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EUROPEAN SHOPPING CENTRES
THE DEVELOPMENT STORY
A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION
NOVEMBER 2017
Total shopping
centre floor space in
Europe increased by
2.9% OVER THE
TWELVE MONTHS
to June 2017, reaching
160.8 million sq m
Europe WE CEE
Stock of SC
space in Europe
(million sq m)
160.8 109.1 51.7
Y-Y growth +2.9% +1.4% +6.0%
Source: Cushman & Wakefield
WESTERN EUROPE
ACCOUNTS FOR
68%of total built shopping
centre space…
…ALTHOUGH CENTRAL
AND EASTERN EUROPE
dominated development activity
in H1 2017, with
825,000 SQ M
delivered to the market, compared
with 344,000 sq m in Western
Europe.
OVERALL
1.2 MILLION SQ M
of new shopping centre space
was delivered in H1 2017, 11%
less than in H1 2016
NEW SPACE
DEVELOPMENT ACTIVITY
HAS BEEN AFFECTED BY
growing competition,
changing consumer
behaviour, and, of course,
the growth of online retailing.
SHOPPING CENTRES
ARE NOT
DISAPPEARING
FROM THE RETAIL
LANDSCAPE
THEY ARE GOING THROUGH
a period of transition as
retail evolves to focus on
creating an experiential
environment for the
customer, which cannot be
wholly replicated online.
Shopping centre landlords are
responding to these changes by
EXTENDING AND
REDEVELOPING
EXISTING SCHEMES
and creating diverse tenant
mixes based on the needs of
local communities.
From a convenience
perspective, many schemes
have introduced more
SOCIALLY-FOCUSED
SERVICES AND
NEW TECHNOLOGIES,
while occupiers continue to test new
concepts and formats.
Nevertheless, a further decline in
shopping centre completions is
expected in H2 2017 and 2018,
with
6.8 MILLION SQ M
of space currently under
construction and expected to be
completed in this period.
THIS REPRESENTS A
16%
DECLINE
compared with the forecasts made
12 months ago.
Download the full report at:
cushwk.co/euroshop

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European Shopping Centres: The Development Story

  • 1. EUROPEAN SHOPPING CENTRES THE DEVELOPMENT STORY A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION NOVEMBER 2017
  • 2. Total shopping centre floor space in Europe increased by 2.9% OVER THE TWELVE MONTHS to June 2017, reaching 160.8 million sq m
  • 3. Europe WE CEE Stock of SC space in Europe (million sq m) 160.8 109.1 51.7 Y-Y growth +2.9% +1.4% +6.0% Source: Cushman & Wakefield WESTERN EUROPE ACCOUNTS FOR 68%of total built shopping centre space…
  • 4. …ALTHOUGH CENTRAL AND EASTERN EUROPE dominated development activity in H1 2017, with 825,000 SQ M delivered to the market, compared with 344,000 sq m in Western Europe.
  • 5. OVERALL 1.2 MILLION SQ M of new shopping centre space was delivered in H1 2017, 11% less than in H1 2016 NEW SPACE
  • 6. DEVELOPMENT ACTIVITY HAS BEEN AFFECTED BY growing competition, changing consumer behaviour, and, of course, the growth of online retailing.
  • 8. THEY ARE GOING THROUGH a period of transition as retail evolves to focus on creating an experiential environment for the customer, which cannot be wholly replicated online.
  • 9. Shopping centre landlords are responding to these changes by EXTENDING AND REDEVELOPING EXISTING SCHEMES and creating diverse tenant mixes based on the needs of local communities.
  • 10. From a convenience perspective, many schemes have introduced more SOCIALLY-FOCUSED SERVICES AND NEW TECHNOLOGIES, while occupiers continue to test new concepts and formats.
  • 11. Nevertheless, a further decline in shopping centre completions is expected in H2 2017 and 2018, with 6.8 MILLION SQ M of space currently under construction and expected to be completed in this period.
  • 12. THIS REPRESENTS A 16% DECLINE compared with the forecasts made 12 months ago.
  • 13. Download the full report at: cushwk.co/euroshop