DTZ European Retail Guide - Shopping Centres
DTZ European Retail Guide - Shopping Centres
DTZ European Retail Guide - Shopping Centres
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<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong><br />
<strong>Shopping</strong> <strong>Centres</strong><br />
March 2012
Introduction<br />
These challenging markets for retail property<br />
present a special opportunity to be well<br />
positioned for the recovery that will come. We<br />
at <strong>DTZ</strong> are now well placed to help our clients<br />
throughout Europe and the rest of the world.<br />
We see huge potential to invest in quality retail<br />
property, for retailers to expand in new markets<br />
and for preparation for new development.<br />
Good asset management, including selective<br />
refurbishment and redevelopment, a deep<br />
understanding of markets backed by high<br />
quality research and access to the best<br />
opportunities are our commitment to our<br />
clients.<br />
<strong>DTZ</strong> and our clients are involved in all aspects<br />
of retail property, but we have a special<br />
passion for shopping centres: we are advising<br />
on over 500 throughout Europe. <strong>Shopping</strong><br />
centres offer a special place to do business<br />
and are a great opportunity to add value.<br />
We think it is timely to prepare this guide and<br />
hope it will encourage all those involved in<br />
shopping centres to think about their next<br />
initiative to take advantage of a unique market<br />
opportunity in 2012.<br />
Martyn Chase<br />
<strong>European</strong> <strong>Retail</strong><br />
Sector Head<br />
Welcome to our first edition of ‘<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> -<br />
<strong>Shopping</strong> <strong>Centres</strong>’. This guide provides high-level data<br />
on the <strong>European</strong> shopping centre industry. It is designed<br />
as a reference document for comparing shopping centre<br />
provision across major cities and identifying hotspots for<br />
future areas of development. The information provided is<br />
similar for all cities in order to facilitate comparison.<br />
The guide includes:<br />
» statistics on the major cities and their respective<br />
national economies, including GDP growth, earnings and<br />
retail sales figures<br />
» information on shopping centre provision, including<br />
number of existing schemes, as well as those in the<br />
pipeline<br />
» information on rents, lease structures and legal aspects<br />
» a list of the five largest schemes in operation in each<br />
city, as well as a map locating them<br />
The uncertain economic climate of recent months has<br />
led to muted consumer spending in many <strong>European</strong><br />
markets. This economic slowdown, as well as growing<br />
difficulties in securing financing and governmental<br />
permits in many countries is limiting new shopping centre<br />
development. Consequently, demand for shopping<br />
centres is focused mainly on established schemes<br />
where retailers are still seeing opportunities, despite the<br />
challenging conditions. In this new guide we assess<br />
socio-economic trends, as well as trends in the retail<br />
market in order to provide our view on the adequacy of<br />
current levels of shopping centre provision and identify<br />
main hotspots for future opportunities.<br />
We hope you enjoy this publication!<br />
Magali Marton<br />
Head of<br />
CEMEA<br />
Research<br />
Karine Woodford<br />
Head of<br />
Occupier<br />
Research<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 03
Table of content<br />
Belgium ____________________________<br />
Brussels 10<br />
CZR _______________________________<br />
Prague 12<br />
Denmark ___________________________<br />
Copenhagen 14<br />
Estonia _____________________________<br />
Tallinn 16<br />
Finland _____________________________<br />
Helsinki 18<br />
France _____________________________<br />
Lille 20<br />
Lyon 22<br />
Marseille 24<br />
Paris 26<br />
Germany ___________________________<br />
Berlin 28<br />
Cologne 30<br />
Dusseldorf 32<br />
Frankfurt 34<br />
Hamburg 36<br />
Leipzig 38<br />
Munich 40<br />
Stuttgart 42<br />
Hungary ____________________________<br />
Budapest 44<br />
Ireland _____________________________<br />
Dublin 46<br />
Italy ________________________________<br />
Milan 48<br />
Rome 50<br />
04 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Latvia ______________________________<br />
Riga 52<br />
Lithuania ___________________________<br />
Vilnius 54<br />
Netherlands ________________________<br />
Amsterdam 56<br />
Rotterdam 58<br />
Poland _____________________________<br />
Warsaw 60<br />
Portugal ____________________________<br />
Lisbon 62<br />
Spain ______________________________<br />
Barcelona 64<br />
Madrid 66<br />
Sweden ____________________________<br />
Stockholm 68<br />
Turkey _____________________________<br />
Istanbul 70<br />
United Kingdom _____________________<br />
Birmingham 72<br />
Bristol 74<br />
Cardiff 76<br />
Edinburgh 78<br />
Glasgow 80<br />
Leeds 82<br />
London 84<br />
Manchester 86<br />
Ukraine ____________________________<br />
Kyiv 88<br />
<strong>DTZ</strong> <strong>Retail</strong><br />
EMEA key statistics 2011<br />
500<br />
10m<br />
"High<br />
street<br />
shops"<br />
"Key<br />
clients"<br />
"Best in<br />
class"<br />
"Market<br />
leader"<br />
200<br />
We are involved in some 500<br />
shopping centres advising 150<br />
owners in EMEA.<br />
The total floor area is over 10m<br />
sq m (107m sq ft).<br />
We are involved in many more<br />
high street shops and retail<br />
warehouse projects.<br />
Our key clients include Unibail<br />
Rodamco, ING, Henderson, La<br />
Salle, Hammerson, Westfield,<br />
Klepierre and Corio.<br />
Our shopping centres are best<br />
in class: Westfield London,<br />
Westfield Stratford City, Bullring<br />
Birmingham, Zlote Tarasy<br />
Warsaw and MyZeil Frankfurt are<br />
examples.<br />
We are market leader in UK,<br />
Netherlands and Poland.<br />
We are market leader for<br />
shopping centre management:<br />
over 200 shopping centres in<br />
EMEA.
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
A testing market but opportunities remain<br />
» The <strong>European</strong> economy is still struggling. The ongoing sovereign debt crisis has<br />
brought about strict austerity measures, low wage growth and rising unemployment<br />
across most of Europe. This is feeding through to lower confidence levels for both<br />
consumers and retailers, which in turn is impacting on overall spending levels.<br />
» Despite a weakening outlook, demand for shopping centre space is holding up,<br />
particularly in prime schemes where opportunities remain for retailers wanting<br />
to expand. Secondary centres, on the other hand, are bearing the brunt of<br />
the downturn, with falling demand and increasing vacancy. This is reinforcing<br />
polarisation in many markets.<br />
» <strong>Shopping</strong> centre development and supply per capita vary greatly by country and<br />
city. Compared to the <strong>European</strong> average of 382 sq m, Stockholm has the largest<br />
stock per inhabitant in Europe, whilst Vilnius has the lowest. The lack of shopping<br />
centre development in some markets can be due to a cultural preference for other<br />
retail formats (i.e. Vilnius) or to difficulties in obtaining government permits (i.e.<br />
Brussels, Milan).<br />
» As a result of the economic slowdown, development activity is declining and the<br />
number of openings is expected to be below average in the coming years. The<br />
most dramatic increases in modern shopping centre space will take place in the<br />
less developed CEE cities and Istanbul, where the relative undersupply of space is<br />
being addressed. Whilst in more mature markets, the focus will be on extensions,<br />
upgrades and regenerations rather than on new developments (i.e. Copenhagen,<br />
Prague).<br />
» Our new <strong>European</strong> retail guide on shopping centres assesses the socio-economic<br />
dynamics, as well as the strength of current shopping centre provision across 40<br />
cities in order to form a view on future growth prospects both for existing schemes,<br />
as well as potential new developments.<br />
» We have identified the future hotspots as being those cities which offer strong<br />
economic growth and which are currently undersupplied in shopping centre stock.<br />
These include Vilnius, London, Hamburg, Birmingham and Manchester.<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 05
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
ECONOMY<br />
Despite a weakening short-term economic outlook in the euro-zone, retail sales are forecast to rise<br />
in the medium to longer term - although there are considerable differences between cities.<br />
» The <strong>European</strong> economy is weakening. The ongoing sovereign debt crisis has brought about<br />
higher unemployment, low wage growth and generally diminished growth prospects for 2012<br />
across Europe. This is feeding through to lower confidence levels for both consumers and<br />
retailers, which in turn is impacting on overall spending levels.<br />
» Despite this, GDP growth is forecast to be positive for the medium to longer term. Marked<br />
differences between cities exist with only modest growth forecast in most markets.<br />
» Central & Eastern <strong>European</strong> (CEE) cities, the Baltic capitals and Istanbul are forecast to show<br />
the strongest GDP growth over the next five years. Vilnius is forecast to show growth of<br />
6.7%pa, followed by Kyiv, where growth of 5.5%pa is forecast. The Nordic cities of Helsinki and<br />
Stockholm are forecast to show slightly above average growth over the same time period, of<br />
3.3%pa and 3.1%pa respectively (Figure 1).<br />
Figure 1<br />
GDP growth forecasts in selected <strong>European</strong> cities (2012-16)<br />
Vilnius<br />
Kyiv<br />
Warsaw<br />
Riga<br />
Istanbul<br />
Tallinn<br />
Helsinki<br />
Stockholm<br />
London<br />
Hamburg<br />
Munich<br />
Budapest<br />
Prague<br />
Dublin<br />
<strong>European</strong> average<br />
Manchester<br />
Brussels<br />
Bristol<br />
Amsterdam<br />
Copenhagen<br />
Edinburgh<br />
Leeds<br />
Glasgow<br />
Rotterdam<br />
Cologne<br />
Lyon<br />
Paris<br />
Cardiff<br />
Madrid<br />
Birmingham<br />
Stuttgart<br />
Marseille<br />
Frankfurt<br />
Leipzig<br />
Dusseldorf<br />
Berlin<br />
Barcelona<br />
Rome<br />
Lisbon<br />
Lille<br />
Milan<br />
0% 1% 2% 3% 4% 5% 6% 7% 8%<br />
06 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
» On the other hand, the southern <strong>European</strong> cities of Milan, Lisbon and Rome, as well as Lille in<br />
France are forecast to significantly underperform the <strong>European</strong> average over the next five years,<br />
with growth below 1%pa forecast.<br />
» Whilst retail sales growth is expected to be more positive for the medium to longer term, it is still<br />
modest and big differences between regions are apparent (Figure 2). The <strong>European</strong> average for<br />
retail sales growth forecasts for 2012-2016 is 2%pa. Higher than average growth is expected in<br />
the Nordics, as well as the CEE countries. The strongest growth is forecast in Vilnius at 7.3%pa,<br />
following by Riga at 6.4%pa (Figure 2).<br />
» Vilnius, Riga, Warsaw, Istanbul and Tallin display the strongest economic performance over the<br />
forecast period. Unsurprisingly, the cities with lowest growth are all located in peripheral eurozone<br />
economies. In Lisbon, retail sales are forecast to fall by 1.2%pa, while in Milan they are<br />
forecast to drop by 0.3%pa.<br />
Figure 2<br />
<strong>Retail</strong> sales growth forecasts in selected <strong>European</strong> cities (growth 2012-16)<br />
Vilnius<br />
Riga<br />
Warsaw<br />
Istanbul<br />
Tallinn<br />
Helsinki<br />
Hamburg<br />
Prague<br />
London<br />
Stockholm<br />
Glasgow<br />
Manchester<br />
Bristol<br />
Edinburgh<br />
Leeds<br />
Birmingham<br />
Cardiff<br />
Cologne<br />
<strong>European</strong> average<br />
Budapest<br />
Marseille<br />
Paris<br />
Lyon<br />
Amsterdam<br />
Munich<br />
Copenhagen<br />
Leipzig<br />
Rotterdam<br />
Madrid<br />
Frankfurt<br />
Lille<br />
Barcelona<br />
Berlin<br />
Rome<br />
Stuttgart<br />
Brussels<br />
Dusseldorf<br />
Dublin<br />
Milan<br />
Lisbon<br />
-2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8%<br />
Source <strong>DTZ</strong> Research
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
SHOPPING CENTRE PROvISION<br />
Uncertain market conditions are creating subdued and highly selective occupier<br />
demand, reinforcing polarisation between prime and secondary schemes in a number<br />
of cities.<br />
» Despite the weakening economic conditions across the region, demand for<br />
shopping centre space is holding up. However, retailers remain cautious,<br />
favouring prime space in prime schemes. As a result, secondary shopping<br />
centres are lagging behind with increasing vacancy rates. This reinforces the<br />
polarisation between prime and secondary centres, a trend which is apparent<br />
throughout much of the region.<br />
» As at the beginning of 2012, total shopping centre stock across Europe<br />
approached 150 million sq m. The UK, France, Italy, Germany and Spain have<br />
the largest shopping centre stock, accounting for 60% of the overall <strong>European</strong><br />
provision. Although Western Europe accounts for the largest share of existing<br />
stock, development activity has been largely concentrated in the CEE countries<br />
and Turkey in recent years.<br />
» There are marked differences in provision at city level. Compared to the <strong>European</strong><br />
average of 382 sq m, Stockholm and the Baltic cities of Riga and Tallinn seem<br />
largely over-supplied with stock in excess of 800 sq m. At the other end of the<br />
scale, Vilnius, Stuttgart, Cologne and Dusseldorf, as well as Rotterdam all have<br />
underdeveloped markets.<br />
» There are a number of reasons why cities may be undersupplied. In some<br />
markets, high street retail is still the favoured format ( i.e. Vilnius), whilst in others<br />
the difficulty in obtaining building permits severely restricts development. It is<br />
worth noting also that in some cities all of the shopping centre provision is found<br />
in out of town locations rather than in the city itself (i.e. Paris).<br />
» CEE cities account for the largest share of the <strong>European</strong> pipeline. Turkey is also<br />
witnessing strong growth, with most of the activity focused in Istanbul, where<br />
28 schemes are planned. The largest of these is Marmara Park, a 100,000 sq<br />
m scheme scheduled for completion later this year. Other cities to have large<br />
pipelines are Kyiv, Warsaw and Budapest. Interestingly, whilst Stockholm is<br />
already relatively oversupplied, there are a further 15 schemes planned to come<br />
on stream. In the more mature markets, the focus will be on extensions and<br />
upgrades rather than expansions, as investors refocus on maintaining and<br />
strengthening existing assets in the current weak economic environment.<br />
Figure 3<br />
Total shopping centre* stock per ‘ 000 population in selected <strong>European</strong> cities (2012)<br />
Stockholm<br />
Riga<br />
Tallinn<br />
Warsaw<br />
Copenhagen<br />
Prague<br />
Bristol<br />
Dublin<br />
Glasgow<br />
Frankfurt<br />
Helsinki<br />
Lisbon<br />
Madrid<br />
Cardiff<br />
Budapest<br />
Edinburgh<br />
<strong>European</strong> average<br />
Manchester<br />
Berlin<br />
Leipzig<br />
Hamburg<br />
Leeds<br />
London<br />
Birmingham<br />
Lyon<br />
Kyiv<br />
Marseille<br />
Barcelona<br />
Brussels<br />
Rome<br />
Istanbul<br />
Amsterdam<br />
Lille<br />
Munich<br />
Milan<br />
Dusseldorf<br />
Cologne<br />
Paris<br />
Rotterdam<br />
Stuttgart<br />
Vilnius<br />
0 100 200 300 400 500 600 700 800 900 1000<br />
<strong>Shopping</strong> centre floor space per 1,000 population (sq m)<br />
Source <strong>DTZ</strong> Research<br />
*<strong>Shopping</strong> centre: Defined as a grouping of shops and services with a minimum GLA of 5,000 sq m, conceived, built and managed<br />
as one entity.<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 07
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> Statistics<br />
Figure 4 - <strong>Shopping</strong> Centre Statistics in selected <strong>European</strong> cities (as at Feb 2012)<br />
Country City<br />
08 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Total SC<br />
floorspace (sq m)<br />
Total SCs<br />
per '000<br />
population<br />
Number of<br />
schemes in the<br />
pipeline<br />
Belgium Brussels 255 316 233 1<br />
Czech Republic Prague 854 535 687 1<br />
Denmark Copenhagen 500 867 750 0<br />
Estonia Tallinn 426 460 808 3<br />
Finland Helsinki 680 000 472 2<br />
France<br />
Germany<br />
Lille 460 500 179 3<br />
Lyon 447 764 260 4<br />
Marseille 507 832 252 6<br />
Paris 316 240 141 10<br />
Berlin 1 276 000 369 4<br />
Cologne 157 300 157 0<br />
Dusseldorf 80 900 138 0<br />
Frankfurt 326 602 491 2<br />
Hamburg 587 790 327 2<br />
Leipzig 182 329 351 1<br />
Munich 236 900 174 0<br />
