PRRES 2022: Adaptation of the retail investment market in the UK

Event Start Date:
19th January 2022
Event End Date:
19th January 2022
Event Venue:
Virtual, Australia

Adaptation of the retail Investment market in the UK: changing tenant covenant perceptions and flexibility in the lease model

Pacific Rim Real Estate Society 2022, Virtual, Australia

Dr Allison M Orr, Dr Alan Gardner, Dr Cath Jackson and Dr James T White


The retailing industry in the UK, while dynamic and responsive to changes in consumer demand, is experiencing unprecedented structural change. The focus of attention on the consequences of these changes for urban centres has typically been on the retailers themselves and the impacts on local services and economies but with little attention given to the implications for property owners. Yet, understanding the responsiveness of landlords and their behaviours is an important step towards mastering and managing the adaptive mechanisms within a retailing system.

A qualitative research approach is adopted in this study to examine the changes, before and during the pandemic, on the retail investment market. The findings, based on the analysis of primary data collected in semi-structured interviews, reveal fundamental changes in the leasing model.  This paper explores the changes to the lease model and landlords’ perceptions around tenant covenant, and the implications on the valuation of retail assets.

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