Essay About Russia Leads Europe And Europes Shopping Centre Boom

Russia Leads Europe’s Shopping Centre Boom
Russia Leads Europe’s Shopping Centre Boom
RUSSIA LEADS EUROPES SHOPPING CENTRE BOOM, WITH ITALY AND TURKEY CLOSE BEHIND, ACCORDING TO JONES LANG
LASALLES NEW SHOPPING CENTRE DEVELOPMENT REPORT RELEASED TODAY AT MIPIM
MIPIM, Cannes, 11th March 2008 – Over six million sq m of new
shopping centre space was completed in Europe in 2007, one million more than in 2006,
according to Jones Lang LaSalle’s Shopping Centre Development report released today. Eastern
Europe is leading the boom, with Russia, once again, the most active market (1 million sq m
opened in 40 schemes in 2007). Italy was just behind (0.8 million sq m), followed by Poland (0.7
million sq m). Germany, Turkey and Spain remained highly active, although completion levels in
Spain have moderated from the previous year.
Central Europe also remained a development hotspot in 2007 with southern Europe not far
behind. As expected, Western Europe was relatively muted, although new development is taking
place with the emphasis on redevelopment and extensions.
Neville Moss, Head of European Retail Research at Jones Lang LaSalle commented: “We expect
current trends to continue over the next two years. Russia’s pipeline is phenomenal at over 6
million sq m and accounts for almost a quarter of the planned new space in Europe in 2008-
2009.”
He continued: “Over 2 million sq m of new space is forecast in Italy, Turkey and Poland over the
same period. More than 1.5 million sq m is due in each of the markets of the UK, Germany and
Spain, and over 1 million sq m is due in both Portugal and the fast developing Ukraine.”
In Russia, Moscow and St Petersburg are still the most active development