The last mall in Europe? Hamburg marks the end of an era while Westfield looks at Saudi Arabia for his next detail boom

Unibail-Rodamco-Westfield (URW), based in Paris, the best-known commercial power plant for its Westfield-Browed shopping centers, opened its doors to its latest development in the mall last month. Nothing unusual about it, but as he debuted, the question is whether it will be the last new mall in Europe, for URW or for any of the other great developers.

And hot on Hamburg’s heels, the company also announced an important agreement to expand its brand to the hottest market in the Middle East, Saudi Arabia. Time sands certainly feel that they move east.

In fact, they went on the days when real estate investors traveled space for the schemes of the city center, or to build super regional ones outside the city because Europe is apparently done when it comes to new purchasing emporiums.

Europe goes back as the investment changes its gears

Post-Pandemic there have been few great developments: the URW’s own mall in the Netherlands in the Hague; I come to my head the fourth of St James in Edinburgh, Scotland and the redevelopment of the central Battersea iconic in London. But each of these had a specific reason for its location.

Instead, the most interesting offers over the last twelve months have seen that the Ikea Swedish furniture real estate arm acquired centers in Brighton, Paris and Munich, while the powerful Sovereign Wealth Fund of Norway has been occupied in the United Kingdom and bought the remaining participation in the great development of Sheffield Meadowhall and has increased their participation in the Covenent Garden. Another real estate giant, Landsec, acquired Liverpoolone, while North -American investors SVP bought the largest mall in Ireland, Blanchardstown, on the outskirts of Dublin.

For its part, the Westfield-Hamburg-aübersequartier of 4.5 million square meters is in the heart of the huge urban redevelopment of Hafencity on the Elbe river in the German port city Hamburg. It is the new and brilliant central piece of enormous residential and offices development that has helped to redefine the city and includes dining and leisure, apartment blocks, offices, three hotels and a new cruise terminal, all connected to the city through its own metro station.

The mall was opened near the capacity with a third of the 130 retailers who occupy new space in the city, as well as additional 40 food and beverage units. About 85,000 people got rid of until the inauguration and more than one million visitors went to the center for the first two weeks.

Although the German city authorities wanted the mall to be outdoors, URW argued that the winter climate made a more practical covered center and that the two parts were committed to a two -level shopping center with large windows and skylights, as well as a striking ceiling design and an emphasis on natural light.

“I think our malls play a very important role that attracts people to regenerate the surrounding area,” said URW’s strategy and investment, Vincent Rouget, while emphasizing that the mall has provided a vibration to the broader regeneration that was missing before.

“ Ambicious projects are extended long for a long time, while I think the rhythm of change is growing.It is a project that began in 2014, more than ten years ago and not conceived in the same way, ” said Rouget, as it speculated that the next generation of the company’s development program is more likely to be focused on using its existing retail centers in Europe and the United States as a catalyzed state as a catalyzed state.

URW Still operates 15 shopping centers in North America, despite the fact that at one point was the departure of the country, including Westfield Century City in Los Angeles and Westfield World Trade Center in New York, and has been selling several assets to both Europe and the United States to fund investment in those shopping centers.

Westfield finds a new ground in Saudi Arabia

In a surprise movement, he also signed an agreement on May 5 with Cenomi centers for a strategic and franchise association in Saudi Arabia. Under the terms of the collaboration of ten years, which includes an option to expand for additional ten years, CENOMI centers will exclusively graduate the URW Westfield brand within the Saudi Commercial Market.

The agreement looks like a victory for both parties. Cenomi Centers, listed on the Saudi Bank as a company of Arabic Centers SJSC, is an important owner, regional operator and developer of shopping centers, with an existing portfolio of 21 assets located in 10 large Saudi cities and an ambitious channeling of development.

The collaboration will initially focus on flagship destinations in the three largest Saudi cities in Jawharat Jeddah, Jawharat Riyadh and Nakheel Dammam, and will end up including up to eight of Cenomi’s central centers.

But the opening of Hamburg and the agreement to Saudi Arabia also suggest a wider story. The death of the retail sale in Europe was overlooked in the middle of the online hyperbole of the pandemic years, but detail development throughout the continent could be everything. The best shopping centers in Europe are in good health, but there is little need for nine detailed space. Look to the east, however, and Saudi Arabia offers great potential right now, as the rulers of the country try to move their economy away from energy domination.

Urw has perhaps built the only brand in the recognized mall worldwide with Westfield, as well as the development of the new shopping center, the power of this brand only grows.

This story originally presented to Fortune.com