Industry comment: Looking ahead to 2026 – part one
The retail and leisure industry is in a constant state of change. As consumer habits shift, retailers – along with landlords, asset managers, and agents – must be quick to adapt to new challenges.
The past year has seen a continuation of many of the trends which have emerged in the post-pandemic retail industry: restricted budgets as a result of higher costs of living have seen a ‘flight to quality’, with many consumers looking to get more bang for their buck when spending their cash. As a result, food and beverage and leisure brands as we have seen over the last few years, have continued to benefit as consumers seek experiences over one-time purchases. In addition, many beauty and wellness brands have also seen an uptick in their sales as customers look to get the most out of their money.
But what’s in store for 2026? Rather than gaze into a crystal ball, Completely Retail News has opted to ask the experts. Here are some thoughts from across the industry:
Poppy Matson, commercial leasing manager at Sloane Stanley:
“In recent years, our estate has been a key location for independents, and 2025 continued that trend. We welcomed a debut pop-up for de Savary, Minka Dink’s second pop-up on the King’s Road, Bijoux de Mimi, and independent restaurants such as The Chelsea Grill and Beef & Bass. These additions reflect the broader shift towards distinct, character-driven retail and F&B concepts.
“However, whilst independents and pop-up retail are still a core part of our fabric here at Sloane Stanley, we are seeing a strong pull from wellness, leisure, and lifestyle-focused operators. The arrival of Third Space in 2026 is a key example, highlighting increased demand for health, wellbeing and experiential uses that draw people in for more than just retail.
“This marks an important industry prediction for 2026: successful estates and destinations will be those that balance independents with a broader mix of wellness, leisure and service-led tenants. These operators create reasons to visit more frequently and support a more resilient, future-proofed tenant ecosystem.
“The estates that adapt early, as ours is already doing, will be the ones that stay relevant, reflecting how people want to live, shop and spend time in 2026 and beyond.”
Paul Carter, asset director at Peel Retail & Leisure:
“As we enter 2026, outlets will need to offer far more than traditional retail if they want to stay competitive. The destinations already taking this step are the ones cementing themselves as true crossover locations ahead of the curve. Others will need to catch up quickly, because the shift in shopper expectations is no longer emerging; it’s well underway.
“At Gloucester Quays, we have already seen this transformation take shape and expect it to accelerate into 2026. Today’s shoppers want more than markdowns: they look for variety, atmosphere and activities that enhance their visit. Our approach over the past year reflects this, with a broader mix of new retailers joining the centre and several existing brands reinvesting in upgraded stores, clear signals of long-term confidence.
“We have also strengthened our event-led offer. The Gloucester Quays Food Festival welcomed more than 50,000 visitors, demonstrating the strong appetite for occasions that bring people together and encourage longer stays. In addition, the introduction of a 14,000 sq ft leisure operator, Clip ’n Climb, reinforces the importance of diversifying beyond retail to encourage return visits.
“What we’ve observed is clear: the highest-performing destinations are no longer defined by retail alone. As we move into 2026, success will come from bold, forward-thinking decisions that keep spaces fresh, exciting and genuinely multi-dimensional, an approach Gloucester Quays is already leading.”
Louisa Butters, head of retail asset management UK at CBRE IM, Ashley Centre:
“It’s been an important year for the Ashley Centre. We have completed our refurbishment and are implementing our strategic, forward-thinking asset management to continue serving our community in the best way that we can.
“Our goal has always been clear: to create a more welcoming, modern, and vibrant destination for the Epsom community, and 2025 has been a year of laying strong foundations for that vision. From refreshed interiors to improved accessibility and upgraded public spaces, each phase of work has been undertaken with our visitors, retailers, and local partners firmly in mind.
“As we look ahead to next year, the momentum continues. A key milestone in 2026 will be the arrival of our new anchor store Primark, which will further strengthen and refresh our tenant mix. It reflects our commitment to enhancing the retail experience and responding directly to the needs and expectations of our visitors. We are committed to investing further in our public realm, and we’re also preparing to welcome several exciting new retailers and food operators, who will bring even greater variety and energy to our mix.
