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Business conditions for shopping centres remain positive, but the pace of growth has slowed, according to the latest Pan European Shopping Centre Executive Opinion Survey, released by ICSC Europe today.

The survey results were compiled from responses of European shopping-centre executives collected between 16-30 September 2013. The full survey is attached below.

While confidence remains up on this time last year, and shopping centre executives across Europe surveyed for the Index remain upbeat about current and future business conditions, their enthusiasm has dropped marginally from last month’s survey.

This may be because while sales, footfall and occupancy levels still grew last month, growth was slower than in August, perhaps due to a seasonal dip following the ‘back to school’ period and before the festive season begins. However, when looked at through an annual perspective, all are up considerably from the same period in 2012.

Of the four market indicators, only re-leasing rent contracted and for a second month in succession, highlighting that the market remains in the tenants’ favour, for the time being at least.

Recent news that consumer price inflation in the eurozone is running at its lowest level in more than three years – a result of a fall in energy prices, coupled with moderated price rises in food, alcohol and tobacco – has led to hopes that the European Central Bank could loosen monetary policy and further help the eurozone’s economic recovery.

ICSC senior research analyst Sarah Banfield said: 'September may be regarded as a slower month following the summer sales/back to school period; however, we expect that the market will pick up again in the final quarter with the onset of the festive shopping season.'