How impactful asset management is bringing footfall back to town centres

The gradual hollowing-out of town centres has been unfolding since the 2008 financial crash, but recent years have marked a more dramatic chapter. In 2024 alone, the UK lost around 37 shops a day, equating to nearly 13,500 permanent retail closures.

The picture today looks much the same. Thousands of stores, many belonging to well-known high street names, have shut their doors, with even long-standing staples disappearing from our town centres.

Against this backdrop, the role of asset managers and developers has never been more important. The goal is no longer simply to fill units, but to drive meaningful footfall, creating destinations that serve both businesses and the communities around them.

At Altered Space, this approach has shaped the transformation of schemes such as Stanley Square in Sale and Cockhedge Shopping Centre in Warrington. Both assets, sold at the end of last year, stand as strong examples of how thoughtful asset management and strategic development can revitalise shopping centres and help safeguard the future of our high streets.

Retained as asset managers at Stanley Square in Sale

Stanley Square is a clear example of what can be achieved through a long-term, community-led strategy. Since 2019, Altered Space has led the transformation of this 15,000 sq. m scheme, delivering a full repositioning that blends retail, leisure, commercial space and childcare facilities.

The results speak for themselves. Over the past 12 months, footfall has increased by more than 10%, alongside consistently high occupancy levels and a significant uplift in both income and asset value. This success has led to Altered Space being retained as Asset Manager following the scheme’s recent acquisition.

Today, Stanley Square is fully let, with a diverse tenant mix that caters to everyday needs while also offering standout retail and leisure experiences. Importantly, many of these businesses are independent and locally owned, creating a strong sense of identity and collaboration within the scheme.

Community engagement has been central to this success. Events such as makers’ markets, Chinese New Year celebrations and seasonal activations have helped bring people together, turning the centre into more than just a place to shop, it’s a place to connect.

To learn more about community events, check out the link here: How community events create footfall and foster local pride

Stanley Square, Sale

Increasing occupancy at Cockhedge Shopping Centre

Cockhedge Shopping Centre presented another familiar town centre challenge: too much outdated retail space and declining occupancy driven by changing consumer habits and increased competition.

Since acquiring the scheme in 2019, Altered Space has implemented a strategy to “rightsize” and modernise the asset, aligning it with current demand while unlocking future regeneration opportunities.

This approach has delivered strong results. Occupancy has increased to 98% by floor area (94% by unit count), supported by a more balanced tenant mix and the introduction of complementary uses such as leisure and food and beverage.

A key part of the transformation involved the demolition of approximately 65,000 sq. ft of redundant retail space, creating land for future residential development. The remaining scheme underwent a comprehensive refurbishment, completed at the end of 2025, including new external-facing retail units, a contemporary façade, upgraded entrances and enhancements to the public realm and car park.

The centre was also rebranded in collaboration with Studio DBD, reflecting the heritage and identity of the local area.

Beyond retail, Altered Space continues to invest in the long-term future of the site. The company retains ownership of a standalone 10,000 sq. ft unit, where planning permission has been secured for a new GP hub capable of serving up to 12,000 patients, with delivery targeted for 2026–27.

Cockhedge demonstrates how rethinking legacy retail space can unlock both immediate commercial value and long-term urban regeneration opportunities. While the retail element of the scheme has now been sold, Altered Space remains committed to shaping the next phase of the site, continuing to enhance its role within the town and for the people who live there.

Revitalising town centres

The stories of Stanley Square and Cockhedge Shopping Centre show what’s possible when asset management goes beyond traditional retail thinking. By focusing on community needs, diversifying uses and creating places people genuinely want to spend time in, shopping centres can once again become relevant destinations.

This is a model that Altered Space is continuing to build on. Following the success of these schemes, the team is pleased to have been appointed Asset Manager for the Grosvenor Shopping Centre in Macclesfield, working with EP Property on another town centre asset. Drawing on the same strategic, community-led approach, Altered Space will work to reposition the scheme, strengthen its tenant mix and restore its role at the heart of the local area.

As high streets continue to evolve, the opportunity to reshape and future-proof these spaces has never been greater. Altered Space remains committed to delivering asset management strategies that not only drive performance but also create lasting value for communities.

If you’re looking to unlock the potential of a retail or mixed-use asset, the team is always happy to start a conversation about how their experience and approach can help. You can speak to a member of our team here: Contact us