Danger signals: Some European shopping centre markets are starting to look risky
It is not always possible to separate economics and politics, and it may be a difficult time for some European shopping centre developers and investors. For years we have seen considerable assets and efforts put into the emerging markets of Russia, Ukraine and Turkey, and for years we have seen large new shopping centres come on stream in those countries along Europe’s eastern edge and start to satisfy the voracious retail appetites of the local populations, apparently starved of quality shopping opportunities and only too willing to spend their newfound wealth on consumer items they often didn’t know they needed.
Then along comes a changed political environment. In Turkey, long-time prime minister Erdogan embarked on his heavyhanded treatment first of demonstrators in Istanbul (ironically, demonstrating against the mooted development of Gezi Park near Taksim Square into a retail park or shopping centre) and then of social media users concerned about his government’s te