Aurèle Gouy, VP, Asset Management | Global Retail Real Estate Executive | $15B+ Asset Management Experience in the U.S. and Europe.
In asset management, success is often equated with flawless execution and stable projections. But after managing over $15 billion worth of retail real estate portfolios across Europe and the United States, I’ve learned that true value doesn’t come from perfection. It comes from resilience and adaptability.
Perfection Is Static. Resilience Evolves
Retail real estate is inherently dynamic. Consumer habits shift. Anchor tenants evolve. Digital disruption has become a constant. In this environment, I’ve found that the best-performing portfolios are not the ones that follow rigid plans. They are the ones designed to flex.
Traditional metrics such as long-term leases or consistent occupancy can give a false sense of stability. What truly matters is whether an asset can adapt to change—quickly, intelligently and profitably.
Redefining The Retail Asset
Over the past decade, my focus has been on repositioning and future-proofing retail assets. That includes enhancing value through mixed-use transformation—reducing the retail gross leasable area (GLA) when it no longer serves demand and introducing residential, office or hotel components that reinvigorate the ecosystem.
In some cases, this meant repurposing surface parking lots by constructing structured garages. The result? The same number of parking spaces, but newly available land for mixed-use development. While improving the asset’s financials, these types of moves also helped transform underutilized retail centers into activated, 18-hour destinations.
Resilient portfolios embrace this kind of adaptability. It’s not about holding on to every square foot. It’s about extracting the highest and best use from every part of the site.
Retail Strategy After Covid: Partnership First
The Covid era reshaped how we work with tenants. If the pre-pandemic model often relied on transactional leasing, the post-pandemic reality demands a more collaborative, strategic approach.
Today, success comes from working hand in hand with retail brands to understand their goals, customer behavior and evolving needs. This includes aligning on the right space, in the right location, and supporting them as they roll out flagship concepts that reflect their brand vision.
With a surge of new retail developments over the past five years, competition for both foot traffic and strong tenants has intensified. Landlords can no longer just offer space—they need to offer the right platform for tenants to thrive. The best results come from strong relationships.
Smaller Can Be Smarter
Reducing physical space doesn’t mean reducing value. In fact, thoughtful downsizing can drive better outcomes. When you create what I call “retail tension”—a curated mix of tenants, fewer vacancies and a stronger sense of place—you can increase consumer interest. That often leads to higher rent per square foot, better tenant performance and longer-term stability.
This is especially true in top-performing retail environments where experience, location and merchandising matter more than footprint. Value is about making every square foot count.
Lessons From $15 Billion Of Cross-Border Experience
Here are three truths that have shaped my approach to retail asset management over the years:
• Cap-ex agility beats cap-ex volume. In my experience, portfolios that respond quickly and precisely to shifting market dynamics outperform those that rely on big but unfocused investments.
• Design with flexibility in mind. The most successful retail assets aren’t frozen in time. They’re designed to evolve with the people who use them.
• Leadership is about iteration. Resilient leaders make decisions with conviction but remain open to feedback and new data. That mindset drives value creation.
A New Definition Of Asset Value
The future of retail real estate will not be defined by GLA alone. It will be shaped by the ability to adapt, to integrate uses, to serve evolving communities and to deliver performance even in the face of uncertainty.
I’ve seen this firsthand, from large-scale shopping centers in capital cities to urban infill sites with complex entitlements. The common thread? Resilient strategies consistently outperform perfect plans.
Value comes from assets that are flexible, operationally sound and part of something bigger than themselves. It comes from leaders willing to reimagine space, not just preserve it.
Perfection may be comforting. But in today’s market, resilience is more likely to create lasting success.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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