Prime retail property not immune to further consumer spending falls

Arguments that further “flight to quality” will insulate the landlords of prime retail property from the effects of a renewed drop in consumer spending have a strong intuitive appeal. But there must be a risk that if, as we expect, consumer drops below the levels seen at the depths of the 2008/09 recession, occupiers put all strategic decisions on hold. Such an outcome could be far less favourable for the landlords of prime retail space.