Extensions to existing schemes will make up over 60% of the entire retail development pipeline by the end of the decade, surpassing the amount delivered in new schemes.
Additions to existing shopping centres will account for nearly 5m sq ft in the next three years. Westgate Oxford, Intu Lakeside and Bluewater account for 1.8m sq ft of this.
Overall, 24m sq ft is set to be delivered by the end of 2020, with a full pipeline of 32m sq ft reaching into the end of the next decade. Developers are targeting the South East and London, which account for more than a third of the total. In town continues to trump out of town, with 71% of all space under construction located in town centres across the UK, though in 2018 there is a swing towards short-term retail park development.
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