Savills Netherlands
winter 2026
The Power of Bricks
Retail Trends
Introduction
Outlook
Market in Focus
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This Report
Contents
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Retail Resilience Returns
State of Sustainability
Despite ongoing e-commerce growth, brick-and-mortar stores continue to remain significant with almost 80% of retail sales in the Netherlands still occurring in physical locations. Experiential and “phygital” concepts in physical stores are increasingly shaping consumer engagement. Retail is not dead as often claimed, but boring retail is.
Physical retail still dominates sales
Fashion retailers accounted for 28% of leasing deals in G4 cities in 2025, while value discounters such as Normal and Wibra continue to expand, driven by consumer polarisation toward either affordability or premium quality. Value discounters, along with drugstore, beauty and health retailers, are projected to record the strongest growth in the Dutch market in the coming years (3.21% and 3.51% respectively).
Fashion, F&B & Value segments drive leasing activity in G4
2
1
Conclusion
Dutch Retail Real Estate
The Power of Bricks in Retail
The Dutch retail real estate market is undergoing a period of transformation, shaped by evolving consumer behaviour, economic shifts and the growing importance of sustainability.
With ongoing urban densification and rapidly changing consumer preferences, retail continues to play an important role in urban environments and its performance: stimulating activity, strengthening local spending, and supporting the commercial viability of surrounding uses. They serve not only as commercial hubs but also as places of interaction, experience, and community. Despite the rise of e-commerce, physical retail continues to play a key role in shaping the vibrancy of Dutch cities. The performance of the retail real estate sector reflects this complexity: while some locations thrive through repositioning and experiential strategies, others face challenges due to changing spending patterns and digital competition. At the same time, sustainability is becoming a central theme in real estate, with energy efficiency and ESG compliance increasingly influencing decision-making. In this report, Savills explores the latest consumer trends, the performance of the Dutch retail real estate market, and the role of sustainability within retail real estate. We provide insights into why retail real estate remains a cornerstone of urban cities and the broader economy and where opportunities lie for investors and occupiers.
Prime rents stabilise as occupier demand returns
Average time on market: 17.7 months to 9.8 months.
Retail space is leasing faster again
3
Prime rents in Amsterdam high streets rebounded in the past years, now holding steady. The luxury high streets also show rental uplift as availability of units in this segment tightens. Meanwhile, the average time of retail property listings on the Dutch market has dropped from 17.7 months to 9.8 months in 2025. Shorter leasing periods and improved absorption rates indicate stronger occupier confidence and market activity.
While 34% of retail properties with EPC certification now hold an A label, a significant share remains in lower categories. We expect that compliance pressure from EPBD IV and ESG mandates will stimulate energy efficiency upgrades to improve EPC performance.
Slow progress on energy efficiency
4
BAck to the top
The store strikes back
Consumer behaviour and preferences have continuously changed over the years, reshaping an important part of the retail landscape in profound ways.
As a result, many physical retail stores have transformed from purely transactional spaces into experiential hubs, adapting to shifting expectations and leveraging technological developments. Today’s shoppers expect either experience or convenience, personalisation and seamless experiences across all touchpoints. This evolution reflects a broader trend: retailers must continuously innovate to stay relevant in an increasingly digital and interconnected world.
E-commerce: no longer the disruptor, now the norm
Over the past decade, online commerce has steadily gained share in the retail market. Online shopping has revolutionised the way consumers search for, compare and purchase products. In 2018, the share of online sales amounted to 14% of the total retail sales in the Netherlands and has risen significantly during COVID-19. The peak was reached in 2021 when the online share amounted to 24%. In 2023, the online share decreased slightly again and remained stable around 22% in the last two years, revealing that physical shopping remains important among Dutch consumers as turnover of physical stores still amount up to almost 80% of the total retail sales. Vacancy rates in the Dutch retail real estate market have followed similar patterns. This is also partly due to the transformation of certain retail stores to residential housing.
