New research from Cushman & Wakefield has revealed European retail park floorspace increased by 2.2% in 2018, reaching a total of 50.1 million square metres (sq.m), with France and Spain leading the way in terms of new schemes.
Cushman & Wakefield’s ‘European Retail Parks: What’s next’ report states that 995,000 sq.m of new retail park space was completed in Europe last year, down 15% on 2017. A stable development trend is expected going forward, with 1.4 million sq.m of new retail park space scheduled for opening in 2019/2020. Nevertheless, quick and easy construction and a growing number of schemes below 5,000 sq.m are expected to boost the number of openings.
The report has highlighted that physical retail is very much alive - but it is undergoing a significant evolution because of the growth in online shopping and the out-of-town market is not immune. However, the retail warehouse market has so far proved resilient, with affordability, flexibility, convenience and accessibility the main attractions for new retail park occupiers and shoppers.