By the end of the year, the newly constructed modern retail space will be raised by 25%, but only a small portion of it will meet the requirements of the retailers.
By the end of the year, on the European market, the newly constructed modern retail space will be raised by 25% and it will try to satisfy the needs of the increasingly demanding investors and retail chains, but only a small portion of this retail space will meet the requirements of the tenants.
According to the current statistical data, the newly opened shopping malls in Europe for the first half of the year are 51 and their total retail space amounts to 1,5 million square meters.
It is expected that by the end of the year, provided the construction deadlines are met, approximately 3 million square meters of newly constructed modern retail space will be available on the European market. It means that the total amount of the newly constructed retail space in Europe will be approximately 4,5 million square meters by the end of the year, which shows an increase by 25% in comparison to the amount of the retail space in 2011.
The largest and most effective shopping mall construction site is in Turkey, where, by the end of 2022, more than 400 thousand square meters of retail space will be available on the market of the country and the construction of one third of this amount has already been finished in the first half of the year.
The highly operative and efficient construction of new shopping malls in Turkey, Russia and Poland enables the retail chains to enter these markets. In Europe, on the other hand, the construction of new shopping malls can be characterized as “moderate sized” and the retailers will have a bit limited opportunities to expand their business.
Currently, the new retail space under construction in Europe amounts to 7,5 million square meters, 1,5 million square meters of these are being constructed in Turkey, 698 thousand square meters – in Italy and 612 thousand square meters – in Spain.
In Great Britain, the amount of the new retail space under construction is approximately about 120 thousand square meters which forms about 1,5% of the total amount of the new retail space under construction in Europe.
Presently, the total retail space of the shopping malls under construction in Germany amounts to 400 thousand square meters.