TOM May 2024

T
TOPS
M
OF THE MONTH
TOMO
RETAIL REAL ESTATE
TOPS
OF THE
MONTH
Essential News About The Players In In
The Retail Real Property Estate Market In in Germany
THE HOTTEST DEALS +++
INTERVIEWS +++ STATEMENTS
+++ PARTICULARS +++
ANALYSES +++ PROJECTS
presented by HI-HEUTE.DE
May 2024
The Husemann Karree in Bochum is one of the few newly opened shopping centers in Germany.
60 years of shopping centers:
Asset class in transition
EHI Retail Institute observes decline in retail space
The first two shopping centers
opened in Germany 60 years
ago and laid the foundation
for the principle of shopping
in planned and managed
shopping destinations. Today
there are 506 centers. For the
first time in history, however,
the number of shopping centers
is declining.
Lena Knopf, author of the Shopping
Center Report and project
manager in the EHI Real Estate
and Expansion research department,
assesses the situation as
follows: “It was to be expected
that the number would stop rising
at some point, as there is
now a lot of retail space in many
places.”
The EHI Shopping Center Report
2024 analyzes the structural
data of all shopping centers
in Germany and derives current
trends and their backgrounds on
this basis.
Transformation and
realignment
For the first time, the market recorded
a negative difference of
three shopping centers compared
to the previous year.
Five centers are no longer included
in the EHI statistics due
to their reduced retail space of
less than 10,000 square meters.
The reasons for the decline in
retail space are mostly the inclusion
of mixed uses, whereby
the centers are more diverse in
their structure and use part of
the retail space for leisure facilities,
healthcare services, offices,
hotels or public authorities, for
example. In contrast, two new
shopping centers opened their
doors in 2023: the Westerwald
Arkaden in Höhr-Grenzhausen
near Koblenz and the Husemann
Karree in Bochum. It is not only
these two new openings that
show that the market remains
dynamic and is adapting to people‘s
needs.
Focus on trends
Many existing shopping centers
are shaping their own transformation
and revitalization.
The focus is often on the restructuring
and reuse of large
spaces that have become vacant,
such as Real or Galeria, the development
or modernization of
food courts and energy-efficient
refurbishment. By the end of
2023, ten centers will have successfully
completed their revitalization.
Top tenants
in centers
Visualization: HBB
The tenants of the retail space
are diverse and come from a
wide range of sectors. The top
tenants stand out: Deichmann
tops the list of top tenants in
shopping centers with 283
stores, followed by Ernsting‘s
Family with 257 and dm-Drogeriemarkt
with 238 stores. In
total, there are 26,674 tenanc
ies in the centers, with 23 percent
in the clothing sector, 15
percent in the food service sector
and 12 percent in the service
sector.

Page 2 T O M
NEWS
May 2024
Textiles Partnership
celebrates its 10th anniversary
A milestone birthday for the sustainability organization
The Partnership for Sustainable
Textiles - the Textiles Partnership
for short - recently
celebrated its tenth anniversary.
The multi-stakeholder
partnership currently consists
of around 120 companies, associations,
non-governmental
organizations, trade unions
and standard organizations
as well as the German Federal
Government, which was
instrumental in initiating the
Textiles Partnership in the
person of the then Development
Minister Müller.
The aim of the Textiles Partnership
is to improve global value
chains in the textile industry.
The BTE has been involved in
various working groups within
the Textiles Partnership since it
was founded. Due to changes in
the regulatory environment, a
strategic realignment took place
at the end of 2022. New requirements
were placed on the
The subdued consumer sentiment
is also evident in the
footwear market, where the
gap between private consumer
spending and that on
shoes is widening as consumer
prices rise. In 2023, total
sales of shoes reached a
market volume of 9.6 billion
euros, which corresponds to
growth of 3.8% in the previous
year - according to the
Shoes 2024 industry report by
IFH KÖLN in collaboration
with BBE Handelsberatung.
„Despite the growth in the shoe
retail market volume, private
consumer spending is declining.
