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Retail real estate does not just provide Europeans places to shop — it offers them community hubs where they can socialize and be entertained, notes a recent ICSC report.
“Given that they impact virtually every community across Europe, retail properties are a vital component of the fabric of everyday life and are a cornerstone for communities,” says the report, titled The Socio-Economic Impact of European Retail Real Estate. “From a social point of view, these retail properties act as meeting places to gather, socialize and enjoy leisure and entertainment opportunities or take advantage of cultural and educational programs.”
And not only do they provide important venues for their citizens, but the shopping centers themselves offer good examples of citizenship by, for instance, striving to be ecologically sustainable, the report notes. Developers are using energy-efficient building materials, lighting and refrigeration systems, renewable power sources, water conservation and waste recycling and other measures designed to lessen impact on the natural environment.
Shopping centers are also open to all, regardless of income or ability.
“Being free, access to retail properties is socially inclusive, and the entry barriers to enjoy services, leisure and entertainment are low,” the report says. And the fact that they are accessible to those with physical handicaps makes them all the more inclusive.
“The growth of e-commerce has changed the role of the store, but it has not diminished the relevance and value of maintaining a physical presence,” says the report.
Neither has it diminished the relevance of shopping centers in general. “Socially, the retail real estate industry is at the heart of civic life in European communities, and place-making has become the cornerstone of retail real estate development and management.”
The full report may be viewed here.
By Edmund Mander
Director, Editor-In-Chief/SCT