Stuttgart 80 000 133 1<br />
Hungary Budapest 700 000 410 12<br />
Ireland Dublin 703 290 595 0<br />
Italy<br />
Milan 695 000 176 4<br />
Rome 947 921 228 4<br />
Latvia Riga 615 000 876 0<br />
Country City<br />
Total SC<br />
floorspace (sq m)<br />
Total SCs<br />
per '000<br />
population<br />
Number of<br />
schemes in the<br />
pipeline<br />
Lithuania Vilnius 429 000 130 2<br />
Netherlands<br />
Amsterdam 237 441 189 2<br />
Rotterdam 185 800 136 1<br />
Poland Warsaw 1 350 000 785 15<br />
Portugal Lisbon 960 000 472 n/a<br />
Spain<br />
Barcelona 1 319 286 243 2<br />
Madrid 2 884 338 451 4<br />
Sweden Stockholm 1 805 000 879 15<br />
Turkey Istanbul 2 982 284 220 28<br />
United Kingdom<br />
Birmingham 298 000 286 0<br />
Bristol 291 000 653 2<br />
Cardiff 195 000 415 0<br />
Edinburgh 198 000 404 1<br />
Glasgow 352 000 591 0<br />
Leeds 247 000 306 1<br />
London 904 000 291 2<br />
Manchester 536 000 367 1<br />
Ukraine Kyiv 720 800 257 16<br />
<strong>European</strong> City figures 26 933 495 382 152<br />
Source : <strong>DTZ</strong> Research
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
SHOPPING CENTRE FUTURE HOTSPOTS<br />
We define those cities which offer the greatest potential for future growth as our<br />
future hotspots. These include Vilnius, London and Hamburg.<br />
» The chart across gives an indication of how developed <strong>European</strong> cities are in<br />
terms of shopping centre development, as well as how dynamic their economies<br />
are. Plotted together this allows us to identify cities which offer good future<br />
growth prospects both for existing schemes and new developments.<br />
» In the ‘stable’ category we have markets which have above average shopping<br />
centre provision and above average forecast retail sales growth. These are stable<br />
markets; whilst existing provision will benefit from strong retail sales growth<br />
over the forecast period, these cities are displaying signs of market saturation.<br />
This could potentially limit future development. Cities in this category include<br />
Stockholm and Warsaw.<br />
» The ‘stagnant’ markets are cities which display high shopping centre provision<br />
per capita but below average retail sales growth forecasts. The performance<br />
of existing schemes or future growth prospects will be hampered by stalling<br />
economies. These include Dublin, Frankfurt and Madrid, with the worst case<br />
being Lisbon.<br />
» ‘Emerging’ markets, whilst offering potential as they are under-supplied in<br />
terms of shopping centre provision, display weak retail sales growth forecast<br />
figures. The short to medium term outlook is one of muted growth. Cities in this<br />
category include those in the Benelux, France and Germany.<br />
» The future HOTSPOTS (i.e. cities which offer the greatest potential for<br />
future growth) are those situated in the ‘strong’ category. These are currently<br />
undersupplied but offer strong economic growth in the medium term, which will<br />
boost retail sales. This will benefit existing schemes and also provide considerable<br />
opportunity for new development. In this category we have Vilnius, London,<br />
Hamburg and Birmingham.<br />
Figure 5: Current shopping centre floorspace per ‘ooo population and retail sales growth (2012-2016)<br />
in major <strong>European</strong> cities<br />
Location based retail sales<br />
growth, 2012-2016<br />
8%<br />
7%<br />
6%<br />
5%<br />
Vilnius<br />
4%<br />
Hamburg<br />
Helsinki<br />
3%<br />
2%<br />
Paris<br />
London<br />
Birmingham<br />
Amsterdam Marseille<br />
Manchester<br />
Budapest<br />
Prague<br />
Bristol<br />
Stockholm<br />
<strong>European</strong><br />
average<br />
1%<br />
0%<br />
Munich<br />
Rotterdam<br />
Lille<br />
Stuttgart<br />
Dusseldorf<br />
Lyon<br />
Barcelona<br />
Rome<br />
Brussels<br />
Berlin<br />
Madrid<br />
Frankfurt<br />
Dublin<br />
Copenhagen<br />
0 100 Milan 200 300 400 500 600 700 800 900 1 000<br />
-1%<br />
Lisbon<br />
-2%<br />
STRONG<br />
EMERGING<br />
<strong>Shopping</strong> centre floor space per 1,000 population<br />
STABLE<br />
STAGNANT<br />
Warsaw<br />
Tallinn<br />
Riga<br />
FIGURE 5<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 09
Brussels, Belgium<br />
// Key Local Indicators Brussels Belgium Europe<br />
» Population 2011, (in ‘000) 1 094 10 899 502 711<br />
» Population growth, 2012-2016 (annual %) 0,5 0,3 0,2<br />
» Age structure, 15-64 (%) 66 66 66<br />
» GDP growth, 2007-2011 (%pa) 0,8 1,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,2 1,8 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 0,0 0,7 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,3 1,1 1,4<br />
» CPI 2011 (%) n/a 3,5 0,3<br />
» ILO unemployment rate 2011 (%) 14,8 7,0 9,4<br />
» Consumer expenditure per capita, 2011 15 006 € 15 379 € 13 070 €<br />
» Average earnings 17 374 € 17 942 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 476 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 17 63 5 128<br />
» Number of shopping centres in the pipeline 1 18 626<br />
» Total shopping centre floorspace (sq m) 255 316 1 018 521 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 233 93 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 1 500 1 500 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document <strong>Retail</strong> lease contract (1951 law)<br />
» Typical lease length 9 years<br />
» Typical incentives Rent free period (usually 1 year of gratuity)<br />
» Statutory rights to renew the lease Yes for both parties<br />
» Frequency of rent reviews<br />
» Frequency and basis of indexation of rent<br />
10 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
9 years; review possible every 3 years if market conditions<br />
have changed significantly (+15% or - 15% of the<br />
initial rent)<br />
Annually if agreed in the leasing contract. Indexation is<br />
calculated on the Belgian Health Index<br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Brussels<br />
Difficulties in securing financing and governmental permits are limiting<br />
shopping centre development. No shopping centres larger than 8,000 sq<br />
m are expected to open between now and 2013.<br />
--
Brussels, Belgium<br />
// Major shopping centres in operation in Brussels (by size)<br />
1 City 2<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
1978 renovated<br />
in 1999<br />
Key tenants: Fnac; carrefour, Zara; Sports World<br />
2<br />
The "W" <strong>Shopping</strong><br />
(Woluwe <strong>Shopping</strong><br />
Centre)<br />
1968 renovated<br />
in 2004<br />
Key tenants: Galeria Inno; Habitat; Match; H&M<br />
3<br />
Westland <strong>Shopping</strong><br />
Center<br />
Key tenants: C&A; Delhaize; New Look; Zara<br />
4<br />
Basilix <strong>Shopping</strong><br />
Center<br />
1972 renovated<br />
in 2000<br />
1984 renovated<br />
in 2004<br />
Key tenants: Brico; Media Markt; Hema; Blokker<br />
5 Galerie Toison d'Or<br />
1961 renovated<br />
in 2010<br />
Key tenants: Fnac, AS Adventure, Desigual, Maxitoys<br />
Galeries de la Reine- Brussels<br />
GLA size<br />
(sq m)<br />
3<br />
Owner<br />
4<br />
N° of<br />
stores<br />
Brussels<br />
1<br />
5<br />
Footfall figures<br />
(‘000)<br />
Occupancy<br />
ratio (%)<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 11<br />
2<br />
Turnover<br />
51 000 AG Real Estate 105 15 659 n/a n/a<br />
42 677<br />
37 450<br />
16693<br />
SA L'Investissement Foncier<br />
Woluwe <strong>Shopping</strong><br />
Center (Certificat Fortis<br />
RE)<br />
Investissement foncier<br />
Westaldn <strong>Shopping</strong><br />
Center SA (Fortis RE +<br />
Redevco)<br />
ImmoBasilix (certificat<br />
KBC)<br />
136 8 412 n/a n/a<br />
126 7 732 n/a n/a<br />
64 3 400 n/a n/a<br />
12 353 SA Toison d'Or 41 5 000 n/a n/a
Prague, CZR<br />
// Key Local Indicators Prague CZR Europe<br />
» Population 2011, (in ‘000) 1 245 10 520 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 0,0 0,2<br />
» Age structure, 15-64 (%) 70 70 66<br />
» GDP growth, 2007-2011 (%pa) 3,2 1,7 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,6 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,4 1,9 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 3,0 2,4 1,4<br />
» CPI 2011 (%) n/a 1,9 0,3<br />
» ILO unemployment rate 2011 (%) 3,6 6,8 9,4<br />
» Consumer expenditure per capita, 2011 6 824 € 5 496 € 13 070 €<br />
» Average earnings 7 975 € 6 095 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 422 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 30 88 5 128<br />
» Number of shopping centres in the pipeline 1 4 626<br />
» Total shopping centre floorspace (sq m) 854 535 2 116 189 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 687 201 326<br />
» Prime shopping centre rents (units of 50-100 sq m) 70-80 45-70 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease Agreement<br />
» Typical lease length 5 years<br />
» Typical incentives Rent free period and/or fit-out contribution<br />
» Statutory rights to renew the lease After 5 years<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent HICP, Czech CPI<br />
12 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
Prague<br />
The limited availability of bank financing is causing a restriction of new<br />
retail space. As such, shopping centre development has been struggling<br />
with the focus moving towards refurbishments of existing schemes.<br />
++
Prague, CZR<br />
// Major shopping centres in operation in Prague (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
4<br />
N° of<br />
stores<br />
3<br />
Footfall figures<br />
(‘000)<br />
1<br />
Prague<br />
2<br />
Occupancy<br />
ratio (%)<br />
1 Tesco Letnany 1999 - 2007 125 000 Tesco Stores 150 n/a n/a n/a<br />
Key tenants: Tesco,C&A, Marks&Spencer, Zara,Palace Cinemas, Aquacentrum Letnany Lagoon<br />
2 Centrum Chodov 2005 57 736 Unibail-Rodamco 213 n/a n/a n/a<br />
Key tenants: Albert, Marks&Spencer, Zara, New Yorker, Hervis, Datart, Bambule, H&M, C&A, BATA, Humanic, Deichman, Armani Jeans, Mac, Rituals, Paul bakery<br />
3 Nový Smíchov 2002 55 800 Klépierre 150 n/a n/a n/a<br />
Key tenants: Tesco, H&M, Marks&Spencer, Zara, Palace Cinemas<br />
4 Metropole Zlicín 2002 & 2004 55 000 Commerz Grundbesitz 130 n/a n/a n/a<br />
Key tenants: Marks&Spencer, Interspar, C&A, Kenvelo, Cinema City, Family Fitness<br />
5<br />
Centrum Cerný Most &<br />
CCM Entretainment centre 1997 & 2000 53 320 Unibail-Rodamco 73 n/a n/a n/a<br />
Key tenants: Globus, H&M, C&A, Datart, Bambule, Gigasport, Holmes Place, CineStar<br />
Palac Flora - Prague<br />
5<br />
Turnover<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 13
Copenhagen, Denmark<br />
// Key Local Indicators Copenhagen Denmark Europe<br />
» Population 2011, (in ‘000) 668 5 552 502 711<br />
» Population growth, 2012-2016 (annual %) 0,5 0,2 0,2<br />
» Age structure, 15-64 (%) 67 65 66<br />
» GDP growth, 2007-2011 (%pa) 0,2 -0,6 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,0 2,0 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -2,7 -2,5 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,6 1,8 1,4<br />
» CPI 2011 (%) n/a 2,8 0,3<br />
» ILO unemployment rate 2011 (%) n/a 7,5 9,4<br />
» Consumer expenditure per capita, 2011 18 823 € 18 265 € 13 070 €<br />
» Average earnings 18 248 € 17 764 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 465 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 23 108 5 128<br />
» Number of shopping centres in the pipeline 0 8 626<br />
» Total shopping centre floorspace (sq m) 500 867 1 821 040 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 750 328 326<br />
» Prime shopping centre rents (units of 200 sq m) 4,000-4,500 2,500-3,000 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement DKK/sq m/pa<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease contract<br />
» Typical lease length 5 years<br />
» Typical incentives<br />
Fit-out contribution and rent rebate dependant on centre<br />
and location<br />
» Statutory rights to renew the lease Automatically renew on rolling break basis<br />
» Frequency of rent reviews No sooner than 4 years from the last formal review<br />
» Frequency and basis of indexation of rent Annual - Danish nettoprisindex<br />
14 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Copenhagen<br />
Growth in population and purchasing power is leading to increased<br />
polarisation, with large schemes benefitting from increased footfall and<br />
modernisations and smaller ones suffering from increased vacancies.<br />
--
Copenhagen, Denmark<br />
// Major shopping centres in operation in Copenhagen (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
2<br />
Owner<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
5<br />
Occupancy<br />
ratio (%)<br />
Copenhagen<br />
4 3<br />
Turnover<br />
1 Fields 2004 74 000 Steen & Strøm 128 6 800 93 2 750<br />
Key tenants: Bilka, H&M, Elgiganten, Fona, Toys R Us, SportsMaster, Stadium<br />
2 City Two 1975 63 000 Danica 91 3 800 90 1 143<br />
Key tenants: Føtex, H&M, Fona, SportMaster<br />
3 Fisketorvet 2000 39 000 Unibail Rodamco 106 8 200 95 1 514<br />
Key tenants: Føtex, H&M, Elgiganten, Bahne, Stadium, SportsMaster, McDonalds<br />
4 Rødovre Centret 1966 38 200 A/S Rødovre Centrum 119 n/a 100 1 869<br />
Key tenants: Føtex, Irma, Super Best, H&M, Fona, Punkt 1, SportMaster, Stadium<br />
5 Lyngby Store Centre 1973 34 000 Lyngby Storecenter ApS 106 5 900 100 1 794<br />
Key tenants: Føtex, Irma, H&M, Punkt 1, Fona, Expert, SportsMaster, Stadium, Intersport<br />
<strong>European</strong> shopping centre - Copenhagen<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 15<br />
1
Tallinn, Estonia<br />
// Key Local Indicators Tallinn Estonia Europe<br />
» Population 2011, (in ‘000) 528 1 337 502 711<br />
» Population growth, 2012-2016 (annual %) 0,1 -0,2 0,2<br />
» Age structure, 15-64 (%) 68 68 66<br />
» GDP growth, 2007-2011 (%pa) -0,4 0,0 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 4,6 4,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -2,5 -1,8 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 4,8 4,3 1,4<br />
» CPI 2011 (%) n/a 5,0 0,3<br />
» ILO unemployment rate 2011 (%) n/a 13,0 9,4<br />
» Consumer expenditure per capita, 2011 5 965 € 4 507 € 13 070 €<br />
» Average earnings 7 263 € 5 171 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 413 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 12 n/a 5 128<br />
» Number of shopping centres in the pipeline 3 n/a 626<br />
» Total shopping centre floorspace (sq m) 426 460 n/a 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 808 n/a 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 12-45 n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5-10 years<br />
» Typical incentives Fit-out contribution, temporary discounts<br />
» Statutory rights to renew the lease After 5 years<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent CPI<br />
16 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth ++<br />
» <strong>Retail</strong> sales<br />
growth<br />
Tallinn<br />
Tallinn’s retail market comprises department stores and shopping centres.<br />
Popular schemes include the Viru Centre and Kristiine Centre. No major<br />
developments were competed in 2011 but in September the Magistral<br />
Centre closed for refurbishment.<br />
--
Tallinn, Estonia<br />
// Major shopping centres in operation in Tallinn (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
1 Rocca al Mare 1998 53 300 Citycon 165 6 400 100 €122m<br />
Key tenants: Prisma, Vero Moda, Jack and Jones, Monton, New Yorker, Marks & Spencer, Lindex, NS Kings<br />
2 Kristiine Keskus 1999 42 500 Citycon 170 7 100 100 €102m<br />
Key tenants: Prisma, Marks & Spencer, Zara, New Yorker, Benetton, JYSK, Sportland, Euronics, Prisma<br />
3 Järve Keskus 2000 41 800 Silikaat Grupp 108 n/a 100 n/a<br />
Key tenants: Selver, Aatrium, Diivanparadiis, Rademar, Huppa, DenimDream<br />
4 Ulemiste Keskus 2004 37 500 Linstow 160 4 800 99 €95m<br />
Key tenants: Rimi, Lindex, Monton, Mustang, New Yorker, Promod, Reserved, Seppälä, Mobbel Zip<br />
5 viru Keskus 2004 26 300 SRV 100 11 000 99 €117m<br />
Key tenants: Kaubamaja, Vero Moda, DenimDream, Rademar, Esprit, Mango, Promode, Terranova<br />
Viru Keskus - Tallinn<br />
1<br />
2<br />
3<br />
Tallinn<br />
5<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 17<br />
4
Helsinki, Finland<br />
// Key Local Indicators Helsinki Finland Europe<br />
» Population 2011, (in ‘000) 1 440 5 380 502 711<br />
» Population growth, 2012-2016 (annual %) 1,0 0,3 0,2<br />
» Age structure, 15-64 (%) 67 66 66<br />
» GDP growth, 2007-2011 (%pa) 0,9 0,9 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 3,3 2,5 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,1 1,9 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 3,4 2,9 1,4<br />
» CPI 2011 (%) n/a 3,4 0,3<br />
» ILO unemployment rate 2011 (%) 6,9 7,9 9,4<br />
» Consumer expenditure per capita, 2011 18 014 € 16 303 € 13 070 €<br />
» Average earnings 20 444 € 18 080 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 535 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 32 74 5 128<br />
» Number of shopping centres in the pipeline 2 5 626<br />
» Total shopping centre floorspace (sq m) 680 000 1 500 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 472 279 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 20 12 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