In view of this development,
a clear, differentiating
positioning, characterized by
a range tailored to customer
needs and excellence at the
POS, is becoming the decisive
answer to the changing market
and is essential for the future
success of the shoe trade,” says
Peter Frank, Executive Consultant
at BBE Handelsberatung.
The Textiles Partnership has been campaigning for sustainability
in the industry for ten years now. Symbolic image: AdobeStock
members of the Partnership, for
example to increase transparency
in the supply chain.
By implementing defined focus
topics along the supply chain,
the Textiles Partnership makes
a positive contribution to
central problems in the global
textile industry, such as low wages,
high resource consumption
and greenhouse gas emissions,
The majority of sales in the
shoe market in 2023 will be
generated by brick-and-mortar
chains, which will account
for 48%. While online retail is
growing again in other sectors,
the market share of digital sales
channels in the shoe trade
is currently still slowing down.
Online retail accounted for a total
of 35% in 2023.
The market experts from IFH
KÖLN and BBE Handelsberatung
expect steady, slow
growth for the footwear market
gender-specific violence and
discrimination, as well as the
frequent lack of opportunities
to draw attention to grievances
in the workplace. The BTE is
currently involved in the circular
economy project “Down
and feather recycling”. The aim
of this focus topic is to increase
the amount of new bedding
filled with recycled down and
feathers.
Over-the-counter shoe retail grows
Online segment declining slightly, but at a high sales level
Brick-and-mortar shoe retailers can score points now.
Symbolic image: Unsplash / Christian Wiedinger
as a whole until 2028. According
to projections from April
2024, the pre-crisis level of
€9.9 billion in 2019 will not be
reached again until 2025. The
stationary catch-up effects will
therefore level out again in the
coming years and online retail
will gain market share again.
„The stationary catch-up effects
are still continuing in the
shoe market, and we can see
that stationary specialist retailers
with expert advice are still
working after all.
Fashion chain Pimkie
placed under
protective shield
proceedings
The French fashion retailer Pimkie
has been placed in receivership
by the Lille Commercial
Court. The company has gone
through two social plans in the
last two years. This was reported
by the French news agency AFP,
citing trade union sources, confirming
a report by the industry
magazine Fashion Network.
Pimkie has now been placed
under judicial control and is receiving
help from two administrators.
“This is our last chance,”
says Frédérique Dupont, CFE-
CGC secretary of the Pimkie
works council. „We don‘t think
it‘s a bad thing (...) We have
more confidence than if the current
management were to continue
alone,” she added.
Tedi wants to reach
5000 stores across
Europe
The retailer Tedi GmbH & Co.
KG wants to expand further. “In
the medium term, we will grow
to 5,000 stores in Europe,” explained
CEO Petar Burazin in a
recent press release. According
to the non-food discounter, it
currently has more than 3,200
locations across Europe. In the
past financial year 2023/24 alone,
which ended at the end of
April, the company opened over
300 new stores. According to
the retailer, “expansion has been
consistently driven forward”, not
least due to “the brand entry in
Belgium and the acquisition of
the French non-food discounter
Max Plus”.
Pepco shows strong
profit growth in the
first half of the year
The Dutch Pepco Group N.V.
reported strong profit growth in
the first half of the year. The discount
retailer generated sales of
3.2 billion euros in the first half
of the year, which corresponds
to an increase of 13.8 percent
compared to the same period last
year. The adjusted consolidated
EBITDA increased by 28.2 percent
to 487 million euros, driven
by a 38.9 percent increase in
EBITDA at Pepco.

Page 3 T O M
TOP STATEMENT OF THE MONTH May 2024
TOP STATEMENT
May
„We had the best margins
during the pandemic,
when there was
an extreme shortage
of goods.”
Hans Conrad (Sport Conrad) in
a round table discussion organized
by the trade journal Textilwirtschaft

Page 5 T O M
ANALYSES May 2024
URW sharpens profile of Höfe am Brühl
Positioned as a hub in the city center
As part of the strategic positioning
of Höfe am Brühl and
the associated continuous
development of the location,
Unibail-Rodamco-Westfield
(URW) Germany has further
differentiated and upgraded
the tenant and brand mix and
positioned the center in Leipzig‘s
city centre even more
strongly for the future.
