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Abstract
Large-scale retailing is gaining increasing prominence throughout Europe in spite of growing reluctance from city planners. In the research literature, this trend is mainly attributed to changing consumer preferences and retail strategies. Although these are indubitably important drivers of retail change, the emphasis in this article lies on the finding that investment preferences of institutional investors are key reasons for the cyclical patterns observed in these large-scale retail developments. The arguments focus on Germany and the UK. We believe that institutional investors and real estate markets should be given much more consideration in scholarly analyses of retail change than has been the case in the past.
