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Central London - European Retail Market Leader for Third Year in a Row

Central London remains the retail market leader in Europe, driven by Brits spending more on the high street; more store openings taking place than in any other market, and double digit rental growth (48 per cent increase in 2016 year-on-year); according to a new report from global real estate advisors, Colliers International.  

EU retail spending is forecast to increase by 2.2 per cent year-on-year in 2017. Ethically motivated shopping is another increasingly important growth market.

The highest growth was recoded in Luxembourg (14 per cent), Romania (13.3 per cent), Lithuania (6.7 per cent), Poland (6.4 per cent) and the UK (5.5 per cent). Outside the EU, Serbia (7.1 per cent) and Turkey saw sold growth (4.4 per cent), which Russia recorded a further decline (-4.6 per cent). 

- 2016 was the third year of consecutive growth in consumer and retail spending in Europe, driven by low inflation, an increase in employment levels and wages due to people having higher disposable income. Looking at London specifically, significant increases in occupational costs in 2017, as a result of the rating revaluation and an anticipated rise in inflation, are likely to curb any further rental growth over the coming year. Retailers are still focusing on cost reduction, turnover is still under pressure and it is expected that short-term and more flexible agreements (for example leases based on turnover rent) will become more popular, explains Paul Souber, Colliers’ Co-Head of EMEA Retail.  

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