So what are the letting prospects for the class of 2007? And what is likely to happen next year when almost 10 million sq ft of new space is due to be completed?

Donaldsons director Russell Banham is not daunted by the sheer volume of new space. "The level of new shopping centre floorspace opening in 2007 to 2009 is distorted by a small number of large-scale projects," he points out. "As these are already letting well then, barring a major economic downturn, this level of floorspace will be accommodated quite comfortably by the UK market."

One reason for his confidence is that retailers' store formats are getting ever more space-hungry. "These changes in occupational requirements mean that a typical scheme of 500,000 sq ft today will provide considerably fewer units - and therefore retailers - than a similar-sized schene that opened in the 1970s," Banham says.

So what exactly is in the pipeline for 2007? Lunson Mitchenall monitors development activity for the BCSC, and it has identified 26 new schemes and extensions due to open this year.

Director Peter Courtenay lists the big new schemes for this year, highlighting the million-sq ft Silverburn in Glasgow. In addition there is the 600,000-sq ft St Stephen's in Hull, the 500,000-sq ft Grand Arcade in Wigan, the 400,000-sq ft Princesshay in Exeter, the 350,000-sq ft Antonine Centre in Cumbernauld, the 200,000-sq ft Bouverie Place in Folkestone, 180,000 sq ft at Willow Place in Corby and 100,000 sq ft at Christ's Lane in Cambridge. In a subdued outlet market, the only scheduled completion is the 200,000-sq ft Outlet at Bridgewater Park in Banbridge, Northern Ireland.

Among the extensions he singles out Golden Square in Warrington, where Lend Lease is creating an extra 350,000 sq ft of new space; The Atrium in Camberley which doubles the existing 250,00 sq ft to 500,000 sq ft and the 100,000-sq ft extension at Market Place in Bolton.

"Generally, there's not a huge amount of development," Courtenay concludes. And he points out that some projects slated for Autumn 2007 could even slip into 2008.

The developer with the biggest commitment to the 2007 market is Land Securities, which is close to completion in Exeter, Corby, Cambridge and Banbridge. Peter Cleary, head of retail development, is sanguine about their prospects. "It's easy to take a negative view," he says. "But our experience is that if you create the right space in the right location, you can still attract retailers. Retailers want space where they can get their full lines out on display - retailers like M&S and Next have proved that sales densities are higher in these stores," he asserts.

Princesshay in Exeter is a case in point, he says. The 130,000-sq ft anchor store has been handed over to Debenhams and other key pre-lettings include Next, Zara and Topshop/Top Man all taking large blocks of space.

"The South West has been starved of new supply for some time," Cleary explains. "Cribbs Causeway meant that Bristol, Exeter and Plymouth missed out on the investment they deserved."

So although the prospects look good for 2007, 2008 could well be a different matter.

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