ACROSS_0114

1 | 2014 www.across-magazine.com

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The triumphal march of Factory Outlet Centers continues unabated. But investments in these specialty properties are by no means a sure thing: nearly every seventh project ends up in bankruptcy DeVeLOPMenT Karolin Forsling of AMF Fastigheter tells why the Swedish developer’s activities focus on Stockholm inVeSTMenT in Great Britain, the volume of shopping center investments has reached a record high FOODSeRViCe COLuMn Jonathan Doughty discovers a fascinating journey in the evolution of the foodACROSS court 1 1 | 2014

The Shopping Center Is Dead! Long Live the Shopping Center!................. 7 Commentary by Reinhard Winiwarter

German Planning Low Blocks Refurbishments................................ 13 Commentary by Jörg Wege Five Years a Jury Member ............... 14 Commentary by Christoph M. Achammer

Half the Decade as a Benchmark... 38 Jørgen Nielsen, Expansion Manager at Bestseller, thinks landlords should renovate their shopping centers every five years

tory

Outlet Market Outlook .................... 12 Commentary by Giles Membrey

Prepared for a Demanding Market ......................... 34 The new Managing Director of the Nordic Council of Shopping Centers (NCSC), Marika Wærn, explains why and how she promotes the subject of education

Out

The Untapped Potential Along the Silk Road . ........................................ 10 Commentary by Philip Evans

Fac

lets

Responsible Investment in Shopping Centers: Just Another Trend?............ 8 Commentary by Martin Sabelko

Malmö, Göteborg – No Thanks! ...... 30 Karolin Forsling, Head of Retail and Development at AMF Fastigheter, tells why and how the Swedish developer’s activities focus on downtown Stockholm

How Can Shopping Malls Counter the E-Commerce Juggernaut? ................ 16 Commentary by Michelle Buxton Factory Outlets................................. 42 The triumphal march of factory outlet centers (FOCs) continues unabated, but investments in these specialty properties are by no means a sure thing: Nearly every seventh project ends in bankruptcy, the FOC specialist ecostra warns

Projects & Openings............................18 Projects, openings, and other retail real estate news

Europe’s Most Successful Outlet Centers . ............................... 46 ecostra and Magdus have again searched for the best-performing FOCs. And, once again, the renowned institutes found the winner in England There’s Something Happening Here!............................... 40 The shopping center market in Albania to date is small, with just three shopping centers

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Planned Outlet Centers in Europe .......................................... 50 Market Survey by ecostra covering all planned outlet centers in the European countries

The Changing Face of Food Courts . ................................ 58 Foodservice column by Jonathan Doughty A Complete Success......................... 60 The Premium business programme of Christmasworld and the German Council of Shopping Centres generated a great echo

UK: Investors Bullish ......................... 68 In Great Britain, shopping centers remain a sought-after commodity. The investment volume has reached what is likely a record: £4.58 billion Involved in Some of the BestKnown Retail Schemes Throughout Europe ............................ 70 James Darkins, CEO of soon-to-launch.

TH Real Estate, tells ACROSS that the business’s approach is to understand the needs of the investor, the retailer, and the consumer

Are Swiss Shopping Centers in Crisis? No, But Many Are on the Verge ..................................... 72 The current Shopping Center Market Report 2014 by stoffelzurich uncovers an uncomfortable truth: Swiss shopping centers are facing more challenges than ever before

Shopping Centers 2020: Nothing to Fear but I-Fear Itself! ....................... 76 Contrary to current perceptions, there are many powerful levers the smartest of the industry can pull to ensure a bright future for well-managed retail destinations Lighting Shop and Retail Areas with Target Groups in Mind ..................... 78 A laboratory study conducted by Zumtobel and Gruppe Nymphenburg has for the first time made it possible to measure people’s affective responses to various lighting scenarios in shops on an empirical basis

ICSC European Conference.............. 84 The industry event takes place this year. in Istanbul on April 2 and 3

The Largest Clothing Retailer in the World by 2020.................................. 62 Commentary by ACROSS’s Retail Scout Jörg F. Bitzer.

Europe-Wide Expansion .................... 64 Clothing retailer Takko is planning 60 new stores in 13 countries. Its young fashion concept “1982,” which is to compete with the likes of H&M and Primark, is also expanding Germany: Retail Rentals at All Time Highs .................................................... 66 According to CBRE, rentals in the German retail market reached an all time high in 2013

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ACROSS is the leading European retail real estate magazine. The independent magazine informs about the latest retail real estate projects and brings relevant news in top-quality to readers in the. sector on approx. 100 pages. ACROSS also provides political, economic, and legal information. All this is rounded off by country profiles, company and personal portraits, information on trends in retail and catering sectors, consumer issues, and commentaries from leading experts.

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The triumphal march of Factory Outlet Centers continues unabated. But investments in these specialty properties are by no means a sure thing: nearly every seventh project ends up in bankruptcy DeVeLOPMenT Karolin Forsling of AMF Fastigheter tells why the Swedish developer’s activities focus on Stockholm inVeSTMenT in Great Britain, the volume of shopping center investments has reached a record high FOODSeRViCe COLuMn Jonathan Doughty discovers a fascinating journey in the evolution of the food court

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Factory outlets

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THE SHOPPING CENTER IS DEAD! LONG LIVE THE SHOPPING CENTER!

BY REINHARD WINIWARTER, IMAGE: SMA

European shopping center developers face major challenges. What we have observed in the industry for quite some time continues. unabated. Retail is returning to its urban roots. Gone seem to be the days of the great development dinosaurs on the edge of town. The large-scale shopping center project in the midst of distant green meadows is history – at least in saturated markets. The shopping. center of the next generation needs to distinguish itself with more than just highway access, ample parking, and a more or less. balanced tenant mix. “One size fits all” no longer cuts the mustard!

The shopping center of the next generation is urban, modern,. dynamic, demand-driven, and is at the center of an increasingly. mobile experiential society. It has become a central component of (ideally) a well thought-out and consistently implemented urban and socio-political neighborhood development and thus links with its. environment in form and content. The center itself is the brand and the message.

As beautiful and exciting as this new interpretation of retail real. estate is, it is also becoming harder for all involved to meet these new demands. The sheer number of stakeholders in urban. objects – i. e. those parties who wish to engage meaningfully in the new development or redevelopment of commercial real. estate – is several times larger when contrasted with green-field projects. The interests of politicians, communities, residents,. adjacent property owners and business associations, to name just a few examples, all want and need to be included. That’s no easy

REINHARD WINIWARTER Publisher of ACROSS Magazine and Managing Director of sma

task for developers and future operators. In addition, the interests of tenants and their requirements for urban commercial retail and area formats, transport links, and traffic concepts, are also important to note. That’s a sizable “headache” for urban developers, yet there is no way around the next generation of retail real estate and shopping center projects in the next few years.