» Typical incentives<br />
Typically none; sometimes fit-out contributions or rent<br />
free period for tenants<br />
» Statutory rights to renew the lease None<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent Finnish CPI<br />
18 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth ++<br />
» GDP growth ++<br />
» <strong>Retail</strong> sales<br />
growth<br />
Helsinki<br />
Future shopping centre development is expected both in the centre<br />
of Helsinki as well as in edge of town locations. The latter continue to<br />
dominate shopping centre supply.<br />
++
Helsinki, Finland<br />
// Major shopping centres in operation in Helsinki (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 Itäkeskus 1984 117 131<br />
Key tenants: Stockmann, H&M, Kesko, Bestseller, Nordea Bank<br />
2 Sello 2003 102 000<br />
Key tenants: S-Group, Kesko, Halonen<br />
3 Jumbo 1998 85 000<br />
Key tenants: Stockmann, Kesko, S-Group, H&M, Marimekko<br />
4 Iso Omena 2001 60 500<br />
Key tenants: Kesko, S-Group, Finnkino, Library, H&M<br />
5 Kamppi 2006 44 429<br />
4<br />
Owner<br />
Wereldhave N.V./Kesko/<br />
City of Helsinki<br />
KEVA, Etera Mutual Pension<br />
Insurance Company,<br />
Pension Fennia<br />
Rodamco, Pension Fennia,<br />
HOK-Elanto, Kesko<br />
Citycon Oyj, GIC Real<br />
Estate<br />
Cornerstone Nordic <strong>Retail</strong><br />
Fund<br />
Key tenants: Calvin Klein, Companies, Marc O Polo, Esprit, Guess, Nike Store, Moda, Kesko<br />
<strong>Shopping</strong> centre - Helsinki<br />
2<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
5<br />
3<br />
Helsinki<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
265 20 100 98 451 mn<br />
172 21 900 98 357 mn<br />
121 8 700 98 414 mn<br />
100 8 800 98 237 mn<br />
120 34 000 98 231 mn<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 19<br />
1
Lille, France<br />
// Key Local Indicators Lille France Europe<br />
» Population 2011, (in ‘000) 2 569 65 182 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 0,4 0,2<br />
» Age structure, 15-64 (%) 65 64 66<br />
» GDP growth, 2007-2011 (%pa) 0,2 0,5 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 0,8 1,8 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 1,7 2,1 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,8 2,0 1,4<br />
» CPI 2011 (%) n/a 2,0 3,0<br />
» ILO unemployment rate 2011 (%) 13,3 9,6 9,4<br />
» Consumer expenditure per capita, 2011 14 172 € 15 587 € 13 070 €<br />
» Average earnings 16 497 € 18 589 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 482 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 16 597 5 128<br />
» Number of shopping centres in the pipeline 3 73 626<br />
» Total shopping centre floorspace (sq m) 460 500 14 807 100 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 179 227 326<br />
» Prime shopping centre rents (units of 150-200 sq m) 750/850 € 400/600€ n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Commercial lease<br />
» Typical lease length 10-12 years<br />
Mature = none, except for medium size units : cap of<br />
» Typical incentives<br />
service charges. For new centres, step rents and cap of<br />
services charges for MSU<br />
» Statutory rights to renew the lease Yes<br />
» Frequency of rent reviews Lease expiry<br />
» Frequency and basis of indexation of rent Annual, with ILC<br />
20 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Lille<br />
Lille’s shopping centre market is dominated by ‘Euralille’, home to 140 retailers<br />
and anchored by a Carrefour hypermarket. A new scheme ‘Lillenium’ is due to<br />
open in 2014 to the south of the city.<br />
--
Lille, France<br />
// Major shopping centres in operation in Lille (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 2<br />
3<br />
Owner<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
Lille<br />
Occupancy<br />
ratio (%)<br />
1 Eurallile 1994 66 700 Unibail-Rodamco 112 12 000 n/a<br />
Key tenants: Carrefour, Go Sport, H&M, Zara<br />
2 villeneuve 2 1977 51 300 Unibail-Rodamco 140 12 000 n/a<br />
Key tenants: Auchan, C&A, H&M, Bershka<br />
3 Auchan Les Géants 1974 47 200 Immochan 78 n/a n/a<br />
Key tenants: Auchan, Auchan Drive, Le Furet du Nord, Zara,<br />
4 Espace Grand'Rue 2002 36 600 Altaréa 50 5 400 n/a n/a<br />
Key tenants: Géant Casino, H&M, Le Furet du Nord, Kiabi<br />
5 Auchan 1994 36 000 Immochan 60 n/a n/a n/a<br />
Key tenants: Auchan, Auchan Drive, Douglas<br />
Euralille - Lille<br />
Roubaix<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 21<br />
5<br />
Turnover<br />
€5,072/<br />
sq m/year<br />
€6,868/<br />
sq m/year<br />
€6,163<br />
sq m/year<br />
4
Lyon, France<br />
// Key Local Indicators Lyon France Europe<br />
» Population 2011, (in ‘000) 1 725 65 182 502 711<br />
» Population growth, 2012-2016 (annual %) 0,7 0,4 0,2<br />
» Age structure, 15-64 (%) 64 64 66<br />
» GDP growth, 2007-2011 (%pa) 0,3 0,5 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,7 1,8 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,2 2,1 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,8 2,0 1,4<br />
» CPI 2011 (%) n/a 2,0 3,0<br />
» ILO unemployment rate 2011 (%) 8,5 9,6 9,4<br />
» Consumer expenditure per capita, 2011 16 512 € 15 587 € 13 070 €<br />
» Average earnings 19 952 € 18 589 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 482 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 12 597 5 128<br />
» Number of shopping centres in the pipeline 4 73 626<br />
» Total shopping centre floorspace (sq m) 447 764 14 807 117 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 260 227 326<br />
» Prime shopping centre rents (units of 150-200 sq m) 1500 - 1600 400-600 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Commercial lease<br />
» Typical lease length 10-12 years<br />
Mature = none, except for medium size units : cap of<br />
» Typical incentives<br />
service charges. For new centres, step rents and cap of<br />
service charges for MSU<br />
» Statutory rights to renew the lease Yes<br />
» Frequency of rent reviews Lease expiry<br />
» Frequency and basis of indexation of rent Annual, with ILC<br />
22 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
Lyon<br />
» <strong>Retail</strong> sales<br />
growth<br />
Continued uncertainty surrounding the economic outlook has led to<br />
restrictive development in recent years. A new retail project ‘Up in Lyon’ is<br />
expected to bring 20,000 sq m of new retail space to the city.<br />
-
Lyon, France<br />
// Major shopping centres in operation in Lyon (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
3<br />
N° of<br />
stores<br />
1<br />
Lyon<br />
Footfall figures<br />
(‘000)<br />
Occupancy<br />
ratio (%)<br />
1 La Part-Dieu 1975 126 460 Unibail-Rodamco 241 32 000 n/a<br />
Key tenants: Carrefour Hypermarket, Galeries Lafayette, Decathlon, Fnac<br />
2 Carré de Soie 2009 75 292 Altaréa 60 5 500 n/a n/a<br />
Key tenants: Jardiland, Castorama, Saturn, Go Sport<br />
3 Ecully Grand Ouest 1972 46 078 Klépierre 88 7 500 100<br />
Key tenants: Carrefour Planet, Decitre, Camaïeu, Sephora<br />
4 Sept Chemins 1988 36 000 Klépierre 45 2 900 100 n/a<br />
Key tenants: Carrefour hypermarket, Jennyfer, Marionnaud<br />
5 Porte des Alpes 1981 35 000 Immochan 60 n/a n/a n/a<br />
Key tenants: Auchan hypermarket, Nocibé, Sephora<br />
La Part-Dieu - Lyon<br />
2<br />
4<br />
5<br />
Turnover<br />
€8,782/<br />
sq m/ year<br />
€7,771 €/<br />
sq m/year<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 23
Marseille, France<br />
// Key Local Indicators Marseille France Europe<br />
» Population 2011, (in ‘000) 2 015 65 182 502 711<br />
» Population growth, 2012-2016 (annual %) 0,6 0,4 0,2<br />
» Age structure, 15-64 (%) 63 64 66<br />
» GDP growth, 2007-2011 (%pa) 0,4 0,5 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,5 1,8 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,5 2,1 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,0 2,0 1,4<br />
» CPI 2011 (%) n/a 2,0 3,0<br />
» ILO unemployment rate 2011 (%) 10,3 9,6 9,4<br />
» Consumer expenditure per capita, 2011 15 591 € 15 587 € 13 070 €<br />
» Average earnings 18 569 € 18 589 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 482 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 15 597 5 128<br />
» Number of shopping centres in the pipeline 6 73 626<br />
» Total shopping centre floorspace (sq m) 507 832 14 807 117 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 252 227 326<br />
» Prime shopping centre rents (units of 150-200 sq m) 1000-1100 400-600 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Commercial lease<br />
» Typical lease length 10-12 years<br />
Mature = none, except for medium size units : cap of<br />
» Typical incentives<br />
service charges. For new centres, step rents and cap of<br />
service charges for MSU<br />
» Statutory rights to renew the lease Yes<br />
» Frequency of rent reviews Lease expiry<br />
» Frequency and basis of indexation of rent Annual, with ILC<br />
24 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Marseille<br />
Marseille’s city centre is witnessing a boom in shopping centre activity,<br />
with some large schemes expected to open in 2013/2014. These include<br />
‘La Capelette’ and ‘Les Terrasses du Port’.<br />
++
Marseille, France<br />
// Major shopping centres in operation in Marseille (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Marseille Grand<br />
Littoral<br />
Opening<br />
date<br />
Key tenants: Carrefour, Leroy Merlin, Go Sport, Babou<br />
GLA size<br />
(sq m)<br />
2<br />
Owner<br />
4<br />
1<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
Marseille<br />
5<br />
Occupancy<br />
ratio (%)<br />
3<br />
Turnover<br />
1996 119 644 Corio 211 12 000 n/a n/a<br />
2 Grand vitrolles 1970 61 111 Klépierre 79 12 500 100%<br />
Key tenants: Carrefour, Castorama, Saturn<br />
3 Auchan Barnéoud 1980 48 566 Immochan 70 n/a n/a na<br />
Key tenants: Auchan, Parfumerie Trupheme, Courir<br />
4 La Pioline 1973 32 617 Klépierre 34 5 800 87% na<br />
Key tenants: Carrefour, Marionnaud<br />
5<br />
valentine Grand<br />
Centre<br />
Key tenants: Géant Casino, Nocibé, Courir<br />
Grand Littoral - Marseille<br />
1970<br />
renovated in<br />
2011<br />
€7,419/<br />
sq m/year<br />
32 564 Mercialys 66 2 700 n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 25
Paris, France<br />
// Key Local Indicators Paris France Europe<br />
» Population 2011, (in ‘000) 2 248 65 182 502 711<br />
» Population growth, 2012-2016 (annual %) 0,5 0,4 0,2<br />
» Age structure, 15-64 (%) 67 64 66<br />
» GDP growth, 2007-2011 (%pa) 1,6 0,5 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,7 1,8 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 3,1 2,1 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,9 2,0 1,4<br />
» CPI 2011 (%) n/a 2,0 3,0<br />
» ILO unemployment rate 2011 (%) 8,1 9,6 9,4<br />
» Consumer expenditure per capita, 2011 26 694 € 15 587 € 13 070 €<br />
» Average earnings 25 710 € 18 589 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 482 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 14 597 5 128<br />
» Number of shopping centres in the pipeline 10 73 626<br />
» Total shopping centre floorspace (sq m) 316 240 14 807 117 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 141 227 326<br />
» Prime shopping centre rents (units of 150-200 sq m) 2000-2200 400-600 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Commercial lease<br />
» Typical lease length 10-12 years<br />
Mature = none, except for medium size units (MSU):<br />
» Typical incentives<br />
maximum of service charges. For new centres, step<br />
rents and cap of service charges for MSU<br />
» Statutory rights to renew the lease Yes<br />
» Frequency of rent reviews Lease expiry<br />
» Frequency and basis of indexation of rent Annual, with ILC<br />
26 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Paris<br />
Despite muted consumer spending, a number of existing shopping centres<br />
are undergoing extensions and a number of projects are in the pipeline.<br />
--
Paris, France<br />
// Major shopping centres in operation in Paris (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
1<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
Paris<br />
2<br />
4 3 5<br />
Occupancy<br />
ratio (%)<br />
1 Les Quatre Temps 1981/2007 129 996 Unibail-Rodamco 235 33 000 n/a<br />
Key tenants: Auchan Hypermarket, C&A, Darty, Virgin<br />
2 Forum des Halles 1979/1996 59 998<br />
Key tenants: Esprit, New Look, Fnac, Etam, Darty<br />
Unibail-Rodamco/AXA<br />
Group<br />
180 42 000 n/a<br />
3 Italie 2 1976/2001 56 698 Hammerson 130 14 700 n/a<br />
Key tenants: Fnac, Go Sport, Champion, Printemps<br />
4 Maine Montparnasse 1973 35 433 n/a 68 n/a n/a<br />
Key tenants: Galeries Lafayette, C&A, Marionnaud<br />
5 Bercy village 1998 26 518 Altaréa 31 12 000 n/a<br />
Key tenants: Monop Store, Board Riders, Sephora<br />
Forum des Halles - Paris<br />
Turnover<br />
€11,177<br />
sq m/year<br />
€9,968<br />
sq m/year<br />
€8,003<br />
sq m/year<br />
€4,119<br />
sq m/year<br />
€7775<br />
sq m/year<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 27
Berlin, Germany<br />
// Key Local Indicators Berlin Germany Europe<br />
» Population 2011, (in ‘000) 3 458 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 0,4 -0,1 0,2<br />
» Age structure, 15-64 (%) 69 66 66<br />
» GDP growth, 2007-2011 (%pa) 2,3 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,1 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -1,0 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,5 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 11,7 6,0 9,4<br />
» Consumer expenditure per capita, 2011 13 863 € 16 182 € 13 070 €<br />
» Average earnings 16 207 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 42 457 5 128<br />
» Number of shopping centres in the pipeline 4 74 626<br />
» Total shopping centre floorspace (sq m) 1 276 000 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 369 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contract<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
28 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Berlin<br />
As growing tourism continues to boost Berlin’s retail market, several new<br />
shopping centres are in the pipeline. Among the most prominent is ‘Boulevard<br />
Berlin’, a large inner-city retail centre in southern Berlin due for 2013.<br />
--
Berlin, Germany<br />
// Major shopping centres in operation in Berlin (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 Gropius Passagen 1997 80 000<br />
Key tenants: Kaufland, Media Markt, Galeria Kaufhof, P&C, H&M<br />
2<br />
Alexa <strong>Shopping</strong>-und<br />
Freizeitcenter<br />
2007 56 200<br />
Key tenants: Media Markt, Reichelt, Zara, H&M, LOXX<br />
3 Ring-Center 1995 54 240<br />
Key tenants: Galeria Kaufhof, Kaiser's, real, H&M, MediMax<br />
4<br />
Potzdamer Platz<br />
Arkaden<br />
Key tenants: Wöhrl, Saturn, Hugendubel, Zara<br />
1998 48 000<br />
5 Hallen am Borsigturm 1999 46 652<br />
Key tenants: Netto, Media Markt, TK maxx, Rewe, H&M<br />
Friedrichstrasse - Berlin<br />
Owner<br />
H.F.S. Immobilienfonds<br />
Deutschland 11 GmbH &<br />
Co. KG<br />
Union Investment Real<br />
Estate/Sonae Sierra<br />
Schliebe GmbH & Co. KG<br />
/Wieland GmbH & Co. KG<br />
SEB c/o PPMG Potsdamer<br />
Platz Management<br />
GmbH<br />
W2005/W2007 Vernal<br />
Asset 2 B.V.<br />
5<br />
N° of<br />
stores<br />
4<br />
Berlin<br />
2<br />
Footfall figures<br />
(‘000)<br />
1<br />
3<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
160 55 000 n/a n/a<br />
180 30 000-100 000 n/a n/a<br />
113 50 000 n/a n/a<br />
127 55 000 n/a n/a<br />
103 20 000 n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 29
Cologne, Germany<br />
// Key Local Indicators Cologne Germany Europe<br />
» Population 2011, (in ‘000) 1 002 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 0,3 -0,1 0,2<br />
» Age structure, 15-64 (%) 67 66 66<br />
» GDP growth, 2007-2011 (%pa) 0,1 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,8 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -1,5 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,1 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 6,2 6,0 9,4<br />
» Consumer expenditure per capita, 2011 16 712 € 16 182 € 13 070 €<br />
» Average earnings 20 476 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 6 457 5 128<br />
» Number of shopping centres in the pipeline 0 74 626<br />
» Total shopping centre floorspace (sq m) 157 300 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 157 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
30 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Cologne<br />
For a long time, supply of retail space in Cologne’s prime retail streets has failed to<br />
meet demand. As a result, international and national retailers are looking outside<br />
these prime areas in order to expand their footprint.<br />
++
Cologne, Germany<br />
// Major shopping centres in operation in Cologne (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Rhein-Center Köln-<br />
Weiden<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Key tenants: Galeria Kaufhof, P&C, Saturn, Rewe, Zara, H&M, Anson's<br />
2<br />
City-Center Köln-<br />
Chorweiler<br />
Key tenants: C&A, Wehmeyer, H&M, Kaiser's, Netto<br />
Owner<br />
1<br />
N° of<br />
stores<br />
2<br />
