Malls move East

Published:  26 March, 2014

New JLL research unveiled at MIPIM in Cannes shows that 14.1m sq m (150m sq ft) of new shopping centre space across Europe will be completed during 2014 and 2015 - highlighting continued activity in shopping centre development in the region. During 2013, 5.6 million sq m (60m sq ft) of new shopping centre space was completed in Europe, up 11.2 per cent on 2012.

Driven by improving economies and rising levels of disposable incomes, the majority of the new schemes continue to be developed in Russia and Turkey. In 2013 almost 50 per cent of newly developed shopping centre space in Europe was located in these two countries. For 2014 and 2015, total completion in Russia is expected to reach 2.0m sq m (22m sq ft) and 1.8m sq m (20m sq ft) respectively and Russia is anticipated to have the largest shopping centre stock in Europe by 2015.

James Brown, head of EMEA retail research and consulting at JLL said: “Growth markets of Russia and Turkey are playing catch up. Favourable market conditions will not necessarily translate into a wave of new retail development across Western Europe in the same way experienced in previous periods of economic recovery. Structural change is still playing out, retail is being redefined, developers will be cautious, as will lenders on new developments.”

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