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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about 2.3 percent every year since 2010, nearly 50 percent faster than the coun- try as a whole. Analysts have a generally positive view of the prospects in Turkey's re- gional markets too. In these secondary cities, roughly 800,000 square meters of space is scheduled to come online this year. "The shopping centers are quite often the only entertainment providers, especially for people with a limited disposable income," said Zuzanna Baranowska, London-based EMEA research analyst for Colliers International. Total shopping center stock in Turkey is on track to reach 11 million square meters by the end of this year. "In some locations we might see excess supply," Baranowska said, "but overall we see Turkey as an under- supplied market." Turkey's per capita income has nearly tripled in less than a decade and now exceeds $10,500, while the extreme poverty rate has fallen from 13 percent to 4.5 percent, according to The World Bank Group. The Organisation for Eco- nomic Co-operation and Development is forecasting that gross domestic prod- uct growth will be 3 percent in 2016 and then 4 percent in 2017. Russian shopping centers, on the other hand, may have a harder time. Collapsing oil prices have hit the econ- omy hard, as have Western economic sanctions over the government's sup- port of ethnic Russian separatists in Ukraine — and Russian counter-sanc- tions as well. The value of the Russian 44 S C T / A p r i l 2 0 1 6 In Moscow some 1.2 million square meters of projects are under active construction, many of which will probably open with 50 or 60 percent occupancy. Six centers to watch in 2016 The Mall of Scandinavia The Mall of Scandinavia, which opened last November, is the largest mall in Sweden. The 101,000-square-meter (nearly 1.1 million square feet) mall boasts some 230 stores, 20 restaurants and a 15-screen multiplex. located in the Stock- holm suburb of Solna, the €640 million (roughly $700 million) center is reachable within 90 minutes by a third of the Swedish population — about 1 million of whom visited during the frst 17 days of the grand opening. Docks Bruxsel Along the banks of the Brus- sels Canal, Belgian developer Equilis is transforming several industrial buildings into Docks Bruxsel, a 49,000-square- meter shopping and leisure center. ("Bruxsel" is a contrac- tion of the city's name in Dutch, I s t a n b u l

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