“In a market shaped by shifting consumer needs and behaviours, it’s important to maintain relevance, and asset managers are taking varied approaches to ensure their schemes remain competitive. Therefore, making sure our destinations align with the people they serve will be essential moving into 2026. We expect this community-focused approach to play an increasingly pivotal role across the industry in the year ahead.”
Chris Lidington, director of retail, FMCG, and logistics at CACI:
“Retail in 2026 will be shaped by three main trends that continue to redefine how consumers interact with brands and physical space.
“Resilient to economic pressures, demand for wellness services continues to grow, especially among younger generations who increasingly view wellbeing not as a luxury but as a necessity. As a result, more commercial space will shift toward health, fitness, mental wellness, and preventive-care concepts, embedding wellbeing firmly into the everyday retail landscape.
“The UK will see a growing influx of international brands, driven by rising consumer openness to global trends. The boom in Korean beauty, Asian collectables, and niche overseas labels reflects a broader appetite for discovery and cultural crossover. Supportive tariff structures are further encouraging this growth, making the UK an increasingly attractive launchpad for international retailers looking to expand.
“Finally, experiential retail will move from novelty to norm. After gaining momentum in 2025, 2026 will see flagship stores evolve decisively into experiential hubs designed to build emotional connection and long-term loyalty rather than simply drive transactions. Retailers will treat physical spaces as extensions of their media strategy, acting as an immersive brand playground as much as a store. Success metrics will shift beyond in-store sales to include engagement and influence.”
Ben Cox, asset manager at Metrocentre, CBRE:
“Despite the challenge of e-commerce, the performance of physical retail, and in particular womenswear, has been defying expectations.
“Throughout 2025, fashion at Metrocentre just got better and better. This was exemplified by womenswear significantly outperforming last year’s monthly sales, proving the category is more than just resilient; it has the potential to thrive. Imagine saying that a few years ago?
“It’s not been plain sailing for fashion retail, we cannot ignore there have been struggles and losses along the way. Yet, what has become increasingly clear is that a growing focus on creating a quality experience in bricks-and-mortar is paying dividends.
“The integration of experience-led shopping and customer connection has no doubt played a part in that category success. In 2025, we welcomed 17 new retailers, including best-in-class womenswear brands Urban Outfitters and Stradivarius for its regional debut, with further fashion commitments already secured for 2026. The brands’ decisions to invest in new space with the latest shopfits demonstrates a wider industry appreciation for physical retail that offers scale, visibility, and increased customer engagement.
“A key part of this success has been our commitment to curating a complementary tenant mix, particularly focusing on the beauty and lifestyle categories, to create the right environment for fashion to thrive.
“The message is clear: for brands that get it right, destinations like Metrocentre can attract customers that want to, and will, spend. Fashion anchors still play a crucial role in driving footfall, even as leisure expands its footprint, and physical locations create engagement and loyalty in a way that online never can.
“2025 was another landmark year for leisure concepts in destinations like ours, but it hasn’t come at the expense of fashion retail. As we look ahead to 2026, our focus will be on maintaining this momentum, and ensuring Metrocentre’s appeal continues to stretch to best-in-class retail, and the millions of customers that rely on it.”
Tom Stobbart, centre manager at The Liberty Romford, said:
“Community is at the heart of everything we do at The Liberty, so the fact we are embedded in the heart of Romford is incredibly fitting.
“As London’s leading satellite shopping centre for retail spend opportunity, we boast a strong annual footfall of 13.6 million with a demographic that dwells for long periods of time. We recognise the importance of understanding these consumer habits and what resonates best with our community, as demonstrated through the overwhelmingly positive responses we’ve had to some of our recent openings, including lifestyle brand MINISO and retro fashion retailer 80s Casual Classics. It remains crucial that we continue to appeal to our community and take stock of what will have the biggest impact on customers local to Romford.
