Shopping Centers Today International

APR 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 42 of 63

fter nearly a decade of sluggish growth, shopping center development is picking up again in europe. last year some 4.8 million square meters (nearly 52 million square feet) opened across the continent. the amount of new space anticipated for next year is roughly 6.5 mil- lion square meters, and for the following year, about 6.1 million square meters, ac- cording to Jll. new schemes in turkey and russia will account for much of that inventory. Projects in those two markets comprised nearly half the new shopping center development in europe over the past five years, according to Jll, and both those markets are expected to stay strong this year and next. A fresh scheMes FOOD AND ENTERTAINMENT USERS ARE DRIVING NEW DEVElOpMENTS All AcROSS EUROpE By Bennett Voyles A p R I l 2 0 1 6 / S C T 43 By the end of this year, russia will have the largest amount of shopping center stock in europe, predicts dominic Bouvet, a director in Jll's retail team for europe, the Middle east and africa. Beyond further growth in the east, two other trends are likely to dominate retailers' conversations this year, observers say: a growing number of renovations, particu- larly in Western europe, and an increasing emphasis on food-and-beverage offerings. turkey still has a positive retail outlook, despite sharing borders with turbulent iraq and syria — and, occasionally, air space with russia. analysts at colliers are confident that demand is still strong enough to absorb the new space. on average, the population has grown by about 1.6 percent annually since 2010, standing now at some 78 million and counting, a sharp con- trast to the population rate in the european union, which is essentially flat at 0.25 percent. a total of 1.1 million square meters of retail space is under construction in the istanbul area. colliers anticipates that the new malls will be fully occupied by their opening dates, citing the rapid growth in istanbul's population, now about 14.5 million and climbing by an average of

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