In any case, we, dear readers, will examine this topic more fully. in the next few issues. I am already looking forward to what will hopefully be numerous subsequent discussions with you.

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OUTLET MARKET OUTLOOK

BY GILES MEMBREY, IMAGE: ICSC

The outlet market has been counter-cyclical during the last few years and has shown significant turnover growth in the eye of the global. recession. Brand support for outlets is dictated by the number of new full-price stores and surplus stock availability. The main European. operators include McArthurGlen, Value Retail, and Neinver.

With approximately 170 factory outlet centers open in Europe, many countries, such as the UK, have reached saturation with very few. opportunities for further growth in schemes except in a few locations.

Continuing with the UK example, the West Midlands and the Southeast of the country still show opportunities for growth. There are a few countries, such as France and Germany, however, where there have been fewer developments due to very restrictive planning. regimes. This means more opportunities for further development. exist there.

As countries in Western Europe have become saturated, developers and operators have moved into Central and Eastern Europe..

Densities have tended to be much lower in Central Europe, thus. making rents lower as well. Brands often use franchisees for. expansion rather than going to the expense of establishing. company-owned stores, a trend that seems to increase in strength the farther east and south one looks. In Russia, where the economy is thriving, a number of new schemes have been developed around Moscow and St. Petersburg. Hines opened Russia’s first factory. outlet center, Belaya Dacha, outside Moscow in September 2012 and Fashion House’s Moscow Outlet Center, which opened last year, is the first in the country that is fully enclosed. Both are proving to be very successful on the back of high catchment density and strong spending.

Elsewhere in Northern Europe there are new schemes being. promoted in the Baltics, such as in Riga and Tallinn, and new schemes in Finland and Norway.

But with many European countries now reaching saturation, many Central European countries have only really been able to support.

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GILES MEMBREY Chair of the ICSC European Outlets Conference 2014

outlet schemes in their capital cities, where tourism and catchment density are considerable.

With regard to outlets as investments, the investment market for. outlets was also counter-cyclical during the recent European. recession and performance has been very strong. There are a. number of new entrants to the market such as Resolution Property, which purchased schemes in Troyes and Roubaix (both McArthurGlen-run outlets previously owned by Henderson Global Investors) and the Rosada Factory Outlet in Roosendall in the Netherlands from CBRE Global Investors; and Meyer Bergman, which recently. purchased schemes in the Netherlands and Prague. There are other funds looking for opportunities.

Driving this investor optimism is the fact that more brands are. constantly entering the market, viewing outlets as another form of multichannel retailing in an ever-more competitive market in which consumers have greater choice and are looking for value retailing.

Compared to others, the outlet channel has been able to compete well with the internet. This could be because visitors are now. seeking destination shopping, a premise on which outlet shopping was built right at the beginning and which its asset managers. understand very well indeed.

GERMAN PLANNING LAW BLOCKS REFURBISHMENTS

BY JÖRG WEGE , IMAGE: MEC METRO-ECE

Retail parks’ rising importance has continued unabated in recent years. A main driver of this trend is the shortage of profitable core properties in the commercial segment. Although retail parks are not considered “core” by traditional investment criteria such as. location, construction quality, and lease design, sustainable and stable rental cash flows mean that many objects meet the most important quality criterion for investors. The nearly constant. proportion of the power center and retail park asset class in. total volume of transactions in the years 2011-2013 of. approximately 30% is evidence of continued investor interest.

For tenants, retail parks are increasingly a focus for optimizing their sales channels. Above all, there is growing interest from superior brands and retail and catering concepts that want to rent space in retail parks – this is especially true for larger and professionally. managed objects. Some are even developing special shop concepts for retail park locations and their specific requirements.

Retail parks contribute significantly to meeting consumers’. periodic needs. In addition to price consciousness and. convenience, increasing demands on the breadth, depth, and. quality of what’s on offer is affecting customers’ shopping behavior.

Legislation at federal and state level in Germany has become steadily more restrictive for years, making it more difficult to adapt to the obvious and ever more rapidly changing requirements within the retail park market. This relates especially to the exclusion of. relevant product ranges in locations outside of city centers and. secondary centers. Communities’ retail and center concepts are also becoming more restrictive. Binding range determinations as a result of lengthy development plan procedures often make for. extreme restrictions when it comes to restructuring. There is almost no leeway for foreseeable future adjustments.

Parallel to this development, however, the need for action on. changes in retail parks is steadily increasing. Entire segments that are central for retail parks are going through a significant structural consolidation, for example the consolidation and reduction in the number of home improvement stores. Re-letting a former home.

JÖRG WEGE Head of Strategic Development, M&A, MEC METRO-ECE Centermanagement

improvement warehouse within the same segment is thus often. impossible. The consumer electronics industry is reducing its space requirements due to massive online competition and large supermarkets have changing needs for space partly due to competitiondriven realignments and offer adjustments. The consequence of this need for adaptation is increasingly frequent planning and licensingrelated adjustment proceedings to allow retail parks to survive.

Even if the building code regulations and restrictions in this country serve the objective of controlling and promoting the healthy development of city-center retail facilities for the protection of city. centers, sites that have already been approved and accepted by. consumers should at least have an opportunity for sustainable. development. It is certainly not sufficient to limit or even ban the. establishment of retail spaces or entire ranges in non-integrated. areas because these often cannot be established in cities due to a lack of available space or because of high rents.

Therefore it is urgent that competent authorities pay heed to the. issue of needed refurbishments. After all, there is probably no. alternative to short-term flexibility in the licensing process to resolve the issue of current cases of re-using formerly occupied spaces on the basis of a common understanding of all actors involved.

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FRANCE

Les Docks Marseille is a unique, 17,000-sq-m shopping destination with 80 units that will cater to interesting concepts and brands including food and restaurants, leisure, and fashion.

The project is located in the business district of a fast-developing and vibrant retail environment. It is due to open in March 2015. Around 40% of the space has already been leased, for example to Kulte and Bel Air. Marseille was the European City of Culture in 2013 and is gearing up to be acknowledged as France’s leading retail city after Paris.

France’s second-largest city has approximately 860,000 residents and is visited by approximately four million tourists each year.