In line with the letting strategy,
various building blocks have
been established and new key
partnerships concluded. For
example, global brands such
as HUGO, adidas, Bershka,
PULL&BEAR and Tesla as
well as specific additions to the
offering such as L‘Osteria and
UFC Gym have been acquired
as partners. URW consistently
focuses on megatrends in the
industry and society.
Leasing strategy
works
Leipziger Höfe am Brühl looks to the future with new tenants.
Photo: Eric Kemnitz / URW
Constantin Wiesmann, Director
of Leasing Austria & Germany
at URW, says: “Our leasing
strategy for Höfe am Brühl is
paying off in full. We have added
further highlights to the
already attractive brand mix
in recent months and, with the
many market entries of soughtafter
brands and concepts in the
city or the region, we are also
offering visitors a completely
new shopping and leisure experience.
In this way, we are positioning
the location even more
strongly as the hub of Leipzig‘s
city center, with a high level of
appeal throughout the region.
Höfe am Brühl, with its enhanced
profile and even greater
attractiveness, is a perfect
example of our corporate motto
‚Reinvent Being Together‘.“
Popular labels
URW and the Spanish fashion
company Inditex announced the
opening of the first two Leipzig
stores of the popular young fashion
brands PULL&BEAR and
Bershka in Höfe am Brühl in
April of this year. After renovation
and expansion, PULL&BE-
AR will open in the fourth
quarter of 2024 and Bershka
in spring 2025 on the first floor
directly at the main entrance on
an area of almost 2,000 square
meters. HUGO, the first store in
Saxony of the younger line of
the well-known premium brand
Hugo Boss, has also been represented
in the Höfe am Brühl on
around 300 square meters since
April 2023.
Gastronomy and
fitness
In April 2024, the first Adidas
store in Leipzig opened its
doors in the Höfe am Brühl.
Together with franchise partner
PTH Group, Adidas is implementing
the latest “Home of
Sports” store concept on around
420 square meters. The brand is
focusing on bright, sustainable
materials and creating a modern
space with an experiential character.
In the first Tesla showroom in
Leipzig‘s city center, interested
visitors will be able to learn
more about the entire electric
vehicle fleet, from sedans to
SUVs, and find out about charging
solutions and energy storage
systems from early summer
this year. In order to experience
the Tesla driving experience on
the streets of Leipzig, appointments
for test drives can also be
arranged on site.
URW is also further diversifying
its tenant mix in the gastronomy
segment with L‘Osteria:
From mid-2025, visitors will
find a larger selection of pizza,
pasta and other Italian specialties
on around 530 square meters.
The restaurant in the style
of a typical Italian osteria expands
the gastronomic offering
in the center. With L‘Osteria,
URW is gaining a new anchor
partner in the gastronomy sector.
URW is also tapping into
the social megatrend of sport,
fitness and physical activity, in
particular with UFC Gym Germany‘s
third German studio.
Further additions
to the mix
After Hamburg and Berlin,
the offshoot of the global UFC
GYM chain will be offering
martial arts and mixed martial
arts (MMA)-inspired classes,
UFC‘s own functional fitness
classes, Brazilian Jiu-Jitsu (BJJ),
boxing and kickboxing in the
Höfe am Brühl from 2025 under
the motto “Train Different”.
The space covers around 1260
square meters.
URW serves the overarching
beauty megatrend, especially
in the area of optimizing external
appearance, with a further
addition to the brand mix: the
tattoo and piercing studio Glorious
Art. This popular brand
in the tattoo and piercing world
also has its only two branches in
Leipzig - in the Höfe am Brühl
and Paunsdorf Center - in the
URW portfolio. URW is also
catering to another megatrend,
entertainment, in Höfe am Brühl
with 5D Cinema Maxim, which
offers film lovers impressive
special effects with atmospheric
background music featuring
wind, smoke and steam at its
first location in Leipzig.
The 5D Cinema Maxim has been
open since March 2024. Another
exciting addition: since May,
beloved and second-hand items
have been finding new owners at
the Wiederschön concept store,
which is run by Stadtreinigung
Leipzig in the spirit of more sustainable
consumption. This partnership
is in line with URW‘s
“Better Places” sustainability
strategy, which aims to sustainably
transform and future-proof
the company‘s portfolio, support
business partners in their sustainability
efforts and offer visitors
sustainable experiences.