Furthermore, CBS (2025) data reveals that the proportion of Dutch individuals making online purchases grew steadily in the past years. Therefore, the e-commerce trend does not simply reflect a direct substitution of physical store visits with more digital shopping by the same consumer group. Instead, it indicates a broader shift in consumer behaviour, where new segments of the population are increasingly engaging in e-commerce, while others have maintained their overall online shopping frequency. This suggests that the rise in online shopping was driven by increased adoption among previously offline consumers rather than a uniform migration from brick-and-mortar to online channels. At the same time, the proportion of Dutch consumers purchasing online now shows signs of stabilisation. In 2024, 92.5% of the Dutch population above 12 years has made an online purchase in the past 12 months. In 2025, about 92.0% of the Dutch population has purchased online in the past year, of which 80.4% in the last three months.
As consumers have widely adopted online shopping these days, online commerce is evidently here to stay and will likely continue to grow, though forecasted online penetration rates in Europe show that the growth will likely not be as significant as in the past decade. According to GlobalData (2025), from 2014 to 2024, the average yearly value growth of online amounted to approximately 10.4% in Europe whereas in the next five years the numbers show an average annual growth of 4.4%. In the Netherlands specifically, adoption of online commerce has been relatively rapid among its population in the past years. The market value growth of online retail amounted to 12.5% in the same decade, with the largest growth recorded in 2017 when the online channel saw its value grow by 27%. For the next couple of years, we expect yearly online growth to be around 3.9%, slightly lower than the European average, even though Dutch economic growth prospects is similar to the years 2014-2019.
22%
Online share of total retail sales (NL)
Population buying online (NL)
92%
Forecast online growth (EU)
4.4%
Online sales’ share plateaus while physical retail holds its ground
Share of online sales from pure play webshops and multi-channel stores of the total retail sales (excl. wholesale) and vacancy in retail real estate in the Netherlands. Source: CBS Productiestatistiek, Panteia, Savills Data, Intelligence & Strategy (2025).
After the boom: online retail enters a slower growth phase
Online retail market growth development in the Netherlands. Source: GlobalData (2025); Savills Data, Intelligence & Strategy (2025).
The future is phygital
Why winners don’t choose between online or offline
The continued relevance of physical retail as well as online retail shows the importance of a strong omnichannel strategy. While discussions often frame the debate as online versus offline, the reality is that retailers combining both channels appear to be most successful in the current multi-channel world. Retailers are increasingly implementing phygital experiences, the integration of physical and digital platforms to enhance customer engagement, leveraging benefits of both worlds – experience and ease. Initiatives include interactive screens, click & collect, digital fitting rooms and mobile-enabled checkouts. Supermarkets were among the first in the Netherlands to introduce self-service counters but not long after, brands in other sectors, like Decathlon, IKEA, HEMA and Etos, followed suit by providing self-service kiosks to streamline the shopping experience. Albert Heijn as well as IKEA have gone further by enabling customers to scan items via their mobile app and generate QR codes for quick checkout at the kiosks. Others have implemented click & collect services to leverage omnichannel strategies. This allows consumers to order online and easily pick up their purchases in their nearest physical store, which also creates opportunities for additional sales in-store. Similarly, many online web shops have also integrated information on real-time product availability in physical stores which allows consumers to check in-store stock levels before visiting. By combining the strengths of physical and digital channels, retailers can deliver a seamless shopping experience.
Johan Spin
Head of Retail Asset & Property Management Services
Webshops serve as an inspiration and orientation channel, while physical stores provide experience, personal advice, and brand engagement. Customers discover collections online and purchase in the store - and vice versa.
Retail is also blending in other ways than just phygital. Another trend seen in the retail landscape is blurring which concerns the fusion of different functions, like concepts where food and shopping coexist in the same space to enhance experience and dwell time of consumers. This concept transforms stores into social destinations. Modern consumers value emotional connection. By integrating cafés, restaurants or gourmet corners within retail spaces, brands offer a multi-dimensional experience that goes beyond traditional shopping. Eating and shopping together create a sense of community and encourage longer visits, which often translates into higher sales. Examples include ZARA Rotterdam where the first ZARA Café concept opened in-store and Sissy-Boy who introduced Sissy-Boy Daily at several stores in the country where shoppers can enjoy a coffee or lunch in their lunchroom or on a terrace. Retailers are increasingly implementing such strategies and concepts in their retail formats, and this trend is now evident even in sectors where such innovations were previously uncommon.