IMAGE: CONSTRUCTA URBAN SYSTEMS

LES DOCKS TO OPEN IN MARSEILLE IN 2015

UKRAINE A ROSE PARK FOR DONETSK

IMAGE: IMMOCHAN

Auchan Donetsk is the first hypermarket to have set up in the city of the same name. The existing shopping mall, alongside this hypermarket, will be extended significantly and turned into a brand new concept: Rose Park with 150 shops on 32,000 sq m GLA. Modern architecture with the latest facade technology, bright interior design, and a careful selection of brands will create a unique shopping environment. The eastern Ukrainian city Donetsk, with its 970,000 inhabitants, is lacking in leisure and entertainment offerings. To meet the needs of the local population, Rose Park is also set to become an exceptional activities center thanks to its multiplex, kid’s entertainment area, restaurants, 360° screen, roller track, and more. Immochan Ukraine is the developer of this project, which is due to open this year.

NETHERLANDS VASTNED WANTS MORE ON THE HIGH STREET The proportion of high street shops in Vastned’s portfolio is currently 66%. Consequently, the target of 65% high street shops that the Dutch company set itself in September 2011, has been achieved. Vastned’s new objective is to raise the rate of premium city high street shops to 75% of the total portfolio. This is the main objective of the updated strategy.

Approximately 45% of the portfolio is currently invested in high street shops in these “premium cities.” These attractive shopping cities feature demographic growth, strong purchasing power, a historic city center, tourist appeal, and the presence of national as well as international institutions and universities. Vastned’s acquisition policy is focused on these types of premium cities in countries in which it already operates. These include Amsterdam, Breda, Den Bosch, Maastricht, the Hague, and Utrecht in the Netherlands; Bordeaux, Lyons, Lille, Nice/Cannes, Paris, and Toulouse in France; Antwerp, Bruges, Brussels, and Ghent in Belgium; Barcelona, Bilbao, Madrid, Málaga, Seville, and Valencia in Spain; and, of course, Istanbul in Turkey. Vastned aims to create clusters in these towns to be able to offer retailers a broad range of opportunities.

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POLAND ETHOS: HOME FOR LUXURY BRANDS IN WARSAW

IMAGE: KULCZYK SILVERSTEIN PROPERTIES

Kulczyk Silverstein Properties plans to expand and modernize the office and commercial complex at Three Crosses Square to position it as an attractive address in Warsaw. The building is known as Ethos and will attract both luxury boutiques and headquarters of the most renowned Polish and international companies. The opening is planned for 2015. One of the project’s principle objectives is to maximize the complex’s visibility and its availability for clients.

Its future stores will open onto Three Crosses Square via eight meter high shop windows. The additional height will allow the design of an intimate mezzanine. The new central point of the retail space in Ethos will be the bright and spacious patio with its glass roof. Essential customer amenities will include an underground car park, which will guarantee quick and comfortable access to the boutiques.

SERBIA A RETAIL PARK FOR JAGODINA

IMAGE: VIVO SHOPPING PARK

Vivo shopping Park, a place for shopping and entertainment for the whole family, is a new retail park concept that raises the standards of construction and organization of retail park activities to a higher level. Its location in the city of Jagodina was chosen because it is, in many respects, the city of the future for central Serbia. The scheme is located on Corridor 10, 130 km south of Belgrade, in the center of the Pomoravlje region, which is home to approx. 250,000 inhabitants.

This neighborhood in Jagodina is also home to the sport-tourism complex Djurdjevo hill, the Jagodina zoo, a water park, a wax museum, a city sports center, and the FC Jagodina stadium. Vivo shopping Park plans to invest €15 million in this retail park. Its 10,000 sq m of GLA will comprise 33 retail units. 360 parking spaces will be available to shoppers.

Ground was broken on the project in December 2013. The opening celebration is planned for June 15 of this year.

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COVER STORY

Fac

tory

Out

lets

The triumphal march of factory outlet centers (FOCs) continues unabated, but investments in these specialty properties are by no means a sure thing: Nearly every seventh project ends in bankruptcy, the FOC specialist ecostra warns.

FOCs are more popular in Europe than ever before.

Despite the economic and financial crisis, the development pipelines of international investors have been running at maximum output in the past few years. In the past few months alone, new FOC sites were brought to fruition in Italy, France, Austria, Sweden, and Serbia. Russia and Poland also boast dynamic development markets. Germany, in. particular, has sharply increased its tally of centers in this period with three new openings. These are all results from the evaluation of FOC market data regularly published by the Research Institute. ecostra based in Wiesbaden. With the new openings at locations Soltau, Ochtrup, and Neumünster,. professionally designed and operated factory outlet centers now stretch from Schleswig-Holstein to Bavaria. Germany has enjoyed the busiest growth in FOC locations and area of all European countries in the past year. And this trend is certainly far from over. Work is currently underway on a very.

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ambitious project in Bad Münstereifel (near Bonn).

City Outlet Bad Münstereifel includes 30 buildings, some of which are historically protected, directly. in the historic city center. City Outlet Bad. Münstereifel’s shops offer last year’s fashions and sample collections with discounts of 30 to 70%.

The shops are operated by the brands themselves or their exclusive trading partners. The outlet. center is operated by ROS Retail Outlet Shopping.

This development is driven not only by intern­ational operators and investors who are looking for. promising locations. It is also driven by cities and municipalities striving for such developments in. order to reposition themselves in inter-municipal competition and present themselves as spacious and radiant shopping destinations, hoping for business tax revenue and to create new jobs. The high demand for space from international brand. manufacturers is, however, a major driving force.

IMAGE: ONE FASHION OUTLET

Slovakia’s first factory outlet center opened its doors at the end of October 2013.

About two-thirds of surveyed ecostra brands want to rent outlet stores at locations in Germany. One in four surveyed brands are looking for land in France and one in five in Italy.

EUROPE: ANNUAL INCREASE IN SPACE IN OUTLETS EQUIVALENT TO THE SIZE OF ALMOST 20 SOCCER FIELDS

GERMANY IS STILL A DEVELOPING COUNTRY IN TERMS OF FOCS

As ecostra’s research shows, there is a total of 149 outlet centers with a total sales area of 2.4 million sq m currently operating in Europe (as of mid 2013). Compared to last year, the number of centers rose by 8 locations (+5.7%) and the area rose by nearly 160,000 sq m (+7.1%). On average over the last 10 years, the number of FOCs. has increased annually by 8 locations and the sales area has grown by 140,000 sq m. This. corresponds approximately to the size of 19-20 soccer fields each year. Operators and investors in the state of North Rhine-Westphalia consider Germany to be particularly interesting. For. this reason, approval processes are currently in progress for the establishment of factory outlet centers in Remscheid, Werl, and Duisburg.

Despite the proliferation of sites and area, at the middle of last year, Germany still had one of the lowest FOC-area-to-inhabitant ratios in Europe, with around 1.5 sq m of outlet space per 1,000. inhabitants. By contrast, Poland had 3.5 sq m per 1,000 inhabitants, more than double Germany’s level. Other examples are France’s 4.1 sq m and.

