Retail transformation accelerated
“Covid-19 has closed unprofitable stores and changed consumer habits,” says Håvard A. Nustad, Director & Partner at Pangea Property Partners.
Increased online shopping has put rent levels at high street retail and shopping centers under pressure. However, Norwegian shopping centers have reported higher turnover (+4.3%) in 2020, driven by increased domestic consumption.
“Going forward, retail properties will need a mixed offering customized the local market and competition. Retail properties will also be an important key for e-commerce as last-mile-logistics hubs. Opportunistic investors are now positioning themselves for these opportunities post-corona,” says Nustad.
Nustad has more than 25 years of experience from commercial real estate. He has advised clients across all segments in the Nordic region as partner at Pangea over the last 10 years. As examples, he has advised Aspelin Ramm on the NOK 2.0bn sale of Alna Senter, Citycon on the NOK 12.3bn acquisition of Sektor Gruppen, and Salto Eiendom on the NOK 5.0bn sale of the company.To news archive