More than shopping: retail as a place to linger
Change Matters In today’s retail landscape, innovating and adapting to changing consumer preferences is more important than ever to stay relevant. The bankruptcy of Blokker - a long-established Dutch household retail chain, once a dominant player in the physical retail market - illustrates how moving too slowly on digital adoption and adaption to consumer preferences can have consequences.
Clicks to Bricks At the same time, former pure play retailers – among others Mr. Marvis and My Jewellery – that once started online have found the physical stores to strengthen their brand presence and reach their audience through physical experience. These players are successfully connecting clicks with bricks, creating seamless journeys that combine the convenience of e-commerce with the engagement of in-store shopping. The lesson is clear: retail is not dead as often claimed, but boring retail is.
What does this mean?
Climate change is significantly impacting agricultural practices in the Netherlands. Farmers are facing challenges such as unpredictable weather patterns, increased frequency of extreme weather events, and rising sea levels. To combat these issues, Dutch farmers are adopting resilient agricultural practices, such as the use of drought-resistant crop varieties, improved water management systems, and sustainable land-use strategies. Research institutions and government bodies are working together to develop innovative solutions to mitigate the effects of climate change on agriculture.
Real estate implications: Climate-resilient agricultural practices require investment in new infrastructure and technology. Real estate investors and developers should focus on properties that support sustainable and resilient farming methods. This includes irrigation systems, flood defences, and energy-efficient buildings, which can enhance the long-term value and sustainability of agricultural properties. Climate change could also benefit some alternative agricultural sectors, like viticulture.
Impact of climate change on Dutch agriculture
06
The Netherlands is at the forefront of implementing a circular economy in food production. Efforts to reduce food waste are evident throughout the supply chain, from production to consumption. Innovations such as food-sharing platforms, upcycling food waste into new products, and biodegradable packaging are becoming mainstream. This holistic approach not only conserves resources but also creates new economic opportunities.
Circular economy in food production
Real estate implications: The circular economy model is influencing the design and operation of food-related facilities. Industrial and commercial spaces are being repurposed for recycling centres, composting sites, and facilities for producing biodegradable packaging. Mixed-use developments incorporating these elements can attract environmentally conscious businesses and consumers, enhancing the appeal and sustainability of the properties. An example is the initiative Zero Waste Zuidas, aiming to have Amsterdam’s Central Business District waste free by 2030.
05
In addition to plant-based proteins, the Netherlands is exploring other alternative protein sources such as insect-based and lab-grown meat. Companies like Protix are leading the charge in producing insect-based proteins for human consumption and animal feed. Research and development in cultured meat is also progressing, with the aim of providing sustainable alternatives to traditional livestock farming.
Real estate implications: The alternative protein sector requires specialised laboratory and production facilities. Real estate developers can capitalise on this by creating biotech hubs and innovation parks tailored to the needs of alternative protein companies. These developments can attract significant investment and foster collaboration between research institutions, start-ups, and established firms.
Alternative proteins
04
The plant-based movement is gaining significant momentum in the Netherlands. Companies like The Vegetarian Butcher and Beyond Meat are leading the way, providing a variety of plant-based alternatives that cater to both vegetarians and flexitarians. The Dutch government supports this shift through various initiatives aimed at reducing meat consumption and promoting a plant-based diet. This trend is driven by health considerations and a growing awareness of the environmental impact of meat production.
Real estate implications: The growth of the plant-based sector is creating opportunities for specialised manufacturing facilities and distribution centres. Retail spaces, particularly in urban areas, are also adapting to the increasing demand for plant-based products by incorporating more plant-based food outlets and dedicated sections in supermarkets. Property owners can benefit from this trend by leasing spaces to plant-based food producers and retailers. Beyond Meat, a leading producer of plant-based meat, has opened a production facility in Zoeterwoude in collaboration with local player Zandbergen World’s Finest Meat. The collaboration makes it possible to meet the growing European demand for Beyond Meat products. The innovative Beyond Meat products are produced in this ultramodern production location called The New Plant.