Italy’s 8.2 sq m. Switzerland had the highest area ratio: 11.4 sq m per 1,000 inhabitants. “Given the high purchasing power and bargain orientation of consumers here, we believe that Germany still has significant development potential for this sales channel,” comments ecostra’s CEO Joachim Will.

“Outlet centers will remain a small niche within the overall retail market in Germany, however. This is not only due to restrictive planning rules, but also because market data from countries that are seen as saturated in this respect illustrate this fact..

We assume that Germany will have about 20 to a maximum of 25 outlet centers in the medium term - that is by about 2020 - and that will probably. be about it,” Will is convinced.

In contrast to the approval situation in Germany, approval regimes in other European countries are much more liberal. This is especially true. in Italy, where the number of FOC locations has increased rapidly, from four 10 years ago to 23 today, with a total sales area of approximately 492,000 sq m. These centers have mostly. focused on the northern part of Italy, while

DEFINITION OF FACTORY OUTLET CENTER Factory Outlet Centers (FOCs) are an agglomeration of many shop units within a uniformly planned building complex or a spatially coherent arrangement of buildings with a total sales area of at least 5,000 sq m (= approx. 6,000 sq m GLA) and more than 20 outlet stores in which manufacturers and vertically integrated retailers bypass end retailers to sell discontinued models, second-choice products, surplus productions, etc. directly to consumers. Their tenancy agreements specify that all goods be sold at a discount of at least 25%, with a dual price display (“High Street Price” vs. “Outlet Price”). The coordination, organization, and marketing is done by the center management.

Source: ecostra

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IMAGE: ECOSTRA

COVER STORY

JOACHIM WILL

IMAGE: ROS

CEO of ecostra: “Top centers are money printing machines for investors.”

Southern Italy is still rather sparse - in part due to lower purchasing power there. France has also expanded its outlet facilities considerably and now has 17 centers with a total sales area of nearly 256,000 sq m. France’s most recent opening took place in Roppenheim in Alsace in April 2012. The Spanish operator Neinver created a center with 107 stores and a total sales area of 22,000 sq m at this location directly opposite the German spa town of Baden-Baden.

FIRST FOC IN PENNSYLVANIA

LARGE NUMBER OF FOC BANKRUPTCIES

The first was FOC was tested in Pennsylvania (USA) in 1971. It began as a simple bundle of several factory outlets put together without paying any particular attention to the location. The concept was optimized in subsequent years and about 324 FOCs were built in the US by 1995. In 1984, the first establishment in France opened up the European market.

FOCs did not really start to prosper in Europe until American operators began to invest in the UK in 1988, however. To date, FOC densities vary widely across Europe.

ecostra’s research also shows that outlet. centers won’t work just anywhere. So far, the.

Wiesbaden-based researchers were able to. identify a total of 21 failed FOC locations in.

Europe that closed due to failure to attract. customers or were never opened despite completion of the building. Will: “Based on the current total number of FOCs in Europe of 149 objects, this leads to a general average rate of 14%.

This value is quite dramatic for project development in the retail sector, because this means that, on average, about one in every seven projects ends with long-term vacancy. Analysis of the cause of these failures clearly illustrates that the

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“City Outlet Bad Münstereifel,” North Rhine-Westphalia’s first urban outlet, will open in August 2014.

careful examination of site characteristics and market potential, along with experienced and professional center operators, are decisive. criteria for the success of this form of retail.”

OPPORTUNITIES FOR RETURNS WITH TOP OBJECTS On the other hand, however, FOCs are. attractive due to their above-average returns.

One of the most successful centers in Europe,.

“Bicester Village” near Oxford (UK), developed and managed by Value Retail, reached an area productivity of almost €20,000 per sq m of. retail space last year, according to ecostra.

Will: “Such top centers are money printing. machines for investors. There are other centers that do not even reach a tenth of that area. productivity. The Blues are more appropriate for those.” The span between success and. failure at Europe’s outlet centers is thus correspon­dingly broad.

IMAGE:COGEST RETAIL IMAGE: ONE FASHION OUTLET

Slovakia’s first factory outlet center, opened its doors at the end of October 2013.

Location ExpErtisE FroM GfK We understand retail and consumers like no one else. That’s how we can help you finding the best locations and investment opportunities in retail real estate throughout Europe.

Growth from Knowledge

www.gfk.com/location-experts

COVER STORY

The second place slot is occupied by “Designer Outlet Roermond,” located in the Netherlands only a stone’s throw away from the German border.

EUROPE’S MOST SUCCESSFUL OUTLET CENTERS ecostra and Magdus have again searched for the best-performing FOCs. And, once again, the renowned institute found the winner in England.

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IMAGE: ECOSTRA

Currently, the best performing outlet center in.

Europe is located in England, about 30 km north of the historic university town of Oxford in the city of Bicester, home to approx. 30,000 inhabitants.

This is the result of the “Factory Outlet Center Performance Report Europe 2013” (FOCPRE). This study focuses on the European outlet center. market and was implemented by the consultancy ecostra (Wiesbaden, Germany) for the 6th. consecutive year. Since 2012, this report has been prepared in cooperation with the French. research institute Magdus. The report is based on a survey of international brand manufacturers. regarding their satisfaction with the sales in their stores in the various European outlet malls, their future expansion plans and many other questions on the European outlet market.

The trophy moves from last year’s winner “La. Vallée Village,” which is located in the vicinity of Paris, to the British center “Bicester Village,” but remains with the operator Value Retail, which manages both centers. Of course, “Bicester.

Village” is not unknown in the European market: This center already led the ranking of the best. performing Outlet Centers in 2008 and 2010 and it is generating very remarkable revenues. This fact was also recently announced by Scott.

Malkin, founder and CEO of Value Retail. Malkin stated in an interview that, with about €19,400 per sq m “Bicester Village” in the meantime has the world’s highest area productivity, not only in. regard to outlet centers, but also in regard to shopping malls. This is now impressively. confirmed in the latest Factory Outlet Center.

Performance Report Europe 2013 due to the. evaluations of the tenants of this center.

SECOND PLACE FOR DESIGNER OUTLET ROERMOND The second place slot is occupied by “Designer Outlet Roermond,” located in the Netherlands only a stone’s throw away from the German. border. With a lettable area of approx. 35,000 sq m, it is also one of the largest outlet malls in.

