Market reports

 

19/04/2011

Western Europe | Retail

Property Report 2010

International retailers are very active in the high street segment - April 2011

Demand for high street retail is increasing whereas the completions of shopping centres continued to drop in 2010.

 

Following the harsh economic recession, GDP growth in the Euro area reached 1.7% in 2010. In contrast to exports, consumer spending remains the weak component of recovery.

 

In the second half of the year, in the high-street retail segment, international retailers continued being very active and trying to secure the few available spots in prime areas. Therefore, prime high street rents continued to increase in H2 2010 in most major cities. Shopping centre development continued to decline in Europe in 2010 and should stay low in 2011 as the current economic context remains difficult and consumer spending is lagging the recovery.

 

Retail investment rose by almost two-thirds in 2010. Indeed, in a context where economic recovery might not be as strong as expected, retail remained an attractive product for investors by offering higher income stability compared to offices. Competition for prime retail assets led to a downward yield movement across major European markets.

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Christophe Pineau
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