Plant-based revolution
03
The Netherlands is a global leader in sustainable agriculture, leveraging advanced agritech solutions to boost productivity and reduce environmental impact. Innovations such as precision farming, vertical farming, and greenhouse technology are integral to Dutch agriculture. These methods not only enhance efficiency but also contribute to food security by enabling year-round production. The use of drones, sensors, and AI in farming practices helps optimise resources and minimise waste, making Dutch agriculture a model of sustainability.
Real estate implications: The demand for high-tech agricultural facilities is rising, driving the development of modern, tech-enabled farms and greenhouses. Investors are increasingly interested in agritech parks and hubs, which can attract both local and international agritech firms. Real estate developers should consider integrating advanced infrastructure to support these technologies, enhancing property values and attracting long-term tenants.
Sustainable agriculture and agritech
02
Finally, DSOs manage the low-voltage grid, the most local layer of the electricity system, which delivers power directly to end users. At this stage, electricity is converted from medium to low voltage (below 1 kV) through local transformer stations, often housed in small above-ground buildings. This final step ensures electricity is supplied at a safe and usable level, typically 230 V, for residential, commercial, and small-scale industrial consumption.
Low-Voltage Grid
Once electricity is transferred from the high-voltage grid to regional substations, it enters the medium-voltage network through transformer substations. These grids operate at voltages between 1 kV and 25 kV and are managed by Distribution System Operators (DSOs). DSOs oversee regional distribution, ensuring that households, businesses, and small-scale producers remain reliably connected to the grid. In the Netherlands, DSOs are publicly owned, often through municipal or regional cooperative structures. The three largest operators are Enexis, Stedin, and Liander. Like TenneT, DSOs are prohibited from selling electricity directly to end users. Instead, they function independently of commercial suppliers and focus on providing regulated, non-discriminatory access to the grid for both producers and consumers.
Medium-Voltage Grid
Resilience is uneven. Prime locations are recovering momentum, while secondary markets continue to face pressure
Daan Mulders
Director Retail Transactions
Resilient Markets
The Dutch retail real estate market in certain locations is showing signs of recovery after several years of structural challenges and shifting consumer behaviour.
While overall performance has improved, the pace and strength of this recovery may vary across regions and sectors. Prime high-street locations and dominant shopping centres are regaining momentum with ongoing occupier demand from various retailers, whereas secondary locations continue to face pressure. This divergence highlights the importance of understanding the dynamics in the Dutch market and adapting strategies to capture growth opportunities in a market that remains segmented.
Dutch cities continue to host a diverse mix of retailers, yet fashion and apparel remains the dominant sector in the G4 cities. In 2025, approximately 28% of leasing deals involved fashion retailers. Food and beverage operators (19%), such as food specialty stores and cafes, also remained active and reinforce their role in driving footfall to shopping locations.
Recent trends also reveal a rise in jewellery and accessories retailers, fuelled by growing jewellery demand and self-expression through jewellery. This also includes high-end jewellery brands which outperform other segments of the luxury market. On the other end, value discounters and variety retailers such as Normal, HEMA, and Wibra continue to expand in locations, in core areas as well as outside of city centres. As consumers become increasingly value-conscious, spending polarises toward either affordable essentials or premium, high-quality products – often at the expense of mid-market segments.
Who’s taking space – and why
Looking ahead, value discounters will likely sustain growth, with average annual value growth of around 3.2% (GlobalData, 2025; Savills Data, Intelligence & Strategy, 2025). Similarly, Drugstore, Beauty & Health retailers are expected to achieve one of the highest growths in the Netherlands at approximately 3.5% per year, supported by strong demand for wellness and personal care. On the contrary, music, video, book, stationery & entertainment physical stores are expected to record the weakest growth at ‘just’ 1.3% annually, in line with digitalisation trends and shifting consumer preferences towards streaming and online formats of entertainment products.
Fashion drives leasing demand, followed by F&B
Retail occupier demand by sector in 2025 in G4 (Amsterdam, Utrecht, Rotterdam, The Hague). Source: Savills Data, Intelligence & Strategy (2025).
