As technology is evolving and the demand for innovation is increasing, we are starting to see a powerful shift away from the traditional retail sector to a modern online environment, which will impact the future of shopping centres as we know them. In this changing market, retailers, investors and developers are looking for new and innovative ways of attracting customers by providing more than just a service, but instead an experience. However the close management and large asset size means that the impact of the five technology meagatrends listed by speaker Antony Slumbers on shopping centres are a much more complex compared to other asset classes. All of the above and more were debated on Bayfield’s Introduction to Shopping Centre Investments course.
The course that took place this July and offered our delegates the great opportunity of understanding shopping centers as financial assets. Due to the careful selected number of delegates, they were able to better interact with our experts in challenging and innovative debates and activities such as practical leasing exercises, case studies and shopping centers tours.
As with all Bayfield courses, the experts that joined us came from a wide range of backgrounds: from property consultancies and analytics to development and online services or academia. Anthony Banfield was the course coordinator, offering great insight into the history of shopping centers, what drives their performance as well as the infallibility of lease strategy and financial modelling of retail assets.
He was followed by a number of speakers, such as Ronald Nyakairu from Local Data Company, presenting the way their company collects data and offers insights into thousands of retailers across the UK. From CACI, Jennifer Beattie presented their ACORN geo-demographic classification and explained the importance of tailoring your services to the customers. The delegates also had the opportunity of learning from Lawrence Chadwick, who has years of experience in developing shopping centers such as the Grand Arcade in Cambridge, therefore allowing them to understand the complexity of such a project and the market itself.
From Ipsos Retail Performance, which partnered up with Bayfield for the course, Peter Luff presented the different metrics of retail performance and the way their company allows businesses to gain a better understanding in their centre’s performance, identify consumer trends and map consumer journey from end-to-end.
— IpsosRP (@IpsosRP) July 11, 2017
Audra Lamoon from Livewire has also ensured delegates not only understood the importance of taking care of their clients, but also how essential it is to look after their employees, understanding the way these can work together in order to improve the performance of the centre.
On the second day of the course, Professor Leigh Sparks from Stirling University raised some important questions for our delegates in terms of the way the retail is changing in the UK and the future implications for shopping centers, discussion which was continued in the last day by the Antony Slumbers. He gave a fantastic presentation on the new business models that arose due to the technological megatrends and the way these trends have changed the way consumers approach shopping.
— Natalie Bayfield (@NatalieBayfield) July 12, 2017
On the second day, the delegates visited the One New Change shopping centre which is owned by Land Securities. A great tour was offered by the General manager, Charlotte Fletcher, which allowed the delegates to better understand the complexity not only of developing a shopping centre but also managing one.
As always, one of the highlights of the course was the networking dinner, which took place in the evening of the first day at the London Wall Bar & Kitchen. This was a great opportunity for all the delegates and experts to meet in a more informal environment and discuss about their common passion in real estate investments.
Our Introduction to Shopping Centre Investments Course continues to attract experts and delegates from all around the world due to its unique and varied program that allows any participant not only to network with a wide range of professionals in the sector, but also apply their knowledge to different activities through the three days. And our growing list of delegates and experts continue to keep in touch well after the course.
Join us for our next course on the 16th and 18th of October 2017. We look forward to welcoming you as part of this very special club, meeting the challenges of this brave and rapidly changing, international retail landscape. To book your place you can contact Kendal: email@example.com
By Patricia Rus, Retail Research Intern at Bayfield Training