The results of Revo and Lambert Smith Hampton’s sixth annual ‘State of the Nation’ research on the retail and leisure sector provide up-to-the-minute insights into the challenges and opportunities shaping our towns, city centres and high streets.

Hosted by 10 retail and leisure trade bodies and with responses from more than 250 respondents in the private, public and third sectors, the survey drew reflections on the period from April 2024 to April 2025, which encompassed a new UK government, a second-term US president and tentative EU realignment. The results reveal the scale of transformation required to catalyse the full potential of retail renewal in a new era of central government.

Online shopping continues to disrupt, with 45% of participants identifying it as a major issue; while 62% of respondents estimate we have up to 39% oversupply of retail space. Nevertheless, town and city centre investment appetite continues, with shopping centres, high street retail, co-working and hospitality ranked first to fourth respectively.