Finland’s shopping centres enjoyed strong growth in 2010

Total sales and the number of customers in Finnish shopping centres both increased by 5.4% in 2010.

The sales of Finnish shopping centres grew strongly in 2010 to reach a total of EUR 5.1 billion, according to the Finnish Council of Shopping Centers. This was a 5.4% increase compared to the year 2009 when the sector grew by 4.3%. The sales growth of the shopping centres also exceeded the growth rate of the retail trade sector as a whole, which recorded a 3.9% increase in sales in 2010.

In 2010 there were 74 shopping centres in Finland. They attracted a total of 318 million customer visits which was 5.4% more than in 2009. Shopping centres have a 14% market share of Finland’s total retail sales which were EUR 36.7 billion in 2010. The sales growth of the shopping centres has been faster than retail trade average, according to the Finnish Council of Shopping Centers. According to the KTI Property Index, the net yield for shopping centres is about 6%.

There is a total of 3500 stores operating in Finland’s shopping centres, employing about 33,000 people. The largest shopping centres located in Finland’s capital city region are Itäkeskus in Helsinki (EUR 451 million in sales), Jumbo in Vantaa (EUR 414 million), and Cello in Espoo (EUR 357 million). Other major shopping centres include Ideapark, Iso Omena and Kauppakeskus Mylly. The major owners of shopping centres are Citycon, Sponda, Wereldhave and Tapiola.

Almost a third of the retail surface area in Finnish shopping centres is owned by foreign companies. For a property to be classified as a shopping centre, the surface area of the rented retail space must be at least 5000 square metres.

Source: Finnish Council of Shopping Centers