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What the shopping center year 2014 has in store

OPINION Michelle Buxton, Director at Toolbox Marketing, on marketing to the male shopper DEVELOPMENT Why KlĂŠpierre is placing significant emphasis on the Swedish-Danish border region CENTER MANAGEMENT Cineplexx International has completed the first chapter of its Balkan expansion

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The new Shopping CenTer READER,experienCe

The shopping center industry can look back on an eventful year 2013. The last twelve months have been dominated mainly by the growing competition between online and offline retailing. In this race, traditional retail has been the loser, at least in terms of growth forecasts. Even long-established giants could do little to counter Amazon et al. But that is perhaps because only the traditional British company John Lewis has taken a remarkably different path. The future of shopping is called “hybrid shopping” a mixture of virtual and real shopping experiences that was announced by the company. The recipe: “Radical rethinking” is needed. In this vein, John Lewis has added touch-screen terminals to its stores that show the way to the desired product and include tips for alternative options. Showcases are becoming 24-hour displays for the online shop and show desirable goods in their original sizes while, of course, including a reference to their online order options. Those who want a real-life shopping experience can order online and pick up the product in-store or exchange it on the spot if necessary.

The 149-year-old company of course benefits from its national structure. 43 department stores and 300 “Waitrose” supermarkets, which also belong the company, support this multichanneling strategy.

With success: The Internet Retailing division at John Lewis has reported a sales increase of 17%.

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The fact that John Lewis looks back on a long tradition of innovation further underlines the company’s move. After all, the company is considered the inventor of the best-price guarantee, which has been advertised since 1925 with the slogan “never knowingly undersold.” We must wait to see whether a multichannel strategy à la John Lewis is ultimately the secret weapon of the shopping center industry against the seemingly exceedingly powerful competitor that is online shopping. Admittedly, however, “wait and see” is probably the wrong approach in the current cut-throat competition between bricksand-mortar and virtual retail. This is something the experts and representatives of the European shopping center industry know as well. We have tried to find out for you what the sector is expecting and planning in the next 12 months.

With that, we wish you profitable reading and a successful shopping center year 2014.

Reinhard Winiwarter, Publisher r.winiwarter@across-magazine.com Heinz Erdmann, Editor-in-Chief h.erdmann@across-magazine.com

Sofia 6 | 2013/2014 ACROSS 3

New Faces, New Thoughts ............... 7 Commentary by Reinhard Winiwarter Turkey: Succeed with Caution ......... 8 Commentary by Alexander Otto Customer Orientation: The Recipe for Success ........................................... 10 Commentary by Wolfgang Idl Marketing to the Male Shopper ...... 12 Commentary by Michelle Buxton Virtual and Real Santa Claus for Retail . ............................................... 14 Commentary by Christoph M. Achammer More Flexibility Is Needed in Contractual Arrangements . ............ 16 Commentary by Rainer Kundörfer

Projects & Openings............................18 Projects, openings, and other shopping center news

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Defying the Difficult Market . .......... 30 Raiffeisen evolution is in talks to sell Promenada, the mall it successfully opened in Bucharest in October Øresund in Focus ............................ 32 Klépierre is placing significant emphasis on the Swedish-Danish border region with Emporia in Malmö and Field’s in Copenhagen Catalan Refurbishment .................. 34 Unibail-Rodamco spends €130 million to give the Glòries mall in Barcelona an all-around sprucing up “You Can Shop Here 362 Days per Year” .......................................... 36 Michal Bakos, Partner at ONE Fashion Outlet, explains the genesis of Slovakia’s first outlet center and why Voderady might soon be as well known as Parndorf Cautios Optimism in Bulgaria ........ 38 In the capital Sofia, which is doing well compared to the rest of the country, competition in the shopping center market is coming to a head

2014.................................................. 40 What the shopping center year 2014 has in store Notable Openings 2014 .................. 52 ACROSS unveils a few projects that developers and operators are hoping will see huge influxes of customers in 2014

