 Covid's been very impactful to retailers in general, but also all the suppliers to retail and also landlords that the retailers pay the rent to. We've seen very strong sort of movement towards online retail and therefore things like logistics are very important because, you know, how do you get your product to the consumer? There's been a backdrop of obviously government-consentive packages which have helped retailers to an extent, but that hasn't offset the reduction in demand to a large degree. At Gail we look at maybe not so much where people are spending money but where they're spending time. So during Covid we could really see this shift in that the retail streets that are more multifunctional, like the city centre's traditional use, they're hurting badly and we experienced it. But the places that had more of a robust mix of uses, those cities that had really invested in adding more everyday functions to the city centres like layering things, bringing back schools, adding playgrounds, thinking also recreation and nature as part of the city centre, they were more robust. This is an economic challenge for the retail business model. It will only reverse if somebody uninvents the internet. We should take the consequences of it as being somewhat absolute. And so for all retailers you have a choice, you can try and repurpose space within your own business model to add sufficient value to offset its cost, or you can start to close some or all of it. Having closed 16 of our 51 shops during the pandemic, our sales are plus 2% 2021 versus 2019. And what that tells you is that if the overall business model is healthy, the switched online does not mean that retail as an industry is disappearing. It is simply a format change and a form change. I think there's several important lessons that Covid taught us about retail streets in inner cities. The first one is what we thought might be similar type streets can really be radically different. And so we can begin to understand nuance about what's the population density near that street. Is it predominantly monofunctional towards work? Is it an area that has true mix of users versus just mixed use? Covid has forced us to look more at everyday rhythm and routines of people before the offer might have been mediocre. Now with all those commuting patterns being disrupted, the offer has to be truly unique and special and not something that only just attracts the lowest kind of denominator of need. I'm interested in the street as a social theatre, which means you need to start really by thinking of activities rather than thinking of just one way traffic of buying from someone. How are we going to get the economics right? And I think less of the priority of how much bronze is there and what was the fancy there for that. But the luxury is the activity and the focus on the exchange and the social dimensions for us all. For urban space it has to mean less, probably owed by retailers, less of what is there being for the direct function of transactional retail. But it doesn't mean that retail shouldn't be present. But I strongly suspect what we'll see is a much more mixed mash and blend of retail, residential, hospitality, event space. There's definitely a shift towards more conscious consumerism through an awareness that the environment is deteriorating if we don't do something drastic about it. And so a lot of the retail chains that you see are offering a level of rental or repurchasing services, where you can recycle or upcycle products to return it and then the retailer resells it. IKEA, for example, did furniture rental in that sense. It's still definitely not as prevalent as maybe it should be in the market and perhaps it needs to be more regulated where these services need to be offered in some sense by brands in general. The researchers from US telling us that people are buying 400% more clothes today than only a few decades ago. Fashion consumption has accelerated extremely over the past 10 years. Another one is that 70%, 70% of all our clothes is passive. We only use 30% of the clothes we have, which is of course a huge waste of resources. And the more curious back from Danish research, the young people in Denmark tend to buy new clothes instead of washing their dirty clothes. And it's not because people are stupid in Denmark, it's because of the system itself. Before 8, you had fashion brands normally putting out two to four collections per year. But after 2008, where budgets were really under pressure, the brand suddenly put out 20, 30 collections per year. And that means that the window you have per collection where the clothes is new and relevant for the consumer is so small today. And that means all clothes sold today is sold with a discount. It's even not profitable any longer. We have to be really conscious of that as an end-to-end process that is much longer and more complex than the retail front part. Fashion used to be measured almost generationally, a number of years, not a number of months. Recycling, rental, product reuse, subscription models, all these things are happening and will undoubtedly grow. To re-engineer the business model of a very big retailer is no small thing. It takes time, but it also takes investment. And even if I chose to be optimistic about the rate of growth of those models, I would still struggle to see this representing more than 10 to 15% of our total business activity in a decade's time. Compounded by the fact that change for any business is easier to deliver and cheaper to deliver in a digital environment than it is in a physical one. There will be very few solutions that make sense on Oxford Street in London that also make sense in a small provincial town. And many of the examples that I put forward would either only be possible with the weight of a big retailer behind them and others that really only make sense for an owner-operator with one door in one location. So I think that it's a totally different mindset moving from thinking about my space to our space or thinking from like a one-way conversation through design to a dialogue. It has to be less controlled, I think, in order to invite people to think of things being remade, being maintained, being not finished but actually always constantly in this circle. How can we create local meeting places, hubs in a neighbourhood? How we put it into the system of this like place-making. And it's not just about the literal repair, there's about relationships and not just exchange of money but exchange of emotional connections with people, which is I think one of the joys of urban living or town living or even village living is those exchanges that grow us each and make us feel integrated into something. Whether or not we go online and buy things, there's always a place where we receive the goods. Whether that's picking it up at the local supermarket or close to home, there's always a place. So I'm thinking that there is a great opportunity for retail to become more think about place-making retail. So what can you do to actually help the local community to become more attractive, to be able to support authentic places if we like it, because we don't need to. We can actually sit in our homes by ourselves buying things, connecting with people. So suddenly the public spaces need to be attractive and that's where all the emotions come in. Of course it's about emotions, about feeling safe, about feeling included, about meeting other people. It feels like we had hounds and cities that the vast proportion of people are in dominated lazily in a way. By places that the retailers felt like they were essential infrastructure so they could sit there. And the acceleration of what's happened with COVID really pushing the online shopping side is that it feels that lazy place-making can't happen anymore. And that suddenly we have to think really of emotion as a function. That it's really thinking about human motivation. Why do you go somewhere? And I find it incredible how insensitively most places have been being made up until very, very, very recently. It's also then interesting when we think about what's the role of shopping places. I think shops have been too big for too long. So you walk along a street and you're kind of walking past these big places and that means they're expensive because they're big. And the more smaller places you can get, the more a place becomes interesting and engages your emotion, your senses. It jumps and grabs your emotion as a physical in a way that the flat, shiny screen, whatever you put on it, doesn't connect in that way. I suppose I'm not thinking of this as a shopping conversation. I'm thinking of this as a public life conversation. Where are most people? It's on the streets. For me, the thing we call shopping has been a way that we see each other. How do we come together?