URBAN CREATORS.
Architecture | Development & Project Management
European Council of Shopping Places (ECSP) Awards: Commendation for Best Renovation/Expansion for centres between 15.000 – 45.000 sqm

Page 7 T O M
NEWS May 2024
LIST aims to complete large mixed-use
project in Osnabrück by the end of 2025
LIST Develop is developing
a mixed-use property in the
heart of Osnabrück. The
building is easily accessible
on Johannisstrasse and will
in future contain space in the
temporary living, hotel and
gastronomy segments. Following
the approval of the building
permit application by the
city and the ground-breaking
ceremony for the property last
fall, construction work is now
in full swing.
„We are very proud that we
have brought the project to this
point despite the challenging
market environment,” emphasizes
Michael Garstka, Managing
Partner of LIST Develop. “Now
the staying power that everyone
involved has shown over the
course of the project is paying
off and the building will be ready
for occupancy by the end of
2025.”
This is what the future mixed-use property will look like after completion.
Visualization: KOTTMAIR Architects
The mixed-use property will
then have a total of 100 serviced
apartments under the
STAYERY brand and 170
rooms under the midscale lifestyle
brand prizeotel, which is
operated by a joint venture between
Fast Lane Hospitality and
the Radisson Hotel Group. „We
have acquired two strong concepts
for our new building that
appeal to target groups such as
business travelers as well as
holidaymakers. In this way, we
are additionally strengthening
Osnabrück as a business location
and at the same time making
the city center even more
attractive,” explains Michael
Garstka.
The general contractor LIST
Bau Bielefeld - just like LIST
Develop, part of the LIST
Group - was commissioned to
carry out the construction work.
„The building will offer real
added value for Johannisstraße
and have a positive impact on
the cityscape,” says Stephan
Langer, Managing Partner of
LIST Bau Bielefeld. „We also
benefit from the short lines
of communication within the
LIST Group during the construction
process, so that we can
overcome any challenges that
arise quickly and easily.“
Further postponement
of the opening of Überseequartier
Construction work on the
Westfield Hamburg-Überseequartier
site is currently in
full swing. Following water
damage, Unibail-Rodamco-
Westfield (URW) had to postpone
the opening of the new
quarter, which was planned
for April 25.
The company has now announced
a new date. Instead of the
end of August, as previously
announced, the opening of the
XXL project is now scheduled
for the end of September.
On the construction site of the
Westfield Hamburg-Überseequartier,
groundwater ingress
had occurred locally in part of
the basement in the area of a
central technical system, which
could not be put into operation
at short notice as a result.
Westfield Hamburg-Überseequartier is now scheduled to open at the end of September.
Visualization: URW

Page 8 T O M
GUEST CONTRIBUTION May 2024
What makes a modern
market hall successful?
Guest article by Dr. Johannes Berentzen (Managing Director of BBE Handelsberatung)
and Lars Jähnichen (Managing Director of IPH Handelsimmobilien)
Market halls are a statement
against the anonymity of mass
consumption and a commitment
to quality and community.
They have a special position
among all types of retail
real estate. From the perspective
of developers and landlords,
they are the ideal type
in terms of quality of experience:
they offer a diverse tenant
mix of retail and gastronomy,
which also represents a
stable and diversified source
of income. However, when it
comes to reliable studies, it is
an asset class that has hardly
been systematically recorded.
This is now changing.
As part of a comprehensive
analysis, we have examined 30
different market halls in Germany
to find out which conceptual
differences can be identified
and which factors are decisive
for their success. This includes
market halls within city centers,
in individual districts, but also
those in commercial areas. Our
selection also covers a wide
range of concepts, from traditional
fruit and vegetable markets
to modern event locations with
street food festivals
Diverse district
centers
For decades, market halls have
fulfilled what is expected of
first-class shopping centers today.