Europe. This center is open all year round, apart from Christmas and New Year’s Day. More than 2/3 of the 4.1 million visitors per year come from Germany, on public holidays the number of Ger-

man visitors even rises to more than 80%. “If traffic news broadcast on the radio on Sunday state that there is a traffic jam on a highway in North Rhine-Westphalia, then the chances are high that it is the A52 from Moenchengladbach to Roermond,” says ecostra’s project manager Thomas Terlinden, who is in charge of the report at ecostra and grew up in this region. “Roermond is now one of the most important tourist shopping destinations in Europe. Especially on Sundays, caravans of shopping addicts from North Rhine-Westphalia storm towards Holland,” Terlinden reports.

Last year the “Designer Outlet Roermond” was ranked 3rd and has thus improved its placement.

Slipping to third place this year is last year’s. winner “La Vallée Village,” which is located in the exurbs east of Paris very close to the theme park “Disneyland Europe.” With about 100 shops and a lettable area of approx. 17,400 sq m, “La Vallée Village” is a medium-sized outlet center, but has – like the other top-ranked centers – a distinctive mix of high-priced premium and designer brands.

NO GERMAN CENTER IN THE EUROPEAN TOP 10 A novelty is the fact that none of the German. centers in the portfolio is present in the European top 10 anymore. In previous reports on this. market, at least two German locations were. always represented in this top group. Here, French, Italian, and English centers have moved forward. These are sites in countries that did not count as “growth engines” for the European Union last year. Joachim Will, CEO of ecostra,. comments: “It seems to be true that outlet centers prosper particularly in times of economic uncertainty and a corresponding fall in consumption.” Until now, it was always assumed that outlet centers only show a higher resistance to crises compared to traditional forms of retail, but ultimately cannot escape negative economic cycles, too. “In subsequent studies, we will have to check if this trend can be confirmed” says the managing director of ecostra. Although there is no German center in the leading group, it can be stated that all German sites perform well above the Euro-. pean average. In this respect, there is no need to worry for investors in German outlet centers.

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COVER STORY

Slipping to third place this year is last year’s winner “La Vallée Village,” which is located in the exurbs east of Paris.

Factory outlet centers (FOCs) are a collection of many outlet store units within a mutually-planned or a spatially-interrelated complex of buildings with more than 5,000 sq m of sales area (= approx.

6,000 sq m GLA) or with more than 20 outlet stores. Manufacturers and vertically-integrated retailers sell past seasons’ goods, factory seconds, surplus stocks, etc. there directly to consumers without using retail businesses as distributive channels. All goods are sold at a discount of at least 25%, whereas dual pricing (a “high street price” vs. an “outlet price”) is prescribed in the leasing contract. The coordination, organization, and marketing is carried out by a center management.

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IMAGE: MAGDUS

DEFINITION OF OUTLET CENTER:

DIFFICULT SITUATION IN SOFIA In stark opposition to this rosy picture stand the centers at the bottom of the ranking. Here sites that are assessed by tenants in a way that can certainly be called dramatic. For example, the. outlet center in the Bulgarian capital Sofia. managed by Fashion House has received a rating of 4.60 (an average of single evaluations by the tenants on scale from “1” = much better to “5” =

m u ch wo r s e ) re ga r d i n g th e e c o n o m i c. performance. The center was also at the bottom of the ranking last year. The centers “L’Usine” in the French city of Roubaix (Ø 4.50), “Festival Park Outlet Shopping” in the English town of Ebbw Vale (Ø 4.33), and the “Fashion District Outlet” in.

Melilli in Italy (Ø 4.33), however, are also anything but successful from the tenants perspective.

NEINVER THE BIG SURPRISE Concerning the assessment of the competence and performance of each operator of outlet. centers in Europe, McArthurGlen was able to. defend last year’s top spot. Here, the big surprise is the Spanish operator Neinver. Neinver has. succeeded in pushing Value Retail to the 3rd rank.

Some years ago, Neinver was derided as a newcomer to this market because they only had. centers in their Spanish home market and in.

Poland. However, Neinver started a remarkable catch-up race and is now beginning to harvest the fruits of its labor. ecostras’ project manager.

Terlinden: “Now that Neinver has managed to. outperform such a renowned operator as Value Retail, it is clear how positively brand. manufacturers now view Neinver. This is not an easy accomplishment in this difficult market with its very specific requirements in project development, leasing, management, and marketing.”

THE COMPLETE STUDY OF THE “FACTORY OUTLET CENTER Performance Report Europe 2013,” with detailed analyses and elaborated commentaries, has been available since late November 2013 at ecostra or Magdus at a price of €100 (plus VAT).

The British center “Bicester Village” is the best performing outlet center in Europe.

IMAGE: VALUE RETAIL

Despite some failed or poorly performing outlet centers, the expansion activity of brand. manufacturers is still strong. In recent years, a starkly increasing number of brands have discovered outlet stores as an additional distribution channel that provides a safe and controlled. outlet for seconds, overstocks, and returns. This means that the goods do not end up with Ebay power sellers or sold off by discounters. “The brands have also realized that some potential in returns is still slumbering in the distribution channel outlet center,” explains Caroline Lamy, owner of the Magdus institute and co-author of the study. “The results of the Factory Outlet.

Center Performance Report Europe 2013 show clearly that stores in outlet centers yield not only a significantly higher profit for the brand. manufacturers than their own shops on the high streets, but generate even better revenue than highly-praised online stores.” According to the French scientist, this is also visible by the fact that each of the surveyed brand manufacturers plans to open three to four new outlet stores on average in 2014. “Here, the highest rate of. expansion is indicated by a well-known sports brand that intends to open up to 15 new outlet stores in the year 2014. That means at least one new store per month and illustrates how. determined some manufacturers are to expand this distribution channel,” Lamy said.

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ATP ARCHITECTS AND ENGINEERS Innsbruck, Vienna, Munich, Frankfurt, Zurich, Budapest, Zagreb, Moscow

Heiliggeiststr. 16, A-6020 Innsbruck, Austria Phone: +43 512 5370 - 0 Fax: +43 512 5370 - 1100 Email: info@atp.ag www.atp.ag

BLACHERE ILLUMINATION Zone industrielle, F-84400 Apt, France Phone: +33 4 90 74 20 95 Fax: +33 4 90 74 14 63 Email: sales@blachere-illumination.com www.blachere-illumination.com

BRANDDESIGNERS Rotenturmstraße 17/10-12 A-1010 Wien, Austria Phone: +43 1 533 32 60 55 Fax: +43 1 533 32 60 10 Email: office@brand-designers.com www.brand-designers.com

CBRE GLOBAL INVESTORS Schiphol Boulevard 281, G-tower, 8th floor 1118 BH Schiphol, The Netherlands Phone: +31 20 202 2200 www.cbreglobalinvestors.com *As of 30 June 2012

