Historically, we must go back to the time when integrated retail, organised within a single building or in adjacent buildings, with the same operating hours and services, became independent from the value chain of mass distribution. Before then, there had been the so-called ’Drugstores’, comprised of simple real estate products where retailers were also owners, organised in retail condominiums.
This fragmented ownership component was overcome in 1985 with the opening of the Amoreiras Shopping Center in Lisbon, the first mall of the modern era and whose rupture from the paradigm was based, above all, on joint ownership.
Since then, the sector’s growth has been based on economic and social conditions, as well as the policies in force. Large national operators, from construction, distribution and industry, as well as, later on, international operators, undertook the development and management of traditional centres. As of the year 2000, new specialised formats began to appear, such as Retail Parks and Factory Outlet Centres, revealing the natural course in which this sector was maturing.
Future trends
An increase in the quality of the existing stock through expansion / renovation of the projects and the growing inclusion of digital processes and functions conceived for retailers in terms of logistics (B2B), and for customers (B2C) in terms of retail, marketing and services, will, in the short term, be the dominating trend in this industry. It is certain that this symbiotic complementariness between the physical and virtual worlds will be taken to unprecedented levels with a focus on the customer.
Along with this silent revolution, other types of formats may emerge that did not exist until now. As an example, I note urban retail projects where city streets and public squares are revitalised within a shopping centre logic.
We have witnessed the appearance of leading projects in Northern European countries such as the UK and Netherlands, where real partnerships involving private managers and municipalities drive the revitalisation of historic centres with projects of great quality.
Considering the natural, architectural, historical, tourism and security conditions we have in our cities, it is not hard to imagine the tremendous success this format could have here. And, as long as there is willingness, “There is still plenty to do!”