Up to seven million m[sup]2[/sup] of planned shopping centre development in Europe has been put on hold or cancelled as a result of the credit crunch, a new research report issued by C&W shows. In its new European Shopping Centre Development report the broker said that it expects around 10 million m[sup]2[/sup] of new shopping centre space to open across Europe in 2009, 40% less than forecast in July 2008, with an even lower amount of 7 million m[sup]2[/sup] now expected to open in 2010. This would represent the slowest rate of expansion since 2005 and would bring an end to five consecutive years of growth in shopping centre development.
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