CHRISTMASWORLD Messe Frankfurt Exhibition GmbH Ludwig-Erhard-Anlage 1 D-60327 Frankfurt am Main, Germany Phone: +49 69 75 75 - 0 Email: christmasworld@messefrankfurt.com www.christmasworld.messefrankfurt.com

CINEPLEXX INTERNATIONAL Mag. Christof Papousek Geschäftsführer|CFO Constantin Film-Holding GmbH Cineplexx Kinobetriebe GmbH Siebensterngasse 37, A-1070 Wien, Austria

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ATP Architects and Engineers is one of Europe’s largest and most renowned Inte­grated Design offices. It employs 450 people in 8 subsidiaries in Germany, Austria, Switzerland and CEE. As specialists in retail and enter­tainment buildings, ATP aims to create innovative and intelligent solutions of sustainable quality. Integrated Design has been the company’s core competence for 35 years. Experienced inter­disciplinary teams plan simul­taneously in virtual models. They take responsibility for all architec­tural design and engineering tasks of a construction project.

Blachere Illumination is a company specializing in the illumination of towns, shopping centers and private places for the end of year festivities. It offers a wide range of LED light decorations: luminous garlands, curtain lights, street decorations … It promotes future technology of energy efficiencies and places the highest importance on research and development. With forty years’ experience on lighting markets, we have worked in the widest possible range of environments, for both urban space and private setting.

Design is our passion! Branddesigners is a company, which has been specialising in shopping center refurbishment and retail design for more than 12 years. Key to each of our projects is a unique and creative idea: we believe that every shopping center must be a distinctive, recognizable landmark. We use cutting-edge computer methods not only to create our visions, but also to analyse each concept – using eye-tracking to evaluate both the current state, as well as the after-effects of our implementations. Together with a team of experts, we develop tailor-made solutions for our customers and handle the development of the project from the initial idea through to completion.

CBRE Global Investors is a global real estate investment management firm with EUR 72 billion in assets under management*. The company sponsors investment programs across the risk/return spectrum for investors worldwide. The CBRE Global Investors EMEA platform, with EUR 28,2 billion of assets under management* is one of the largest and most diversified real estate investment management business.

The platform has offices in 15 countries, managing investments in 17 countries across Europe. For more information please visit www.cbreglobalinvstors.com

Christmasworld – The World of Seasonal Decoration – is the leading inter­national trade fair for festive decorations. Exhibitors from all over the world present the latest trends and products for all festive occasions of the year – including innovative concepts for decorating large spaces and outdoor areas, such as shopping centres – in Frankfurt am Main from 24 to 28 January 2014.

Cineplexx Kinobetriebe GmbH was founded in 1993 as a 100% subsidiary of Constantin Film-Holding GmbH which belongs to the Austrian family Langhammer. Cineplexx emerged in the transition phase during the 1990s when tradi­tional cinemas were closed and multiplex cinemas entered the market. Since 2008 the group has bundled its international business activities under Cineplexx International ltd. In total it runs 35 cinemas with 235 screens across Austria, Croatia, Serbia, Montenegro and Northern Italy. Total sales reached 120 Mio. Euro in 2011 with about 1.100 employees.

COVERPOINT FOODSERVICE CONSULTANTS The Barn, 11 Waltham Court Milley Lane, Hare Hatch, Reading RG10 9AA, United Kingdom Phone: +44 18 940 5266 Fax: +44 118 940 5277 Email: commitment@coverpoint.co.uk www.coverpoint.co.uk

ECE PROJEKTMANAGEMENT G.M.B.H. & CO. KG Heegbarg 30, D-22391 Hamburg, Germany Phone: +49 40 60606 - 0 Fax: +49 40 60606 - 6230 Email: info@ece.com www.ece.com

EHI RETAIL INSTITUTE Spichernstr. 55 D-50672 Köln, Germany Phone: +49 221 579 93 -32 Fax: +43 221 579 93 -45 info@ehi.org www.ehi.org

EHL IMMOBILIEN GMBH Prinz-Eugen-Straße 8-10, A-1040 Vienna, Austria Phone: +43 1 512 76 90 Fax: +43 1 512 76 90 - 890 Email: office@ehl.at www.ehl.at

Coverpoint are an International Foodservice Consultancy. Since 1993 we have been creating for our Clients, outstanding Retail and Shopping Centre Food Experiences.

From Fast Food and innovative Food Courts to the latest Casual Dining clusters, we provide Developers, Landlords, Shopping Centre Managers and Owners with the best advice on ‘how to do food’. We carry out feasibility studies, market analysis, capacity planning and foodservice spatial design. We bring all these skills together as part of your Team to ensure that your Food & Beverage Experience is perfectly matched to your guest’s needs. We do Food! Call us to find out how we can help you.

ECE develops plans, builds, leases out, and manages shopping centers since 1965 and is active in 17 countries. The company is European market leader with 189 managed shopping centers. On an overall sales area of 6 million m2, about 17,500 retail businesses generate 21 billion euros in annual sales. Another 14 shopping centers are currently under construction or planned throughout Europe.

EHI is the scientific institute of the German retail industry. The members of EHI include German and international retail companies and their industry associations, manufac­ turers of consumer and investment goods and various service providers for retail like real estate developers and shopping-center management firms. We research topics relevant to the future of retailing, organize conferences and working groups, operate our own publishing house (e.g. The EHI Shopping-Center Report), and are partners to Messe Düsseldorf in staging the EuroShop, the world's biggest trade fair of investment goods for retail business.

EHL Real Estate Group is one of the leading real estate service providers in Austria and the market leader in the fields of commercial and residential real estate as well as investment properties. Its business activities range from property marketing, property valuation, asset and portfolio management, center management to market research and investment consultancy.

FIRST CHRISTMAS BY ROSENAU GMBH Blankeneser Bahnhofstr. 7, D-22587 Hamburg, Germany Phone: +49 (0)40 86 64 875 - 0 Fax: +49 (0)40 86 64 875 - 60 Email: mail@rosenau.com www.rosenau.com

First Christmas by ROSENAU GmbH one of Europe’s leading suppliers of Christmas decorations. We offer a full service including design, production and installation of top quality modern and traditional d ­ ecorations. Our expertise and products are being implemented across the continent and in the Near East.

GERMAN COUNCIL OF SHOPPING CENTERS E. V. Bahnhofstraße 29 D-71638 Ludwigsburg, Germany Phone: +49 7141 38 80 - 83 Fax: +49 7141 38 80 - 84 Email: office@gcsc.de www.gcsc.de

The German Council of Shopping Centers, GCSC, represents the interests of over 700 member companies in the shopping center and commercial real estate industry, including operators and developers, trade representatives, service providers, consultants, investors, and other companies.

