Map of the Month - May
European retail turnover trends, 2008-2009
At the 2009 GfK Retail & Real Estate Conference, Olaf Petersen, the head of GfK GeoMarketing's Real Estate Consulting Division, presented GfK study results demonstrating that the economic crisis has already affected European retail. The situation is also not expected to improve in the near future, according to Petersen. (Data source and illustration: GfK GeoMarketing).
Petersen indicated that countries undergoing substantial economic growth prior to the crisis will have to reckon with two-digit retail losses for 2009. "The crisis has hit Ireland especially hard, where a loss of around 10 percent is anticipated. The Baltic States have also been strongly affected, with losses between 9 and 14 percent," elaborated Petersen. Central and southern European countries have also not escaped the crisis, which brought an abrupt end to the economic growth previously enjoyed by these regions. One country going against the trend is Poland, where Petersen expects a small increase of 0.3 percent in retail turnover for 2009.
Petersen went on to describe how unfavorable developments amongst European currencies against the euro have resulted in additional pressure in the international retail real estate sector, burdening it with numerous elements of uncertainty. For example, Poland's currency has undergone a devaluation of more than 22 percent since April 2008. The currencies of Great Britain, Norway, Sweden, Russia and southeastern European countries have also fared poorly against the euro, with losses over the previous year between 9 and 14 percent.
For more information on Olaf Petersen`s assessment of the European Retail market, visit
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