„Instead of continuing to speculate about the new normal, as an industry, we need to discuss what (permanent) actions we want to take with respect to those changes.”

“In some cases, schemes are trading at the same or even higher sales densities than previous years and, in many cases, better than pre-pandemic, 2019 levels.”

“We recognize that the traditional model for urban malls needs to evolve in the face of shifts in consumer habits, e-commerce growth, new technologies, urbanization, declining use of private transportation, and a localization of demand towards accessible services and environmental sustainability.”

“Many people believe that commercial real estate projects should learn from theme parks and build upon the concept by planning events and other activities that make them even more of a destination than before.”

“The retail sector needs to act now to show it is committed to a ‘green recovery’ from the pandemic and to demonstrate to customers, supply chains, investors, and other stakeholders that sustainability plays a core role in its business strategy.”

“Without the physical aspect of real estate, you cannot obtain the same engagement, fulfilment, or experience: It is simply not as effective.”

“According to a study by Simon-Kucher & Partners, customers miss brick-and-mortar retail, with 90% of respondents indicating that they are looking forward to being able to visit local stores again once the lockdown has been lifted.”

“While the pandemic rages on, the climate crisis remains ever-present.”

The pandemic has turned the world’s economy and the retail landscape on its head. For the retail sector it has been a year like no other, but it is becoming clear that the health crisis has impacted the industry at different degrees. Although outlet centres are not immune to the pandemic’s toll, they have recovered at a much faster pace than other retail formats when restrictions were eased or lifted.