GFK GEOMARKETING GMBH Werner-von-Siemens-Str. 9, Building 6508 D-76646 Bruchsal, Germany Phone: +49 7251 9295 100 Fax: +49 7251 9295 290 Email: info@gfk-geomarketing.com www.gfk-geomarketing.com

GfK GeoMarketing is one of Europe’s largest providers of geomarketing services and products. Our business areas include: Consultancy and research expertise, Market data, Digital maps, RegioGraph. GfK GeoMarketing is a subsidiary of GfK, one of the world’s largest and most renowned market research companies. Drawing on this international network of wide-ranging resources and expertise, GfK GeoMarketing promotes business success and “growth from knowledge”.

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GROOTERHORST & PARTNER Königsallee 53-55, D-40212 Dusseldorf, Germany Phone: + 49 211 8 64 67 - 0 Fax: + 49 211 13 13 42 Email: info@grooterhorst.de www.grooterhorst.de

HENDERSON GLOBAL INVESTORS

London, Paris, Frankfurt, Luxembourg, Milan, Madrid, Stockholm, Vienna, Hamburg, Chicago, Hartford, Beijing, Hong Kong, Sydney and Singapor

201 Bishopsgate, London EC2M 3AE Phone: 020 7818 4441 Fax: 020 7818 3347 Email: Gemma.Bradley@henderson.com www.henderson.com/property

ICSC EUROPE 29 Queen Anne’s Gate, London SW1H 9BU, UK Phone: +44 20 7976 - 3100 Fax: +44 20 7976 - 3101 Email: icsc.europe@icsc.org www.icsc.org

IMMOFINANZ GROUP Wienerbergstraße 11, A-1100 Vienna, Austria Phone: +43 1 88 090 Email: communications@immofinanz.com www.immofinanz.com

KLEPIEERE 21 avenue Kléber, F-75116 Paris, France Phone: + 33 1 40 67 57 40 Fax: + 33 1 40 67 55 62 wwww.klepierre.com

KUNDÖRFER CONSULTING GMBH Frankenweg 5, A-8051 Thal-Graz, Austria Phone: +43 316 / 581 822 Fax: +43 316 / 570 550 Email: office@kundoerfer.com www.kundoerfer-consulting.com

MAPIC The international market for retail real estate Phone: +33 1 79 71 90 00 www.mapic.com

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Grooterhorst is a German-wide practicing law firm focussing on property law. It is highly specialized in planning law for shopping center and other large retail schemes and the firm is nationwide knownfor this competence. The firm’s services also encompass real estate transactions, commercial lease law, construction law and banking law. It acts for German and international investors, developers, fundsand asset managers.

Henderson Global Investors is a major investor in the global property market with over 30 years in-depth experience working on behalf of segregated direct mandates, pooled funds, property securities and fund of funds clients. Our property funds are managed by specialist teams who offer expertise with a difference, applying their own experience and dedication to the management and style of their portfolios.

Each team is supported by our experienced senior Property Management Team as well as an integrated property investment platform. This platform includes finance, debt and currency management, performance analytics, client care, fund and transaction structuring, development and research.

The International Council of Shopping Centers is the global not-for-profit trade association for the shopping centre industry with over 60,000 members from more than 80 countries worldwide. Our members include Owners / Developers, Retailers, Investors, Architects, Shopping centre managers, Retail consultants and other real estate professionals.

The IMMOFINANZ Group is one of the five largest listed property companies in Europe.

The company comprises 1,678 standing investments with a carrying amount of approx.

EUR 8.5 billion. The core business of IMMOFINANZ covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects in the retail, office, logistics and residential segments.

More: www.immofinanz.com

A leading shopping center property company in Europe, Klépierre combines development, rental, property and asset management skills.Its portfolio is valued at 16.2 billion euros on June 30, 2013 and essentially comprises large shopping centers in 13 countries of Continental Europe.Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager.

The largest shareholders are Simon Property Group (28.9%), world leader in the shopping center industry, and BNP Paribas (21.9%). Klépierre is a French REIT (SIIC) listed on Euronext ParisTM and is included into the SBF 80, EPRA Euro Zone and GPR 250 indexes.

Building upon years of international experience in retail and extensive location expertise for many CEE/SEE countries as well as Austria and Germany, Kundörfer Consulting advises its customers on all retail expansion and retail property questions. Targeting retailers and companies active in the real estate market, Kundörfer Consulting offers both solutions for strategic issues and their implementation.

MAPIC (www.mapic.com/en/the-event/history/) is the key meeting point for 2,430 retailers looking for partners, and 2,300 property developers and owners looking for retailers to enhance their sites. MAPIC delivers 3 days of tailored meetings, expert-led conferences and a premium exhibition for industry leaders targeting all types of retail property and brings together 8,200+ participants from 69 countries.

The 20th edition will take place at the Palais des Festival of Cannes, France, from 19-21 November 2014.

MEC METRO-ECE CENTERMANAGEMENT GMBH & CO KG Am Albertussee 1, D-40549 Düsseldorf, Germany Phone: +49 211 30153 -101 Fax: +49 211 6886 4973 -101 Email: info@mec-cm.com www.mec-cm.com

MEC METRO-ECE Centermanagement GmbH & Co. KG is a joint venture of METRO GROUP and ECE. MEC is Germany’s leading centre management company for retail warehouse oriented shopping centres. It is responsible for managing, operating, leasing, developing and marketing of currently 38 shopping centres in Germany in which more than 1.300 tenants achieve an annual turnover of €2.7 billion on a sales area of 900.000 m2.

MESSE FRANKFURT Messe Frankfurt Exhibition GmbH Ludwig-Erhard-Anlage 1 D-60327 Frankfurt am Main, Germany Phone: +49 69 75 75 - 0 Email: info@messefrankfurt.com www.messefrankfurt.com

Messe Frankfurt is Germany’s leading trade-fair organiser. 578,000 square metres of exhibition ground are currently home to ten exhibition halls and an adjacent Congress Centre. Events “made by Messe Frankfurt” take place at more than 30 locations around the globe and cover the fields of consumer goods, textiles, architecture, technology & design and automotive technology.

MK ILLUMINATION Trientlgasse 70, A-6020 Innsbruck, Austria Phone: +43 512 20 24 30 - 0 Fax: +43 512 20 24 33 Email: t.mark@mk-illumination.com www.mk-shoppingcenter.com

MK Illumination designs, manufactures and markets festive and decorative LED lighting concepts for shopping centres. We offer full service from con­ception, production, installation, servicing and financing. MK is a local company on a global scale operating from 21 national markets worldwide.