People visit market halls
not only to shop, but also to
spend time there, enjoy food
and drink, take advantage of a
wide range of services and, above
all, to socialize. The market
hall continues to be a focal point
in the neighborhood, a place
where regional traders offer
their products, friends meet for
a coffee and the creative scene
finds inspiration. One key finding
is that very different types
of market hall can be equally
successful. Historic halls with
large sales areas in a central
location have several initial
advantages, such as an established
catchment area, a history
of development with patina
and often impressive architecture.
Smaller, younger halls in
the district center, on the other
hand, position themselves specifically
with a view to sustainability,
freshness, regionality and
urbanity. The success factors of
market halls have changed significantly
in recent years due
to changes in shopping behavior.
Properties that have proven
themselves for decades do not
necessarily have to be equally
successful in the future. Those
who continue to operate existing
market halls without taking
into account changes in competition,
the market and customer
behavior run the risk of a downward
trend.
Macro location,
micro location and
the property itself
are decisive
Our analysis has shown that
macro-location, micro-location
and the property itself are the
three decisive factors for a successful
market hall. In terms of
macro-location, factors such as
the number of inhabitants and
economic power as well as the
number of commuters and tourists
in the region are essential
for the evaluation of the halls.
The micro-location, i.e. the
exact location of the market
hall, be it in the city center, in a
district or in a commercial area,
determines the orientation and
function of the hall itself so that
it is accepted by the respective
target customers. The property,
its size, historical background
and image also determine whether
the market hall is also suitable
as an event location or more
exclusively for retail and gastronomy.
Cities with a population
of 150,000 or more are the ideal
size for the successful integration
of a market hall. There are
also particularly promising prospects
for locations that have
a historical connection or are
located in historical buildings.
The infrastructure also plays a
major role here. The ideal market
hall should be easily accessible,
either on foot or by public
transport, preferably less than
The new Schrannen Markethall in Munich.
Foto: Heinze Architektur, Maximilian Mutzhas

Page 9 T O M
GUEST CONTRIBUTION May 2024
Lars Jähnichen Dr. Johannes Berentzen
250 meters from a bus stop. Parking
spaces should be available
either in the immediate vicinity
or directly on site. The market
hall should also be open six days
a week to reach a wide range of
visitors, with flexible opening
hours possible depending on the
concept, especially if the focus
is on food and drink.
Market halls in the city center
benefit from an already high
footfall and tourists, but face intense
competition from food retailers.
It is therefore advisable
to focus on gastronomy at these
locations.
Center versus
district
In city districts, there are generally
fewer passers-by, so it makes
sense to increase footfall by
providing a wide range of food
stores, services and leisure activities
in the market hall.
The comparison makes it clear
that a successful concept should
always take into account the local
offerings and the infrastructure
of the surrounding area. A
market hall is particularly attractive
if it offers products and
services that complement the
needs of the local community in
a meaningful way. The integration
of a food outlet fits in well
with this concept and attracts
more visitors.
Market halls are predestined to
sell products from the region.
This is in tune with the times, as
more and more people are attaching
importance to conscious
and sustainable consumption.
Sustainability
as a key factor
In addition, cultural events with
a local connection attract visitors.
It is also inevitable that
market halls will be ESG-compliant
and sustainably managed
in the future - not only to save
energy and therefore money, but
also to maintain the value of a
property. Conceptually, operators
of market halls should
focus on differentiating themselves
even more strongly from
online offerings by providing
customers with an outstanding
quality of stay, customer-oriented
advice and high-quality products.
Where else in an urban
environment can you ask the
producer personally about the
best piece of meat or the origin
of a cheese?
Not all market halls
are the same
The market halls surveyed can
be conceptually divided into
three categories depending on
their focus: classic market halls,
gastronomic market halls and
lifestyle market halls. Classic
market halls are characterized
by a wide range of culinary delights
and products and are usually
located in a central location.
Gastronomic market halls are
characterized by a high-quality
gastronomic variety, true to the
motto: “Less, but better.” Lifestyle
market halls offer a colorful
potpourri of food, services
and cultural and leisure activities.
The concepts can of course
also merge with each other, but
most market halls remain true to
their main focus.
