HAMISH MCRAE: Space for the revolution in the shopping center

HAMISH MCRAE: Space for the revolution in the shopping center

Use it or lose it. That's the brutal truth we all face when we go shopping. If we buy our books on Amazon, we should not be surprised if the nice little bookstore on the corner to the fast food store.

However, when the emergency of Main Street in the last week was massively attracted to the Budget by Finance Chancellor and somewhat hampered, there is another form of retailing that faces equally strong headwinds – shopping malls.

The Sunday email revealed in September that investors had started betting on the demise of malls outside the city.

Prosperity: Westfield ranked number one last month in the top 50 UK shopping malls, but is located in West London

Prosperity: Westfield ranked number one last month in the top 50 UK shopping malls, but is located in West London

Prosperity: Westfield ranked number one last month in the top 50 UK shopping malls, but is located in West London

According to reports, 200 of them are threatened, barely a week goes by without closure being announced.

It's true, some are fine. Westfield was voted number one in the top 50 British shopping malls last month, but is located in West London, a prosperous area. For others it is more difficult. Even the mighty Metrocentre in Gateshead, the largest in the UK, is on the block.

A consortium led by the Peel Group made a £ 2.8 billion pitch last month for its parent Intu, which also has a number of other centers.

A threat is also an opportunity and we should certainly see the transformation of shopping centers.

There are a lot of ideas on how to make better use of the space. The most obvious alternatives are apartments and offices, and that is happening right now.

But in the US, where the withdrawal of shopping malls has taken longer and the retail space is even larger, there are more imaginative applications: schools, hospitals, churches, gyms – even a farm. That should happen here. As?

Well, developers are looking for opportunities because they can be good at it. However, they need support from local authorities and communities.

The former should acknowledge that, apart from blatant planning mistakes, they could have made things worse in a small way, for example through poorly estimated traffic restrictions.

Each time a guard hands out a parking ticket, it is a driver who tries to go elsewhere or bring the things to the door.

In communities, they need to learn to appreciate the change of use rather than just seeing the developers as just for a quick turnaround.

But the big issue here is that in a country with a growing population and wealth, there is a need for buildings and the land they stand on. Instead of resisting an inevitable change in our way of life, it is a matter of adapting the real estate to the needs of the future.

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It could be forgiven that it was missed on Friday. However, the new analysis suggests that the German economy contracted by 0.3 percent in the third quarter as a result of a decline in car production due to the introduction of new emissions controls. The forecast came from the Kiel Institute, one of the leading economic research organizations in Germany.

Two points. If this forecast is correct, it is quite plausible that Britain will grow faster this year than Germany and not slower. That would be a little surprise, right?

The other is that while there are many aspects of the German economy that are brilliant, they rely too much on one industry – the cars – and that the leadership is under pressure. Example: In the last quarter, Tesla sold Mercedes for the first time on the US market, and BMW should also be out of date in this quarter.

The reasons why Angela Merkel fought for a long time as chancellor are more political than economic, but historians may look back on this period as the end of an economic period.

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Halloween last week was the tenth anniversary of the founding of Bitcoin, an event that triggered a series of stories about the environmental disaster that consumes as much electricity as Ireland and so on.

Will it still take ten years for governments to find a way to tax them … or kill them?

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