Up to 40% of shops must be repurposed in next five years, UK local leaders claim

theguardian.com:

Up to 40% of shops will need to be reinvented into anything from go-kart tracks to food markets over the next five years or “wither on the vine” as demand for physical retail wanes, local leaders have claimed.

The need to repurpose retail space was named as the biggest concern for local authorities, landlords, developers and other town centre management professionals as part of a survey by their trade body Revo and the consultancy Lambert Smith Hampton (LSH).

The research showed 61% of those surveyed believed that between 20% and 40% of retail space needs to be reinvented in the next five years for leisure, hospitality, health or civic use, with 12% of those surveyed claiming even more space than that will need to be repurposed.

The issue stood above worries about inflation and a recession, the business rates burden and competition between physical stores and online shopping.

“There is a danger that if our towns don’t transform then some will wither on the vine before the decade is out,” said Vivienne King, the chief executive of Revo.

Steve Norris, head of regeneration and planning at LSH, said: “This shows the scale of the challenge town centres are facing and the radical surgery required.”

However, Norris said it was not “all doom and gloom for town centres” as “we are entering into one of the most exciting and creative periods in their long history as it is not just about retail any more. It could be a town centre renaissance”.

At a conference in London on Wednesday, attenders talked about bringing homes, offices, food and drink venues, entertainment and markets into space no longer required for shops.

Green space and more attractive spaces where local people can spend time – without feeling the need to spend money – were