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

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Focus on selected countriesNordicsAbove average economic performance andstrong tradition of shopping centres makeNordics a key marketAfter a challenging year in 2009, the Nordic countries‟economies are expected to outperform the Eurozone,with average GDP growth of 2.6% in 2011, comparedwith the Eurozone average of 1.6%. Consumerspending and retail sales forecasts are also relativelypositive, especially in Sweden and Norway.According to the Nordic Council of Shopping Centres,the total shopping centre stock in the Nordics isestimated at 12.7 million sq m GLA, of which sixmillion sq m is in Sweden. The Nordic countries havea strong tradition of shopping centre retailing, whichaccounts for between 22% (Finland) and 33%(Sweden) of total retail sales. The average size ofshopping centre varies by country, from 14,000-15,000 sq m in Denmark and Norway to 21,000 sq min Finland and Sweden (Table 2).Table 2Nordic countries shopping centres – Key figuresCountryMillionsq mNumberShare ofretail salesDenmark 1.5 103 27%Finland 1.5 74 22%Norway 3.4 154 32%Sweden 6.2 293 33%Source: Nordic Council of shopping centresBetween 2000 and 2009, the shopping centre stockincreased 39% to reach 12.7 million sq m GLA.Finland and Sweden posted the most significantincreases of 79% and 45% respectively, whileDenmark and Norway were below the regionalaverage due to more stringent planning regulationsfor new shopping centre developments.www.dtz.com 28
Focus on selected countriesSwedenExisting stockThe total retail stock in Sweden is currently estimatedat about 18.5 million sq m GLA, of which around twothirdsis high street retail. The remaining space ismade up of city gallerias, urban district centres,municipality centres and regional shopping centres,as well as retail park space. The growth in shoppingcentres and retail parks has been astonishing, withabout 115 schemes having opened since 1999.Sweden has one of the highest ratios of shoppingcentre in Europe with 426sq m per 1,000 inhabitantscompared to an average of 238sq m in Europe.Development pipelineThe pipeline of shopping centres is estimated atnearly 330,000sq m, to be delivered over the nextthree years, mainly located in the three main cities ofStockholm, Malmö and Gothenburg. When includingall types of retail space the pipeline figure for 2011-2013 exceeds 1 million sq m (Figure 40).Figure 39Retail space per market in SwedenSource: DTZ ResearchFigure 40Rest of Sweden43%GreaterMalmö9%GreaterGothenburg10%GreaterStockholm38%Shopping centre new supply in SwedenSq m200 000150 000100 00050 00002011 2012 2013Greater StockholmGreater MalmöGreater GothenburgRest of SwedenSource: DTZ Researchwww.dtz.com 29
Page 4 and 5: Economic overviewFigure 6Retail sal
Page 6 and 7: RetailersMany of the larger non-foo
Page 8 and 9: Shopping centre: Existing stock and
Page 10 and 11: Shopping centre: Existing stock and
Page 12 and 13: Investment marketLooking more speci
Page 14 and 15: Investment marketThe appeal of prim
Page 16 and 17: AppendixMajor expanding brands in t
Page 18 and 19: AppendixUnited KingdomLimited new s
Page 20 and 21: AppendixGermanyLimited new shopping
Page 22 and 23: AppendixFranceLargest shopping cent
Page 24 and 25: Focus on selected countriesSpainThe
Page 26 and 27: Focus on selected countriesThe Neth
Page 30 and 31: Focus on selected countriesPolandRe
Page 32 and 33: Focus on selected countriesHungaryD
Page 34 and 35: DefinitionsShopping centre: Defined
Page 36: DisclaimerThis report should not be

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