9/25/2025

In retail property, it is tempting to measure success by how much you buy or how fast you grow. But the reality is that real success comes from building something that lasts. Growth for the sake of it can be short-lived. Growth with purpose is what creates resilience and long-term value.

Right now, the market is not straightforward. Consumers are changing the way they shop, the economy feels unpredictable, and there is a much greater focus on sustainability. This means anyone looking to expand needs to think carefully about where they invest and why. For me, there are three things worth considering. First, will the asset still be relevant to its community in five or ten years? Second, is there room to improve how it is managed? Third, can it deliver a steady income even if the market changes?

These questions are not just relevant to retail. Diversification is becoming increasingly important as owners balance risk and reward. Convenience-led shopping centres and community retail hubs have a clear role to play, but when combined with well-located industrial and mixed-use assets, they create a stronger foundation. Resilience comes from blending sectors that meet every day needs and can adapt over time. Expansion that looks across uses rather than chasing a single trend tends to prove more sustainable.

Another area that cannot be ignored is management. Owners who want to expand today need to ensure their operating systems can scale with them. Data and AI are transforming how portfolios are managed, turning weeks into days on leasing transactions and shifting arrears management from reactive to proactive. In practice, this means fewer voids, faster deal flow and teams that are freed up to focus on relationships and strategy. It is not about replacing people, it is about giving them better tools. For any business growing in today’s market, strong management is not optional, it is essential.

Development is equally vital. For some, growth means only acquisition, but development plays an equal role. Repositioning tired assets, adapting layouts for modern occupiers, or upgrading energy infrastructure are all forms of development that underpin long-term stability. By taking a proactive approach to how places evolve, owners can ensure that their portfolios remain relevant and valuable.

Sustainability is now central to any expansion strategy. ESG considerations are not just a regulatory or reputational factor; they are directly linked to value. Energy upgrades reduce costs, EV infrastructure attracts customers and generates income, and biodiversity measures improve the places where people live and work. In our own portfolio, the rollout of hundreds of EV bays and renewable energy upgrades has created both resilience and new revenue streams. We also see how tenants are increasingly focused on future-ready buildings, with efficient assets letting faster and command stronger demand. Owners who do not adapt will face rising costs, weaker tenant interest and, ultimately, the risk of stranded assets.

Successful expansion is rarely achieved in isolation. Working in partnership with local authorities is increasingly critical to unlocking growth. Councils want to see regeneration that aligns with their vision, creates jobs and adds vibrancy to town centres. Private investors want projects that are commercially viable and sustainable. When the two sides come together, momentum builds faster, and outcomes are stronger. We have seen firsthand how shared value can be created by listening closely to what local stakeholders want and then applying commercial expertise to deliver it.

None of these matters can exist without financial discipline. Expansion built on weak foundations is not expansion at all; it is speculation. Conservative leverage, long-term lender relationships and risk management give owners the confidence to keep investing even when the market shifts. In my experience, those who grow most successfully are not the most aggressive, but the most disciplined. Protecting downside risk gives you the freedom to take opportunities when others cannot.

At its heart, growth with purpose is about mindset. It is about investing selectively, managing actively and developing thoughtfully. It is about building portfolios that can weather cycles, remain relevant to communities and continue to deliver value for years to come. Sometimes that means saying no to opportunities that do not fit the long-term plan. Sometimes it means investing in areas that will not deliver immediate results but will pay off in the future.

Get that balance right, and you are not just growing a portfolio, you are creating a legacy. In a market that will continue to change, purpose and discipline are the constants that make growth sustainable.