As the world tentatively reopens, we report on how the true scale of retail Armageddon is becoming apparent. 

Retail was traditionally the second-largest component after offices in core institutional real estate portfolios. In recent years, investors and fund managers have been striving to reduce that heavy retail weighting, often in favour of logistics, residential and some alternative property sectors, as we analyse in this report.

How is the sector responding to the many challenges it faces, and where are the opportunities for investors?