Russia Leads Europe in Amount of New Shopping Space

Russia Leads Europe in Amount of New Shopping Space

Russia tops the ranking on a country basis in Europe in the amount of new shopping center schemes due to open in the second half of 2007-2008, according to global property services firm Cushman & Wakefield (C&W).

Over 16 million square meters of shopping center space will be built across Europe from the second half of 2007 through 2008, including 11.4 million meters² in 2008. New shopping center space due to open across Europe next year will exceed the 2007 level by 38 percent, the company said in a press release. The largest amount of retail space during this period will be built in Russia - 4.64 million square meters, mostly in the provinces.

In second place after Russia is Poland, where about 1.49 million square meters of shopping space is due to open. Spain placed third with 1.27 million square meters.

The UK, Italy, France, and Germany place fifth, sixth, seventh and eighth with 987,500 square meters, 972,500 square meters, 958,000 square meters, and 884,069 square meters, respectively.

Europe has a total of 105 million meters² of shopping center space, which is almost double the 1997 level.

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