CentrO is part of a large commercial development in Oberhausen, Germany, called the "Neue Mitte" or "new center". A large steel production plant used to occupy the site until the late 1980s. Besides the CentrO shopping mall the area today houses attractions such as a children's theme park and a water-lined boulevard with restaurants and pubs. Planet Hollywood briefly occupied a space in the mall before the company went bankrupt and abruptly closed many stores, including the one in CentrO. The mall was based on Meadowhall, a large shopping centre in Sheffield, England (both malls had the same developer). It is often claimed that CentrO is the largest shopping mall on the continent, but at approximately 70,000 m², it is not even the largest in the region. CentrO is however notable because it signifies the transformation of Oberhausen from an industry-based to a services-based economy and has become a role model for other German cities.