A report has suggested that shopping centre developments totaling over 10 million sq ft planned for over the next five years are being put on hold.

The latest Colliers International Midsummer Retail Report said that the changing nature of UK retail was to blame, including more retailers moving online and slower physical expansion.

Colliers’ head of UK retail, Mark Phillipson, said: “On the face of it, the shopping centre development pipeline is now running at levels not seen since the recession, but the reality is that many schemes will not be viable. As the market stands, the cost of building a centre would – in many instances - be more than its end value.

“Whilst this is a blow to the promoters of these schemes, the positive aspect is that it shows how the market is responding to ‘right-size’ the development pipeline. Shopping centre schemes are progressing but they are focused on locations with wide catchment areas and strong demographics. There is also a growing trend to extend existing successful centres. The 800,000 square foot extension to Westfield London will make it the largest shopping centre in Europe.”