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| | | | 15/05/2013 | Drapers, Victoria Gallagher - Russian shopping centre market to overtake UK | | | | | Russian shopping centre market to become second largest in Europe | | | | | Drapers reports that the Russian shopping centre market is to overtake the UK within the next 12 to 18 months as it significantly expands to become the second largest market for shopping centres in Europe. According to a report published by Cushman & Wakefield, the UK will slip into third position.
France and the UK are currently the top two markets in terms of existing shopping centre space with 16.95m sq m and 16.48m sq m respectively. Russia, which has 16.47m sq m of space, will surpass the UK as new developments are completed.
New shopping centre space across Europe is expected to reach 7m sq m in 2013, the highest level since 2009, when it reached 7.8m sq m.
Russia will account for 22% of this, equating to 2.4sq m in total.
Turkey is also forecast to see a strong rise with a 23% increase, or 1.55m sq m, scheduled to open by the end of 2014. Croatia, Bosnia and Herzegovina, Bulgaria and Ukraine are also forecast for double digit growth in shopping centre floorspace by the end of 2014. |
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