“Core or not Core” .............................. 66 The yield gap between core and peripheral European retail markets is closing, according to Savills Emerging Markets Offer Excellent Shopping Center Development Opportunities . .................................... 67 According to a new CBRE study, however, there are still a few countries, such as India and Argentina, that restrict foreign direct investment Advent of the “New Normal” ............ 68 In an interview with ACROSS, Christof Winkelmann, Managing Director Special Property Finance at Aareal Bank AG, explains in what ways commercial real estate financing has permanently changed since 2008

A Shrinking World and the Growing Foodservice Market ......................... 56 Foodservice Column by Jonathan Doughty Eye-Catching Giant Trees ............... 58 MK Illumination is responsible for creating the Christmas theme at the recently opened Skyline Plaza Once upon a Time at Christmas Time ................................................. 60 Christmasworld presents “Newstalgia” by 2dezign Where the Traveling Cinema Goes Next ........................................ 62 Christof Papousek, Managing Partner at Cineplexx International, speaks about his company’s nearly completed first chapter of expansion in the Balkans and why cinema entertainment there sometimes feels like a journey through time

Retail Parks in Germany .................. 70 The first detailed study of the retail park market in Germany has been published.

A brief overview

MAPIC 2013 – THE International Retail Property Market? . ................. 75 Commentary by Jörg F. Bitzer A Selection ....................................... 76 The top players in the industry once again granted deep insights into their current pipelines and refurbishments in Cannes

Tenth Annual International Conference on the Real Estate Market in Croatia.............................. 82 The main topics on April 9 and 10, 2014 in Zagreb are: commercial real estate, energy, green building, sustainability, and more

“Other Countries Will Follow”......... 74 The Dutch restaurateur La Place has recently taken plunge into Germany. Expansion will continue

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PUB ACROSS 12-13_Mise en page 1 02/12/13 12:29 Page1

Publisher: Reinhard Winiwarter r.winiwarter@across-magazine.com ACROSS is the trade magazine for Europe’s shopping center industries. The indepen­dent magazine informs about latest ­shopping center projects and brings relevant news to readers in the sector in top-quality on approximately one hundred 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 the retail and catering sectors, consumer ­issues, as well as commentaries from l­eading experts. The magazine is published ­entirely in English with an

6|2013 /14

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shopping centers Editor-in-Chief: Heinz Erdmann h.erdmann@across-magazine.com

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What the shopping center year 2014 has in store

OPINION Michelle Buxton, Director at Toolbox Marketing, on marketing to the male shopper DEVELOPMENT Why Klépierre is placing significant emphasis on the Swedish-Danish border region CENTER MANAGEMENT Cineplexx International has completed the first chapter of its Balkan expansion

head office tel +33 490 742 095 sales@blachere-illumination.com www.blachere-shoppingcenter.com

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ACROSS Subscription: EUR 119,00 for 6 issues (1 year)

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NEW FACES, NEW THOUGHTS

BY REINHARD WINIWARTER, IMAGE: SMA

The level of innovation within the European shopping center industry is, to put it nicely, currently very modest. Although the industry has complained of uniformity, interchangeability, and bland regularity for years, there is still very little movement. Yet there are so many possibilities. Imagine if the process of designing, creating, and marketing a commercial property were seen for what it is: an indivisible whole whose irremovable heart is the story told.

We are unfortunately not there yet and the benchmark is still the measure of all things. The result: New projects are constantly being numerically assessed and then weighed and measured against existing shopping centers. Consequently, veritable mirror images of apparently successful projects arise. Is this the right way forward in the long term? I doubt it. Seasoned project developers may protest at this juncture that the planning and construction of a commercial property is often a very expensive undertaking. Risk minimization is thus not just desirable but a requirement.

