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European mall development at record levels

Published:  15 March, 2006

Europe is undergoing a shopping centre boom like never before, according to new research from Jones Lang LaSalle unveiled at the Mipim convention in Cannes.

JLL forecasts that 14.8 million sq m of new shopping centre space will open in 2006 and 2007. Spain and Italy lead with way with each with over two million sq m due to open and Russia is close behind with 1.8 million sq m of new space. By contrast the UK can expect 800,000 sq m of new space to be delivered before the end of 2007.

Neville Moss, Head of European Retail Research at JLL said: “Key trends we see across Europe include town centre development making a comeback in more mature markets, particularly in France and the UK. Only Italy has a significant number of out-town schemes planned.”