ENERGY EFFICIENT REFURBISHMENT IN AUSTRALIAN SHOPPING CENTRES
||Reed, Richard G.; Sara J. Wilkinson
||ENERGY EFFICIENT REFURBISHMENT IN AUSTRALIAN SHOPPING CENTRES
||Book of Abstracts: 13th Annual European Real Estate Society Conference in Weimar, Germany
||Retail shopping centres are a dynamic business in Australia, annually generating $51 billion in sales, employing nearly half a million employees and having an asset value of AUD$69 billion. There are 1,338 retail shopping centres in Australia ranging from large regional centres of more than 100,000 square metres of retail space down to smaller, supermarket based centres of around 5,000 square metres. Importantly they account for 28% of the retail space and generate 41% of retail sales (PCA, 2005). Retailing is an extremely competitive environment where consumers have a wide range of options with regards to purchasing goods. They can shop locally at outlets or the strip mall, in bulky goods warehouses, on-line, via the television, via catalogues or home shopping, and notably all compete directly with retail shopping centres. In effect, if shopping centres are not attractive to consumers, they will not be attractive to retailers. The 1990s saw the first major wave of renovations, extensions and redevelopments of shopping centres following the initial construction phases of the 1960, 70s and 80s (Schwanke, 1994) and the majority of development is the redevelopment of existing centres. Refurbishment can occur when there are changes in the tenancy patterns or anchor tenants or when the existing buildings need repair through wear and tear (Morgan & Walker 1988). In addition refurbishment provides owners with an opportunity to expand, improve the investment and link up with adjoining properties. Most shopping centres are potential candidates for refurbishment in some form around seven years after completion (Schwanke, 1994). Relatively little research has been undertaken on the subject of energy efficient refurbishment of retail property, despite the constant requirement to refurbish existing stock and the link between buildings and greenhouse gas emissions. The trend is Australia is that CO2 emissions are increasing and the sector offers the potential to make significant reductions and contribute to climate change. This paper examines the profile of the retail shopping centre sector and argues the case for and against energy efficient refurbishment. It investigates the increasing importance of climate change and sustainability, as well as how this relates to the construction, operation and refurbishment of retail shopping centres. Whilst the focus is placed on Australian shopping centers there is relevance for the global scenario.
||retail shopping centres; energy efficiency; refurbishment; sustainability; climate change
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