IUA) – which represents eight universities – warned that late results would have a “hugely disruptive” effect on Leaving Cert students’ further study and career options.

Jim Miley, the IUA’s director general, said later than normal results last year resulted in first year students being admitted to third level about three weeks late.

“This meant that the orientation process for first-year students was negatively impacted due to capacity constraints, as all other student cohorts had already returned to college by that time,” he wrote.

“It also resulted in first year students facing an even greater challenge in finding accommodation in an already stressed environment.”

Planning

Mr Miley asked that date be finalised “immediately” to facilitate more orderly planning.

“Even in a ‘normal’ year, results in mid-August are too late. To achieve this, we believe that the final examinations should be brought forward by at least a month, with a similar advance in the results timetable.

The Technological Higher Education Association, which represents technological universities, also warned that delayed entry to higher education would present “quality assurance” issues in relation to a shorter semester for first years, exam pressures, and late publication of timetables for all students.

“Late induction for the first year cohort limits the opportunities for peer interaction with existing students who have returned to class and there is limited availability for academic staff to engage due to teaching commitments,” it said.

“The consequences are not only at an academic management level but for students anticipating the uptake of an offer, early planning in respect of student accommodation remains crucial. Similar consideration attaches to students contemplating a move across international boundaries.”

Education authorities recently told higher education representatives that there are logistical challenges in finalising a date for issuing this year’s results.

These include a deferred sitting of the Leaving Cert exams for Covid-19 reasons and the Government’s decision that the outcomes of this year’s Leaving Cert will on aggregate be “no lower” than last year’s.

Clarity

The Irish Second Level Students’ Union (ISSU) also called for clarity on the results date to given as soon as possible.

ISSU president Emer Neville said it was vital not just for students’ mental health, but also for accommodation deposits and those planning to attend college abroad.

“The ISSU would urge the department to give clarity to these students as soon as possible to mitigate these issues, and also to begin work with international counterparts to ensure students can continue to study abroad should there be delays,” she said.

Ms Neville said the union recognised the importance of the second sitting of exams, which were put in place for students who may fall ill or suffer a bereavement during or before their exams.

“It is vital that the second sitting of exams goes ahead and that they are respected as an important component for the 2022 state exams, they are there for fairness.”

Source link

Continue Reading

Current

Ivanhoé Cambridge acquires distribution center in Hamburg (DE)

Voice Of EU

Published

on

Ivanhoé Cambridge has acquired a large logistics and distribution centre from ADF Asset Management Co, Ltd., a South Korea based asset management firm. The property had been in an ADF fund since 2015, whose LPs are large Korean institutional investors. H&M Group, single-tenant since occupancy in 2008, leased the 114,500m² property, ideally located on an approximately 150,000m² site. This H&M Group distribution centre in Hamburg Allermöhe, Rungedamm 38, supplies varied European markets of their store networks. An interdisciplinary and international team of Avison Young investment experts from Germany, the UK and Korea exclusively advised Ivanhoé Cambridge on this transaction.

 

Christian Daumann, Head of Investments Germany, Ivanhoé Cambridge, said: “With the acquisition of this logistics asset in Hamburg, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe. We are delighted to have worked on this transaction with the experienced team of Avison Young.”

 

Mehdi Patrick Riahy, Managing Director & Head of Capital Markets Germany, Avison Young, commented: “The German and in particular the Hamburg logistics investment market are highly attractive for both domestic and international investors. We are very pleased to have exclusively advised Ivanhoé Cambridge on this landmark transaction and to have had an excellent outcome for both parties.”

 

Penny Hacking, Lead European Capital Markets, Avison Young UK, said: Avison Young’s cross-border investment expertise combined with in-depth regional market knowledge has allowed us to complete this significant transaction, despite a challenging economic climate. We are proud to have advised our client on their first direct logistics acquisition into the German market, which remains highly competitive, as an increasing number of investment companies shift their focus towards the sector. Our strength in collaborating across multiple geographies to provide holistic, data-driven advice has helped secure this year’s largest single asset logistics transaction in Germany to date.”

 

CG Kang, Team Leader, Global Alternative Investment Advisory Division Capital Markets Group, Avison Young Korea, commented: We worked as one team and knowing the exact needs of the seller and buyer helped us to maneuver the deal into right direction for successful closing.”

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!