PAYLIFE BANK GMBH Marxergasse 1B, A-1030 Vienna, Austria Phone +43 1 717 01 - 0 Fax: +43 1 717 01 - 3000 www.paylife.at

REDEVCO B.V. Wibautstraat 224 1097 DN Amsterdam, The Netherlands Phone: +31 20 599 6262 Fax: +31 20 599 6263 Email: info@redevco.com Twitter: @Redevco www.redevco.com

REINHARD WINIWARTER WINERY Obere Hauptstraße 19, A-3552 Stratzing/Krems Business Adress: Rotenturmstraße 17, A-1010 Vienna Phone: +43 1 533 32 60 Fax: +43 1 533 32 60 10 Email: office@rw-winery.com www.rw-winery.com

SES SPAR EUROPEAN SHOPPING CENTERS GMBH Söllheimer Straße 4, A-5020 Salzburg, Austria Phone: +43 662 4471 0 Fax: +43 662 4471 7199 Email: office@ses-european.com www.ses-european.com

PayLife is the market leader and number one choice for cashless payments in Austria. PayLife is synonymous with convenient, simple and secure card payments as well as customer focus and innovation. Whether credit- and prepaid card, POS Terminal, e-commerce or Quick, the Electronic Purse, PayLife offers individual and comprehensive products to meet all needs. With PayUnity, PayLife is the only provider for e-commerce and POS payments from one source. In 11 countries PayLife offers its customers total solutions for all branches. PayLife. Bringing life to your card.

Redevco is an independent, pan-European real estate investment management company specialised in retail property. The more than 500 assets under management are spread across the strongest retail concentrations in the UK, France, Belgium, the Netherlands, Germany, Spain, Portugal, Switzerland and Austria. At present we offer real estate solutions for more than 1,000 retailers.

We like authentic, pure, and simple things. This awareness flows into all our wines.

In a world that is increasingly complex, we stand for an emphasis on fine, regional characteristics, as well as simple and concise product design.Grüner Veltliner is our most important variety and it is our main focus. Zweigelt and Chardonnay round out the portfolio.

SES – No. 1 in Austria and Slovenia – is specialized in developing, constructing and managing first-class retail real estate at an international level. The company provides complete service from development to center management in Central, Southern and Eastern Europe. Shopping malls managed by SES are among the very best the industry has to offer.

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SMA STANDORT MARKETING AGENTUR GMBH Rotenturmstraße 17, A-1010 Wien, Austria Phone: +43 1 533 32 60 - 0 Fax: +43 1 533 32 60 - 10 Email: office@sma-austria.at www.sma-austria.at

SONAE SIERRA Lugar do Espido,Via Norte 4471-909 Maia, Portugal Phone: +351 22 948 7522 Email: global@sonaesierra.com www.sonaesierra.com

TOOLBOX MARKETING

Cambridge, Stockholm, Warsaw, Sofia, Budapest, Helsinki

Vine Farm, Up Street, Bardwell Suffolk, IP31 1AA, UK Phone: +44 1359 250208 Fax: +44 1359 250228 Michelle.buxton@toolboxmarketing.com www.toolboxmarketing.com

TRIGRANIT MANAGEMENT CORPORATION Váci út 3.

1062 Budapest, Hungary Phone: +36 1 374 6516 Fax: +36 1 374 6571 Email: info@trigranitmanagement.com www.trigranitmanagement.com

UNION INVESTMENT REAL ESTATE GMBH Valentinskamp 70 / EMPORIO D-20355 Hamburg, Germany Phone: +49 40 34 919-0 Fax: +49 40 34 919-4191 Email: service@union-investment.de www.union-investment.de/realestate

ZUMTOBEL LICHT GMBH Donau-City-Strasse 1, A-1220 Wien, Austria Phone: +43 1 258 26 01 - 0 Fax: +43 1 258 26 01 - 982 845 Email: welcome@zumtobel.at www.zumtobel.at

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We specialize in fulfilling the marketing and communication needs of retail and commercial real estate. Our spectrum includes pro­­j­ect development services as well as drafting and implementation of marketing and communi­cations for operational properties. Our goal is to turn retail locations into strong and appealing regional brands.

Sonae Sierra is the international shopping centre specialist that is passionate about bringing innovation and excitement to the shopping industry. Our integrated approach to the shopping centre business includes the ownership, development and management activities. This strategy allowed us to develop a recognized unique know-how which we use for our shopping centres, as well as third-parties projects and operating shopping centres.

Specialists in creating value and ROI, Toolbox Marketing employ passion, experience, innovation and creativity to drive retail destination marketing throughout Europe. Active in 16 countries with creative hubs in Sweden, Poland, Bulgaria, Hungary, Finland and UK, the Toolbox Marketing specialist teams create, direct, implement and evaluate all aspects of the marketing mix in both B2B and B2C sectors.Twelve years in the business and an un­shakable thirst for innovation enable us to maximise brand development and customer experience using an array of multi-media and multi-channel marketing techniques.

TriGranit Management Corporation is a customer focused real estate services consul­tancy. By creating and managing spaces in a safe, clean, reliable and sus­tainable environment TGM strives to provide its clients with value, trans­­parency, understanding and efficiency for tenants; sustainability, reliability and responsi-bility for landlords and owners of commercial, office, cultural or re­creational facilities through its high-quality services. TGM is currently active in Hungary, Poland, Slovakia, Croatia, Slovenia, Romania, Russia, Bulgaria, Macedonia and Belarus. The blend of a portfolio which includes commercial, office, cultural, educational and recreational facilities, within which we welcome approximately 60 million visitors every year, supporting the success of more than 1,500 tenants.

Union Investment is a leading international investment company specializing in open-ended real estate funds for private and institutional investors. Union Investment has assets under management of some €23 billion in fourteen real estate funds.

Active in the property investment business for 48 years, Union Investment operates today in 23 countries around the world. In addition to office space and business parks, the Hamburg-based company is investing in business hotels, logistics properties and shopping centers. Union Investment entered the retail sector at an early stage, allowing the company to secure a strategic position in this growing area. The result is a high-quality portfolio presently comprising 37 shopping centers in Germany, Austria, Sweden, Belgium, France, Poland, Italy, Spain and Turkey, with a current market value of some €6 billion.

Zumtobel, a company of the Zumtobel Group, is an internationally leading supplier of integral lighting solutions for professional indoor and outdoor building lighting applications. For more than 50 years, Zumtobel has been developing innovative, custom lighting solutions that meet extremely exacting requirements in terms of ergonomics, economic efficiency and environmental compatibility and also deliver aesthetic added value.

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THOMAS BINDER Sonae Sierra

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