Shopping centers: 1,134 new malls in the world by 2015

By

Matthieu Guinebault

Published
Jun 16, 2014

In 2012 and 2013, some 1,650 malls sprang up around the world, translating into a 63.9 million square meter increase in floorspace (+7%). Within three years, there will be approximately 53.3 million more, underscoring a dynamic market for new retail space.

This is what Cushman & Wakefield has indicated in its Global Shopping Center Development Report, which states that, by the end of the year, no less than 1,134 new centers should open, increasing floorspace by 38.3 million square meters. The United States, Russia, Brazil, Mexico, India and China have contributed to growth in recent years and emerging countries are now showing increasing growth. The numbers are also echoed in another study from CBRE, published in FashionMag on May 21.

"While the South American economies have slowed, Brazil, Colombia, Peru and Chile will all see additions to their supply in the next few years,” the study points out. "The pace of development is also very strong in the United States. Asia continues to be a key growth market for retailers offering both mature retail markets like Japan and Australia and the world’s largest emerging markets. In China, the new supply of shopping centers is very significant and there will be a measure of oversupply in some markets. India, Indonesia and Vietnam also have tremendous growth stories."

Forecasts rely on first quarter results, during which there was a market investment of 37.9 billion dollars. That’s a 42% rise compared to figures from the first quarter of 2013. The United States and India, in particular, have contributed to the growth. Even if strong development in Brazil has slowed down over the past decade, Latin America as a whole is continuing to show significant potential, especially in Mexico.