Conclusion:
Positioning, tenant
mix and environment
must fit together
Classic and mixed-use market
halls are often found in historic
buildings, while gastronomyoriented
market halls tend to be
found in more modern locations.
Lifestyle market halls are generally
larger and offer a wider
range of uses, more store units
and events. The size of a market
hall significantly influences its
utilization concept.
Market hall concepts can be
implemented in historic buildings,
in modern new buildings
or in converted spaces. They are
available in both central and peripheral
locations, with a focus
on retail, gastronomy or events.
Their flexibility in terms of location
and design makes them
an attractive concept for many
cities. But this needs to be carefully
considered: Our analyses
clearly show that the positioning
and tenant mix must suit
the location of the hall, the property
itself and the surrounding
area. Otherwise, even a wellequipped
market hall will not
be successful. Similarly, a hall
that is located in the middle of
a busy city center but is incorrectly
positioned will not necessarily
be well frequented.
In order to exploit the full potential,
a thorough analysis of
the property and the location is
absolutely essential. Retail and
property-related factors must
also be taken into account and
harmonized with one another.
The strategic positioning builds
on this. In this way, places for
special shopping experiences
with a very special quality of
stay can be created. To achieve
this, however, the concept must
be consistently implemented
and constantly fine-tuned.
Carefully planned and well-managed
market halls are important
sources of inspiration for
our vibrant city centers, wonderful
retail platforms and THE
meeting places in the city and
district. Especially in an age of
online retail, market halls offer
the sensory counter-program:
here you can smell, taste and
feel the shopping!

The art of
investing
Tailor-made investments in German supermarkets
As real estate experts, we invest in grocery stores
and retail parks throughout Germany.
The advantage?
Financially very strong tenants and crisis-proof basic
supply ensure sustainable attractive returns for
investors.
20 years of experience in food retail
Excellent network
Working in partnership
Big plans? So do we.
Talk to us:
Jörn Burghardt • Managing Director
Phone: +49 (69) 756694334 • E-mail: j.burghardt@g-pep.com
GPEP GmbH · Hamburger Allee 26-28 · 60486 Frankfurt/Main GERMANY • www.g-pep.com

Page 11
T O M
ANALYSES
Luxury retail proves resilient
107 new openings on 20 European shopping streets
The continuing attractiveness
of established luxury
locations in Europe led to
107 new openings on 20 corresponding
shopping streets
in 16 cities in twelve countries
in 2023, according to the
first European Luxury Retail
Report by Cushman &
Wakefield (C&W). According
to the study, the luxury retail
markets are proving resilient,
which is also due to the return
of tourists to Eu-rope who are
keen to spend.
Almost 70 percent of new openings
in the luxury sector were
in the clothing, shoes and acces-sories
segments. A third of
all openings were by LVMH,
Kering and Richemont brands,
which illustrates the strength
of the largest groups. The fact
that around 60 other brands and
compa-nies were responsible
for the remaining share of all
openings shows just how broadly
diversi-fied the market is.
Over-the-counter
retail is important
Tina Reuter, Head of Germany
at C&W, explains: “It has been
confirmed that brick-and-mortar
stores are still of crucial importance
for luxury retail. High-end
retailers have long recognized
the importance of brand loyalty
through the personal in-store
experience, and we see this focus
continuing. Retailers are increasingly
looking to integrate
their brands into more and more
are-as of their customers‘ daily
lives.“
Limited availability
of space
One challenge retailers face is
the limited availability of vacant
space in many key luxury locations.
Of the 20 high streets considered
in the report, 16 have a
vacancy rate of less than 5.0
percent, seven of which have no
vacancies at all.
This, combined with high levels
of leasing ac-tivity from retailers,
has driven rental growth
in luxury high streets. At 3.0%
in 2023, average rental growth
on Europe‘s luxury retail high
Luxury miles such as Maximilianstrasse in Munich are still in demand.
Photo: CENTRUM
streets was almost double the
European average of 1.6% for
prime high streets.
