Revolution or Evolution?
European shopping centre development is thriving, particularly in the emerging markets to the east. However, with cross-border retailers actively expanding into these markets and eastern Europe increasingly adopting development trends from the west, does this mean we are moving toward a cloned European shopping centre model? Jones Lang LaSalle examined the evidence from recently opened large-scale developments around Europe and studied emerging trends in new projects to see if the one-size shopping centre mould really does fit all.
The upper chart on page 20 shows the provision of shopping centres in Europe and the relationship between market maturity and current growth rates. For example, Romania is shown to have a relatively low retail market size and volume of prime shopping centre stock, but the market is growing rapidly. Spain ha