Cushman & Wakefield provides an overview of shopping centre stock levels and development activity across the UK.
In total, 1.3 million sq ft (120,773 sq m) of additional shopping centre floorspace was delivered in 2017. Whilst this remains below the long-term average annual trend rate, and indeed represents a slowdown when compared to previous years, development activity is expected to pick up slightly in 2018, with an estimated 1.5 million sq ft (139,353 sq m) of shopping centre floor space in the development pipeline.
Notable completions in 2017 include Westgate, Oxford (October), and the Lexicon, Bracknell (September). The redeveloped Westgate, Oxford is anchored by a John Lewis department store and includes a number of branded retailers and eateries, many of which were not previously represented in Oxford city centre.
The slightly smaller Lexicon, Bracknell is anchored by a Fenwick department store, and forms part of a larger regeneration of Bracknell town centre.
Extensions accounted for 52% of new shopping centre floorspace delivered during 2017, with many developments carrying a significant leisure element. Indeed, an additional 65,000 sq ft (6,039 sq m) of additional leisure floorspace completed at White Rose Shopping Centre, Leeds in H2 2017, including a Cineworld cinema, as well as several branded restaurants. Prior to this, in H1 a retail-focused extension at The Brewery Quarter, Cheltenham also completed.