Prime rents rebound as demand returns
Near the end of 2025, the average time a retail property remains listed on the Dutch market has declined notably compared to five years ago. The median average listing period dropped sharply from 17.7 months near the end of 2023 to just 9.8 months in 2025. This reduction reflects improved occupier confidence and a more competitive leasing environment. Shorter marketing cycles not only indicate healthier fundamentals but also suggest that retailers are acting decisively to secure units, reinforcing the resilience of the Dutch retail real estate market.
Faster leasing reflects renewed confidence
Consumer Alignment The Dutch retail real estate market demonstrates resilience and adaptability amid changing consumer preferences. While some retailers are expanding more aggressively than others, success increasingly relies on their ability to align with changing consumer needs.
Location Matters Renewed occupier interest has translated into stable prime rental levels and shorter leasing periods, signalling improved retail absorption and confidence in the sector. These positive fundamentals, supported by a diverse tenant mix and strategic positioning of brands, reflects the market’s capacity to maintain performance, especially in prime locations. For tenants and landlords, location strategy is therefore more important than ever.
Renewed occupier demand across several prime retail locations has led to a correction in prime rental values. In Amsterdam, for instance, prime rents in the high streets such as Kalverstraat rebounded in the last few years and now portray stability. At the same time, retail take-up in the Kalverstraat grew from 2,600 sq m in 2023 to almost 3,600 sqm in 2025 (+38.4 YoY). The luxury market has also shown strong performance, with prime rents in this segment in Amsterdam even outperforming pre-COVID years, partly due to a lack of current availability on the luxury high street. In the P.C. Hooftstraat, take-up decreased from 3,400 sq m in 2023 to just 500 sq m in 2025, which may partly reflect the take-up of a few larger units in earlier years, as well as tighter availability and a softening in parts of international luxury demand (including from China). These trends suggests that prime rents have effectively bottomed out and entered a phase of consolidation. Utrecht’s high streets have demonstrated similar resilience, albeit with more modest growth compared to Amsterdam, reflecting a slower pace of rental recovery. Overall, the current rental environment, characterised by stable prime rents and enhanced affordability in certain markets, is stimulating renewed interest among retailers. This is evident among brands seeking strategic flagship locations and operators aiming to leverage increased footfall in core urban areas. Going forward, we expect sustained demand for prime locations to continue to support rental stability, while rents in secondary locations remain under pressure.
Prime high streets show signs of stabilisation and renewed growth
Prime rental growth index in high streets Amsterdam and Utrecht. Source: Savills Data, Intelligence & Strategy (2025).
Retail listing periods in the Netherlands have shortened, reflecting increased occupier confidence
Average (mean and median) of Dutch retail property listing duration in months (2020–2025). Source: Savills Data, Intelligence & Strategy (2025).
Utrecht
Take-up (index = 2015)
Average rent
Vacancy
The Hague
Rotterdam
Eindhoven
Sustainability has become a defining factor in the real estate sector, driven by expectations, regulatory pressures, and long-term economic considerations.
Energy-efficient design, reduced carbon footprints and responsible resource management not only align with global climate goals but also lower operational costs and potentially enhance asset value. Compared to other real estate sectors, retail has been slower to improve the energy performance of its buildings and develop clear, asset-level plans to reduce carbon intensity. This lag is largely due to the complexity of historical retail properties, fragmented ownership and the challenge of aligning owners and tenants under common environmental goals.
Land is scarce, but opportunity is not. Post-war neighbourhoods offer far more potential for growth than we often realise
Closing the Gap
Additionally, the perceived cost of green retrofits and uncertainty about return on investment have historically discouraged rapid adoption. As expectations shift toward sustainable environments and regulatory pressures intensify from next year onwards, the sector faces growing urgency to close the gap and integrate sustainability as a value proposition.
In the Netherlands, only 43% of the 170,000 retail units have a registered energy label as of the end of 2025. As such, the retail sector has a lower energy performance certificate (EPC) coverage compared to the office and residential sector. At the same time, GRESB (2025) data shows that the retail sector on average is the real estate sector which uses the most energy and records the highest greenhouse gas (GHG) intensity. This is largely due to the significant use of lightning, HVAC (excessive heating/cooling driven by open-door policies), and construction and renovations material in buildings. For this reason, it is more important than ever to understand what the energy performance is of individual retail buildings and where possibilities for improvement lies.
