Property Times

European Shopping Centres : Pipeline to add over 12 million sq m over 2013/2014 - Q3 2013

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There was 123 million sq m of shopping centre GLA in existing shopping centres in Europe at the end of 2012 across approximately 5,000 shopping centres. As a direct consequence of the economic slowdown and the high degree of uncertainty in retail markets, construction activity has declined sharply since 2010 to reach its lowest level in five years (3.5 million sq m) in 2011.

As economic conditions improve, shopping centre supply will increase by over 12 million sq m over 2013 and 2014. Turkey, CEE and France are the most dynamic markets in terms of shopping centres development over this period. However, the European market will continue to show a wide range of shopping centre provision with oversupply in the Nordics and undersupply in countries such as Ukraine, Romania, Hungary and Turkey.

However, retailers operate at a city level to identify the most promising location for opening or extending shops. We have identified a wide range of hot spots which includes London and a couple of UK regional markets (Manchester, Birmingham), Bucharest and, on top, Ankara and Istanbul. Developers and retailers should also keep an eye on selected emerging markets in Benelux, France and Germany. Shopping centre provision in these regions is below the European average and retail sales are just starting to recover.

Source : DTZ (Groupe UGL)

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Mots-clés : DTZ

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