“We stand by our approach of generating transformation through accumulation, securing brands that match our demographic, working in tandem with one another to make the biggest impact possible. As we look ahead to 2026, this is something we anticipate maintaining through exciting additions to our retail and leisure mix.
“The smaller investments we’re making across the centre are making a big impact, which ultimately improves the experience of our visitors, keeping them coming back for more and providing them with the best retail experience possible in 2026 and beyond.”
Alistair Winning, asset and development manager at Sovereign Centros from CBRE, for Merry Hill:
“2025 has been a defining year for Merry Hill, marked by bold innovation and future-focused investment that’s shaping the centre for the decade ahead.
“With footfall up 5% year to date, despite industry challenges, it’s clear these strategic decisions are resonating with customers and reinforcing Merry Hill’s position at the forefront of modern retail and leisure destinations.
“A standout moment of the year was the launch of the new 100,000 sq ft M&S, now 27% bigger and serving the catchment with a next-generation store format, rooted in convenience, sustainability and contemporary style to draw visitors back time and time again.
“UK firsts, including the country’s first standalone of Apple Premium Partner ‘Select’, underscore Merry Hill’s commitment to securing cutting-edge brands and elevating the regional retail landscape. Equally forward-looking is the continued success of the award-winning leisure quarter, now fully let and proving how curated entertainment and dining can transform visitor expectations and customer longevity.
“The arrival of Carnival Golf and Games in 2026 adds another dimension to this future-ready offer, creating an evolving tenant mix continuing to anticipate and meet guest needs.
“For a sustainable future, Merry Hill has installed over 2,500 solar panels on the roof, bringing the average renewable energy consumption up to 68%, alongside 100 EV charging points.
“Altogether these achievements have set a powerful foundation for long term growth, setting Merry Hill in a prime position to lead the next chapter of retail and leisure.”
Chris Renshaw, co-founder and director at The Momentum Group:
“At The Momentum Group, we have the advantage of spotting emerging trends early, as we work closely with landlords and brands across the retail and property sectors on retail delivery. One of the clearest shifts we have seen this year is the growing emphasis on partnership – not just between organisations, but between the individuals who make those organisations work.
“More clients are seeking relationships built on trust, collaboration, and genuine connection, rather than transactional arrangements. We are increasingly finding that people want to work with someone, not simply hire them.
“A prime example of partnership is our long-standing relationship with Liverpool ONE. Having delivered approximately 250 retail and leisure units at the destination over the past eight years, our Liverpool-based team lives and breathes the location, always going above and beyond to solve any problems innovatively and on time.
“Looking ahead to 2026, we expect this shift to accelerate. Retail and property clients will increasingly prioritise working with teams who feel like true partners – people they know, trust, and collaborate with closely. For businesses across the sector, those who invest in genuine partnership will be the ones who stand out.”
Louisa Dalgleish, leasing director at Outlet Shopping at The O2:
2025 has been stellar for The O2 on all fronts. Year-after-year, we see the success of our leasing approach, which is reflected by both the calibre of brands choosing to be part of our destination and the performance they achieve due to our highly engaged and loyal consumer base.
We’ve remained committed to the ongoing evolution of The O2, whether this be through the transformation of void mall space into a 3,731 sq ft unit for Clip n Climb, securing an abundance of London outlet debuts, including New Era, kate spade new york, and Lovisa, a UK first for Guinness World Records, or driving reinvestment from long-standing tenants into existing stores, such as New Balance. Sustaining this positive momentum will be a key priority in 2026, with a renewed focus on refining and optimising our tenant mix to ensure we continue to deliver an unmatched, 360-degree, day-to-night experience across F&B, leisure, and retail that is enduringly appealing to consumers.
Our reputation as a collaborative and proactive landlord will continue to position us favourably as we seek to secure further high-quality brands. We will also deepen our engagement with existing partners to enhance their propositions, enabling them to make the most out of their stores, and we will elevate the overall guest experience with on-site activations and cross-campus events, ultimately driving increased sales across the destination.