As of the end of 2025, among the retail properties that do have an EPC, the majority holds an A label (33.8%). While A-label properties dominate, a notable share of assets (nearly 40%) still fall within lower categories, indicating room for improvement, particularly among older stock. This could be an even higher proportion of the stock as the majority of retail properties lacks an EPC certificate. Retail properties with the highest EPC performance are typically larger, newer assets such as shopping centres. These are generally easier to upgrade for energy efficiency compared to complex, older buildings.
Energy performance in retail and what’s changing
Large proportion of Dutch retail properties still lacks adequate energy performance ratings
Number of Dutch retail properties per available EPC rating. Source: Savills Data, Intelligence & Strategy (2025)
Historical and monumental buildings remain slow to adopt energy-efficiency measures partly due to their architectural characteristics, limited scope for structural alterations and regulatory exemptions. Based on our analysis, at least 841 Dutch retail properties are designated as national monuments by the national government. Only 22.4% of these buildings currently hold an EPC. This excludes buildings marked as monuments by a province or municipality. Historically, monumental buildings did not require an EPC but this will change from next year onwards. From 29 May 2026, all monumental buildings are required by the Dutch government to have an EPC when sold, leased or when a lease agreement is renewed. This regulatory shift stems from the European directive EPBD IV (Energy Performance of Buildings Directive). The EU law aims to decarbonise the European building stock by 2050. Under the EPBD IV, the previous exemption for monuments from the EPC requirement is withdrawn for member states. Owners of historical retail properties should therefore prepare for this transition.
Beyond the removal of this exemption, EPBD IV introduces further regulatory measures with material implications for Dutch retail real estate:
Each Member State must ensure that the worst-performing 26% of commercial properties are upgraded by 2033 to meet a minimum energy-performance standard. The precise definition of this bottom cohort will be set in Dutch implementing legislation, expected in the beginning of 2026. Depending on the scope, sizable share of retail stock may require renovation. As an indicative benchmark, in the United Kingdom 83% of retail properties would require improvement to avoid becoming at risk of stranding.
From 2030, all Member States, including the Netherlands, must adopt a harmonised A–G EPC scale, replacing the current Dutch A+++++–G system. This simplification will be supported by a revised calculation methodology. The Dutch energy label system is relatively optimistic compared to some other European countries. As a result, assets may see a reclassification of their EPC rating which could become less favorable – unless improvements are made to the properties.
Renovation obligation for the worst-performing commercial buildings
Introduction of a simplified EPC scale from 2030
Taken together, these regulatory developments, mandatory EPCs for monumental buildings, obligatory upgrades for the lowest-performing commercial assets and a new harmonised EPC scale, highlight the increasing urgency for owners, investors and developers to assess and improve the energy performance of their retail portfolios. Early action will be essential to manage compliance risk, safeguard value and prevent assets from becoming misaligned in the years ahead.
Retailers and property owners can achieve meaningful environmental improvements through relatively simple measures. The biggest quick wins often lie in lighting upgrades, such as replacing conventional lighting with LED systems and turning of the lights after closing times. The Dutch National Institute for Energy Innovation (ECN) has estimated that 536 million kWh energy can be saved if retail stores and offices alike turn of their lights outside working hours.
Turn off the lights!
Urgenda has estimated a saving of 0.36 megatron CO2 per year. These numbers equal an energy saving cost of the usage of over 150.000 households in the Netherlands. Moreover, the artificial lights also lead to light pollution which negatively impacts humans during night sleep and animals. Additionally, optimising heating, ventilation, and air conditioning (HVAC) through smart thermostats, regular maintenance and revolving- or automatic doors can significantly cut energy consumption. In department stores, keeping doors closed to improve energy efficiency has become relatively familiar to consumers. However, this practice is not yet common among smaller shops and for customers, it is important to understand that a closed door does not necessarily mean the store is not open.
Another impactful step is improving insulation of walls, floor and ceilings and sealing air leaks. This is particularly relevant for older retail properties. Furthermore, installing solar panels on rooftops where possible or using green energy contracts can reduce carbon footprints without major structural changes. These types of measures not only lower operating costs but also enhance compliance with upcoming regulations like EPBD IV, making them strategic investments for both landlords and tenants to reduce energy costs.
