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According to the ranking published on 29 October 2007 across Europe, a
record 11.4 million square metres of new space is due to open next year
– 38 per cent up on 2007.
Russia tops a European ranking of new shopping centre space due to open
in the second half of 2007 and 2008, published as part of the European
Shopping Centres Report by global real estate consultant Cushman &
Wakefield (C&W).
More than 4.6 million square metres of new shopping centre space is due
to open in Russia over the 18 months till the end of 2008, in
particular in the Russian regions.
Tim Gosling, Head of Research, Cushman & Wakefield Stiles &
Riabokobylko, the Russian office of C&W, says: “Development has
really taken off across the Russian regions this year, with quality
developers such as BV Development and The Regions rolling out shopping
centers to up the stakes in the major regional cities.”
“The retailers will be more than happy to fill most of this space,” Tim
continues, “as rapidly rising incomes are driving a consumer boom in
regional cities to follow the one that kicked off in Moscow some years
ago. However, developers need to do their homework. One or two of the
biggest regional centers – such as Kazan and Ekaterinburg – have very
little space left for new retail projects at the moment; others are
ripe.”
Europe has a total of 105 million square metres of gross leaseable
shopping centre space currently open for trading. This is nearly double
the figure of 58 million square metres of ten years ago [1997].
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Next year will see the addition of a further 11.4 million square metres
of new space, excluding extensions – an increase of 38 per cent on
2007’s figure of 8.3 million square metres, and the third year in a row
to see a record rise in terms of new shopping centre development.
John Strachan, Cushman & Wakefield’s Global Head of Retail: “More
new shopping centre space is due to open in Europe next year than ever
before in shopping centre history. Many of the new, emerging countries
of Europe are at the top of our pipeline ranking for new schemes.
However, we must not forget the more mature markets of Western Europe,
where there is also significant shopping centre development activity.”
Poland comes second to Russia, with nearly 1.5 million square metres of
new shopping centre space due to open in H2 2007 and 2008, with key new
schemes such as Galeria Malta (52,000 sq m of gross leaseable area)
developed by Spanish developer Neinver in Poznań and Agora (25,000 sq m
of GLA) developed by Danish developer Braaten+Pedersen in Bytom.
Regarding Poland’s top position in the ranking, Piotr Kaszynski,
C&W’s Head of Retail in Poland, says: “Leading retailers, both
international and home-grown, have turned
their focus towards the 40 Polish cities with more than 100,000
inhabitants. Their demand for good-quality space is in turn creating a
demand for new shopping centre space in these cities.”
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 shopping centre in Krasnodar in southern Russia is due to open in the fourth quarter of 2008')){kind=link}
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