Retailers in Britain face over £146 million losses each year due to outdated heating, ventilation, and air conditioning systems that do not align with net zero targets. Many retail operations managers do not prioritize net zero because of long-term returns on investment. Over a third of shops may be non-compliant by 2030, risking them becoming stranded assets. HVAC systems consume significant energy, yet only 54% of facilities have upgraded, resulting in budget drains. The retail sector's substantial footprint offers both challenges and opportunities for decarbonization.
Almost half (43 per cent) of retail operations managers said net zero was not treated as a business priority because returns on investment fall outside immediate trading years. This indicates a significant disconnect between sustainability goals and business priorities.
HVAC accounts for up to 60 per cent of a store's energy use, yet just over half of facilities managers (54 per cent) said they had already upgraded their systems. This shows that outdated technology continues to drain budgets and hinder sustainability efforts.
More than a third of shops are expected to remain non-compliant by 2030, leaving them vulnerable to becoming stranded assets - too costly or impossible to rent due to poor environmental performance. The situation underscores the urgency for upgrades.
Chris Newman mentioned the retail industry accounted for around 16 per cent of the UK's non-domestic building space - representing both a challenge and an opportunity. There is a substantial chance to decarbonise at scale in this sector.
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