Retail development growing, Russia number one retail market
A number of large-scale malls were delivered to the European market during the second half of 2014, allowing Russia to top France, which held a 43-year reign as Europe’s largest shopping center market, according to Cushman & Wakefield’s latest European Shopping Center Development report.
Accounting for more than half of all shopping center space added to the market in the second half of 2014, Russia’s total shopping center space increased to more than 190.5 million square feet as at the end of last year, overtaking France’s 190.1 million square feet. The United Kingdom follows behind as Europe’s third largest market with 184.1 million square feet.
The total shopping center floorspace across Europe totaled 1.64 billion square feet at January 1, 2015, recording a 3.3 percent year-on-year increase. While Western Europe currently accounts for 69 percent of total built space, development activity in C