Footfall figures<br />
(‘000)<br />
Cologne<br />
5<br />
4 3<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
1972 48 000 KG Alster 189 25 000 n/a n/a<br />
1976 33 000<br />
3 Köln Arcaden 2005 27 600<br />
Key tenants: Media Markt, C&A, toom, H&M, Müller<br />
4 DuMont-Carré 2001 19 100<br />
Key tenants: Kult/Planet, ProMarkt, Standa Supermercato, Buffet Chang<br />
5<br />
Neumarkt Galerie<br />
Köln<br />
1998 16 800<br />
Key tenants: Karstadt Sport, Mayersche Buchhandlung<br />
Köln Arcaden - Cologne<br />
Prime Commercial properties<br />
management Ltd.<br />
Union Investment Real<br />
Estate gmbH<br />
Immobilienfonds Wohn-<br />
und Geschäftshaus Köln<br />
Breite Straße GbR<br />
Neumarkt Galerie<br />
Immobiliengesellschaft<br />
mbH & Co. KG<br />
100 30 000 n/a n/a<br />
119 17 000 n/a n/a<br />
48 n/a n/a n/a<br />
42 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 31
Dusseldorf, Germany<br />
// Key Local Indicators Dusseldorf Poland Europe<br />
» Population 2011, (in ‘000) 587 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 -0,1 0,2<br />
» Age structure, 15-64 (%) 66 66 66<br />
» GDP growth, 2007-2011 (%pa) 3,2 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,2 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 0,5 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,2 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 6,6 6,0 9,4<br />
» Consumer expenditure per capita, 2011 18 481 € 16 182 € 13 070 €<br />
» Average earnings 23 222 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 4 457 5 128<br />
» Number of shopping centres in the pipeline 0 74 626<br />
» Total shopping centre floorspace (sq m) 80 900 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 138 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
32 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Dusseldorf<br />
Some exciting new schemes are set to come on stream in Germany’s<br />
fashion capital over the next few years, as developers respond to continued<br />
strong demand and a lack of supply.<br />
--
Dusseldorf, Germany<br />
// Major shopping centres in operation in Dusseldorf (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
KÖ Galerie City<br />
Center<br />
Key tenants: Jil Sander, Frankonia Jagd, Muji<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1986 24 000<br />
2 Düsseldorf Arkaden 2008 24 000<br />
Key tenants: C&A, Media Markt, Aldi Süd, Just Fit Premium<br />
3 Schadow Arkaden 1994 17 400<br />
Key tenants: Anson's, H&M, Esprit, Fitness First, Habitat<br />
Owner<br />
ECE Projektmanagment/<br />
Merrill Lynch<br />
Ivanhoe Cambridge c/o<br />
mfi AG<br />
Schadow Arkaden<br />
Betriebsgesellschaft<br />
N° of<br />
stores<br />
3<br />
2<br />
Dusseldorf<br />
4<br />
Footfall figures<br />
(‘000)<br />
1<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
90 40 000 n/a n/a<br />
116 25 000 n/a n/a<br />
68 23 500 n/a n/a<br />
4 Sevens 2000 15 500 Sevens GmbH & Co. KG 35 15 000 n/a n/a<br />
Key tenants: Saturn, Strenesse, joop!, Parfümerie Schnitzler<br />
Kö Galerie -Dusseldorf<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 33
Frankfurt, Germany<br />
// Key Local Indicators Frankfurt Germany Europe<br />
» Population 2011, (in ‘000) 666 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 -0,1 0,2<br />
» Age structure, 15-64 (%) 67 66 66<br />
» GDP growth, 2007-2011 (%pa) 1,8 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,4 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 0,3 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,9 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 4,9 6,0 9,4<br />
» Consumer expenditure per capita, 2011 16 468 € 16 182 € 13 070 €<br />
» Average earnings 20 104 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 5 457 5 128<br />
» Number of shopping centres in the pipeline 2 74 626<br />
» Total shopping centre floorspace (sq m) 326 602 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 491 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
34 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Frankfurt<br />
Major retailers continue to flock to this important retail location. Space<br />
remains limited but the injection of some prestigious projects, including<br />
Goetheplaza, will help ease this.<br />
+
Frankfurt, Germany<br />
// Major shopping centres in operation in Frankfurt (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
2<br />
N° of<br />
stores<br />
1<br />
Footfall figures<br />
(‘000)<br />
4<br />
Frankfurt 5<br />
Occupancy<br />
ratio (%)<br />
1 NordWestZentrum 1968 118 900 KG Nordtrakt 142 n/a n/a n/a<br />
Key tenants: Galeria Kaufhof, Toom, Media Markt, Primark<br />
2 Main-Taunus-Zentrum<br />
1964 109 200<br />
Main-Tanus-Zentrum,<br />
Wieland KG<br />
Key tenants: Hollister, Apple, Karstadt, Galeria Kaufhof, Breuninger, Media Markt, C&A<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 35<br />
3<br />
Turnover<br />
170 40 000 n/a n/a<br />
3 HessenCenter 1971 45 600 KG Farmsen mbH & Co. 115 25 000 n/a n/a<br />
Key tenants: Galeria Kaufhof, Toom, H&M, Peek&Cloppenburg<br />
4 MyZeil 2009 41 752<br />
Key tenants: Hollister, Saturn, Rewe, Anson's<br />
Palais Quartier GmbH &<br />
Co. KG<br />
82 40 000 n/a n/a<br />
5 Zeilgalerie 1992 11 150 IFM Immobilien AG 54 n/a n/a n/a<br />
Key tenants: United Colors of Benetton, H&M, Pizza Hut<br />
MyZeil - Frankfurt
Hamburg, Germany<br />
// Key Local Indicators Hamburg Germany Europe<br />
» Population 2011, (in ‘000) 1 825 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 1,1 -0,1 0,2<br />
» Age structure, 15-64 (%) 69 66 66<br />
» GDP growth, 2007-2011 (%pa) 1,1 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 3,0 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -0,4 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 3,3 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 5,9 6,0 9,4<br />
» Consumer expenditure per capita, 2011 19 178 € 16 182 € 13 070 €<br />
» Average earnings 24 303 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 23 457 5 128<br />
» Number of shopping centres in the pipeline 2 74 626<br />
» Total shopping centre floorspace (sq m) 587 790 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 327 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
36 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth ++<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
Hamburg<br />
Work continues apace on HafenCity, a prominent city centre waterfront<br />
development project which will increase the size of Hamburg’s city centre<br />
by 40% by 2025.<br />
++
Hamburg, Germany<br />
// Major shopping centres in operation in Hamburg (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Alstertal Einkaufs-<br />
Zentrum<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
3<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
2<br />
5<br />
Hamburg<br />
1<br />
4<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
1970 70 800 KG Klosterstern 254 40 000 n/a n/a<br />
Key tenants: Galeria Kaufhof, P&C, Apple Store, AppelrathCüppers, Zara, Anson's, H&M, Thalia<br />
2 Hamburger Meile 1970 60 000 Real I.S. 150 30 000 n/a n/a<br />
Key tenants: TK maxx, MediMax, H&M, Rewe<br />
3 Elbe Einkaufszentrum 1966 51 600<br />
Key tenants: toom, P&C, C&A, Anson's, Zara, H&M<br />
Immobilien KG Schliebe<br />
& Co.<br />
170 30 000 n/a n/a<br />
4 Billstedt-Center 1977 48 000 Dt. Euroshop AG 112 45 000 n/a n/a<br />
Key tenants: Karstadt Warenhaus, toom, Media Markt, H&M, TK maxx<br />
5<br />
Quarree Wandsbek<br />
Markt<br />
1988 36 400<br />
Key tenants: Karstadt Sport, C&A, H&M, MediMax, Anson's<br />
Hamburger Meile - Hamburg<br />
Union Investement Real<br />
Estate GmbH<br />
91 40 000 n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 37
Leipzig, Germany<br />
// Key Local Indicators Leipzig Germany Europe<br />
» Population 2011, (in ‘000) 0,5 -0,1 0,2<br />
» Population growth, 2012-2016 (annual %) 66 66 66<br />
» Age structure, 15-64 (%) 0,1 1,2 0,5<br />
» GDP growth, 2007-2011 (%pa) 1,4 1,7 2,2<br />
» GDP growth forecasts, 2012-2016 (%pa) -0,8 -0,4 2,4<br />
» Location based retail sales growth, 2007-2011 (%pa) 1,4 1,3 1,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 5,7 4,1 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 10,5 6,0 9,4<br />
» Consumer expenditure per capita, 2011 13 851 € 16 182 € 13 070 €<br />
» Average earnings 16 188 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 4 370 5 128<br />
» Number of shopping centres in the pipeline 1 130 626<br />
» Total shopping centre floorspace (sq m) 182 329 8 140 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 351 213 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
38 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Leipzig<br />
Leipzig’s retail market is undergoing an upgrade in an attempt to improve<br />
the attractiveness of the inner city shopping area, which has suffered at<br />
the hands of competition from peripheral shopping centres.<br />
--
Leipzig, Germany<br />
// Major shopping centres in operation in Leipzig (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 Paunsdorf Center 1994 119 947<br />
Key tenants: Müller, H&M, Kaufland, C&A, Media Markt<br />
2 Allee-Center Leipzig 1996 28 800<br />
Key tenants: Saturn, Adler, H&M, Aldi Nord, real<br />
3 Petersbgen Leipzig 2001 18 700<br />
Key tenants: Desigual, Lidl, s.Oliver, CineStar<br />
Owner<br />
Leipzig-Paunsdorf Center<br />
GmbH & Co. KG c/o mfi<br />
AG<br />
Horizon Way Group<br />
Limited Craigmuir Chambers<br />
Petersbogen Immobiliengesellschaft<br />
mbH &<br />
Co. KG<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
2<br />
Occupancy<br />
ratio (%)<br />
Leipzig<br />
4 3<br />
Turnover<br />
117 42 000 n/a n/a<br />
118 25 000 NA n/a<br />
39 13 000 n/a n/a<br />
4 Marktgalerie Leipzig 2006 14 882 Rreef 10 n/a n/a n/a<br />
Key tenants: Breuninger Warenhaus, Leiser, Weltbild plus<br />
Paunsdorf Center - Leipzig<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 39<br />
1
Munich, Germany<br />
// Key Local Indicators Munich Germany Europe<br />
» Population 2011, (in ‘000) 1 364 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 1,3 -0,1 0,2<br />
» Age structure, 15-64 (%) 67 66 66<br />
» GDP growth, 2007-2011 (%pa) 0,8 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,8 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -0,7 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,7 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 2,9 6,0 9,4<br />
» Consumer expenditure per capita, 2011 19 185 € 16 182 € 13 070 €<br />
» Average earnings 24 299 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 6 457 5 128<br />
» Number of shopping centres in the pipeline 0 74 626<br />
» Total shopping centre floorspace (sq m) 236 900 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 174 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
40 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth ++<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
Munich<br />
Work has started on the development and refurbishment of the mixed-use<br />
project Hofstatt which will bring a further 14,000 sq m of retail space to<br />
the city centre.<br />
+
Munich, Germany<br />
// Major shopping centres in operation in Munich (by size)<br />
<strong>Shopping</strong> centre name<br />
1 Olympia-Einkaufs<br />
zentrum<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Key tenants: Galeria Kaufhof, Karstadt Warenhaus, C&A, Wöhrl, Edeka<br />
2<br />
PEP Einkaufs-Center<br />
München-Neuperlach<br />
Key tenants: P&C, Wöhrl, C&A, Saturn, Kaufland<br />
3 Riem Arcaden 2004 48 600<br />
Key tenants: Saturn, E-Center, SinnLeffers, C&A, H&M<br />
4 MIRA Einkaufscenter 2008 21 700<br />
Key tenants: Rewe, Aldi Nord, C&A, H&M, Expert<br />
5<br />
Pasing Arcaden (1st<br />
construction stage)<br />
Key tenants: H&M, Esprit, s.Oliver, C&A, Aldi, dm<br />
Olympia Einkaufs Zentrum - Munich<br />
Owner<br />
5<br />
N° of<br />
stores<br />
1<br />
Footfall figures<br />
(‘000)<br />
4<br />
Munich<br />
Occupancy<br />
ratio (%)<br />
2<br />
Turnover<br />
1972 67 200 Dr. Rühl KG 137 50 000 n/a n/a<br />
1981 60 000 TIAA-CREF 121 60 000 n/a n/a<br />
Union Investment Real<br />
Estate GmbH, c/o mfi AG<br />
GEPRO Wohn- und<br />
Gewerbebau GmbH & Co.<br />
Zwanzigste Immobilien KG<br />
116 25 000 n/a n/a<br />
60 n/a n/a n/a<br />
2011 21 000 mfi AG 100 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 41<br />
3
Stuttgart, Germany<br />
// Key Local Indicators Stuttgart Germany Europe<br />
» Population 2011, (in ‘000) 601 81 716 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 -0,1 0,2<br />
» Age structure, 15-64 (%) 66 66 66<br />
» GDP growth, 2007-2011 (%pa) 0,1 1,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,6 1,7 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -0,5 -0,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,3 1,3 1,4<br />
» CPI 2011 (%) n/a 2,3 0,3<br />
» ILO unemployment rate 2011 (%) 4,1 6,0 9,4<br />
» Consumer expenditure per capita, 2011 18 742 € 16 182 € 13 070 €<br />
» Average earnings 23 632 € 19 710 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 518 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 3 457 5 128<br />
» Number of shopping centres in the pipeline 1 74 626<br />
» Total shopping centre floorspace (sq m) 80 000 14 294 020 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 133 175 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes on tenant and landlord side<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Rent free period (0-6 months), fit-out contribution<br />
» Statutory rights to renew the lease<br />
No, but anchor tenants often have an option to prolong<br />
their contracts<br />
» Frequency of rent reviews Rare<br />
» Frequency and basis of indexation of rent<br />
Based on development of CPI (triggers: change, time);<br />
Indexation needs a 5+5 or 10 year contract<br />
42 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Stuttgart<br />
Sustained demand from retailers and low vacancy are driving further<br />
shopping centre development in Stuttgart. The ‘Das Gerber’ and ‘Milaneo’<br />
are expected to open in 2014 and 2015.<br />
--
Stuttgart, Germany<br />
// Major shopping centres in operation in Stuttgart (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Königsbau Passagen<br />
Stuttgart<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Key tenants: Saturn, Deutsche Post, Olymp & Hades, Vapiano<br />
2 Schwaben Galerie 2004 26 600<br />
Key tenants : Kaufland, Modepark Röther, Media Markt, Aldi Süd<br />
3 Canstatter Carré 2006 25 885<br />
Key tenants : Kaufland, Müller, H&M, Lidl, C&A<br />
Königsbau Passagen - Stuttgart<br />
Owner<br />
3<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
Stutgartt<br />
1<br />
Occupancy<br />
ratio (%)<br />
2<br />
Turnover<br />
2006 27 500 Seleno GmbH 82 33 000 n/a n/a<br />
DCSF Immobilien<br />
Verwaltungsgesellschaft<br />
Nr. 4 mbH & Co. Objekt<br />
Stuttgart-Vaillingen KG<br />
LaSalle Investment Management<br />
LaSalle GmbH<br />
51 15 000 n/a n/a<br />
40 17 000 n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 43
Budapest, Hungary<br />
// Key Local Indicators Budapest Hungary Europe<br />
» Population 2011, (in ‘000) 1 706 9 989 502 711<br />
» Population growth, 2012-2016 (annual %) -0,1 -0,2 0,2<br />
» Age structure, 15-64 (%) 68 68 66<br />
» GDP growth, 2007-2011 (%pa) 0,0 -0,6 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,7 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -1,9 -2,3 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,0 1,1 1,4<br />
» CPI 2011 (%) n/a 3,8 0,3<br />
» ILO unemployment rate 2011 (%) 8,5 10,7 9,4<br />
» Consumer expenditure per capita, 2011 6 203 € 4 357 € 13 070 €<br />
» Average earnings 7 362 € 4 776 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 302 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 16 43 5 128<br />
» Number of shopping centres in the pipeline 12 16 626<br />
» Total shopping centre floorspace (sq m) 700 000 1 240 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 410 124 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 17-22 13-19 n/a<br />
» Prime shopping centre rents (units of 200 sq m) 70-100 35-60 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
» Typical incentives Fit-out contribution for anchors, stepped rental.<br />
» Statutory rights to renew the lease After 5 years<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent HICP<br />
44 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth --<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
Budapest<br />
Despite some recent shopping centre openings, demand from international<br />
retailers remains focused on existing schemes, such as the well known<br />
Árkád centre which is currently undergoing an expansion of 20,000 sq m.<br />
++
Budapest, Hungary<br />
// Major shopping centres in operation in Budapest (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
2 4<br />
1<br />
Budapest<br />
Occupancy<br />
ratio (%)<br />
1 Aréna Plaza 2007 68 000 Lanebridge 220 n/a n/a n/a<br />
Key tenants: C&A, Cinema City, H&M, Hervis, Inditex Group, NewYorker, Peak&Cloppenburg, Saturn, Tesco<br />
2 Mammut 1998 & 2001 62 000 Mammut Üzletház Kft. 330 n/a n/a n/a<br />
Key tenants: Cinema City, Deichman, E-Digital, Hervis, Libri, Marks&Spencer, Match<br />
3 KÖKI Terminál 2011 58 000 R-Co 200 n/a n/a n/a<br />
