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

Shopping centre: Existing stock and pipelineEuropean overviewExisting stock and development pipelineThere was over 120 million sq m of shopping centreGLA across Europe at the end of 2010 across approx.6,500 schemes.The UK, France, Italy, Germany and Spain have thelargest shopping centres stocks, accounting for 60%of total European stock (Figure 9). Western Europeaccounts for more than 90% of shopping centre stockin Europe, with the new entrant countries accountingfor the remaining 10%: however they have had highgrowth rates in recent years. Between 2006 and2009, approximately 18 million sq m of GLA weredelivered in Europe, including 76% in the Europe 15countries and 24% in Europe accession countries.The shopping centre stock per capita shows somewide differences between the European countries(Figure 10). Compared to the European average of238 sq m per thousand capita, Sweden, Ireland andthe Netherlands seem largely over-supplied with astock per capita over 400sq m. The shopping centrestock in the three major European markets – the UK,France and Italy – are within the European averagewhile the CEE countries and Germany are below theEuropean, average from 25% to 51%. Russia, whichposted the strongest increase in the recent years andhas also the most significant pipeline for the shortterm, is far below with a stock of 60sq m of shoppingcentre per thousand of capita. Based on this analysis,we expect to see an increasing development pipelinein Romania, Russia and Turkey, whilst in the Nordicsand the Netherlands the focus will be more onrefurbishments and redevelopments than on newdevelopments.Figure 9Shopping centre GLA per country in EuropeSource: ICSCFigure 10Ukraine2%Portugal2%Sweden3%Turkey4%Netherlands6%CZR2%Poland6%Ireland2%Russia7%Germany9%Stock per capita in 2010GLA sq m / per 000 capitaRomaniaTurkeyRussiaBelgiumHungaryGermanyPolandCZRFranceEuropeItalySpainUKFinlandSwedenIrelandNetherlandsOthers7%UK15%Spain10%France13%Italy12%0 200 400 600Source: ICSC, DTZ Researchwww.dtz.com 8