The three
key markets
Geographically, over 40 percent
of the recorded store openings
in 2023 took place in the key
markets of France, Italy and the
UK. The strength of demand in
these three countries meant that
average prime rental growth
here was almost double the average
for other luxury high street
markets in Europe, driven in
particular by strong growth in
the Italian markets. These three
countries also accounted for
around half of all fashion openings
in the luxury segment. In
contrast, the jewelry and watch
sector was more active in other
European markets: a good 70
percent of new openings in this
range took place on high streets
outside these three countries.
However, the report also shows
that rental levels on Europe‘s
high streets in 2023 are still ten
percent below 2018 levels, while
rents on luxury high streets
have returned to their previous
pre-pandemic highs. Three of
Europe‘s main luxury streets -
Via Montenapoleone in Milan,
New Bond Street in London and
Avenue des Champs-Élysées in
Paris - are among the top five
most expensive retail locations
in the world. As the location has
always been crucial for luxury
retail-ers, the stronger increase
in rents is being driven by high
demand. Rob Travers, Head of
EMEA Retail at C&W, comments:
“The European luxury
retail market has stabilized in
2023 after sev-eral years of exceptional
growth. Luxury retail
real estate continues to show its
resilience.“
Hotspots in
Germany
Maximilianstrasse in Munich
and Königsallee in Düsseldorf,
which were highlighted as German
locations for the C&W
report, confirmed their position
as leading luxury shopping
streets in Germany in 2023 with
a number of new openings and
store expansions. Five new luxury
stores opened on Munich‘s
Maximilianstrasse last year,
including several relocations
to larger spaces. Gucci relocated
its Munich flagship store
from Maximilianstrasse 33 to
Maximilianhöfe. It now covers
around 800 square meters over
two floors in the newly renovated
building, with a full range of
products and specially designed
VIP areas. Stone Island has also
expanded its presence with a
new store covering 360 square
meters over three floors. The
vacancy rate in the luxury area
of Maximilianstrasse is just 2.0
percent. Düsseldorf‘s Königsallee
recorded only one store opening
with the re-opening of the
renovated Montblanc boutique.
Further store expansions are
planned, including expansions
by Louis Vuitton and Tiffany.
May 2024
The vacancy rate on Königsallee
is zero percent, which is
leading to increased project development
activities. One example
of this is the Kö36 building,
where Fendi and Moncler stores
opened at the end of 2022.
A penchant for
innovative concepts
German luxury streets are often
centrally integrated into the urban
fabric and serve as im-portant
traffic arteries and meeting
places, which differs from some
more secluded luxury des-tinations
such as Via Montenapoleone,
which are almost exclusively
focused on high-end
retail. German luxury streets, on
the other hand, often also host
cultural and social events that
enliven the streets and attract a
wider public. For example, the
Christmas market on Königsallee
and the many seasonal
events in Munich are attractions
that are not found in this form in
all Euro-pean luxury streets.
Many brands are also looking to
expand the size of their stores in
order to stock more product ranges
and enable creative and innovative
concepts, particularly
in the area of exclusive in-store
customer experiences. This is
also a challenge due to the limited
availability of appropriate
space and the high competitive
pressure in sought-after locations.
„In the luxury segment in
particular, we are experiencing
very high standards and a clear
focus on the best possible setting
to showcase the brand.
The shopping experience is
perfectly choreographed and
strengthens brand loyalty. In addition
to increased rental space
sizes, the quality of retail space
is also becoming increasingly
im-portant in order to meet
these demands,” adds Andreas
Siebert, Head of Retail Investment
Germany at C&W.
C&W assumes that retailers will
continue to focus on central luxury
locations and expects further
rental growth. In addition,
there is continued interest from
luxury retailers in selected real
estate investments for long-term
strategic positioning.

www.wisag.de
Your shopping centre in the best hands
Perfect cleanliness, uncompromising security and optimum service:
all this keeps not only the customers satisfied, but also tenants and
owners. With our tailored solutions and experience, you will benefit
from optimum management costs. And at all times, we have value
retention and the sustained development of your centre in mind.
We go one step further for you.
Joaquin Jimenez Zabala
Tel. +49 162 7861-324 joaquin.jimenez.zabala@wisag.de

Page 13 T O M
REFURBISHMENT May 2024
CBRE Investment Management plans to modernize the Glacis-Galerie in Neu-Ulm.