But: Imagine for a moment that you are part of an industry that could look forward with grand vision, freed from the slavery of the benchmark. Imagine that your industry offers an abundance of courage, progress, innovation, and entrepreneurship and also presents itself as modern and interdisciplinary. It is conceivable. After all, there are plenty of industries that might work as examples here. Above all, naturally, the IT and computer industries. For example, Apple CEO Tim Cook’s hiring of Angela Ahrendts, CEO of the British fashion brand Burberry, as the company’s new head of retail is an almost genius move, from both an entrepreneurial and a marketing perspective. Even without interdisciplinary CEO hopping, however, the computer industry manages to reinvent itself again and again. Unfortunately, these are all characteristics of which the shopping center industry so far can only dream.

REINHARD WINIWARTER Publisher of ACROSS Magazine and Managing Director of sma

Do you think the human race would ever have landed on the moon if the international space industry and its attendant knowledge disciplines possessed the same level of innovation as the shopping center industry these days? There are certainly innovations, turning points, and other moments that bring radical change to the entire retail and shopping center industry; it is just a pity that these changes generally come from outside the industry, forcing it to change. But just imagine if you were part of an industry...

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CUSTOMER ORIENTATION: THE RECIPE FOR SUCCESS

BY WOLFGANG IDL, IMAGE: IMMOFINANZ GROUP

Years of experience and strong networks with international retail chains as well as having partners in the relevant markets are musthaves for successfully managing shopping centers. These factors are essential for good performance in the retail segment – no matter what country you are operating in. Apart from these basic prerequisites, another approach is gaining ever greater emphasis: customer-oriented asset management.

A balanced mix of tenants and the continuous provision of recreational and entertainment opportunities bring people into shopping centers and provide an environment in which tenants can achieve the highest sales. This is not limited to existing properties, but should also be considered from the beginning when developing a new shopping center. Excellent relationships and decades of accumulated know-how can make all the difference between you and your competitors in this context. Personal and continuous care also make an important contribution – every asset manager needs to know his or her tenants and always be available as a contact.

Taking the above factors into account, managers can stabilize or even improve the situation even in a difficult environment. What do they need? A lot of effort. An experience that our Group made last autumn is proof of this: Competition has increased massively in Bratislava in recent years because more shopping centers have opened. Intensifying the effects of this trend, a competitor opened very close to one of our centers. Despite this, we were able not just to maintain stable footfall, but increase it: May 2013 saw an increase of 3% over the same period last year. We did not expect that, not least because some of our competitors had experienced sharp declines in customer traffic. The occupancy rate in this shopping center is stable at a high 97%. This is a prime example of what active asset management can and must do.

Although shopping centers must confront e-commerce more than ever, the same principle is true: Focusing on customers is a priority.

The fact that online retailing is on the rise does not mean that classic shopping centers now have an expiration date. Instead, new trends should be seen as drivers of change. For example, there is an increasing need for smaller areas in some stores, such as in electronics or bookstores. There is also new demand for spaces, however, such as for showroom concepts like Apple stores, or for delivery options via a shopping center.

The important thing is: Shopping centers no longer serve to cover customers’ need to purchase goods. They are now also increasingly seen as meeting places. This applies in particular to Eastern Europe. Entertainment and atmosphere are factors that the internet cannot offer in this form. Center management and the availability of services are also increasingly important. In this regard, the positioning of a center as the “place to be”, with many highquality amenities, is becoming increasingly important.

WOLFGANG IDL Director Retail at Immofinanz Group

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Performance – made by MEC. More success per sqm: MEC is exactly the right partner for those wanting to realise the total earnings potential of a retail park. After all, our competence and expertise regarding integrated center management simply offers more: more service, more turnover and, most important of all, more return. Our daily business – your performance: currently in 40 successful centers all over Germany.

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MARKETING TO THE MALE SHOPPER

BY MICHELLE BUXTON, IMAGE: TOOLBOX MARKETING

In the same notion as “women are from Venus and men are from Mars,” it has been said that “women shop, men buy.” We have been working with shopping centers for more than 15 years and have never worked with a marketing strategy focused predominantly on men. Most shopping centers will tell you that their dream target market is the 25 - 40 year old woman, but shock horror, men actually do shop and spend money. Plus, in a lot of households, the man is the main decision maker when it comes to expensive items and they do shop for more than just beer, electronics, and sporting goods. So why is it that even though the customer base of a shopping center is typically somewhere between 30 - 45% male, we focus almost exclusively on women? Do we do enough to cater to the male shopper as a spending individual in his own right?

