French Shopping Centres Are Transforming, Not Dying

If you've read any business headlines in the past five years, you've probably seen some version of "The Death of the Shopping Centre." Dramatic photos of abandoned food courts. Stories of anchor tenants fleeing. Predictions of retail apocalypse.

There's just one problem: the French data tells a completely different story.

The Real Numbers

According to the FACT (Fédération des Acteurs du Commerce dans les Territoires), French shopping centre footfall grew 0.6% in 2025. That may sound modest, but consider the context: household consumption in France fell 0.9% over the same period. Shopping centres actually outperformed the national consumption index-as they have every year since the pandemic recovery.

Every single day, nearly 7 million French consumers walk through the doors of a shopping centre. Seven out of ten French people visit one at least once a month. And 89% of the population visited a shopping centre in the past twelve months, according to Arcane Research.

These are not the numbers of a dying industry.

Europe's Leader Is Thriving

Look at Klépierre, Europe's largest shopping mall operator, with an exclusive focus on continental Europe. Their 2025 full-year results tell a powerful story:

• +5% - earnings growth (EBITDA at €1.12 billion)
• +9% - net asset value increase
• 97% - peak occupancy rate across their European portfolio (H1 2025)
• +3.4% - like-for-like retailer sales growth-double national indices
• +1.8% - footfall increase year-on-year

Their €21.2 billion portfolio of 70+ malls across France, Italy, Spain, Scandinavia, and the Netherlands is not just surviving. It's posting record performance. Health & Beauty led sector growth at +6.7%, while international retailers like Primark, Rituals, and Aroma Zone are actively expanding across Klépierre properties.

So Where Did the "Death" Narrative Come From?

The confusion comes from conflating two very different trends. Class A centres in prime locations are thriving. Properties like Klépierre's that focus on major metropolitan areas with strong transport links are posting historic results. Meanwhile, struggling mid-tier centres are consolidating. France's commercial vacancy has reached 10.6% in certain areas, and city-centre retail footfall fell 2.9% in 2025.

The result is polarisation, not collapse. And that polarisation creates opportunity.

What's Changing in France

The centres that are winning share three characteristics:

1. They're experience destinations, not just shopping centres. Properties with entertainment and leisure components see 25% higher footfall and 22% longer dwell time. Fashion's share of revenue has dropped from 34% (2000) to 29% (2023), while culture, sports, leisure, and F&B now represent nearly 20% of the merchandise mix.

2. They offer what e-commerce can't replicate. Physical retail maintains a massive conversion advantage: 20–40% in-store versus 1–3% online. And here's a telling paradox: in Q4 2025, e-commerce site traffic grew 1.1% while revenues dropped nearly 15%. Consumers are researching online but buying in person.

3. They're adapting to regulatory reality. France's "Zero Net Artificialisation" (ZAN) legislation has essentially halted new centre construction. New openings have halved from historical rates. Smart operators are renovating and reimagining existing spaces-not building new ones.

The Opportunity for French Mall Operators

Here's the strategic insight: mid-tier centres facing pressure are more open to innovative partnerships than they've ever been. They need differentiation. They need traffic drivers. They need solutions that don't require €1.5M in construction and 18 months of implementation.

This is exactly where gamified experiences fit. AR treasure hunts, interactive narrative trails, and location-based challenges can deploy in weeks, not years-transforming a centre's appeal without transforming its physical infrastructure. And under ZAN constraints, that's not just convenient. It's essential.

The Bottom Line

French shopping centres aren't dying. The boring ones are. The data is clear: 7 million consumers per day, 89% annual reach, and Europe's largest operator posting record earnings.

The winners of the next decade won't be the centres with the most stores. They'll be the ones that master the art of turning a visit into an adventure.

Sources: FACT Bilan 2025; Klépierre Full-Year 2025 Earnings; Cushman & Wakefield France 2025; Arcane Research 2025