Russia to become second-biggest shopping centre market | 20 May 2013
A new report has suggested that Russia will soon be second only to France as one of Europe’s ‘biggest shopping centre markets’, commercialnewsmedia.com reports.
According to property consultants, Cushman & Wakefield, Russia is developing 2.4 million sq m of new shopping venue space, to be operational by 2014. This represents 22 per cent of the total amount of new shopping space – numbering 215 venues – due to open across Europe as a whole.
Current figures confirm that France and the UK are first and second respectively in terms of the shopping mall market, possessing 16.95 and 16.48 million sq m each.
However, the rate at which it is expanding, it won’t be long before third-placed Russia, with 16.47 million sq m, surpasses the UK. In H2 2012, for example, Russia accounted for a third of all new shopping mall floor space recorded in the market.
The report shows that much of the sector’s growth is will occur in Central and Eastern Europe, where 147 of the new shopping venues are due to open in. “Double digit” increases are expected to be seen in Croatia, Bosnia and Herzegovina, Bulgaria and Ukraine.
Speaking to property-magazine.eu about the report, Cushman & Wakefield UK Retail CEO, Justin Taylor said: “The projected upturn in European shopping centre development activity for 2013 is encouraging. Many major projects which were scheduled for completion last year were delayed – these are now back on track and look set to open in 2013.
“Central and Eastern Europe will continue to dominate the immediate future; 70 per cent of all new space added in 2013 will be located there.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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