May 2025
Chancellor Rachel Reeves’ October 2024 budget changes to National Insurance and business rates this April, plunged the retail landscape into another period of uncertainty.
Added to this are constant doom and gloom headlines, continually forecasting the decline of retail, with warning of closures and economic strain: the UK lost 13,479 stores in 2024, an almost 30% increase from March 2023.
But among these challenges, landlords have proved their resilience. Over the last decade, they have been in the process of future proofing their shopping centres by shifting the focus from traditional retail models to more dynamic, experience-led spaces that better cater to the needs and demands of their local communities.
From climbing walls and boutique gyms to immersive play spaces, breakout areas, vibrant street food markets, and innovative workspaces, GCW, alongside its peers, and asset managers, have been working with landlords and local authorities to ensure centres are at the forefront of what the consumer wants.
The pandemic accelerated this need to be experimental. And while some concepts thrive, there have been those that failed. But ultimately through trial and error, this transformation has delivered tangible results of increased footfall, dwell time, and while examples are many, they must continue to remain in a state of constant evolution.
The Login Lounge at The Atrium, Camberley, is a GCW project that provides high quality co-working environment, with all day F&B offerings alongside supporting space for live events, like music, and comedy nights.
Stratford Roof East, a Newham London Borough Council- led initiative at Stratford Centre, London E15, took underutilised space to create a rooftop hangout, with street food, bar, outdoor cinema and mini golf. Testament to the success of embracing this model, it is being brought back for its 11th year.
At The Heart Shopping Centre in Walton-on-Thames, GCW has played a pivotal role in driving the diversification of the centre by introducing leisure operators such as Gymfinity Kids Centre, and Rock Up to enhance its appeal.
Historically, the centre faced challenges in attracting retailers due to preconceived notions about its commercial potential. But integrating the leisure offerings with a strong F&B line-up, means there are now compelling reasons for both operators and the local community to re-engage with the scheme.
Another centre GCW acts on, where strategic decisions regarding tenant mix delivered results, is 17&Central Shopping Centre in Walthamstow.
As part of a decision led initially by Capital & Regional, and embraced by new owners New River Retail, an underperforming mini golf offering was replaced with Play Central, a children’s play area that opened in September that has changed its appeal and increased visitor dwell times, attracted young families, and heightened demand for F&B operators from a previously untapped demographic who live and work within the area.
Simply changing operator can also make a huge difference. Success at Sheffield Plate, also GCW, has stemmed from the landlord’s decision to bring the management in-house. The key lesson here has been that the ‘cookie-cutter’ food hall model doesn’t always work, and the hands on approach gives the freedom for adaptability in changing economic circumstances such as the cost of living crisis, when shoppers are tightening their belts.
In a movement away from retail to deliver another new concept, the Market Walk Shopping Centre, Northampton, has partnered with national leisure developer STACK, to morph into a leisure and social community hub.
Due to open in Spring 2026, it will be a venue offering live music, family friendly entertainment and independent operators with the aim to reinvigorate the city and improve the daytime and night-time to provide a focal point for both its local community and wider appeal.
What these examples show is that for landlords, the future is not about clinging to outdated models but embracing experimentation and the experiential.
Not every concept will succeed. But as GCW has shown with its exploration of the alternative sector over the last 6 years, by finding and delivering winning strategies, we help aid centres in securing their future success, as not only a retail offering but where business meets culture, and where shopping integrates seamlessly with leisure and other community uses.