Nearly a quarter of all retail sales in Europe are estimated to
occur in shopping centres; according to a study conducted by the
European Shopping Center Trust and the International Council of
Shopping Centers, Inc. (ICSC). The newly released study entitled: The
Importance of Shopping Centers to the European Economy identifies, in
great depth, ten key reasons why shopping centers are important to the
European economy. (Editors note: for the executive summary, please go
to: www.icsc.org/web/EuropeanSummary.pdf and enter the following
login: 1177584 and Password: press2002pass.)
Shopping centres serve a number of important roles for consumers
retailers, investors and policymakers. The study documents the
economic impacts on jobs, investments and an array of other
significant measurable statistics regarding European shopping centres.
Among the reasons shopping centres are important to the economy
the study says, is sales. According to the study, consumers spent EUR
1,110 per capita at European shopping centres in 2006, and that
shopping centre sales accounted for approximately EUR 500 billion in
2006; these sales are projected to increase by about EUR 200 billion
by 2017.
The study reveals that one of the reasons shopping centres are so
important to the European economy is quite simply the increasingly
large number of them across the continent, especially in the U.K.
Italy, France and the Netherlands. The study actually identifies about
5,700 "traditional" shopping centres in Europe in 2007, these centres
account for over 111 million square metres of gross leasable area
(GLA) -- that is retail space leased to tenants/retailers.
According to the findings, the industry has grown significantly
over the last few years as GLA in Europe has increased by about 40
million square meters since 2000; especially in the EU-accession
countries (Bulgaria, Czech Republic, Estonia, Hungary, Latvia
Lithuania, Poland, Romania, Slovakia, Slovenia) where 130 new projects
are planned between 2006 and 2009, nearly doubling the amount of
centres in these countries.
Moreover, the study refers to shopping centres as an intricate
part of the European economy as the industry directly employs four
million workers across Europe. There is also an estimated 45,000
European construction jobs resulting from shopping centre development
in 2007.
ICSC will release the study, in conjunction with the European
Shopping Centre Trust, in time for ICSC´s European Conference; taking
place in Amsterdam, RAI, The Netherlands on 16-18, April 2008.
The study says the ten key reasons why shopping centres are
important to the European economy are:
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1. Consumers depend on shopping centres
2. Europe has about 5,700 shopping centres
3. Pipeline of shopping centre projects is large
4. Retailers depend on shopping centres
5. European commerce depends on shopping centres
6. Shopping centres create and support millions of jobs
7. Shopping centres are a catalyst for non-retail development and
area regeneration
8. Shopping centres respond to changes in consumer tastes and needs
9. Shopping centres respond to societies´ needs
10. Shopping centres are an investment-grade asset
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About the European Shopping Centre Trust
In 1998; when ICSC Europe was integrated into ICSC, it was decided
to place the funds of ICSC Europe into a Trust for the benefit of the
European shopping centre industry.
The main objective of the trust is to provide financial support
for educational or research projects which are pan-European, and are
considered to be of benefit to the European shopping centre industry.
About ICSC
Founded in 1957, ICSC is the premier global trade association of
the shopping centre industry. Its more than 75,000 members in 96
countries include shopping centre owners, developers, managers
marketing specialists, investors, retailers and brokers, as well as
academics and public officials.