Retail is not dead and regionally dominant shopping centres offer an attractive value play

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• The consumer has taken control of the retail relationship which is putting pressure on retailers’ margins, as they face increased competition and a need to invest in a full reconfiguration of their supply chain to offer an “Omni-channel” distribution model
• This pressure on retailers’ margins is likely to limit rental value growth prospects over the short-term, as traditional bricks and mortar retailers’ space consolidations leave more voids than online pure play retailers establishing a physical presence absorb
• In our view, regionally dominant shopping centres and second-tier touristoriented city high streets represent an attractive “value play” for investors, as we feel the entire sector is being tainted by the same doomsday brush despite the fact that the operational performance of these schemes remains strong