Retail developments are being shelved across the country as the effects of a funding crisis for commercial property are exacerbated by fears of flagging consumer demand. Financial Times

The proportion of currently planned shopping centre space expected to be abandoned or delayed could be as high as 40 per cent over the next five years, according to Savills, the property consultancy.

Retail-led schemes from Dumfries in Scotland to well-heeled Chester in Cheshire and Newport, south Wales, have recently been put on hold. These three schemes together were worth almost £600m.

Paul Wright, Savills director of retail development, said: “Shopping centre space in the pipeline is estimated at between 50m and 80m sq ft over the next five to seven years.

'We believe that in the current climate only the strongest schemes with secure funding will be realised, which means we estimate that no more than 60 per cent of those schemes will proceed in their current form.'