Key tenants: C&A, H&M, Euronics, Hervis, Müller, NewYorker, OBI, Tesco<br />
4 Westend 1999 53 000 Trigránit 400 n/a n/a n/a<br />
Key tenants: C&A Debenhams, H&M, Mango, Marks&Spencer, Match, Media Markt, NewYorker, Palace Cinemas<br />
5 Árkád 2002 42 000 ECE 170 n/a n/a n/a<br />
Key tenants: C&A, H&M, Hervis, Humanic, Interspar, Libri, Zara<br />
Mammut - Budapest<br />
5<br />
3<br />
Turnover<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 45
Dublin, Ireland<br />
// Key Local Indicators Dublin Ireland Europe<br />
» Population 2011, (in ‘000) 1 182 4 469 502 711<br />
» Population growth, 2012-2016 (annual %) -1,1 0,2 0,2<br />
» Age structure, 15-64 (%) 50 66 66<br />
» GDP growth, 2007-2011 (%pa) -1,2 -0,8 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,5 2,9 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -1,9 -0,6 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0 0,8 1,4<br />
» CPI 2011 (%) n/a 2,6 0,3<br />
» ILO unemployment rate 2011 (%) 14,2 14,4 9,4<br />
» Consumer expenditure per capita, 2011 17 760 € 16 146 € 13 070 €<br />
» Average earnings 20 820 € 18 462 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 437 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 39 n/a 5 128<br />
» Number of shopping centres in the pipeline 0 n/a 626<br />
» Total shopping centre floorspace (sq m) 703 290 n/a 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 595 n/a 326<br />
» Prime shopping centre rents (units of 2,000 sq m) €625-750 n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/quarter<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years<br />
» Typical incentives 12-24 months of free rent<br />
» Statutory rights to renew the lease Possible after 5 years in occupation<br />
» Frequency of rent reviews Every 5 years<br />
» Frequency and basis of indexation of rent Not applicable<br />
46 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth --<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
Dublin<br />
Having witnessed significant development in the last 15 years, Dublin<br />
shopping centre stock per capita is amongst the highest in Europe. Demand<br />
remains mixed, with secondary schemes bearing the brunt of weakening<br />
demand.<br />
--
Dublin, Ireland<br />
// Major shopping centres in operation in Dublin (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Dundrum Town<br />
Centre<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
3<br />
2<br />
4<br />
Owner<br />
N° of<br />
stores<br />
2005 85 307 n/a 100<br />
Dublin<br />
Footfall figures Occupancy<br />
ratio (%)<br />
1<br />
70 000 since<br />
opening<br />
Key tenants: Gap, H&M, Esprit, Bershka, Hollister, Tommy Hilfiger, Hugo Boss, Massimo Dutti, Marks & Spencer, Timberland, L'Occitane, Kiehl's<br />
2<br />
The Blanchardstown<br />
Centre<br />
5<br />
Turnover<br />
n/a n/a<br />
1996 59 287 n/a 180 n/a n/a n/a<br />
Key tenants: Marks & Spencer, Debenhams, Dunnes Stores, Zara, Penneys, H&M, Timberland, Bershka<br />
3 Liffey valley, Lucan 1998 46 605 n/a 99<br />
Key tenants: Marks & Spencer, Diesel, Dunnes Stores, Boots, Next, New Look, Republic, Tommy Hilfiger, Moss Bros<br />
200 000/300<br />
000 per week<br />
n/a n/a<br />
4 The Square, Tallaght 1990 46 226 n/a 117 n/a n/a n/a<br />
Key tenants: Tesco, Dunnes Stores, Debenhams, Ms Moneypenny, Koko, New Look, River Island, Foot Locker, 3 Stores, Game, HSV<br />
5<br />
The Pavillions<br />
<strong>Shopping</strong> Centre<br />
2001 41 140 n/a 87 n/a n/a n/a<br />
Key tenants: 3 Store, Benetton, Boots,Diesel, Dunnes Stores, Footlocker, HMV, Imaginarium, Mango, River Island, The Body, Maxx, Tommy Hilfiger, Zara<br />
Mammut - Budapest<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 47
Milan, Italy<br />
// Key Local Indicators Milan Italy Europe<br />
» Population 2011, (in ‘000) 3 952 60 394 502 711<br />
» Population growth, 2012-2016 (annual %) -0,2 0,0 0,2<br />
» Age structure, 15-64 (%) 65 65,41 66<br />
» GDP growth, 2007-2011 (%pa) -1,5 -0,7 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 0,5 0,6 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -1,6 -1,0 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) -0,3 0,2 1,4<br />
» CPI 2011 (%) n/a 2,8 0,03<br />
» ILO unemployment rate 2011 (%) 5,4 8,2 9,4<br />
» Consumer expenditure per capita, 2011 16 418 € 14 124 € 13 070 €<br />
» Average earnings 19 001 € 15 804 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 602 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 39 822 5 128<br />
» Number of shopping centres in the pipeline 4 34 626<br />
» Total shopping centre floorspace (sq m) 695 000 14 070 114 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 176 233 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions n/a<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document<br />
Standard contract (Contratto di Locazione) or SC specific<br />
(Contratto di Affito di Ramo d’Azzienda)<br />
» Typical lease length<br />
Most typical 6+6 years for standard lease; or 5 to 7 years<br />
for contratto di affito (business lease)<br />
» Typical incentives Stepped rent<br />
» Statutory rights to renew the lease<br />
Tenants have certain rights at lease expiry in standard<br />
contract. If not accepted, compensation guaranteed<br />
» Frequency of rent reviews Not common<br />
» Frequency and basis of indexation of rent<br />
48 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Standard lease: indexation is limited to 75% of the<br />
(ISTAT) cost of living index; SC lease: 100% indexation<br />
permitted<br />
Overall city score<br />
» Pop. growth --<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Milan<br />
Restrictive development regulations have limited the amount of prominent<br />
shopping centres and as a result, high street retail dominates the retail<br />
offer. Despite this, a number of schemes are expected in the near future.<br />
--
Milan, Italy<br />
// Major shopping centres in operation in Milan (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 Carosello 1972 52 622<br />
Key tenants: Carrefour, Saturn, Zara, Hollister, Oviesse<br />
Owner<br />
Schroeders International<br />
Property Funds<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
3<br />
Milan<br />
4<br />
Occupancy<br />
ratio (%)<br />
2<br />
Turnover<br />
80 n/a n/a n/a<br />
2 Centro vulcano 2006 50 000 Caltagirone 168 n/a n/a n/a<br />
Key tenants: Il Gigante, Okaidi-Obaibi, Euronics, CGV Moda, US Fashion Store<br />
3 Milanofiori 2007 47 522 Klépierre 103 n/a n/a n/a<br />
Key tenants: Conbipel OVS Industry, Saturn, Scarpe&Scarpe, Zara<br />
4 Cinisello Balsamo 2007 45 846 n/a 109 n/a n/a n/a<br />
Key tenants: Auchan, Darty, H&M, Scarpe&Scarpe<br />
5 Acquario 2002 42 077 Klepierre/Gruppo Finim 56 n/a n/a n/a<br />
Key tenants: Ipercoop, C&A, Media World, Benetton, Brek, Sonny Bono, US Fashion Store<br />
Emanuele II shopping gallery - Milan<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 49<br />
1<br />
5
Rome, Italy<br />
// Key Local Indicators Rome Italy Europe<br />
» Population 2011, (in ‘000) 4 160 60 394 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 0,0 0,2<br />
» Age structure, 15-64 (%) 66 65,41 66<br />
» GDP growth, 2007-2011 (%pa) -0,1 -0,7 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 0,9 0,6 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -0,7 -1,0 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,4 0,2 1,4<br />
» CPI 2011 (%) n/a 2,8 0,03<br />
» ILO unemployment rate 2011 (%) 9,0 8,2 9,4<br />
» Consumer expenditure per capita, 2011 15 548 € 14 124 € 13 070 €<br />
» Average earnings 17 734 € 15 804 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 602 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 43 822 5 128<br />
» Number of shopping centres in the pipeline 4 34 626<br />
» Total shopping centre floorspace (sq m) 947 921 14 070 114 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 228 233 326<br />
» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions n/a<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document<br />
Standard contract (Contratto di Locazione) or SC specific<br />
(Contratto di Affito di Ramo d’Azzienda)<br />
» Typical lease length<br />
Most typical 6+6 years for standard lease; or 5 to 7 years<br />
for contratto di affito (business lease)<br />
» Typical incentives Stepped rent<br />
» Statutory rights to renew the lease<br />
Tenants have certain rights at lease expiry in standard<br />
contract. If not accepted, compensation guaranteed<br />
» Frequency of rent reviews Not common<br />
Standard lease: indexation is limited to 75% of the<br />
» Frequency and basis of indexation of rent<br />
(ISTAT) cost of living index; SC lease: 100% indexation<br />
permitted<br />
50 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Rome<br />
The demand for shopping centres in Rome is focused on established<br />
centres. New developments are scarce and regarded as high risk undertakings<br />
in the current economic climate.<br />
+
Rome, Italy<br />
// Major shopping centres in operation in Rome (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
3<br />
N° of<br />
stores<br />
4<br />
2<br />
Rome<br />
Footfall figures<br />
(‘000)<br />
1<br />
Occupancy<br />
ratio (%)<br />
1 Roma Est 2007 98 000 ING Real Estate 211 n/a n/a n/a<br />
Key tenants: Panorama,Saturn, H&M, Foot Locker, Oviesse, OVS Kids, Benetton, CO Import, Kasanova<br />
2 Porta Di Roma 2007 96 390<br />
Gallerie Commerciali<br />
Auchan/Gruppo Lamaro<br />
Key tenants: Auchan, Ikea, Leroy Merlin, Decathlon, H&M, Zara, Media World, Coin, Fnac, Adidas<br />
3 Parco Leonardo 2005 61 083<br />
Gruppo Leonardo Caltagirone<br />
Key tenants: Auchan, Max&Co, Zara, Bershka, Scarpe&Scarpe, Oviesse, Timberland, Saturn<br />
5<br />
Turnover<br />
230 n/a n/a n/a<br />
214 n/a n/a n/a<br />
4 Euroma 2 2008 52 000 Lsgii/Ipercoop 260 n/a n/a n/a<br />
Key tenants: Ipercoop, H&M, Okaidi Obaibi, Massimo Dutti, Zara, Foot Locker, Bershka, Tommy Hilfiger, Timberland, Mango, Hollister, Conbipel, Kasanova<br />
5 Etra Tiburtino 2009 43 172 IGD 124 n/a n/a n/a<br />
Key tenants: Unicoop Tirenno, Obi, H&M, Euronics, Factory Store, Bata, Tally Weijl, Kasanova<br />
Porta di Roma - Rome<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 51
Riga, Latvia<br />
// Key Local Indicators Riga Latvia Europe<br />
» Population 2011, (in ‘000) 702 2 234 502 711<br />
» Population growth, 2012-2016 (annual %) -0,5 -0,4 0,2<br />
» Age structure, 15-64 (%) 69 69 66<br />
» GDP growth, 2007-2011 (%pa) -2,1 -1,4 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 5,4 5,0 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -5,8 -3,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 6,4 5,6 1,4<br />
» CPI 2011 (%) n/a 4,4 0,3<br />
» ILO unemployment rate 2011 (%) n/a 15,9 9,4<br />
» Consumer expenditure per capita, 2011 2 766 € 3 732 € 13 070 €<br />
» Average earnings 2 461 € 3 604 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 285 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 16 n/a 5 128<br />
» Number of shopping centres in the pipeline 0 n/a 626<br />
» Total shopping centre floorspace (sq m) 615 000 n/a 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 876 n/a 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 15-40 € n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5-10 years<br />
» Typical incentives Fit-out contribution, temporary discounts<br />
» Statutory rights to renew the lease After 5 years<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent CPI<br />
52 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth --<br />
» GDP growth ++<br />
Riga<br />
» <strong>Retail</strong> sales<br />
growth<br />
2011 was a promising year for Riga’s retail market; occupancy increased,<br />
vacancy declined and new leases are in negotiation. Several new projects<br />
are planned over the next few years, including phase II-IV of the Imanta<br />
<strong>Retail</strong> Park (100,000 sq m).<br />
++
Riga, Latvia<br />
// Major shopping centres in operation in Riga (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
2<br />
Owner<br />
Riga<br />
4<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
5<br />
Occupancy<br />
ratio (%)<br />
1 Alfa, <strong>Retail</strong> park 2001 56 500 ACTA Fund 212 9 000 100 n/a<br />
Key tenants: Rimi, Cin/amon, Zara, Jysk, Mango, Cubus, Apranga, Lindex, Seppala<br />
2 Spice 2001 41 112 E.L.L. Kinnisvara/Trsitafan 156 7 660 100<br />
Key tenants: Rimi, Jysk, Zara, NewYorker, Seppala, Lindex, Douglas, Dania<br />
3 Domina <strong>Shopping</strong> 2003 42 000<br />
KanAm Grund Kapitalanlagegesellschaft<br />
mbH<br />
Key tenants: Prisma, Apranga, VeroMode, NewYorker, Lindex, Cubus, UnitedColours of Benetton, Marks & Spencer<br />
4 Riga Plaza 2009 47 000<br />
New Century Holding/<br />
Plaza Centers NV<br />
Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Zara, Lindex, Douglas<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 53<br />
3<br />
Turnover<br />
€95m<br />
(2011)<br />
170 n/a 98 n/a<br />
115 n/a 97 n/a<br />
5 Mols 1998/2002 33 000 ACTA Fund 123 5 940 100 n/a<br />
Key tenants: Rimi, Dressmann, Cubus, Reserved, Rito, Jysk<br />
Riga Plaza - Riga<br />
1
vilnius, Lithuania<br />
// Key Local Indicators Vilnius Lithuania Europe<br />
» Population 2011, (in ‘000) 846 3 310 502 711<br />
» Population growth, 2012-2016 (annual %) 0,0 -0,3 0,2<br />
» Age structure, 15-64 (%) 69 69,21 66<br />
» GDP growth, 2007-2011 (%pa) 1,4 1,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 6,7 5,3 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -0,7 -0,8 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 7,3 6,2 1,4<br />
» CPI 2011 (%) n/a 4,1 0,3<br />
» ILO unemployment rate 2011 (%) n/a 15,2 9,4<br />
» Consumer expenditure per capita, 2011 5 929 € 4 470 € 13 070 €<br />
» Average earnings 6 830 € 4 835 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 511 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 20 n/a 5 128<br />
» Number of shopping centres in the pipeline 2 n/a 626<br />
» Total shopping centre floorspace (sq m) 429 000 n/a 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 130 n/a 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 12-30 € n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
» Typical incentives Fit-out contribution, temporary discounts<br />
» Statutory rights to renew the lease By agreement<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent CPI<br />
54 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth ++<br />
» <strong>Retail</strong> sales<br />
growth<br />
Vilnius<br />
The most popular retail destination in Vilnius is the Akropolis shopping<br />
centre, ahead of its younger competitors, Ozas and Panorama. All three<br />
centres enjoy very low vacancy, at around 5% or lower.<br />
+
vilnius, Lithuania<br />
// Major shopping centres in operation in Vilnius (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
5<br />
1<br />
3<br />
Occupancy<br />
ratio (%)<br />
1 Akropolis 2002-2004 95 000 n/a 219 13 500 100 n/a<br />
Key tenants: Maxima, Elektromarkt, Ermitažas, Lindex, Apranga, Monton, Kristiana, Cipollino<br />
2 Ozas 2009 62 000 n/a 166 n/a 98 n/a<br />
Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Vero Moda, Lindex<br />
3 Panorama 2008 50 000 n/a 155 n/a 100 n/a<br />
Key tenants: Rimi, Apranga, Kristiana, BMS Megapolis, NewYorker, Lindex, Pull and Bear, Audimas<br />
2<br />
4<br />
Vilnius<br />
Turnover<br />
4 Europa 2004 17 000 n/a 80 n/a 90 30m (2011)<br />
Key tenants: Maxima, Cili pica, Miyako, Apranga, Mexx, GANT, Baltman, Monton, Marc O`Polo, Vero Moda, Reserved, Etam, Salamander, Danija<br />
5 BIG 2006 15 600 n/a 69 n/a 80 n/a<br />
Key tenants: Maxima, Seppala, Avitela, Danija<br />
Europa - Vilnius<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 55
Amsterdam, Netherlands<br />
// Key Local Indicators Amsterdam Netherlands Europe<br />
» Population 2011, (in ‘000) 1 253 16 649 502 711<br />
» Population growth, 2012-2016 (annual %) 0,6 0,3 0,2<br />
» Age structure, 15-64 (%) 68 67 66<br />
» GDP growth, 2007-2011 (%pa) 1,8 1,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,1 1,6 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 0,5 -0,8 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,8 1,1 1,4<br />
» CPI 2011 (%) n/a 2,3 0,03<br />
» ILO unemployment rate 2011 (%) 4,1 4,4 9,4<br />
» Consumer expenditure per capita, 2011 16 482 € 14 743 € 13 070 €<br />
» Average earnings 18 396 € 16 016 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 465 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 10 n/a 5 128<br />
» Number of shopping centres in the pipeline 2 n/a 626<br />
» Total shopping centre floorspace (sq m) 237 441 7 100 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 189 426 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 800 300 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Yes<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Hardly any<br />
» Statutory rights to renew the lease Every 5 years<br />
» Frequency of rent reviews Annually<br />
» Frequency and basis of indexation of rent Annually, based on Dutch CPI<br />
56 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Amsterdam<br />
The Amsterdam shopping centre market has in recent years been affected<br />
by the internationalisation of retail chains, as international retailers are<br />
driving the strongest demand for space in the Dutch capital.<br />
