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| | | | 14/09/2016 | Retail Week, Luke Tugby - Shopping centre developments to hit four-year high in 2017 | | | | | New retail floor space to hit four-year high in 2017 | | | | | Retail Week reports that according to Cushman & Wakefield's UK Shopping Centre Development Report, new retail space from shopping centre openings and revamps will reach a four-year high in 2017.
More than 2.7m sq ft of additional floor space is under construction and due to open next year.
According to the report, that is the largest amount of floor space to be added in a single year since 2013, when Trinity Leeds threw open its doors.
The spike in retail and leisure space will be driven by six new developments, the largest of which is the 580,000 sq ft Lexicon in Bracknell.
The remaining new space will be made up eight extensions and redevelopments of existing shopping centres, including the 740,000 sq ft extension at Westfield London and the revamped Westgate Shopping Centre in Oxford, adding 488,600 sq ft of new space.
Shopping centre floor space remained static in the first half of 2016, but a total of 1.4m sq ft is due to open across 10 schemes by the end of the year, the report added.
The developments including Victoria Gate in Leeds and Bond Street in Chelmsford, both of which will be anchored by John Lewis. |
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