1、EUROPEAN RETAIL MARKET 202301 0407020508030609Key FindingsShopping CentresRetail InvestmentEconomic LandscapeRetail ParksRe-purposing&SustainabilityPrime High StreetOccupier TrendsSavills OutlookContentsEuropean Retail Market|2023European Retail Market|202323Consumer spending has been squeezed in 20

2、23,but headwinds to dissipate in 2024Southern European markets have moved up the agenda for expansive retail brandsRetail investment is down but activity has proved more resilient against other sectorsOccupational demand has turned the corner;challenges still face secondary and tertiary assets.Small

3、er,affluent,cities and key resorts are garnering interest from luxury brandsHigh yields typical to retail have been a key draw to investors in the face of rising debt costsOccupier interest has shifted towards city centres to the benefit of prime high streetsValue and convenience driven retail conti

4、nues to perform wellGrocery stores,supermarkets and retail parks dominate investor appetite010407020508030609Key FindingsEuropean Retail Market|20235Economic&Consumer LandscapeTightening consumer finances dampened retail sales in 2023,but stronger performance forecast for 2024W ith the weight of inf

5、lation,consumer confidence well below its long-term average,and an increase in interest rates in most European markets,consumers are restricting spend in some areas as their disposable income is squeezed.As a result,total retail sales for Europe are forecast to marginally decline by-0.1%in real term

6、s in 2023.But,while macro-economic headwinds have been particularly acute this year,conditions look set to improve.Firstly,the recession in Europe looks set to be avoided this year with 0.5%GDP growth forecast,accelerating to 0.9%in 2024.The strength of the labour market has also helped to sustain t