The clue is the mix. Multifunctional re-uses in former retail real estate properties

Abstract

In view of the increasing sales dynamics in online retail, city centres and retail properties are currently undergoing profound changes in their use. Stationary retail is reducing its demand for space, department stores are closing, shopping centres are losing their tenants – the functions within the city centres are being re-mixed. The retraction of retail stores from city centres offers the opportunity for other uses: living, offices, leisure and culture or hotels. Over the last 25 years, Germany has had extensive experience regarding the conversion of former department store properties. The buildings are being less frequently re-used as pure shopping destinations. Instead, hybrid, multifunctional re-uses are increasing, especially since 2015. Redevelopment for new uses is time-consuming and technically complex, but generally feasible in the existing buildings. It extends the period of use of the properties through sustainable re-use. The experience gained from the redevelopment of abandoned department stores in Germany can be of value to other countries that are confronted with department store closures (United Kingdom, Netherlands) and can even be used for the redevelopment of shopping malls.

Determination of the capitalization rate based on generalization of the trading segment market information

“…-date of assessment; -information gathering technique; The date of assessment plays an important role; this is the principle of assessment activities [15]. Given the dynamism of the market and its constant updating, setting a specific date makes it possible to analyze the situation only in one or another period, that is, to cut data at a certain moment, and then comes expert forecasting, an analysis of possible…”

Approach to the assessment of the competitiveness of real estate objects in retail

“…According to these requirements, the three most suitable real estate objects in the specified area were selected [13,14]: The characteristics of the selected real estate objects are also displayed in table 2 in columns 4,5,6. For each of the three selected objects, the level of implementation of the specified characteristics was assessed on a 5-point scale and columns 4,5,6 were filled in Table 3 [15]. The calculation of the final level of competitiveness (C) for each of the three real estate objects was carried out according to formula (1), the results are presented in table 4.…”

Research on the possibility of improving energy efficiency in the hospitality industry

“…The competitive advantage of one hotel over another can be assessed when both hotels meet identical guest needs related to related market segments [13][14][15]. The needs of a client looking for accommodation to attend business events will differ from those of a client planning to visit city attractions or concerts [16]. In this regard, the selection of real estate options and the calculation of their competitiveness should be carried out within the framework of each individual request [17].…”