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I would like to know how much retail space is built every year world wide and what was the growth rate in % last year.
Hello! Thanks for your request to provide with a comprehensive overview of the global total amount of retail space built every year and the growth rate from last year. The short version is that, a typical Wonder request usually takes around 2-3 hours to complete. Due to the nature and scope of this request, 4 hours of extensive research has produced reliable findings only for 5 major regions globally.
Below you will find a deep dive of my findings.
METHODOLOGY
I first directed my research towards global studies about retail, hoping to find consolidated information about the retail space across all continents. I uncovered a treasure-trove of information, however, there was very limited hard data indicating the amount of retail space.
I decided to redirect my research towards studies about retail in individual countries from both 2016 and 2017.
Most of my time was spent scanning through huge documents from credible sources as they seem to focus more on metrics such as rent per square meter, risk assessments for investing into more retail space and retail sales GDP and CAGR.
UNITED STATES
According to the Business Insider, the US currently has a total of 23.5 sq ft of retail space per person. There are currently 326.5 million people in the US. This equates to a total of 7.67 billion sq ft or 712.57 million sq m of retail space. According to The Atlantic, at the start of 2016, the US had a total of 7.57 billion sq ft of retail space. This indicates a year-on-year growth of 1.32%.
CANADA
Canada currently has a total of 16.4 sq ft of retail space per person. There are currently 36.63 million people in Canada. This equates to a total of 600.73 million sq ft or 55.81 million sq m of retail space. At the start of 2016, Canada had a total of 589 million sq ft of retail space. This indicates a year-on-year growth of 1.95%.
GERMANY
According to the Atlantic, by the start of 2016, Germany had a total of 191 million sq ft or 17.74 million sq m of retail space. Savills, a global real estate services provider, recently released a study on the European retail market from 2016-2017. Findings from their study indicate that Germany has been increasing its real estate space by 1 million sq m per annum. Based on all available data, we can arrive at the estimation that the retail space of Germany grew at a year-on-year rate of 5.64% in 2017.
MEXICO
Our sources indicate that Mexico currently has a total of 210 sq m of retail space per 1000 people. This is equal to 0.21 sq m of retail space per person. Considering how the current population of Mexico is 130.24 million, this means the country has a total of 27.35 million sq m of retail space. According to the 2015 Global Retail Development Index, as of the start of 2016, Mexico had approximately 200 sq m of retail space per 1000 people or 0.2 sq m of retail space per person. The population of Mexico last year was 128,632,004, which means that the country had a total of 25.73 million sq m of retail space. This indicates a year-on-year growth of 6.30%
AUSTRALIA
Australia currently has a total of 11.1 sq ft of retail space per person. There are currently 24.65 million people in Australia. This equates to a total of 273.62 million sq ft or 25.42 million sq m of retail space. According to the Shopping Center Council of Australia, the region had 94 square meters of retail space per 100 people at the start of 2016. This means that there was a total of 23.17 million sq m of retail space last year. With this information, we can arrive at the estimation that the retail space of Australia grew at a year-on-year growth of 9.72%.
CONCLUSION
To wrap it up, I have provided you a comprehensive overview of the growth of retail space between 2016 and 2017 across 5 major regions world wide.
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