According to Nielsen data, women still make the majority of household purchase decisions and spend more time online, but men increased their presence in most types of shopping between 2004 and 2012. A recent study by SMG / KRC Millward Brown for Silesia City Center in Katowice found that the average spend per male customer was 171 Zloty (€41) compared to 153 Zloty (€37) for women.

Male customers from Silesia City Center also preferred to shop alone.

This backs up the notion that the male’s hunter-gatherer instinct comes out even in his shopping behavior. Women enjoy the thrill of the hunt, they don't mind coming home empty-handed after browsing, whereas for a man to walk into a retail environment and walk out with nothing would be viewed as a failure. Men do not see shopping the same way as women do – as entertainment. The male shopper is clearly focused on his shopping mission: He plans, executes, and completes his mission – and doing that alone without anything to get in his way is the preferred way of shopping for the male shopper.

We hear about the alpha male or the metro sexual and there are definitely a few characteristics that are changing male shopper behavior. For a start, men are becoming more like women in the fashion context. Women have long dominated consumer fashion both online and offline, but men's interest is on the rise and they are expected to offer big growth in coming years, particularly as the millennial generation settles into adulthood.

12 ACROSS 6| 2013/2014

MICHELLE BUXTON Group Managing Director at Toolbox Marketing

Men's cosmetics and hair-care items have become well accepted products. Men have also adapted to the fast changing fashion trends that have been the norm in womenswear, accepting slim-cut styles and shorter trouser lengths. Men are more likely to rely on the advice of an expert, rather than a friend, and tend to buy brands they have bought in the past. This obviously has major implications for a brand’s online marketing effort.

Believe it or not, men find models’ faces distracting and they are less appreciative or even acknowledging of the packaging or display of products. Men are more likely to respond to more utilitarian aspects of the experience – such as the availability of parking, whether the item they came for is in stock and the length of the checkout queue.

Women actually like customer service and interaction with sales staff, but men do not.

We also cannot forget that women buy for men. Before charging off to create a perfect category for men, women, children, or whatever, consider the negative impact on other shoppers. In one market it was found that over 40% of male grooming products were bought by women: How many of those women might not buy if these products are buried in ‘man merchandising’?

Developing effective campaigns for the male group is more challenging than ever. Between changing spending habits, due to financial pressure and the ever-evolving male shopping role, marketers must think beyond conventional wisdom to succeed. As marketers, we need to replace outdated stereotypical profiles with more sophisticated models based on true insight into how men think and shop.

Secondly, we need to build shopper-marketing programs that meet the unique needs of male shoppers. Men are not swayed by sales and coupons; they are more concerned with value in terms of the product’s use, as opposed to value in terms of its price. If they have a pleasant in-store experience, they want to be able to add the product to their basket right then and there. They are more willing than women to spend more money on a brand that they like and are more likely to continue to buy that brand no matter what.

As you plan your male-shopper strategy, here are some questions to ask: • How does your male target pre-plan his shopping trips? Trip planning may be minimal since male shoppers are often motivated to make a trip based on an immediate need instead of planning for longer term stock-up needs.

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• What are the points-of-contact in the male path-to-purchase? He is more likely to be a customer if he has an experience that proves the brand’s benefit.

• How comfortable are male shoppers in each of the retail channels?

Smaller, more convenient retail formats, like drug and convenience channels, align with the male shopper’s tendency to make quick, item-seeking trips.

• How should brands design 'packaging' to address males? Brands can focus on key benefits with imagery or icons to quickly process the reasons to buy.

“If we give the complexities of the male shopper the same importance as the female shopper, we are very likely to build a brand enthusiast for life,” says Helen Maguire, Managing Director of Toolbox Marketing, Poland.

