French consumer spending growth is set to gradually improve in the next few years. This will support better rates of retail sales and occupier demand growth than previously anticipated, leading us to upgrade our retail rental growth forecasts for the 2016 to 2019 period in both Paris (from 2.4% p.a. to 4.3% p.a.) and Lyon (from 2.6% p.a. to 3.3% p.a.).
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