TrafficCourt

A Look at U.K. Retail Development

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Shopping centres equivalent to eight Bluewaters are due to open over the course of 2008 and 2009, just as the economy heads into its worst period for more than a decade.

A total of 1.25 million sq m will be opened in the next 18 months, the first of which was the Liverpool ONE city centre development, which centres on a new John Lewis and the largest Debenhams in Britain.

According to Mark Hudson, retail and consumer leader at PricewaterhouseCoopers: “The amount of space coming on is potentially massive and, with the trading conditions we have and the ongoing shift towards online, it's going to mean more empty shops in market towns. More marginal sites will become unprofitable and more companies will go bust.”

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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