29
NOV 2017
Are Retail Spaces Becoming Amusement Parks?
Jaime Diaz de Bustamante, Real Estate Partner at ONTIER.

Are Retail Spaces Becoming Amusement Parks?


Spain

Jaime Díaz de Bustamante, Real Estate Partner at ONTIER, talks about the changes to come in retail spaces in the next few years and their legal implications in an article for Expansión.

Shopping malls in Spain and all around the world are experiencing a major transformation in which the sale of products is leading to a new concept of shopping turning malls into leisure spaces. The main causes of this transformation are the technological progress and the new urban concept. Since the Internet appeared in 1969, there have been many changes in the industry and now a third of the world's population has access to the Internet and everything it offers. In this way, the internet makes it possible for large brands and multinational companies to have direct and immediate access to their customers, allowing them to place orders online from their own homes.

This new concept of leisure space can be perfectly implemented in today's shopping malls, given their multi-brand structure. In this way, the same shopping centre can be transformed into a leisure centre belonging to one of the following categories: workout and sports, creativity and culture, new technologies, and food and restaurants.

The main purpose of this new transformation is to attract more people, thus turning these spaces into interactive and dynamic spaces. This transformation will have immediate consequences for space management. An example of new management is the inclusion of hotel projects in these spaces in order to merge leisure and tourism by creating international consumer packages. Also, since 2015, a larger space within malls is dedicated to leisure, including sport and gaming areas.

These changes also affect those large companies that were originally located in large commercial spaces and are currently moving some of their shops to the city centre to adapt to new customer profiles.

This transformation should certainly be analysed from a legal point of view, taking into account factors such as the existence of surplus buildability for expansion works, checking which activities may be covered by the project, taking into account the fact that there is no sole owner or, making modifications to the terms of licences granted.

We are witnessing one of the biggest changes happening in the leisure sector in recent years, so we must see it as an opportunity and not as a threat. 

Read here the full article (SP only).



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