Segmentation lies at the heart of marketing. Great marketing requires great segmentation. If you are marketing a brand that appeals to both male and female, you will have to consider what return market segmentation can give you. For a complex brand such as a shopping center, it is worth devoting some spend to category marketing campaigns for the male shopper, as the man is the more loyal customer, the higher spender, and a powerful influencer in a household. However, you will need to think carefully about the different drivers of male and female shoppers. Get it right and you could win that loyal customer category.

For the very best in foodservice advice in shopping, leisure, transit and offices.

Around the corner or around the world, we feed you what you need to know and satisfy your appetite.

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UNITED KINGDOM

IMAGE: VASTNED

London Designer Outlet welcomed 85,000 visitors over the course of its four opening days from October 24 to 27.

Alongside a strong performance from the shops, the 32,500 sq m center also saw high volume traffic for its leisure facilities. These include a nine-screen Cineworld – the only cinema in a three-mile radius – and a variety of restaurants offering food from across the globe. At launch, 80% of the outlet center was leased and brands such as Guess, Phase Eight, Skechers, Villeroy & Boch, M&S Outlet, wagamama, and Pizza Express were open for business. In total, 32 shops and restaurants were open on day one and this is anticipated to double over the next two months with a further 27 brands scheduled to open. James Saunders, Chief Operating Officer for the developer, Quintain, says: “London Designer Outlet attracted enough people over its first four days of trading to fill our neighbor, Wembley Stadium! That’s a huge vote of confidence in the capital’s first outlet center and, with the number of fantastic brands doubling as Londoners start their Christmas shopping, we expect this strong demand to continue.” With 10.4 million people living within a 60-minute drive, and 782,000 people within a 20-minute drive, London Designer Outlet has the highest catchment density of any UK outlet.

ANNELOU DE GROOT

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ROMANIA

IMAGE: SONAIE SIERRA

Vastned, a listed European retail property fund focusing on venues for premium shopping, has appointed Annelou de Groot as country manager for the Netherlands.

In that position, she will be responsible for the Dutch property portfolio, including operations, acquisitions, and disposals. She will head up the Dutch asset management team and also have a seat on the international account management team. De Groot will report to Vastned’s CEO Taco de Groot. Over the past 7 years, de Groot was a director with Dynamis Vastgoedconsultants & Makelaars in Utrecht. Before that, she worked as a project manager with the Nederlands Vastgoed Instituut and the Studiecentrum voor Bedrijf en Overheid in Eindhoven.

During her career, she has acquired a great deal of knowledge and experience in a number of areas, including commercial, communication, financial, and legal matters.

She is also on the board of the Royal Institution of Chartered Surveyors (RICS) Netherlands and is a guest lecturer in Communication at the Hogeschool Rotterdam.

De Groot graduated with a degree in business economics from Nyenrode Business University and studied real estate valuation at the Amsterdam School of Real Estate.

PARKLAKE TAKES SHAPE Sonae Sierra and Caelum Development, a leading Eastern European Real Estate developer, recently announced the commence­ment of development for ParkLake in Bucharest. The shopping center represents an investment of €180 million and the opening is scheduled for 2016. ParkLake received its building permit in September 2013 and has implemented the combined work of the Joint venture partners to improve the concept of the mall, allowing development to commence.

The tender for the construction is under way and the works on the site will start in December 2013. ParkLake will offer high-quality retail on 70,000 sq m of GLA with around 200 shops and 2,600 underground parking spaces. The mall will have an environmentally friendly design and a distinctive range of leisure and sports offers connected with the adjoining Titan Park. With an excellent location in Sector 3 in the eastern part of Bucharest, ParkLake will be only a 10-minute drive from the city center and will benefit from substantial road frontage on the 4-lane Liviu Rebreanu road.

The location is easily accessible by public transport including bus, tram, and metro, and serves a primary catchment area for more than half a million inhabitants within a 10-min drive.

