Diogo Mafra and Manuel Bragança Santos author the article “Anchor Stores in Shopping Centres: A Strategic Pillar in the Era of Digital Transformation”

Diogo Mafra and Manuel Bragança Santos, who are members of the Corporate Real Estate and Tourism practice, author the article “Anchor Stores in Shopping Centres: A Strategic Pillar in the Era of Digital Transformation”, published in Vida Imobiliária, in which they analyse the economic and legal role of anchor stores in shopping centres, in a context marked by digital transformation and the growing integration between physical and digital channels.

The economic role of anchor stores in shopping centres

In the article, the authors explain that anchor stores continue to play a central role in the attractiveness and value of shopping centres, acting as traffic drivers and contributing to the overall performance of the asset. Their size, brand recognition and ability to attract consumers justify a differentiated contractual framework when compared with satellite stores.

Store use agreements and the limits of competition law

The analysis focuses on the legal nature of store use agreements in shopping centres, highlighting that these do not constitute a traditional lease, but rather atypical contracts, freely regulated by the parties and governed by the general rules of contract law. This model allows for the negotiation of differentiated rents, rent-free periods, contributions towards fit-out works and exclusivity clauses, always subject to the limits imposed by competition law.

Digital transformation and integration between physical and digital channels

Diogo Mafra and Manuel Bragança Santos highlight the impact of digital transformation on the traditional role of anchor stores, emphasising the increasing integration between physical stores and digital channels. Models such as click & collect raise new and relevant contractual issues, namely regarding the accounting of online sales for the purposes of turnover-based rent, the valuation of footfall generated by in-store collections, and the adequacy of traditional performance metrics, within a context of omnichannel integration.

The need for more flexible and adaptable contracts

The article concludes by advocating the evolution of contractual instruments, underlining the importance of incorporating mechanisms that allow for flexibility and adaptation to structural changes in business models. According to the authors, the ability of anchor stores to position themselves as experience-driven hubs that reconcile physical and digital dimensions will be decisive for their future relevance, and contracts must evolve accordingly, ensuring balanced, legally robust solutions aligned with competition rules.

Read the full article in the attachment below.

(the article is in portuguese only)