++
Amsterdam, Netherlands<br />
// Major shopping centres in operation in Amsterdam (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Zuidoost Arena<br />
Boulevard<br />
Opening<br />
date<br />
Key tenants: Media Markt, Decathlon, Prenatal, Perry Sport<br />
GLA size<br />
(sq m)<br />
Owner<br />
4<br />
3<br />
N° of<br />
stores<br />
5<br />
Footfall figures<br />
(Weekly)<br />
Amsterdam<br />
Occupancy<br />
ratio (%)<br />
2<br />
1<br />
Turnover<br />
1998 85 349 n/a 81 190 000 n/a n/a<br />
2 Boven 't Y 1975 36 469 n/a 160 149 000 n/a n/a<br />
Key tenants: Media Markt, BCC, Etos, V&D, HEMA, C&A<br />
3 Westpoort 2009 29 423 n/a 8 n/a n/a n/a<br />
Key tenants: GAMMA, Woonexpress, Kwantum, Leenbakker<br />
4 Osdorpplein 1990 25 618 114 67 000 n/a n/a n/a<br />
Key tenants: AH, H&M, Kijkshop, H&M, HEMA, ANWB<br />
5 Sijsjesbergweg 2010 25 150 9 n/a n/a n/a n/a<br />
Key tenants: Woonexpress, Jysk, Kwantum,<br />
Villa Arena - Amsterdam<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 57
Rotterdam, Netherlands<br />
// Key Local Indicators Rotterdam Netherlands Europe<br />
» Population 2011, (in ‘000) 1 367 16 649 502 711<br />
» Population growth, 2012-2016 (annual %) 0,1 0,3 0,2<br />
» Age structure, 15-64 (%) 67 67 66<br />
» GDP growth, 2007-2011 (%pa) 1,2 1,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,9 1,6 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -0,4 -0,8 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,3 1,1 1,4<br />
» CPI 2011 (%) n/a 2,3 0,03<br />
» ILO unemployment rate 2011 (%) 4,9 4,4 9,4<br />
» Consumer expenditure per capita, 2011 15 488 € 14 743 € 13 070 €<br />
» Average earnings 17 029 € 16 016 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 465 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 5 n/a 5 128<br />
» Number of shopping centres in the pipeline 1 n/a 626<br />
» Total shopping centre floorspace (sq m) 185 800 7 100 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 136 426 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 600 300 n/a<br />
» Basis of measurement Net retail floorspace<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years + 5 years<br />
» Typical incentives Hardly any<br />
» Statutory rights to renew the lease Every 5 years<br />
» Frequency of rent reviews Annually<br />
» Frequency and basis of indexation of rent Annually, based on Dutch CPI<br />
58 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Rotterdam<br />
Rotterdam is one of Holland’s strongest retail destinations and the development<br />
pipeline is substantial. The focus is on the upgrade of the city<br />
centre with Multi Vastgoed’s mixed-use project ‘Forum Rotterdam’ being<br />
at the forefront of this.<br />
-
Rotterdam, Netherlands<br />
// Major shopping centres in operation in Rotterdam (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
Rotterdam<br />
2<br />
Footfall figures<br />
(Weekly)<br />
5<br />
4<br />
3<br />
Occupancy<br />
ratio (%)<br />
1 Alexandrium I, II, III 1985 106 918 n/a 200 205 000 n/a n/a<br />
Key tenants: Zara, H&M, Ici Paris XL, Haestens, Media Markt, Lundia<br />
2 Zuidplein 1970 46 012 n/a 140 148 000 n/a n/a<br />
Key tenants: Saturn, V&D, HEMA, La Place, Prenatal<br />
3 Keizerswaard 1994 13 498 n/a 82 n/a n/a n/a<br />
Key tenants: AH, HEMA, BAS<br />
4 WC Lage Land 2011 10 003 n/a n/a n/a n/a n/a<br />
Key tenants: AH, Free Record Shop, Belcompany, H&M<br />
5<br />
Woonboulevard<br />
Rotterdam<br />
(Stadionweg)<br />
Key tenants: Praxis, Halfords, Jysk, Carpet Right, Roobol<br />
Alexandrium - Rotterdam<br />
1<br />
Turnover<br />
2000 9 388 n/a 6 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 59
Warsaw, Poland<br />
// Key Local Indicators Warsaw Poland Europe<br />
» Population 2011, (in ‘000) 1 720 38 200 502 711<br />
» Population growth, 2012-2016 (annual %) 0,4 0 0,2<br />
» Age structure, 15-64 (%) 70 71 66<br />
» GDP growth, 2007-2011 (%pa) 4,8 4,3 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 5,5 3,9 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 6,7 5,8 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 5,7 4,1 1,4<br />
» CPI 2011 (%) n/a 4,1 3<br />
» ILO unemployment rate 2011 (%) 6,7 9,5 9,4<br />
» Consumer expenditure per capita, 2011 6 105 € 5 078 € 13 070 €<br />
» Average earnings 8 461 € 7 269 € 18 824 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 433 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 42 370 5 128<br />
» Number of shopping centres in the pipeline 15 130 626<br />
» Total shopping centre floorspace (sq m) 1 350 000 8 140 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 785 213 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 85-90 45-50 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
Fit-out contribution for anchors in Warsaw; fit-out<br />
» Typical incentives<br />
contribution for tenants entering projects in secondary<br />
and tertiary cities<br />
» Statutory rights to renew the lease After 5 years<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent HICP, Polish CPI<br />
60 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth ++<br />
» <strong>Retail</strong> sales<br />
growth<br />
Warsaw<br />
<strong>Shopping</strong> centres dominate the retail offering and continue to show strong<br />
performance reflected by low vacancy rates. Undersupply is the prevailing<br />
market condition, causing retailers to consider secondary space.<br />
++
Warsaw, Poland<br />
// Major shopping centres in operation in Warsaw (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
3<br />
N° of<br />
stores<br />
2<br />
4<br />
Footfall figures<br />
(‘000)<br />
1<br />
5<br />
Warsaw<br />
Occupancy<br />
ratio (%)<br />
1 Arkadia Mall 2004 103 000 Unibail-Rodamco 230 22 000 100 n/a<br />
Key tenants: Marks & Spencer, New Yorker, Peek & Cloppenburg, Deichmann, CCC<br />
2 Wola Park 2002 73 000 AEW Capital Management 190 n/a 99 n/a<br />
Key tenants: Auchan Hypermarket, H&M, Zara, Go Sport, C&A<br />
3 CH Janki 1999 68 500 GE Capital Real Estate 104 600 100 n/a<br />
Key tenants: Real, Leroy Merlin, Saturn, Go Sport, Cinema City, C&A, H&M, Smyk, Feu Vert, Jysk, Reserved, Empik, Cubus<br />
4 CH Krakowska 61 2002 66 400 BPH TFI 50 n/a 100 n/a<br />
Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort<br />
5 Zlote Tarasy 2007 64 000<br />
Key tenants: Carrefour, Multikino, Saturn, Van Graaf, Marks & Spencer<br />
Zlote Tarasy - Warsaw<br />
ING Real Estate/Unibail-<br />
Rodamco/City of Warsaw<br />
Turnover<br />
220 20 000 99 n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 61
Lisbon, Portugal<br />
// Key Local Indicators Lisbon Portugal Europe<br />
» Population 2011, (in ‘000) 2 033 10 653 502 711<br />
» Population growth, 2012-2016 (annual %) 0,01 0,03 0,2<br />
» Age structure, 15-64 (%) 65 67 66<br />
» GDP growth, 2007-2011 (%pa) -0,40 0,0 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 0,9 0,6 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -1,8 -1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) -1,2 -0,7 1,4<br />
» CPI 2011 (%) n/a 4 0,3<br />
» ILO unemployment rate 2011 (%) 13,3 12,6 9,4<br />
» Consumer expenditure per capita, 2011 11 532 € 9 364 € 13 070 €<br />
» Average earnings 13 403 € 10 358 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 775 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 5 47 5 128<br />
» Number of shopping centres in the pipeline n/a n/a 626<br />
» Total shopping centre floorspace (sq m) 960 000 3 000 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 472 282 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 960 € n/a n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
» Typical incentives Fit-out contribution<br />
» Statutory rights to renew the lease n/a<br />
» Frequency of rent reviews 3 years<br />
» Frequency and basis of indexation of rent n/a<br />
62 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Lisbon<br />
New shopping centre completions are expected to be low in the near<br />
future in line with a weak economic outlook. Some retailers are seeing<br />
opportunities, however, and demand in existing schemes remains healthy.<br />
--
Lisbon, Portugal<br />
// Major shopping centres in operation in Lisbon (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
1<br />
2<br />
Footfall figures<br />
(‘000)<br />
3<br />
4<br />
Occupancy<br />
ratio (%)<br />
1 Dolce vita Tejo 2009 122 000 Sonae Sierra 300 n/a n/a n/a<br />
Key tenants: Zara, Primark, Jumbo, Poly, Disney Store, Fnac, Bershka, Area, Mastro, Tyos"R"Us, Party Fiesta<br />
2 Centro Colombo 1997 120 000 Realia 396 n/a n/a n/a<br />
Key tenants: H&M, Continente, Bocatta, Zara, Disney Store, Fnac, Bershka, Area, Mastro, Toys"R"Us, Party Fiesta<br />
3 Galerias Twin Towers n/a 46 877 Realia n/a n/a n/a n/a<br />
Key tenants: Baga Baga, Curriculum, Guevel Editora<br />
4 El Corte Ingles 2011 45 000 El Corte Ingles n/a n/a n/a n/a<br />
Key tenants: Armani, Boss, Hermès, Louis Vuitton, Lacoste<br />
5<br />
Centro vasco da<br />
Gama<br />
Lisbon<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 63<br />
5<br />
Turnover<br />
1999 29 310 Sonae Sierra/ING Group 167 n/a n/a n/a<br />
Key tenants: Benetton Group, C&A, Guess, Timberland, Zara, H&M, Nike, Worten, Fnac, Ornimundo, Funny Shops, Continente, Ericeira Surf Shop<br />
<strong>Shopping</strong> centre in Oeiras - Lisbon
Barcelona, Spain<br />
// Key Local Indicators Barcelona Spain Europe<br />
» Population 2011, (in ‘000) 5 425 46 254 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 0,3 0,2<br />
» Age structure, 15-64 (%) 67 68 66<br />
» GDP growth, 2007-2011 (%pa) -0,1 0,3 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,1 1,2 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -3,6 -3,3 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 0,6 0,6 1,4<br />
» CPI 2011 (%) n/a 3,2 0,3<br />
» ILO unemployment rate 2011 (%) 19,3 21,6 9,4<br />
» Consumer expenditure per capita, 2011 12 416 € 11 535 € 13 070 €<br />
» Average earnings 14 416 € 13 186 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 475 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 45 537 5 128<br />
» Number of shopping centres in the pipeline 2 30 626<br />
» Total shopping centre floorspace (sq m) 1 319 286 14 119 033 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 243 305 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 235 230 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
» Typical incentives<br />
Rent free period and/or rental discounts in the initial<br />
period and/or a fit-out contribuation<br />
» Statutory rights to renew the lease Yes, but generally removed from the lease contract<br />
Review on each 5th or 6th anniversary of the lease to<br />
» Frequency of rent reviews<br />
open market value or applying CPI + 2/5% to the base<br />
rent<br />
» Frequency and basis of indexation of rent<br />
12 month period before rent indexation begins. Indexation<br />
on the Consumer Price Index applied to 100% of the rent<br />
64 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth --<br />
» <strong>Retail</strong> sales<br />
growth<br />
Barcelona<br />
2010 and 2011 saw the opening of a number of key shopping centres.<br />
Although there are no new schemes planned for 2012, a number of existing<br />
centres are undergoing refurbishments and extensions.<br />
++
Barcelona, Spain<br />
// Major shopping centres in operation in Barcelon/a (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Diagonal Mar<br />
<strong>Shopping</strong> Centre<br />
Diagonal Mar - Barcelona<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
5<br />
Footfall figures<br />
(‘000)<br />
Barcelona<br />
3<br />
4<br />
2<br />
Occupancy<br />
ratio (%)<br />
1<br />
Turnover<br />
2001 87 085 Quinlan Private 197 n/a 99 n/a<br />
Key tenants: Alcampo, Cinesa, Fnac, Primark, Media Markt, Zara, H&M, Toys R Us, Sfera, Mango, Namco Station<br />
2 La Maquinista 2000 76 200<br />
Key tenants: Carrefour, Media Markt, H&M, Zara, Mango, Cortefiel<br />
3 Baricentro 1980 62 430<br />
Unibail-Rodamco, CGI<br />
and Carrefour Property<br />
Carrefour Properties and<br />
others<br />
Key tenants: Carrefour, Yelmo Cineplex, Aki Bricolaje, Darty, C&A, Nova Mobile, Miró, Barimueble<br />
4 Glories 1995 56 300<br />
Key tenants: Fitness First gym, Carrefour, C&A, H&M, Zara, PC City, Miró<br />
5 Gran via 2 2002 54 000<br />
Key tenants: Carrefour, Zara, Decathlon, H&M<br />
Unibail-Rodamco,<br />
Carrefour Property, C&A,<br />
Miró and Cines Balaña<br />
LSGIE and Carrefour<br />
Property<br />
227 n/a 97 n/a<br />
150 n/a 96 n/a<br />
193 11 000 99 n/a<br />
197 n/a 97 n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 65
Madrid, Spain<br />
// Key Local Indicators Madrid Spain Europe<br />
» Population 2011, (in ‘000) 6 395 46 254 502 711<br />
» Population growth, 2012-2016 (annual %) 0,5 0,3 0,2<br />
» Age structure, 15-64 (%) 68 68 66<br />
» GDP growth, 2007-2011 (%pa) 0,3 0,3 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,7 1,2 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) -3,6 -3,3 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 1,1 0,6 1,4<br />
» CPI 2011 (%) n/a 3,2 0,3<br />
» ILO unemployment rate 2011 (%) 17,6 21,6 9,4<br />
» Consumer expenditure per capita, 2011 13 246 € 11 535 € 13 070 €<br />
» Average earnings 15 623 € 13 186 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 475 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 93 537 5 128<br />
» Number of shopping centres in the pipeline 4 30 626<br />
» Total shopping centre floorspace (sq m) 2 884 338 14 119 033 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 451 305 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 245 230 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
» Typical incentives<br />
Rent free period and/or rental discounts in the initial<br />
period and/or a fit-out contribuation<br />
» Statutory rights to renew the lease Yes, but generally removed from the lease contract<br />
Review on each 5th or 6th anniversary of the lease to<br />
» Frequency of rent reviews<br />
open market value or applying CPI + 2/5% to the base<br />
rent<br />
» Frequency and basis of indexation of rent<br />
12 month period before rent indexation begins. Indexation<br />
on the Consumer Price Index applied to 100% of the rent<br />
66 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Madrid<br />
Despite a backdrop of falling disposable incomes and increasing unemployment<br />
rates, prime shopping centres in Madrid are still supported by<br />
strong interest from retailers. New projects, however, are scarce.<br />
+
Madrid, Spain<br />
// Major shopping centres in operation in Madrid (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
1<br />
N° of<br />
stores<br />
Madrid<br />
5<br />
2<br />
Footfall figures<br />
(‘000)<br />
3<br />
Occupancy<br />
ratio (%)<br />
1 Xanadu 2003 152 887 Ivanhoe Cambridge 220 14 850 95 n/a<br />
Key tenants: El Corte Ingles, Hipercor hypermarket, Cinesa, Primark, H&M, C&A, Zara, Benetton, New Yorker, Apple, Decathlon<br />
2 Parquesur 1989/2005 151 200<br />
Various (Unibail Rodamco<br />
amongst others)<br />
4<br />
Turnover<br />
230 16 000 98 n/a<br />
Key tenants: Alcampo, El Corte Inglés, Cinesa, Zara, C&A, H&M, Cortefiel, Desigual, Mango, GStar, Calvin Klein, Fnac, Media Markt, Leroy Merlin, Verdecora Darty<br />
3 Megapark/Plaza<br />
Norte<br />
1999/2004<br />
98 140 &<br />
51 557<br />
Various, LGSI<br />
26-<br />
220<br />
22 000 97-90 n/a<br />
Key tenants: Ikea, Leroy Merlin, Carrefour and Media Markt. Cinebox, Fnac, Zara, H&M, Sfera, C&A, Cortefiel, Massimo Dutti, Stradivarius, Mango<br />
4 Parque Corredor 1995 123 380<br />
Caixa D´Estalvis de Catalunya<br />
and others<br />
Key tenants: Alcampo, Cinebox, Toys'R'Us, Primark, H&M, Zara, Sfera, C&A, Calderon Sport<br />
5 Islazul 2008 90 700<br />
Grupo Lar and Ivanhoe<br />
Cambridge<br />
Key tenants: Yelmo Cineplex, Eroski, C&A, Primark, H&M, Desigual, Zara, Jack & Jones, Cortefiel, Sport Zone, Zippy<br />
Xanadu - Madrid<br />
176 n/a 85 n/a<br />
180 9 688 85 n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 67
Stockholm, Sweden<br />
// Key Local Indicators Stockholm Sweden Europe<br />
» Population 2011, (in ‘000) 2 036 9 396 502 711<br />
» Population growth, 2012-2016 (annual %) 1,1 0,4 0,2<br />
» Age structure, 15-64 (%) 67 65 66<br />
» GDP growth, 2007-2011 (%pa) 2,0 1,4 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 3,1 2,0 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 1,8 1,1 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,8 2,2 1,4<br />
» CPI 2011 (%) n/a 3,0 0,3<br />
» ILO unemployment rate 2011 (%) 6,4 7,5 9,4<br />
» Consumer expenditure per capita, 2011 18 750 € 16 523 € 13 070 €<br />
» Average earnings 22 085 € 18 887 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 461 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 88 308 5 128<br />
» Number of shopping centres in the pipeline 15 60 626<br />
» Total shopping centre floorspace (sq m) 1 805 000 5 990 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 879 632 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 85-90 45-50 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement SEK/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 7 years<br />
» Typical incentives Fit-out contribution or fit-out by landlord<br />
» Statutory rights to renew the lease According to agreement<br />
