In many German cities, aging shopping centres suffer from a decreasing competitiveness which implies declining pedestrian flows and sales volumes - consequently lower rents and declining returns. Moreover, with still unlimited development activities for new-built centres and the resulting increasing crowding out competition, shopping centre refurbishment attracts growing attention from developers, investors and city officials. The main objective of this paper is to develop practical recommendations for shopping centre owners and investors - throughout the identification of the most relevant reasons, success factors and risks in the refurbishment process. The design of the refurbishment process is based on the theory of turnaround management. As research methodology, an empirical survey was carried out in the German shopping centre industry whereby main reasons, success factors and risks of shopping centre refurbishment were derived through principal component analysis. To conclude, from an interdisciplinary perspective, the paper offers a theoretical and practical contribution to real estate refurbishment and shopping centre research.