Our Services

We understand the drivers of successful retailing in today’s sophisticated and complex consumer markets.  We have a track record in helping our clients achieve out-performance in asset value growth & deliver profitable retail sales.  We are regularly called on to give Expert Witness evidence in cases that relate to consumer markets and retail profitability.

Please click on an option below to find out more about how we can help you…

Performance Measurement & Improvement

Performance measurement & improvement is our flagship client service. We use most of the individual services we offer to identify tangible linkages between asset value and the size and character of the consumer market and retail sales, profitability & rent potential. We help you to deliver the asset value goal, whether the market is falling or rising:

“Achieve out-performance in asset value growth by identifying & delivering sustainable levels of passing rent and improvements in tenant mix that have a positive impact on yield”

The processes we use deliver answers to the following questions:

  • Who are our customers?
  • How many do we / could we attract?
  • Who are our most valuable customers, how do we identify them?
  • How do we target these customers and measure the change?
  • Why are some of our tenants more successful than others?
  • What turnover do our tenants achieve?
  • Are they profitable?
  • What rent can they afford, can we leverage that?
  • How do we identify the retailers who will deliver for us before we lease space to them?
  • How can we best configure retail space to optimise sales & rent paying ability?

Our work is about attracting more of the right customers, getting them to visit more often and spend more during their visit. It’s also about understanding rent sustainability and quantifying the scope to maximise upside, whilst minimising downside comparisons with passing rent. We help to ensure that the space you own is properly configured to optimise profitable sales. This is the surest route to asset value out-performance.


Achieving performance improvement requires a strategy, soundly based on the findings of the research and agreed by the asset management team. Strategy will embrace: tenant mix; space configuration; harnessing marketing activity to help deliver asset performance objectives. We are experts in developing research based asset strategies and working to refine these within the asset team.


Fees spent on a strategy report are wasted unless the recommendations result in management action to achieve an agreed goal. Implementation is a team effort involving asset management, leasing, marketing and retail market specialists, working to deliver the asset value goal. Millward Associates can make a valuable & pragmatic contribution to the team. We act as advocates for the research evidence whilst supporting the team with retail & consumer market advice and evidence of performance change as decisions are implemented.

Performance Change Monitoring

Measuring performance change involves quantifying & understanding consumer demand & retail supply through time. The measures we use have been perfected over many years and relate changing visitor volumes, profile and shopping activity to tenant turnover & profitability. The objective is nothing less than to describe how asset value is influenced by consumers & retailers and to harness this knowledge to help deliver asset value outperformance.

Consumer Insight Research

We have a reputation for perceptiveness and the quality of our analysis. Our USPs are two-fold; firstly that our industry experience helps us ensure that the research delivers actionable recommendations of real relevance to our clients. Secondly that those with the experience design, analyse & interpret to bring range and depth to the project. Our retail business consultants develop an unsurpassed understanding of the markets in which our clients centres trade. The conclusions we reach and recommendations for action that we make are firmly rooted in the market realities.

Discussion Groups

We use discussion groups where the needs of the project demand in-depth evidence of consumer attitudes & shopping behaviour. We use our unrivalled experience of the way consumer and retail markets work in the specification of discussion groups and preparation of discussion guides. We ensure that discussion group evidence integrates seamlessly into the wider research programme to deliver maximum value from the investment. In particular this means using discussion group evidence to refine the design of consumer surveys, ensuring that surveys engage with issues of real importance to you and your customers.

Consumer Surveys

We design and implement consumer surveys with a clear focus on the need for actionable results. On-street or mall, door to door or by telephone; whether the sample size is 500 or 5,000 we bring a sophisticated level of insight to our consumer survey work. Our market leading analysis techniques get right under the skin of the consumer. We find that the insight we bring is inevitably influenced by the work we do elsewhere on the client project. For example, given that when we know tenant turnover achieved in a shopping centre it ought, in theory, to be possible for consumer survey evidence to arrive at the same value. This deceptively simple test is one we pass on every project, lending added credibility to the results of our research.

High Value Customers

We make a speciality of testing that old business maxim that 80% of revenues are delivered by 20% of customers. We call them High Value Customers. Understanding them involves research to indentify who this 20% of customers are, how they shop and how their profile, behaviour and attitudes differ from other visitors. The outputs include actionable recommendations designed to get more High Value Customers through the doors of your centre. These recommendations can include tenant mix proposals as well as targeted, marketing based initiatives.