» Frequency of rent reviews According to agreement<br />
» Frequency and basis of indexation of rent Swedish CPI<br />
68 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth ++<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
Stockholm<br />
The Swedish capital has seen several new shopping centre openings in<br />
recent years. A new scheme, “Mood” is expected to open in the spring<br />
of 2012 which will bring a further 12,900 sq m of retail space to the city.<br />
++
Stockholm, Sweden<br />
// Major shopping centres in operation in Stockholm (by size)<br />
<strong>Shopping</strong> centre name<br />
1 Barkarby<br />
Handelsplats<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1999 128 300<br />
Key tenants: El-Giganten, Bauhaus, Stockholm Quality Outlet, IKEA<br />
2<br />
Kungens Kurva<br />
Handelsområde<br />
1965 125 800<br />
Key tenants: City Gross, IKEA, ICA, Mio, Intersport, Babyland, K-rauta, Decathlon<br />
1<br />
Owner<br />
IKEA Fastigheter AB and<br />
others<br />
IKEA Fastigheter AB and<br />
others<br />
2<br />
3<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
Occupancy<br />
ratio (%)<br />
Stokholm<br />
4<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 69<br />
5<br />
Turnover<br />
85 n/a Nearly 100 n/a<br />
70 n/a 95 n/a<br />
3 Skärholmen Centrum 1968 76 500 Centeni AB 200 n/a n/a 1 832 000<br />
Key tenants: ICA, Coop, Prisma, Åhléns, ÖoB, H&M<br />
4 Sickla Köpkvarter 2005 67 000 Atrium Ljungberg 145 12.5 n/a 2 569 000<br />
Key tenants: ICA, Willys, El-Giganten, Best of Brands, Åhléns<br />
5 Länna Köpcentrum 2001 53 400 IVG Immobilien AG 22 n/a 90 n/a<br />
Key tenants: City Gross, El-Giganten, Länna Möbler, Expert, Jysk, Rusta<br />
Forum Nacka - Stockholm
Istanbul, Turkey<br />
// Key Local Indicators Istanbul Turkey Europe<br />
» Population 2011, (in ‘000) 13 624 74 724 502 711<br />
» Population growth, 2012-2016 (annual %) n/a 1,1 0,2<br />
» Age structure, 15-64 (%) 71 67 66<br />
» GDP growth, 2007-2011 (%pa) n/a 3,2 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) n/a 5,4 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) n/a 0,6 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) n/a 4,9 1,4<br />
» CPI 2011 (%) 9,0 10,5 0,3<br />
» ILO unemployment rate 2011 (%) 9,1 9,1 9,4<br />
» Consumer expenditure per capita, 2011 n/a 4 498 € 13 070 €<br />
» Average earnings n/a n/a 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 102 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 96 283 5 128<br />
» Number of shopping centres in the pipeline 28 86 626<br />
» Total shopping centre floorspace (sq m) 2 982 284 7 614 943 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 220 102 326<br />
» Prime shopping centre rents (units of 2,000 sq m) 10-20 7-17 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement €/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 5 years<br />
No advertisement contribution fee in the first year for<br />
» Typical incentives<br />
new shopping centres, fix-currency rate if EUR/USD<br />
parity is highly volatile<br />
» Statutory rights to renew the lease 5 years<br />
» Frequency of rent reviews Annual<br />
» Frequency and basis of indexation of rent HICP, USCPI, Turkish CPI<br />
70 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth ++<br />
» GDP growth ++<br />
» <strong>Retail</strong> sales<br />
growth<br />
Istanbul<br />
Although Istanbul’s retail offer continues to be dominated by the high<br />
street, shopping centre development is booming. There are a number of<br />
large-scale projects in the pipeline, the largest of which is the 163,000 sq<br />
m Mall of Istanbul, due to open in 2013.<br />
++
Istanbul, Turkey<br />
// Major shopping centres in operation in Istanbul (by size)<br />
<strong>Shopping</strong> centre name<br />
Forum Istanbul - Istanbul<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
1 Forum Istanbul 2009 175 000 Multi Development Turkey<br />
4<br />
N° of<br />
stores<br />
272 stores,<br />
45 food<br />
vendors<br />
Key tenants: Real, Praktiker, Ikea, Decathlon, Saturn, YKM, Tepe Home, C&A, Teknosa, Mudo City, D&R, M&S, Zara, H&M<br />
2 Forum Marmara 2011 157 000<br />
Area Real Estate, Multi<br />
Development<br />
Key tenants: CarrafourSa, Saturn, Bauhaus,Tepe Home, Boyner, Teknosa, M&S, H&M, C&A, YKM, Bimeks, Zara, GAP<br />
3 Istanbul Cevahir 2005 115 000 St. Martins<br />
1<br />
Footfall<br />
figures<br />
(‘000)<br />
2<br />
Occupancy<br />
ratio (%)<br />
3<br />
Istanbul<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 71<br />
5<br />
Turnover<br />
20 000 99 n/a<br />
350 15 000 95 n/a<br />
303 stores,<br />
46 food<br />
vendors<br />
Key tenants: Koçtas, Migros, Tepe Home, Teknosa, YKM, Debenhams, C&A, Zara, Koton, Vera Moda, Mudo<br />
4 Torium 2010 97 608 Torunlar REIC<br />
Key tenants: Migros, Electroworld, H&M, YKM, C&A, Mango, Snowpark<br />
5 Istinye Park 2007 87 000 Orjin Group&Dogus Group<br />
Key tenants: Boyner, Beymen, Zara, H&M, M&S, Teknosa, Darty, Hilside Club<br />
180 stores,<br />
25 food<br />
vendors<br />
287 stores,<br />
37 food<br />
vendors<br />
20 000 95 n/a<br />
12 000 95 n/a<br />
15 000 99 n/a
Birmingham, United Kingdom<br />
// Key Local Indicators Birmingham UK Europe<br />
» Population 2011, (in ‘000) 1 043 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,4 0,6 0,2<br />
» Age structure, 15-64 (%) 61 62 66<br />
» GDP growth, 2007-2011 (%pa) -0,6 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,6 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 1,3 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,3 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 11,3 8,0 9,4<br />
» Consumer expenditure per capita, 2011 15 221 € 18 119 € 13 070 €<br />
» Average earnings 15 742 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 12 773 5 128<br />
» Number of shopping centres in the pipeline 0 50 626<br />
» Total shopping centre floorspace (sq m) 298 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 286 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £240 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
72 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Birmingham<br />
<strong>Shopping</strong> centres are an important element of the city’s overall retail structure,<br />
with refurbishments and extensions of existing schemes, Namely the<br />
Pallasades <strong>Shopping</strong> Centre, domin/ating current development activity.<br />
-
Birmingham, United Kingdom<br />
// Major shopping centres in operation in Birmingham (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 Bullring 2003 116 622<br />
Key tenants: Debenhams, Next, Selfridges, TK Maxx<br />
2<br />
Chelmsley Wood<br />
<strong>Shopping</strong> Centre<br />
Key tenants: Argos, ASDA, Boots, Iceland, Somerfield, Wilkinson<br />
3<br />
One Stop <strong>Shopping</strong><br />
Centre<br />
1990 31 633<br />
Owner<br />
Hammerson, Henderson<br />
Global Investors and<br />
Future Fund<br />
3<br />
4<br />
N° of<br />
stores<br />
5<br />
1<br />
Footfall figures<br />
(‘000)<br />
Birmingham<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
150 n/a n/a n/a<br />
1971 45 615 Fordgate Group Limited 80 n/a n/a n/a<br />
Standard Life Investments<br />
Limited<br />
Key tenants: ASDA, Currys, Iceland, Sports World (now trading as Sports Direct.com), TK Maxx<br />
4<br />
Pallasades <strong>Shopping</strong><br />
Centre<br />
Key tenants: Argos, New Look, Peacocks<br />
5<br />
Priory Square<br />
<strong>Shopping</strong> Centre<br />
Key tenants: Argos, Next<br />
Bullring- Birmingham<br />
58 n/a n/a n/a<br />
1972 26 917 Birmingham City Council 90 n/a n/a n/a<br />
1965 26 003<br />
Henderson Investors<br />
Limited, Land Securities<br />
Group, Pearl Assurance<br />
Limited<br />
52 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 73<br />
2
Bristol, United Kingdom<br />
// Key Local Indicators Bristol UK Europe<br />
» Population 2011, (in ‘000) 446 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,6 0,6 0,2<br />
» Age structure, 15-64 (%) 62 62 66<br />
» GDP growth, 2007-2011 (%pa) -0,3 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,2 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,1 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,4 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 5,5 8,0 9,4<br />
» Consumer expenditure per capita, 2011 17 689 € 18 119 € 13 070 €<br />
» Average earnings 19 184 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 15 773 5 128<br />
» Number of shopping centres in the pipeline 2 50 626<br />
» Total shopping centre floorspace (sq m) 291 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 653 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £300 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
74 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Bristol<br />
Bristol’s retail market is domin/ated by ‘Cabot Circus’, a mixed-used regenerating<br />
scheme which opened in Broadmead to the east of the city in<br />
2008 and which greatly improved the city’s overall retail offering.<br />
+
Bristol, United Kingdom<br />
// Major shopping centres in operation in Bristol (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
2<br />
Footfall figures<br />
(‘000)<br />
Bristol<br />
1<br />
3<br />
4<br />
5<br />
Occupancy<br />
ratio (%)<br />
1 Cabot Circus 1960 95 800 Bristol City Council 150 n/a n/a n/a<br />
Key tenants: Harvey Nichols, House of Fraser<br />
2<br />
The Mall At Cribbs<br />
Causeway<br />
Key tenants: John Lewis, Marks & Spencer<br />
3<br />
The Galleries<br />
<strong>Shopping</strong> Centre<br />
1998 92 438<br />
1991 30 658<br />
Key tenants: Boots, TK Maxx, Waterstones, WH Smith<br />
4<br />
Broadwalk <strong>Shopping</strong><br />
Centre<br />
1974 17 187<br />
Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort<br />
5<br />
Kings Chase<br />
<strong>Shopping</strong> Centre<br />
Key tenants: Sainsbury's, Wilkinson<br />
Cabot Circus - Bristol<br />
Capital <strong>Shopping</strong> <strong>Centres</strong>,<br />
Prudential Assurance<br />
Company Limited<br />
HSBC <strong>European</strong> Active<br />
Real Estate Fund Trustee<br />
Limited<br />
HSBC Specialist Investments<br />
Limited<br />
Turnover<br />
144 n/a n/a n/a<br />
110 n/a n/a n/a<br />
35 n/a n/a n/a<br />
1977 11 892 Draco Property 25 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 75
Cardiff, United Kingdom<br />
// Key Local Indicators Cardiff UK Europe<br />
» Population 2011, (in ‘000) 470 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,7 0,6 0,2<br />
» Age structure, 15-64 (%) 61 62 66<br />
» GDP growth, 2007-2011 (%pa) 0,4 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,7 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,7 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,2 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 8,1 8,0 9,4<br />
» Consumer expenditure per capita, 2011 16 193 € 18 119 € 13 070 €<br />
» Average earnings 18 399 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 6 773 5 128<br />
» Number of shopping centres in the pipeline 0 50 626<br />
» Total shopping centre floorspace (sq m) 195 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 415 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £235 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
76 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Cardiff<br />
Cardiff’s main city centre retail scheme is St David’s, which was extended<br />
by almost 90,000 sq m in 2009, turning it into one of the largest schemes<br />
in the UK.<br />
-
Cardiff, United Kingdom<br />
// Major shopping centres in operation in Cardiff (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
4<br />
5<br />
Footfall figures<br />
(‘000)<br />
2<br />
1<br />
Cardiff<br />
3<br />
Occupancy<br />
ratio (%)<br />
1 St Davids Centre 1981/2010 131 689 St. David's Partnership 203 n/a n/a n/a<br />
Key tenants: Bhs, Boots, Debenhams, John Lewis, Marks & Spencer<br />
2<br />
Capitol <strong>Shopping</strong><br />
Centre<br />
1990 17 187<br />
Moorfield Real Estate<br />
Fund GP Limited<br />
Key tenants: Jaeger, Dune, Phase Eight, Hobbs, Austin Reed, H&M, Sports Direct<br />
3 Mermaid Quay 2000 15 793<br />
Key tenants: natWest Bank, Aquabus, Tesco<br />
4 Queens Arcade 1994 15 329<br />
Key tenants: Argos, Disney Store, Gap, Pier<br />
5<br />
The Hayes <strong>Shopping</strong><br />
Centre<br />
Key tenants: Borders, TK Maxx, Rossiters and Moss Bros<br />
St Davids Centre - Cardiff<br />
Schroder Exempt Property<br />
Unit Trust<br />
<strong>European</strong> Property Investors<br />
Special Opportunities<br />
LP Limited<br />
Turnover<br />
44 n/a n/a n/a<br />
42 n/a n/a n/a<br />
42 n/a n/a n/a<br />
2007 14 864 Helical Bar Plc 28 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 77
Edinburgh, United Kingdom<br />
// Key Local Indicators Edinburgh UK Europe<br />
» Population 2011, (in ‘000) 491 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,7 0,6 0,2<br />
» Age structure, 15-64 (%) 63 62 66<br />
» GDP growth, 2007-2011 (%pa) 1,6 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,9 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,9 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,3 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate, 2011 (%) 8,1 8,0 9,4<br />
» Consumer expenditure per capita, 2011 22 757 € 18 119 € 13 070 €<br />
» Average earnings per capita, 2011 24 876 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 8 773 5 128<br />
» Number of shopping centres in the pipeline 1 50 626<br />
» Total shopping centre floorspace (sq m) 198 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 404 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £165 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
78 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Edinburgh<br />
Edinburgh’s retail market has long been overshadowed by its neighbour,<br />
Glasgow. Major regeneration projects are underway to address this,<br />
including plans to improve two dominant shopping centres: The Gyle and<br />
the St James Centre.<br />
+
Edinburgh, United Kingdom<br />
// Major shopping centres in operation in Edinburgh (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
1 St James Centre 1972 41 806<br />
Key tenants: Boots, John Lewis, Next<br />
3<br />
Owner<br />
Henderson Global Investors<br />
5<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
1<br />
2<br />
Edinburgh<br />
4<br />
Occupancy<br />
ratio (%)<br />
Turnover<br />
55 n/a n/a n/a<br />
2 Ocean Terminal 2001 41 256 Resolution Property 85 n/a n/a n/a<br />
Key tenants: Bhs, Debenhams<br />
3 Gyle <strong>Shopping</strong> Centre 1993 30 658<br />
Key tenants: Boots, Marks&Spencer, Morrisons, Next<br />
4<br />
Cameron Toll<br />
<strong>Shopping</strong> Centre<br />
Key tenants: Bhs, Sainsbury's<br />
William Ewart Properties<br />
Limited<br />
69 n/a n/a n/a<br />
1984 24 155 Warren Private Clients 40 n/a n/a n/a<br />
5 West Side Plaza 1972 18 580 WG Mitchell Limited 42 n/a n/a n/a<br />
Key tenants: Lidl<br />
Ocean Terminal - Edinburgh<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 79
Glasgow, United Kingdom<br />
// Key Local Indicators Glasgow UK Europe<br />
» Population 2011, (in ‘000) 596 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,2 0,6 0,2<br />
» Age structure, 15-64 (%) 63 62 66<br />
» GDP growth, 2007-2011 (%pa) 1,8 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,9 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,0 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,7 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 10,5 8,0 9,4<br />
» Consumer expenditure per capita, 2011 17 831 € 18 119 € 13 070 €<br />
» Average earnings 18 338 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 14 773 5 128<br />
» Number of shopping centres in the pipeline 0 50 626<br />
» Total shopping centre floorspace (sq m) 352 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 591 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £230 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
80 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth -<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Glasgow<br />
Land Securities’ redevelopment of Buchanan Street is underway, aimed at<br />
bolstering Glasgow’s retail offer. There are also plans to improve Glasgow’s<br />
best performing shopping centre, Buchanan Galleries.<br />
+
Glasgow, United Kingdom<br />
Key tenants: ASDA, Dunnes Stores, InShops<br />
// Major shopping centres in operation in Glasgow (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
2<br />
N° of<br />
stores<br />
5<br />
Footfall figures<br />
(‘000)<br />
3<br />
Glasgow<br />
4<br />
Occupancy<br />
ratio (%)<br />
1 St Enoch Centre 1989 93 000 Ivanhoe Cambridge 104 n/a n/a n/a<br />
Key tenants: Bhs, Boots, Burton, Dorothy Perkins, Debenhams, TK Maxx<br />
2 Silverburn 1979 92 902 Hammerson 109 n/a n/a n/a<br />
Key tenants: Debenhams, Marks&Spencer, Next, Tesco Extra<br />
3 Buchanan Galleries 1999 55 000<br />
Key tenants: Boots, H&M, JD Sports, John Lewis, Marks&Spencer, Next, Open<br />
4<br />
Forge <strong>Shopping</strong><br />
Centre<br />
Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort<br />
5 Sauchiehall Centre 1978 16 723<br />
Land Securities, Henderson<br />
Global Investors<br />
Turnover<br />
75 n/a n/a n/a<br />
