More new shopping centre space than ever before will open in Europe next year, according to Cushman & Wakefield Healey & Baker’s (CWHB) latest Shopping Centre Development in Europe report.
More than 6.4m sq m of new space is expected to come onto the market next year, with more than 200 new schemes being built as well as numerous extensions to existing schemes.
The report says the additional schemes will take the total amount of shopping centre space in Europe to almost 93m sq m.
Stewart Drummond, managing partner at CWHB, said: In 2006, we are likely to be approaching the £100m mark for shopping centre space in Europe. That’s one big vote for shopping centres as a retail format.”
He added: “We aren’t just talking about out-of-town or edge-of-city shopping centres. The more recent trend is to locate shopping centres in more central urban areas because planning restrictions have tightened and local authorities are looking for ways to redevelop run-down urban areas.”
CWHB’s report also highlights the growing eastern European market.
More than 1.2m sq m of new shopping centre schemes are scheduled to arrive on the Russian market in the second half of this year and 2005 – a 93% increase in shopping centre space.
Natalie Oreshina, head of retail at Stiles & Riabokobylko, a CWHB associate in Russia, said: “The Russian retail market is becoming increasingly sophisticated and developed.
“As Russia’s economy grows and the Russian people become increasingly wealthy, we believe that the market can absorb as many as 50 new developments each year over the next ten years.”
References: EGi News 23/11/04
