The retail sector has endured a prolonged period of upheaval that has led to retailers facing financial distress. As a result, the retail industry has been experiencing a rising number of retailers undertaking Company Voluntary Arrangements (CVAs). Using existing literature, secondary data and primary research drawn from semi-structured interviews with a broad range of high-profile stakeholders, this study will review the impacts of the CVA phenomenon on shopping centre formats. This approach will allow for an in-depth analysis of landlord and tenant perspectives and pressures, to understand the strategies that are being undertaken by these stakeholders to mitigate the impact of CVAs. The results show that CVAs have had a significant impact on the net income of shopping centres and have heightened tensions between landlords and tenants due to game playing and opportunistic negotiations between parties to secure the best outcome from the market. Interestingly, the most common strategies to overcome the CVA storm involve transforming the challenges into potential opportunities, which is possible thanks to the structure and management capabilities of shopping centres. Policy updates are all the same necessary to promote unity in the sector. Considering the under-researched nature of CVAs and the impact on shopping centres, this research paper ends with recommendations on policy and opportunities for future research.

During the COVID-19 pandemic, the UK government has applied national and regional lockdowns that have greatly reduced the ability to travel for daily activities such as work or shopping. The changes in behaviour resulting from these restrictions have had spatial implications by creating a shift in the urban system, and particularly the urban retail system. High streets located near offices have seen great reductions in footfall whereas those located near residential hubs were most resilient. During lockdown, high accessibility of the area by public transport and high median household income of the catchment area both led to lower footfall. However, high ratios of retail, residential and leisure land uses increased footfall, as well as distance to central London and high residential density within the high street catchment. Our findings show that, to create resilient high street, there should be a greater push for residential uses on and around the high street, and a preservation or increase of retail units, as well as a decrease in the centralisation of the workplace. Whilst there are certainly dangers to the deregulation of the planning system, the adaptability that it facilitates for land use change may allow for the creation of such resilient high street. Findings also encourage policies that seek to decentralise urban systems, such as the 15-minute city model.