1988 41 806 Belfast Office Properties 75 n/a n/a n/a<br />
Aviva Investors Global<br />
Services Limited<br />
Key tenants: Healthland Fitness International, JJB Sports, Primark, Superdrug, TK Maxx, WH Smith<br />
Buchanan Galleries - Glasgow<br />
24 n/a n/a n/a<br />
1<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 81
Leeds, United Kingdom<br />
// Key Local Indicators Leeds UK Europe<br />
» Population 2011, (in ‘000) 807 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,6 0,6 0,2<br />
» Age structure, 15-64 (%) 63 62 66<br />
» GDP growth, 2007-2011 (%pa) -0,2 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 1,9 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 1,7 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,3 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 9,9 8,0 9,4<br />
» Consumer expenditure per capita, 2011 16 193 € 18 119 € 13 070 €<br />
» Average earnings 17 634 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 13 773 5 128<br />
» Number of shopping centres in the pipeline 1 50 626<br />
» Total shopping centre floorspace (sq m) 247 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 306 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £260 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
82 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Leeds<br />
The development of the Trinity Leeds scheme is set to transform Leeds’<br />
retail landscape and has already attracted major international brands. The<br />
scheme, due to open in 2013, will make Leeds the UK’s fourth largest<br />
retail centre.<br />
-
Leeds, United Kingdom<br />
// Major shopping centres in operation in Leeds (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
Footfall figures<br />
(‘000)<br />
4 3<br />
Leeds<br />
1<br />
2<br />
5<br />
Occupancy<br />
ratio (%)<br />
1 Trinity Leeds 1973 92 902 Land Securities Group 120 n/a n/a n/a<br />
Key tenants: Bhs, Boots, H&M, JJB Sports, Marks&Spencer, Mothercare, Next, TK Maxx, Topshop/Topman<br />
2<br />
White Rose <strong>Shopping</strong><br />
Centre<br />
Key tenants: Debenhams, Sainsbury's SavaCentre<br />
Turnover<br />
1997 63 638 Land Securities Group 92 n/a n/a n/a<br />
3 Merrion Centre 1964 46 452 Town Centre Securities 78 n/a n/a n/a<br />
Key tenants: Boots, Morrisons<br />
4 The Light 1991 32 516<br />
Key tenants: Browns, If bar, Proibito, Tiger Tiger<br />
5 Clarence Dock <strong>Retail</strong> 2008 23 818<br />
Key tenants: Alea, Gstar, All Saints, Tesco<br />
White Rose <strong>Shopping</strong> Centre - Leeds<br />
Aegon Property Fund<br />
Limited<br />
Allied London Properties<br />
Limited<br />
34 n/a n/a n/a<br />
43 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 83
London, United Kingdom<br />
// Key Local Indicators London UK Europe<br />
» Population 2011, (in ‘000) 1 137 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,8 0,6 0,2<br />
» Age structure, 15-64 (%) 71 62 66<br />
» GDP growth, 2007-2011 (%pa) 0,6 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 3,1 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,0 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,9 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 10,2 8,0 9,4<br />
» Consumer expenditure per capita, 2011 25 798 € 18 119 € 13 070 €<br />
» Average earnings 29 503 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 35 773 5 128<br />
» Number of shopping centres in the pipeline 1 50 626<br />
» Total shopping centre floorspace (sq m) 904 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 291 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £550-£900 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
84 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth +<br />
» <strong>Retail</strong> sales<br />
growth<br />
London<br />
London’s shopping centre market enjoys high levels of footfall and turnover<br />
ratios. New schemes have opened in recent years, with the most<br />
prominent of these being the 211,500 sq m ‘Westfield Stratford’, which<br />
opened in 2011.<br />
+
London, United Kingdom<br />
// Major shopping centres in operation in London (by size)<br />
1<br />
<strong>Shopping</strong> centre name<br />
Westfield Stratford<br />
City<br />
Key tenants: John Lewis, Marks&Spencer<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
2<br />
3<br />
Footfall figures<br />
(‘000)<br />
5<br />
London<br />
4<br />
Occupancy<br />
ratio (%)<br />
1<br />
Turnover<br />
2011 211 500 Westfield 300 n/a n/a n/a<br />
2 Westfield London 2008 150 000 Westfield 265 n/a n/a n/a<br />
Key tenants: Debenhams, House of Fraser, Marks&Spencer, Next, Waitrose<br />
3<br />
Brent Cross<br />
<strong>Shopping</strong> Centre,<br />
1976 78 967 Hammerson 120 n/a n/a n/a<br />
Key tenants: Fenwick, John Lewis<br />
4<br />
Covent Garden<br />
Market<br />
Key tenants: Apple, Burberry, Ralph Lauren<br />
5<br />
High Street Wood<br />
Green<br />
1980 60 000 Capco 50 n/a n/a n/a<br />
1977 52 954 Capital & Region/al 91 n/a n/a n/a<br />
Key tenants: Argos, Boots, Debenhams, Pearsons Department Store, Primark, TK Maxx, WH Smith, Wilkinson<br />
Westfield Stratford City - Londres<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 85
Manchester, United Kingdom<br />
// Key Local Indicators Manchester UK Europe<br />
» Population 2011, (in ‘000) 1 459 62 756 502 711<br />
» Population growth, 2012-2016 (annual %) 0,6 0,6 0,2<br />
» Age structure, 15-64 (%) 63 62 66<br />
» GDP growth, 2007-2011 (%pa) 1,0 0,1 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) 2,2 2,1 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 2,1 1,4 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) 2,5 2,5 1,4<br />
» CPI 2011 (%) n/a 4,5 0,03<br />
» ILO unemployment rate 2011 (%) 8,9 8,0 9,4<br />
» Consumer expenditure per capita, 2011 17 082 € 18 119 € 13 070 €<br />
» Average earnings 17 646 € 19 536 € 12 347 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 453 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 15 773 5 128<br />
» Number of shopping centres in the pipeline 0 50 626<br />
» Total shopping centre floorspace (sq m) 536 000 16 623 000 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 367 267 326<br />
» Prime shopping centre rents (units of 2,000 sq m) £265 £165-£900 n/a<br />
» Basis of measurement Zone A<br />
» Unit of measurement £/sq m/year<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
» Typical lease length 10 years now standard<br />
Incentives a mixture of rent free period (which vary<br />
» Typical incentives<br />
markedly - 3-24 months according to centre and retailer)<br />
and capital contribution<br />
» Statutory rights to renew the lease No - new lease obligatory<br />
» Frequency of rent reviews 5 years<br />
» Frequency and basis of indexation of rent<br />
Indexation (to RPI or CPI) now becoming more common,<br />
but still only in a minority of cases<br />
86 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth -<br />
» <strong>Retail</strong> sales<br />
growth<br />
Manchester<br />
Over half of Manchester’s overall retail floorspace is accounted for by the<br />
city’s five shopping centres. By far the largest is Arndale Centre which<br />
dominates the northern and eastern part of the city.<br />
-
Manchester, United Kingdom<br />
// Major shopping centres in operation in Manchester (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
3<br />
N° of<br />
stores<br />
1<br />
2<br />
4<br />
Footfall figures<br />
(‘000)<br />
Manchester<br />
5<br />
Occupancy<br />
ratio (%)<br />
1 The Trafford Centre 1998 148 605 Capital <strong>Shopping</strong> <strong>Centres</strong> 278 n/a n/a n/a<br />
Key tenants: Bhs, Boots, Debenhams, Marks&Spencer, Selfridges<br />
2 Arndale Centre 1976/2000 130 063<br />
Key tenants: Bhs, Boots, Next<br />
Ellesmere <strong>Shopping</strong><br />
3<br />
Centre<br />
Key tenants: Boots, Greggs, Lunn Poly, Tesco<br />
4<br />
Swinton <strong>Shopping</strong><br />
Centre<br />
Key tenants: Boots, Kwik Save, Peacocks<br />
5<br />
Droylsden <strong>Shopping</strong><br />
Centre<br />
1994 29 172<br />
Prudential Assurance<br />
Company Limited, Capital<br />
<strong>Shopping</strong> <strong>Centres</strong><br />
Liverpool & Lancashire<br />
Properties Ltd<br />
Turnover<br />
225 n/a n/a n/a<br />
130 n/a n/a n/a<br />
1965 16 862 Private Investor 70 n/a n/a n/a<br />
2003 16 258<br />
Key tenants: Boots, Ethel Austin, Somerfield, William Hill<br />
The Trafford Centre - Manchester<br />
Crownring Properties<br />
Limited<br />
28 n/a n/a n/a<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 87
Kyiv, Ukraine<br />
// Key Local Indicators Kyiv Ukraine Europe<br />
» Population 2011, (in ‘000) 2 813 45 644 502 711<br />
» Population growth, 2012-2016 (annual %) 0,8 -0,5 0,2<br />
» Age structure, 15-64 (%) 71 75 66<br />
» GDP growth, 2007-2011 (%pa) 2,2 0,9 0,5<br />
» GDP growth forecasts, 2012-2016 (%pa) n/a 5,5 2,2<br />
» Location based retail sales growth, 2007-2011 (%pa) 10,6 9,6 2,4<br />
» Location based retail sales growth forecasts, 2012-2016 (%) n/a n/a 1,4<br />
» CPI 2011 (%) 6,1 4,6 0,3<br />
» ILO unemployment rate 2011 (%) 5,4 7,8 9,4<br />
» Consumer expenditure per capita, 2011 1 987 € 1 349 € 13 070 €<br />
» Average earnings 6 237 € 3 945 € 18 825 €<br />
» Car ownership (cars per 1 000 inhabitants) n/a 142 473<br />
// <strong>Retail</strong> Provision and Market Conditions<br />
» Number of shopping centres in operation 44 121 5 128<br />
» Number of shopping centres in the pipeline 16 33 626<br />
» Total shopping centre floorspace (sq m) 720 800 1 755 600 117 383 310<br />
» Total shopping centre floorspace (per ’000 population) 257 219 326<br />
» Prime shopping centre rents (units of 2,000 sq m) $150-170 $70-90 n/a<br />
» Basis of measurement GLA sq m<br />
» Unit of measurement $/sq m/month<br />
» Inclusions None<br />
// Lease Structures and Legal Aspects<br />
» Standard lease document Lease agreement<br />
3-5 years – for standard retail units of 50-250 sq m<br />
» Typical lease length<br />
7-10 years – for semi-anchors (500-1,000 sq m)<br />
10-15 years – for anchor tenants plus a priority right to<br />
renew the lease<br />
» Typical incentives Stepped up rent<br />
» Statutory rights to renew the lease After expiration of rental term<br />
» Frequency of rent reviews Annual indexation<br />
» Frequency and basis of indexation of rent Harmonised CPI, fixed - 3-5%<br />
88 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Overall city score<br />
» Pop. growth +<br />
» GDP growth ++<br />
Kyiv<br />
» <strong>Retail</strong> sales<br />
growth<br />
After a period of weak economic conditions, the retail sector is recovering,<br />
stimulated by the upcoming <strong>European</strong> Football Championships. Several<br />
shopping centre projects are due for completion in 2012 .<br />
++
Kyiv, Ukraine<br />
// Major shopping centres in operation in Kyiv (by size)<br />
<strong>Shopping</strong> centre name<br />
Opening<br />
date<br />
GLA size<br />
(sq m)<br />
Owner<br />
N° of<br />
stores<br />
1<br />
3<br />
Kyiv<br />
4<br />
Footfall figures<br />
(‘000)<br />
5<br />
2<br />
Occupancy<br />
ratio (%)<br />
1 Dream Town 2009/2011 90 500 Vita Veritas 250 1 500* 93 n/a<br />
Key tenants: Novus, Cosmos hypermarket, Foxtrot, Techopolis, River Island, Zara, Oscar (cinema), Marks&Spencer, Benetton, Sportmaster, Intertop, Mothercare<br />
2 Sky Mall 2007/2010 47 000 Arricano Development 150 600* 99 n/a<br />
Key tenants: Auchan, Comfy, Zara, New Look, New Yorker, Kronverk (cinema), City Bowling, Reserved, Intertop, Mothercare, Marks&Spencer, Top Shop<br />
3 Karavan 2004/2008 37 700 Karavan Group 120 1 200* 99 n/a<br />
Key tenants: Karavan hypermarket, Zara, New Look, GAP, Marks&Spencer, Smyk, Odessa Kino<br />
4 Bolshevik 2007/2008 36 200 n/a 120 1 000* 98 n/a<br />
Key tenants: MegaMarket, Comfy, Tekhnopolis, ButterFly cinema, Colin’s, Brocard, Intertop, ArgoCentr, Next, Ice Rink, Adidas<br />
5 Globus 2002/2003 18 600 London & Region/al 175 2 400* 98 n/a<br />
Key tenants: Sportmaster, Mothercare, Brocard, New Look, Peacocks, Grandi Firme Outlet<br />
* monthly average<br />
Sky Mall - Kyiv<br />
Turnover<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 89
<strong>Retail</strong> Team<br />
EMEA<br />
Martyn Chase<br />
<strong>European</strong> <strong>Retail</strong> Sector Head<br />
martyn.chase@dtz.com<br />
+44 (0)20 3296 4232 / +44 (0)7808 479 279<br />
Nordics<br />
Maria Krumlinde<br />
<strong>Retail</strong> Director<br />
maria.krumlinde@dtz.com<br />
+46 8 671 34 93 +44 / +44 (0)7768 294 749<br />
Belgium<br />
Thomas Willekens<br />
Senior Account Manager <strong>Retail</strong><br />
thomas.willekens@dtz.com<br />
+32 3 303 10 09 / +32 475 76 07 02<br />
Netherlands<br />
Cuno van Steenhoven<br />
Chairman of management board<br />
csteenhoven@dtz.nl<br />
+31 30 602 22 11 / +31(0) 653 87 97 97<br />
Germany<br />
Katharina von Schacky<br />
Head of <strong>Retail</strong> Asset Management<br />
katharin/a.vonschacky@dtz.com<br />
+49 (0) 211 177 240 / +49 (0) 174 909 6371<br />
France<br />
Jean-Philippe Carmarans<br />
CEO Valuation<br />
jean-philippe.carmarans@dtz.com<br />
+ 33 1 47 48 77 24 / + 33 6 22 50 67 33<br />
90 | <strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong><br />
Spain<br />
James Bradley<br />
Country Head<br />
james.bradley@dtz.com<br />
+34 91 770 96 00 / +34 62 951 69 24<br />
Poland<br />
Patrick Delcol<br />
Country Head<br />
patrick.delcol@dtz.com<br />
+48 (22) 222 31 00 / +48 (0) 603 110 024<br />
Romania<br />
Razvan Sin<br />
Head of <strong>Retail</strong><br />
razvan.sin@dtz.ro<br />
+40 21 310 3100 / +40 751 22 22 11<br />
Czech Republic<br />
Lenka Vodrazkova<br />
Head of Property Management<br />
lenka.vodrazkova@dtz.com<br />
+420 234 262 257 /+420 736 620 066<br />
UAE<br />
Andrew Goodwin<br />
Director<br />
andrew.goodwin@dtz.com<br />
+971 (0)2 667 4823 / +971 (0)50 621 7290<br />
UK<br />
Hugh Radford<br />
Head of UK <strong>Retail</strong><br />
hugh.radford@dtz.com<br />
+44 (0)20 3296 4179 / +44 (0)7831 575 452
Research Team<br />
// Disclaimer<br />
This report should not be relied upon as a basis for<br />
entering into transactions without seeking specific,<br />
qualified, professional advice. Whilst facts have been<br />
rigorously checked, <strong>DTZ</strong> cannot be held responsible<br />
in any way in case of any error or inaccuracy within<br />
this report.<br />
Information contained herein should not, in whole<br />
or part, be referred to, reproduced, or distributed<br />
without the prior express approval of <strong>DTZ</strong>. In any<br />
case, any reference, reproduction, or distribution<br />
must indicate its source.<br />
// Sources<br />
This <strong>European</strong> shopping centre guide covers 40<br />
cities and was put together using data collected<br />
by our extensive network of local offices around<br />
Europe. Whereas the retail specific data on<br />
shopping centre provision and lease structure was<br />
gathered by our retail teams locally, the socioeconomic<br />
data comes from Oxford Economics.<br />
In order to ensure a robust comparison between<br />
cities, please note that all data adheres to Oxford<br />
Economics ‘Nuts 3’ boundary definition, which<br />
refers to city specific information.<br />
Belgium<br />
Cedric Van Meerbeeck<br />
cedric.vanmeerbeeck@dtz.com<br />
+32 2 629 02 00<br />
Czech Republic<br />
Lenka Šindelárová<br />
lenka.sindelarova@dtz.com<br />
+420 234 262 239<br />
Denmark<br />
Kim McMillan<br />
kim.mcmillan@dtz.com<br />
Tel: +45 337 34 511<br />
Finland<br />
Juha MäkiLohiluoma<br />
juha.maki-lohiluoma@dtz.com<br />
Tel: +358 (0)10 836 8435<br />
France<br />
Delphine Mahé<br />
delphine.mahe@dtz.com<br />
Tel: +33 (0)1 49 644 791<br />
Germany<br />
Ursula-Beate Neißer<br />
ursula-beate.neisser@dtz.com<br />
Tel: +49 (0)69 92 100 160<br />
Hungary<br />
Eanna Maksay<br />
eanna.maksay@dtz.com<br />
Tel: +36 (0)1 472 7297<br />
Ireland<br />
Marian Finnegan<br />
marian.finnegan@dtz.ie<br />
Tel: +353 (0)1 237 6300<br />
Italy<br />
Magali Marton<br />
magali.marton@dtz.com<br />
Tel: +33 (0)1 49 644 954<br />
Luxembourg<br />
Sophie Leblon<br />
sophie.leblon@dtz.com<br />
Tel: +352 2648 4868<br />
Middle East<br />
Martin Cooper<br />
martin.cooper@dtz.com<br />
Tel: +973 (0)1 713 3660<br />
Netherlands<br />
Frank van der Sluys<br />
fsluys@dtz.nl<br />
Tel: +31 (0)20 5711 411<br />
Norway<br />
Marit Hoff Eek<br />
marit.eek@dtz.no<br />
Tel: +47 23 11 68 68<br />
Poland<br />
Anna Staniszewska<br />
anna.staniszewska@dtz.com<br />
Tel: +48 (0)22 222 3130<br />
Russia<br />
Stefano Carosi<br />
stefano.carosi@dtz.com<br />
Tel: +7 (495) 748 1111<br />
Spain<br />
Pablo Kindelán<br />
pablo.kindelan@dtz.com<br />
Tel: +34 (0)91 770 9622<br />
Sweden<br />
Karin Witalis<br />
karin.witalis@dtz.com<br />
Tel: +46 8 671 34 00<br />
Switzerland<br />
Pierre Stämpfli<br />
pierre.stampfli@dtz.com<br />
Tel: +41 (0)22 839 7370<br />
Turkey<br />
Dilek Pekmidir<br />
pekdemird@dtz.com.tr<br />
Tel: +90 212 231 5530<br />
Ukraine<br />
Marta Kostiuk<br />
marta.kostiuk@dtz.kiev.ua<br />
Tel: +380 44 220 3060<br />
United Kingdom<br />
Martin Davis<br />
martin.davis@dtz.com<br />
Tel: +44 (0)20 3296 2304<br />
<strong>European</strong> <strong>Retail</strong> <strong>Guide</strong> - <strong>Shopping</strong> <strong>Centres</strong> | 91
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