Fashion retailers also hit by downturn

Fashion retailers are feeling the cold winds of the current downturn, according to Frederic Fontaine, CEO of Corio France. 'Fashion retailers will be looking to reduce their spaces,' he said, adding that he expected the difficulties to continue through 2009 and 2010. 'We will see more adjustments to the tenant mix.'

Fontaine made the comments during a panel session at the annual conference of the International Council of Shopping Centers (ICSC) held in Barcelona last week. He added that no clear trend was yet visible in terms of which shopping centres are the best performers. 'All kinds of shopping centres are suffering, big and small. There are victims everywhere, but recently opened shopping centres are having more difficult getting up to speed in these conditions.'

At the same time, the current crisis offers opportunities to tenants who can develop or expand, Fontaine added. 'We're seeing possibilities now that were not available in former years.'