To China with pleasure
The market for shopping centers in the world continues to grow rapidly. The growing share of the middle class, as well as the pace of expansion of retailers, are reflected in the unprecedented volumes of construction and the opening of new centers. Growth is more likely to be recorded in emerging markets, CBRE, an international real estate consultant, notes in its study.
CBRE assessed the level of development of the retail space market in 180 largest cities in the world. The aim of the study was to identify the most active markets in 2011, both in terms of the number of completed shopping centers, and in terms of the number of projects under construction. The results of the study showed that activity in the shopping center market reached a significant level - 29,6 million square meters. m of retail real estate is under construction, which is equivalent to the volume of existing areas in France, England and Germany in total. At the same time, 7,8 million sq. m of new retail space was commissioned during 2011.
Emerging markets, such as China, Turkey, India, are much more active than the more developed markets of Western Europe and North America. The increasing share of the middle class in these countries leads to an increase in the volume of construction of new shopping centers, which should satisfy the growing demand. At the same time, the high level of development of the retail sector in Western Europe and North America is forcing local retailers to cross borders to expand into new markets. In 2011, new shopping centers were opened in 63 (35%) cities considered in the study. 50 of these cities are in developing countries. For comparison, in Western Europe over the same period, new shopping centers were opened in only five cities.
The most active construction is carried out in the cities of China. Exactly half of the area in shopping centers under construction is in China. In general, 70% of all new construction is recorded in the Asian region. Apart from China, the most active markets are Abu Dhabi, Hanoi, Kuala Lumpur, New Delhi, Sao Paulo - five cities in three regions.
In Europe, new shopping centers were opened only in 15 of the 96 cities considered in the study. Apart from Russia and Turkey, only in Ukraine (Kiev and Kharkov) and in Italy (Milan and Turin) more than one shopping center was opened. London became the only city in Europe where a shopping center with an area of more than 100 000 sq. m - Westfield Stratford City.
In the retail real estate markets of North America and the Pacific, not a single new shopping center was introduced, writes retailer.ru.
The market for shopping centers in the world continues to grow rapidly. The growing share of the middle class, as well as the pace of expansion of retailers are reflected in the unprecedented volumes of construction and opening ...
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