Lighting
HVAC
Insulation
Renewable Energy
From split incentives to shared incentives for tenant and landlord
Green leases can help address common issues by embedding sustainability obligations into rental agreements and promote shared incentives and benefits for both parties. Through clauses that promote energy-efficient fit-outs at delivery, shared responsibility for performance and commitments to reduce waste, green leases create a framework for collaboration between landlords and tenants. In the past, these kind of agreements were rare but are increasingly being adopted nowadays. This not only improves environmental outcomes but also aligns with ESG goals, regulatory requirements and lowers costs and enhances value, making retail assets more future-proof.
From niche to standard
Sustainability becomes a regulatory imperative The Dutch retail real estate sector is entering a phase where sustainability is no longer optional but a regulatory imperative. Upcoming measures will significantly raise compliance requirements. Owners and tenants must act to assess energy performance, plan upgrades and embed sustainability into lease agreements.
Collaboration as a driver of resilience Early collaboration will be beneficial and reduce environmental impact. Those who move proactively will not only mitigate regulatory risk but also position their portfolios for long-term resilience and competitiveness in an increasingly ESG-driven CRE market.
What’s next?
The biggest challenge lies in the common casco delivery of retail space – essentially a bare shell without interior finishes or installations which is usually the tenant’s responsibility. While this approach offers flexibility for tenants to customise their fit-out, it frequently leads to sustainability challenges. Each new tenant typically undertakes a build-out, which can also involve significant material waste, duplicated installations and potentially less consideration for energy efficiency. This cycle of repeated fit-outs also increases the environmental footprint of retail properties over time. Moreover, as the landlord is essentially responsible for only the building structure and bare shell and the tenant for all other aspects, this division often creates a classic ‘split incentive’. Investments in energy efficiency of the unit and installations do not always benefit the owner bearing the cost in this case. As a result, strong collaboration and clear agreements between owner and tenant are essential to achieve meaningful sustainability outcomes for both. Without shared responsibility, ambitions remain fragmented and ineffective.
All content © copyright 2024 Savills. All rights reserved. Savills Nederland Holding B.V., established and registered in the Netherlands. Located: Claude Debussylaan 48, 1082MD Amsterdam. Chamber of Commerce (KvK) number: 33202244.
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The Future of Dutch Retail
Renewed occupier demand has stabilised prime rents and shortened leasing periods, signalling improving confidence in core retail locations. Retailers that respond quickly to shifting consumer preferences – whether through format innovation, omnichannel strategies or location choices – are best positioned to benefit from this recovery. Sustainability remains a slow-moving challenge in Dutch retail. Retail has been slower than other sectors to improve energy performance at scale, but this is changing rapidly. With regulations such as EPBD IV coming into force, pressure on owners and occupiers to upgrade assets will intensify. Those who act early by investing in energy efficiency and embedding sustainability into leasing strategies are likely to strengthen asset resilience and protect long-term value. Furthermore, customers need to understand that a closed shop door to help energy efficiency does not mean that a store is closed.
Innovation, sustainability and customer-centric strategies will shape the next chapter of the Dutch retail real estate market.
Looking ahead, the Dutch retail real estate market enters 2026 with solid fundamentals and a clear trajectory toward resilience and transformation. We expect continued polarisation between prime and secondary locations, further integration of digital and physical retail and accelerated sustainability initiatives. Retailers and landlords who embrace experiential retail formats, innovation, and compliance related to sustainability will shape a dynamic and competitive retail landscape in the years ahead.
+31 6 4612 9309 alexander.dejong@savills.nl
Alexander de Jong
Contact
+31 6 2395 0714 daan.mulders@savills.nl
+31 (0) 203012071 iris.kampers@savills.nl
Iris Kampers
ESG advisor
+31 6 1170 4967 iris.kampers@savills.nl
Head of ESG and Sustainability
+31 6 3194 0107 tien.nguyen@savills.nl
Tien Nguyen
Analyst
+31 (0) 6 2426 4205 johan.spin@savills.nl
+31 6 15 58 50 12 kees.vanvilsteren@savills.nl
Kees van Vilsteren
Director Valuation
