Property Times European Shopping Centres 2010 Shift to value-add ...

AppendixThere were relatively few shopping centre openingsin 2010. The harsh weather last winter slowedprogress on a number of development sites,particularly at L‟Espace Saint-Christophe inTourcoing, where owners have had to delay openinguntil Q1 2011 from the original date of lastSeptember (Figure 28).However, three shopping centres did manage toopen during 2010. In May, Cours Oxygène, a 15,000sq m extension to the Part-Dieu shopping centre inLyon welcomed its first customers. In September,SOCRI opened Polygone in Béziers (500,000 visitorsin its first month) and MERCIALYS opened theCaserne de Bonne centre in Grenoble, with 53 newstores. An estimated GLA of 105,000 sq m wereadded to the shopping centre stock in France by theend of 2010.According to the CNCC, there are more than 70 newpotential shopping centre projects on the horizon until2014, amounting to an additional GLA of 2.1 millionsq m. In 2011, one of the largest shopping centres inFrance will be Le Millenaire, developed in jointventure by Icade and Klépierre. This project hasalready a pre-leasing ratio of 94% three monthsbefore its opening. This shopping centre hasattracted some new brands for their first shop inFrance (OVS Industry, A Loja do Gato Preto,Decimas and Polinesia), in the Greater Paris region(Alcott and ConfoDeco) or in a shopping centre (LaFille aux Longs Bras and Culture of Color).In 2013-2014, one of the most emblematic projectswill be Les Terrasses du Port developed byHammerson in Marseille. This project includes 140shops in a mall of 52,000 sq m.As the shopping centre stock is ageing, landlords areincreasingly exploring renovation opportunities. As aresult, though the number of new developments wasstable in 2010 year-on-year, the number ofrenovation projects rose sharply. According to theCNCC, in June 2010, there were 52 renovation orextension projects (GLA 320,000sq m) comparedwith only 41 the previous year.Figure 28Future supply of shopping centres in FranceSq m1 000 000900 000800 000700 000600 000500 000400 000300 000200 000100 0000Source: CNCCFigure 29Shopping centre projects in France (GLA) by location100%80%60%40%20%0%Source: DTZ Research2010 2011 2012 2013 Over2014June 2008 Nov. 08 June 2009 Nov. 09 June 2010Greater Paris RegionAquitaineMidi-PyrénéesOthersRhône-AlpesPACALanguedoc-Roussillonwww.dtz.com 23