It’s been a difficult year for all but I think it’s a very exciting time: there are huge opportunities out there.

CBRE surveyed 220 retailers around the world, and we found that, while the majority expect to open fewer stores in 2010, many will still be growing. The challenge for them is to find the best quality real estate in the best locations, especially at a time when the reduced development pipeline is limiting their options.

And one of the big trends we at CBRE expect to see this year is the growing internationalisation of retail. Increasing numbers of retailers are recognising that, while their domestic markets might be saturated, there are opportunities for international expansion. The major capital cities like London, Paris and New York are where the global players want to have a presence and at both a city and country level it’s luxury and fashion that travel best.

There’s definitely been a flight to quality – brands want the top locations and the best deals. But in an increasingly capital-constrained and risk-averse climate the franchise route is becoming a popular option for those wanting to open a larger number of stores.

Another growing trend is the use of brand extensions by the major fashion retailers. We’ve already seen H&M launch its Collection of Style – or COS – brand and now Mango is rolling out the He by Mango format.

Overall, we’re finding that retailers and retail in general are incredibly resilient. Even brands like Gap, that have faced big challenges, have shown the potential to reinvent themselves.