The downturn hit retail hard, and the opening of One New Change in London last year comes towards the end of a boom period for building shopping centres.
Supermarkets continue to dominate the retail sector, but with growing complications in planning law, and scepticism over the coalition government’s Localism Bill, the market for rebranding and refurbishing high-street convenience stores has exploded.
Poundworld is set to expand as a business by 148 per cent between 2010 and 2015, increasing its estate from about 46,000 sq m to about 86,000 sq m.
The major food retailers are also cashing in on the convenience sector. Last November, Sainsbury’s announced plans to open 50 new convenience stores by the end of March. The supermarket giant is targeting much of its development activity in the North and West, where it says it is under-represented.
Sustainability will remain high on the agenda throughout 2011 as Tesco strives to build more and more timber framed stores. It expects to invest around £1.6bn in property over the coming year.