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Retail Dynamics Drive Polarisation of European Shopping Centre Market

Challenges and changes in the retail sector are continuing to impact the dynamics of the European shopping centre market with new research from Cushman & Wakefield showing development activity across the continent is strongly polarised at both a country and city level. Due to its sizeable market, Russia took the top spot for development activity in the first half of 2019 when nearly 200,000 sq m of new space was opened (+13% y/y). More than 50% of new space was delivered in Moscow alone where, despite the delivery of a large shopping centre, vacancy rates have remained unchanged. Italy, Poland, France and Germany completed the list of the top five most active development markets in the first half of this year. Małgorzata Dziubińska, Associate Director, Consulting and Research, Cushman & Wakefield Poland, adds: “The increasing market saturation, changing customer needs and expectations, and the rapid growth of e-commerce are expected to be key drivers shaping the retail real estate landscape in the near future. An optimum tenant-mix with a diverse offer and unique functions is required to enable a shopping centre to stand out against competition and so are architectural and fit-out upgrades to guarantee an exciting and enjoyable experience. Other critical factors include credibility, an appropriate strategy of communication and deepening customer relationships, and high-quality customer service, which is the last but the most important link in customer communication.”


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