ICSC conference: European shopping centres get local focus right, says Welanetz

Europe leads the field in maintaining the all-important link between a shopping centre and its local environment, according to Bob Welanetz, global retail adviser to The Blackstone Group and ICSC chairman.

Speaking on the future of the shopping centre industry at the ICSC European conference in London on Tuesday, Welanetz said the European approach may have helped the region recover quicker from the retail downturn.

'There is a desire for a connection to local context and real life, and Europe has often done this better than the US,' he said.

The key is being relevant, he added. 'It’s not about building and sorting retailers as we have done in previous iterations, it’s about what is important to consumers.'

While there has been a slowdown in the shopping centre development pipeline due to the economic downturn, the upside is that this has enhanced the ability for existing centres to get back on track, he added. And retail sales growth is now returning.

Welanetz predicted that a strong entertainment offer will play a greater part in the next generation of shopping centres, as will technology. '93% of shopper decisions are influenced by social media,' he said. 'The convergence of technology is what it’s all about, the engagement channels of MoSoLo – mobile, social, local and how quickly we can adapt and adopt is a challenge for our industry.'