IMAGE: HAYGARTH

AN OUTLET CENTER FOR LONDON

PORTUGAL NEW: WWW.SHOPPINGLOVERS.NET Multi Mall Management recently launched www.ShoppingLovers.net in Portugal. The platform allows consumers to purchase products and services available in and outside shopping centers through a single online portal.

The portal therefore provides a permanent presence and boosts malls’ catchment areas while allowing merchants to engage with new consumers.

A key advantage of the platform is that all orders are gathered and then delivered at an agreed time once the products are paid for. At its launch at the beginning of November, the portal in­cluded over 150 brands with companies such as Boss, Gant, Apple, Samsung, American Tourister, Chanel, Calvin Klein, Dolce Gusto, Canon, and Diesel. The platform was developed with the following understanding in mind: The world is changing. The technological revolution brings with it a revolution in the way consumers live. Instead of focusing on price, shopping centers should focus on making people feel positive and on developing a sense of advantage.

IMAGE: COPENHAGEN DESIGNER OUTLETS

DENMARK

A DESIGNER OUTLET FOR COPENHAGEN Copenhagen Designer Outlets will open its doors in October 2014. The project includes 11,000 sq m of GLA in shops and more than 5,000 sq m of leisure, entertainment, and food offers. It is located close to the Danish capital and is directly linked to both private and public transport. The more than 80 units of between 50 and 1000 sq m will be in arranged in “village” style. As a prime outlet for leading brands, Copenhagen Designer Outlets will be within easy reach of much of the population of Denmark as well as of southern Sweden. It was created with typical Danish style and quality to complement the brands it accommodates. Set adjacent to City2, a well recognized out-of-town shopping destination, there are over 3,000 free parking spaces. Copenhagen Designer Outlets is being developed by Danica Pension, the largest pension fund in Denmark. As owner and investor, they are fully committed to its long-term future and success.

FRANCE UNIBAIL-RODAMCO FIELDS AÉROVILLE With 84,000 sq m of retail space, Aéroville is the third-largest shopping center in Unibail-Rodamco’s European portfolio and the largest to have started in Europe in the past twenty years. The €355-million project officially opened to the public on October 17, with 23,500 people visiting the mall on its first evening. Strategically located at the hub of Paris’s Charles de Gaulle Airport, with over 60 million passengers every year and 120,000 people working in the area, Aéroville wants to set a new standard for shopping and concentrates all the Group’s innovations in a single place: a large and diversified retail offer with over 200 shops, a new concept centered around foodservice named “the Dining Experience” – with 1,800 sq m of interior terraces and a dedicated program of events, the first Europacorp cinema by Luc Besson, spectacular shopfronts ranging from 5.6 to 8 meters in height, and a range of customer-friendly services. Modeled after an airport terminal, Aéroville's architecture and design is inspired by the spirit of airports. Rigorous attention was given to detail by using noble materials such as wood, marble, leather, and textiles.

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RUSSIA Cushman & Wakefield has been appointed as exclusive letting agent for the 77,000-sq m “Zeleniy Mys” (Green Cape) shopping center in Tyumen in western Siberia. The new mall – developed by Irian – can be found in an up-and-coming residential district in the northwest of Tyumen, known as Russia’s oil capital. When completed at the end of 2015, it will accommodate more than 150 stores with a mix of national and well-known international brands, as well as a hypermarket, multiplex cinema, fitness center, entertainment zone, food court, and an array of restaurants. Cushman & Wakefield’s head of retail agency in Russia, Ekaterina Zemskaya, says: “Tyumen is a very dynamic city with a well-developed economy and an active population but it lacks quality shopping centers. The confirmation of the opening of “Zeleniy Mys” demonstrates the appetite of Russian and international retailers for quality shopping destinations in the city.”