OPS F THE ONTH
Visualization: Dittel Architekten GmbH
THE HOT
INTERVIE
+++ PART
ANALYSE
presente
March
New shine for Neu-Ulm‘s Glacis-Galerie
CBRE Investment Management to modernize the shopping center
CBRE Investment Management
is modernizing the Glacis-Galerie
shopping center
in Neu-Ulm, Bavaria, from
June 2024, thereby optimizing
the shopping and leisure
experience for customers.
The renovation measures will
focus on the conversion of the
seating area in the food court,
which is located on the upper
floor, as well as the modernization
of the customer information
desk on the first floor
and the other seating areas in
the shopping mall.
The food court can be reached
both via the escalator from the
first floor and via the surrounding
stores. With its open concept
and the light-flooded rotunda,
it offers a comprehensive
overview of the gastronomic
offerings and the individual zones.
Varied seating options such
as high chairs and benches, banquet
seating and areas for families
with an integrated play area
for children will invite visitors
to linger in future. The customer
service area will also be adapted
to the natural, warm look of
the overall concept. The seating
modules distributed throughout
the shopping center along the
walkways are complementary
elements of the redesign measures
and will soon increase the
quality of stay in the Glacis-Galerie
with additional comfort.
Sustainable
concept
High-quality, sustainable materials
and surfaces such as
natural linoleum, durable solid
surface materials and recyclable
materials are being used
for the redesign. The central
design elements include real
green plants, including two
trees. The forward-looking
concept is intended to enhance
the shopping experience for the
shopping mall‘s diverse customer
groups.
Kemal Düzel, Senior Asset
Manager at CBRE Investment
Management, says: “We are
rethinking retail in shopping
malls such as the Glacis-Galerie
in response to the growing
need for interaction and sustainability
on the part of visitors.
Focus on the
customer experience
The customer experience must
take center stage. The modern
design of the service area
stands for an open and welcoming
culture. With its attractive
recreation zones, especially for
young people and families, the
variety of its culinary offerings
and its natural green ambience,
the Glacis-Galerie will be even
more popular than before as
one of Neu-Ulm‘s trendy hotspots
after the redesign.“
Opening in the fall
CBRE Investment Management
has commissioned the Stuttgart-based
firm Dittel Architekten
as general contractor to
carry out the redesign measures.
ECE Marketplaces, which
also acts as center manager for
the Glacis-Galerie, has been
appointed as project manager.
The new space is scheduled to
open in fall 2024.
T
TOPS
O M
OF THE MONTH
TOM
TOPS
OF THE
MONTH
RETAIL REAL ESTATE
Essential News About The Players In In
The Retail Real Property Estate Market In in Germany
IMPRINT
Publisher:
Business News Group GmbH
Address:
Alexanderstraße 16
45130 Essen
Germany
Tel. 0049-201-874 55 28
Web: www.hi-heute.de
Mail: tom@hi-heute.de
Frequency of publication:
monthly
Circulation: approx. 5000 copies
sent by e-mail
Editorial team: Susanne Müller,
Thorsten Müller
Responsible in terms of press
law: Thorsten Müller
Layout: K4-PR, Essen

Creating
HAPPINESS
new collection
out now
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Page 15 T O M
MAP OF THE MONTH May 2024
GfK Population by Age Group, Children younger than 3 years
GfK‘s Map of the Month for May shows the regional
distribution of babies and toddlers under the age of
three in Germany in 2024. According to the Federal
Institute for Population Research (BiB), the birth
rate in Germany is the lowest it has been since 2009.
But which German regions have the highest share of
children under the age of three? The latest GfK data
on population by age group shows that there is a clear
east-west divide in Germany in this respect. The
highest share of babies and toddlers younger than
three years can be found in the western German federal
states, especially in the districts of Cloppenburg
and Kaiserslautern, where they make up 3.6 percent
of all residents. This puts both districts more than
28 percent above the German average. Third place
is taken by the district of Offenbach am Main with
3.4 percent. Bringing up the rear is the Thuringian
district of Suhl: at 1.9 percent, the share of children
under the age of three is more than 31% below the
national average.

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