Recent indicators point to weak economic conditions in Europe and a bleak outlook, as most economists are revising their predictions downwards. The volume of retail trade is in decline in most European countries, as consumer sentiment is weakening under the impact of rising unemployment and economic uncertainty. The latest ICSC Pan-European Shopping Centre Executive Opinion Survey, which illustrates the European shopping-centre business conditions on a monthly basis, also reflects the challenges that the retail market is facing. Conditions have worsened overall, with the exception of footfall, which experienced an upturn as the milder weather encouraged more consumers to go shopping. Sentiment for the next six months weakened as economic instability persists.
Source : Savills