How to Change Retention Policy on a Shared Inbox
Overview:
This article will go over how to change the retention policy on a shared inbox in 365 office. You may need to do this if the inbox is full and no longer getting new emails. This will also prevent the storage on emails from filling up.
You will need to first check if the person with the account you are making these changes to has full access to the shared email before starting
Step 1:
Open outlook 365 in a browser
Step 2:
Click on the profile button on the top right of the screen:

Step 3:
Next click the "Open another mailbox" button:

Step 4:
You should now see this popup window:

Now type in the shared email that you are looking to edit.
Once found press the "Open" button
Step 5:
Next right click on the folder you need to change the retention policy on, then hover over "Assign policy" then click on the amount of time to you wish to keep the emails.

Note:
The changes may not make a difference on the space being used right away as once it is deleted from the deleted emails folder then, it will be kept for another 30 days (by default) in a folder called "recoverable items" then in a non visible folder for another 14 day (by default) called "Purged files".

If the email is non functional and it needs to be cleared sooner contact the T&I admins to assist with changing the deletion time.
For more info on how this works please visit this microsoft article: link