The European shopping center market reached 168.1 million square meters in 2018, according to the results of the survey titled "European Shopping Centers Development Report" by Cushman & Wakefield.
Shopping center supply declined by 28 percent to 2.6 million square meters compared to 2017, while the new supply entering the retail market was the lowest in the last 24 years. The figure was in line with the values seen in the early 1990s, when the first traditional shopping malls were opened in Central Europe and Eastern Europe.
Shopping center supply slowed down in Western Europe, while the rate of completed shopping centers decreased by 23 percent. France, despite a 28 percent decline in the area of shopping center construction in this region remained the first place. Although a similar trend was observed, relatively improved results were recorded in Germany, Finland and Sweden. In Central and Eastern Europe, there was a sharp 31 percent decline in shopping center development activities.
While the overall decrease in all regions, Turkey, one million square meters in 2017, including 0.5 million square meters in 2018 suffered the sharpest decline on completing construction. However, Turkey, were among the most active countries, Russia and Poland, and accounted for about 50 percent of the total new supply in Europe. The supply of 6.5 million square meters of development activities, whether under construction or in the planning phase in 2019-2020, is expected to remain stable over the next two years.
"EXPERIENCE THE HIGHEST been SUPPLY OF TURKEY"
According to the report, last year realized 2.6 million square meters of shopping mall supply in Europe, offering the highest per drew about 525 thousand metrekareyl Turkey. While the construction of the shopping center increased significantly, the supply value remained almost 50 percent below 2017.
This area of Turkey is 436 thousand metrekareyl Russia, 298 thousand metrekareyl Poland, 237 thousand metrekareyl France, 164 thousand metrekareyl Finland, 147 thousand metrekareyl United Kingdom, 141 thousand metrekareyl Germany, 104 thousand metrekareyl Spain, 99 thousand metrekareyl Netherlands, 95 thousand metrekareyl Italy followed.
While the total shopping center supply in Western Europe increased to 109.7 million square meters as of January 1, the new shopping center area of 2.1 million square meters in total in 2019-2020 is expected to enter the market. In 2019-2020, the top five cities in Western Europe were listed as Paris, Helsinki, Madrid, Rome and Luxembourg.
Total shopping center supply in Central and Eastern Europe reached 58.4 million square meters as of January 1. A new shopping center area of 1.5 million square meters entered the market.
Turkey, new supply in the period of 2019-2020 LEADER
According to the information provided in the report, Turkey leadership to pull in new shopping centers will be opened during the period 2019-2020. The new shopping center in the supply of one million 603 thousand square meters of new shopping centers will take place in Turkey in the period in question supply. In addition, 7 thousand square meters will be added to existing shopping malls.
supply of new shopping centers in Turkey in the given period Russia metrekareyl br million 549 thousand, 368 thousand metrekareyl France, Poland metrekareyl 303 thousand, 290 thousand metrekareyl Spain, will follow the Fnlandi to 187 thousand metrekareyl. In addition, 270 thousand square meters in Russia, 309 thousand square meters in France, 40 thousand square meters in olonia, Finland, 20 thousand square meters will be added to existing shopping centers.
The biggest shopping center in Europe will be opened in Kayseri in 2019-2020
Kayseri will be in the first place in terms of the size of the shopping malls that will be opened in 2019-2020 period. KUMSmall Factory, which is planned to open in Kayseri in 2020, is expected to have an area of 180 thousand square meters.
In addition, 117 thousand square meters of Mall Of The Netherlands in Amsterdam, 105 thousand square meters of Salaris in Moscow, 93 thousand square meters of BW Galerija in Belgrade, 85 thousand square meters of Mall Of Tripla in Finland, 81 thousand square meters of Edinburgh St James, 75 thousand square meters La Cloche D'or in Luxembourg, 70 thousand square meters Lagoh will open in Seville.
Istanbul, Moscow, Ankara, Warsaw and Bratislava are the top five cities in Central and Eastern Europe in terms of shopping center size under construction.
According to the report, mixed-use projects in Western Europe continue to be the focus of development activities. While many projects are centered around flexible space usage, large and mixed-use projects are often seen in city centers, often in redevelopment of vacant spaces. In Central and Eastern Europe, mixed-use projects focus on strategic inner-city locations where public transport is good.
While new construction trends vary across countries, redevelopment remains a major trend across Europe. The increasing competition and the outdated shopping mall market are pushing owners to projects of renovation, renovation, revitalization, redefinition, repositioning or expansion.
While discounted stores continue to grow especially in Central and Eastern Europe, food and beverage, entertainment and recreation areas are expected to grow.