We are happy to share some very interesting and encouraging research from HUI showing that Swedish retail growth is driven by the sector's physical stores. The survey Swedish Shopping Centers from HUI and NCSC's presentation yesterday "Shopping centers are the engine of retail growth", shows that shopping center commerce is driving the retail sector forward and that sales are back at pre-pandemic levels.

Turnover in Sweden’s shopping malls and trading venues grew by 8.1 percent in current prices in 2022 and is now at the 2019 level. Shopping centers increased by as much as 11.4 percent in current prices (trading venues 5.0 percent).

Growth has been much stronger than we expected, says Michael Cronholm, COO at HUI, who believes that the increase is due to consumers returning to their workplaces and activities that were limited during the pandemic.

HUI has noted a drop in e-commerce as customers return to physical stores. The return to shopping centers is strong as consumers are once again looking for the range offered by shopping centers, fashion, restaurants and cafés, commercial services, and entertainment.