Pedestrian Flow Surveys

Pedestrian flow evidence is a fundamental building block when quantifying consumer markets. Many shopping centres and retailers enjoy the benefits of automated footfall counting systems. In the event that you don’t have a system, or the needs of the project demand knowing pedestrian volumes at other locations outside your centre, we can help. We use tried & tested techniques that are proven to be accurate and cost effective.

Catchment Analysis

We know the techniques in use today. More importantly we have direct experience of the relative capabilities of each technique and which is best suited to the task. Logically, catchment demand has to be sufficient to accomodate retail sales actually achieved. Our work on both sides of the consumer demand / retail supply equation ensures that we have strong sense-checks concerning catchment size. Too many third party catchment demand analyses fail to quantify the value of consumer spending required to sustain the value of sales actually achieved in our clients’ centres. When we analyse catchments, our clients can be confident that the result will accurately reflect real world performance.

Retailer Space & Sales Audit

As consultants who have worked at senior levels in the industry on which we consult, we are expert in determining the sales & profit performance of retailers and food service businesses.

Selling Space Measurement

A key factor in tenant sales performance is the amount of selling space from which they trade and the effectiveness with which gross space is converted into selling space. We undertake selling space audits to establish selling areas on all our projects, whether for an entire city centre or an individual shopping centre.

Turnover  Analysis

Knowing the turnover achieved by each of your tenants is fundamental to a soundly based assessment of rental income security. We have unique experience of retailer performance across the spectrum from the marginal to the super-profitable. We understand the building blocks of profitable retailing and have access to a wide range of information sources. We can identify the turnover achieved by your tenants with a high degree of accuracy. In conjunction with analysis of consumer demand, our knowledge of how retailers perform enables us to identify what mix of retailers is capable of maximising profitable retail sales in your centre.

Sustainable Rent Analysis

Understanding tenant sales performance is an essential first step to an objective analysis of income & asset value security. However, knowing sales alone is not enough. Once we’ve established your tenants’ sales performance we identify how profitable they are, how sustainable rent compares to passing rent and how upside potential can be realised and downside risks minimised.

Tenant P&L Analysis

We are leaders in the analysis and understanding of retail & food services profitability. Every year we analyse the financial statements of and talk to hundreds of retailers about their businesses. Profit & Loss analysis is the culmination of our work with tenants. It is the lens through which retailers’ performance and their strengths & weaknesses are revealed and from which action recommendations for asset performance improvement flow.

Tenant Mix Optimization

Our knowledge of tenant sales & profit performance in a wide range of market sizes & conditions is second to none. We understand how sales & profit densities vary according to the dynamics of the market concerned (size, footfall volumes, consumer profile, competition). This expertise has equipped us to help our clients identify the optimum mix, of merchandise and of tenants capable of fully exploiting the market opportunity, at sustainable levels of profit & rent paying potential.

Targeted Tenant Recruitment

Retailers lease shops in the hope of making a profit. If they always succeeded in this goal, leasing shops would be simple enough. Unfortunately they don’t, which is one of the reasons getting their favourable attention is such a challenge. Having helped you identify your target consumer market, Millward Associates can go further by supporting leasing activity. We do this by preparing market based evidence that focuses the retailer’s attention on the profit opportunity. We do all the work for the target retailer; succinctly presenting the evidence of market size and character; quantifying the opportunity for them; demonstrating the turnover & profit potential for their business.

Impact Studies

We have the experience & expertise necessary to determine the potential impact of any proposed change to the status quo in the retail market in which your centre trades. Our starting point is to understand present market demand and supply characteristics. This provides a secure platform from which to investigate the impact of the proposed market change. Long term relationships with centres have enabled us to perfect research techniques that deliver credible evidence of future potential and the opportunity to compare market changes predicted in the past against the reality as the years unfold.

Expert Witness

Our consultants have the right combination of experience, expertise and an authoritative command of the retail and retail property industries to act as effective expert witnesses. We have been called to give such evidence on numerous occasions and our evidence has resulted in significant material impact on the determination of cases ranging from loss of profits to planning appeals.