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In this episode, Nick and Allan’s discussion focuses on the transformation of UK retail real estate and the future of the sector. Allan Lockhart, CEO of NewRiver REIT, reflects on his unconventional career path from insurance broking to property investment and how shifts in technology, e-commerce, and consumer behaviour have reshaped retail spaces. He explains the evolution from long-term leases to a more operationally driven market and champions omnichannel retailing — where physical stores complement online sales as critical “last-mile” distribution points. He highlights the enduring strength of convenience-led retail, retail parks, and grocery-anchored assets as consumers prioritise accessibility and efficiency.
The conversation then widens into economic and policy themes. Allan emphasises the resilience of UK consumers amid inflation and high interest rates, buoyed by strong employment and elevated savings. He calls for decisive government fiscal reform to reduce debt and stimulate investment, particularly through business rate and stamp duty reforms that could unlock real estate growth. Looking ahead, he envisions NewRiver doubling in size through strategic acquisitions and data-driven decision-making, with AI and predictive analytics central to this growth.
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