The reinvention of the shopping centre will require a new tenancy mix.

Shopping centres worldwide are being forced to undergo change at an accelerating rate, and it’s changing the pattern of demand for franchise businesses. Of course, shopping centres have always evolved in the past, but change has tended to be gradual. For example, the increasing importance of junior anchors, the influence of new urbanism on design, and the declining importance of multi-level department stores.

The difference now is that change is being driven by technological disruption, which has proven to be a much more demanding taskmaster than, say, demographics or urban design have been in the past. So demanding, in fact, that retail professionals now talk about the transformation of shopping centres with terms like ‘reinventing’ and ‘reimagining’ – words that for once are probably as apt as they are boring.

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