A framework for the management of retail assets

PurposeThe retail investment landscape in the UK has drastically changed. Understanding owners' responses to this structural change is critical to gain insight into protecting investment performance. This paper identifies and evaluates the tactics and strategies being adopted.Design/methodology/approachThis paper employs a mixed methods research approach, using data collected from semi-structured interviews with professionals involved in the retail investment process. This is supplemented by secondary market data analysis.FindingsThe paper assesses the practical responses made by retail property owners/managers, structured around emerging sub-themes. Actions include mitigating short-term risks through greater use of temporary tenants/licensees and independent retailers, preparing generic "white box" retail space to capture remaining tenant demand, exploiting the tenant mix to provide "the retail experience," and applying new technologies and processes in a sector where systematic risk remains high. A new framework for retail asset management has been developed.Research limitations/implicationsThis study contributes to the retail asset management literature and understanding of the way the contemporary retail landscape is shaping investment management behaviour.Practical implicationsThe developed framework provides guidance to real estate managers developing a retail real estate management strategy and will help them recognise tactics to better support the evolving retailing market.Originality/valueThe new framework adds new insights to understanding the process for managing retail assets and the actions necessary for asset managers to address economic/functional obsolescence and sustain asset investment values.