Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/617826
14 S C T / J a n u a r y 2 0 1 6 w o r l d aT a g l a n C e Despite Latin America's slowing eco- nomic growth, retail real estate will con- tinue to see robust growth in much of the region this year, analysts say. Developers are set to open about 100 malls across Brazil, Colombia, Mexico, Panama and Peru alone, according to industry associa- tions in those countries. Meanwhile, in- ternational retailers continue to flock to the region, particularly in the fast-fashion sector. Euromonitor International pre- dicts that retail sales across Latin America will reach $1.01 trillion this year, up 1.5 percent over last year. Stratford-upon-Avon, England, Shakespeare's birthplace, is to get a new shopping center, cour- tesy of UK & European Invest- ments. The shopping center will open in 2017 on the site of the soon-to-be-demolished Stratford Town Center, with restaurants, a cinema and a 14th-century bell that will be brought over from the old center. Retail development is set to accelerate across Europe this year, with nearly 10 million square meters (about 105 million square feet) set to come online, according to Cushman & Wakefield. Roughly 5.6 million square meters got added last year, bringing Europe's total to about 152.6 million square meters, the firm says. Poland, Russia and Tur- key will together account for approxi- mately 60 percent of the new space, followed by France and the U.K. i s l a P u e r t o V a l l a r t a , G i c s a s t a r y B r o w a r , P o z n a n , P o l a n d