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NewRiver in the press

CoStar: Revo reviewed: The future of retail and all that - 21 September 2018

21 September 2018

Revo reviewed: The future of retail and all that

Forget Brexit and Chequers going pop, the big issue the retail industry is grappling with continues to be how to respond to the consumer’s relentless move to online shopping and entertainment and the knock on effect that is having on store requirements and the high street. The good news is this week’s Revo 2018 in Manchester saw the industry out in force with credible and innovative solutions. In addition lobbying body Revo has really found its voice on a host of issues. CoStar News caught up with attendees to see just how they are facing up to the structural changes in their market...

Allan Lockhart, chief executive NewRiver REIT, was in a particularly positive mood about his retail focus - community shopping centres

“Notwithstanding the wider challenges in the market, we remain positive and continue to work closely with our retailers, many of whom continue to take space in our portfolio, with particular demand from grocery and essential good retailers. Morrisons and Co-Op results endorse this. In a subdued economic climate, consumers seek out value and that is precisely where the NewRiver portfolio is positioned.

“We are working on a number of long-term strategies to adapt to the changing retail property market. We are building out our asset management platform, and are pleased to have signed an asset management agreement with Canterbury City Council for Whitefriars Shopping Centre. We are seeing an increasing number of local authorities purchasing shopping centres

“Our development portfolio is growing too, with plans to extend and enhance our assets. We are creating mixed-use centres with the potential to add 2,500 residential units in the air space above our assets and we are also introducing medical practices into our centres. We also plan to expand our pub portfolio from 20% to 35%, following our acquisition of Hawthorn Leisure in May 2018.

“Innovations in technology are having a big impact on the sector too and we are developing strategies to use tech and digital to improve our operations including more intelligent security, smarter use of data and click & collect.”

ENDS