IMAGE: CUSHMAN & WAKEFIELD

A MALL FOR THE COUNTRY’S OIL CAPITAL

IMAGE: STOCKLAND

AUSTRALIA

REDEVELOPMENT FOR WETHERILL PARK Stockland will undertake a €154 million expansion and redevelopment of its Wetherill Park Shopping Center in Western Sydney, with site work scheduled for the end of October. The company will expand the mall by 15,000 sq m to create a shopping center with a GLA of more than 70,000 sq m. Mark Steinert, Managing Director and CEO at Stockland, says: “We are reshaping our shopping centers with the clear objective to be leaders in regions and stand out clearly in metropolitan areas. Our redevelopment of Wetherill Park forms part of our group strategy to grow our recurring income stream and provide riskadjusted returns above our target hurdle rates.” Stockland forecasts that the redevelopment will provide strong financial returns and deliver growth in market share. Wetherill Park will be transformed into an even more vibrant and thriving community hub that will be the most comprehensive retail offer in the total trade area. The center will include children’s wear, youth apparel, sport, and home wares. The redevelopment will also incorporate a greatly improved level of community amenities by delivering an enhanced entertainment and leisure precinct including an upgraded Hoyts cinema, additional restaurants, and a new 800seat food court.

28 ACROSS 6| 2013/2014

BRAZIL

SANIFAIR. REFRESHINGLY DIFFERENT.

IMAGE: SONAE SIERRA

WC WITH ADDED VALUE FOR YOUR CUSTOMERS AND TENANTS.

78,000 ADDITIONAL SQ M IN GOIÂNIA Sonae Sierra recently opened Passeio das Águas Shopping, the largest mall in the central-western region of Brazil, through its subsidiary, Sonae Sierra located in the city of Goiânia (Goiás state). Investment in the project amounts to about €150 million and has directly generated more than 6,300 jobs. Passeio das Águas Shopping has a total of 267 shops, ten of which are large-format, including a supermarket, a seven-screen cinema, and other leisure and entertainment areas. It also features 36 restaurants and great parking capacity with a total of 4000 parking spaces. The new shopping center will offer Goiânia’s 1.6 million inhabitants important local brands as well as prestigious international and national brands, some of which are new to the city. The architecture was inspired by elements from local nature, such as sugar canes, local fauna, and water, all of which are present throughout the center. Special care was devoted to the integration into the surrounding area, taking advantage of the 280,000-sq-m site on which the center was built. The mall was developed on a single level except for the transparent food court overlooking a natural landscape which, on its lower level, enables visitors to access a garden and outdoor restaurants with esplanades.

TURKEY PIAZZA URFA SHOPPING CENTER OPENED ITS DOORS The first shopping center in Urfa, a city in southeastern Turkey, to be funded by institutional investors has now opened. The 44,000-sq m mall, which is already 95% leased, is the sixth mall built by a joint venture between Amstar and Renaissance Development. Piazza Urfa was built on a centrally-located vacant lot along the main east-west highway and therefore provides excellent accessibility and visibility. The property is adjacent to the city’s main tourist area which includes a pedestrian zone with historic attractions. The shopping center is home to 125 retail stores, 24 restaurants and cafes, a family entertainment center, an ice rink, and an eight-screen cinema. Amstar and Renaissance now co-own five malls in Turkey with a total lettable area of 241,000 sq m. “Amstar and Renaissance have created a project platform of the highest class. We trust in the long-term data for the Turkish market and we will continue to make the best possible use of the platform to build real estate funded by institutional investors,” explains Jason Lucas, President of Amstar Global Advisers.

SANIFAIR offers convenient sanitary facilities with the latest technology for visitors to your shopping centre. Friendly, trained service staff consistently ensure cleanliness for a sense of well-being. Visitors pay a fee for use and in return receive a SANIFAIR voucher worth 50 cents, which can be redeemed against a purchase at participating partners and deducted from the price. Small children can use SANIFAIR for free.

In addition, baby changing facilities and disabled toilets are accessible free of charge. SANIFAIR would be delighted to take on the complete running of customer toilets in your shopping centre for you. Fair added value for your customers and tenants!

Who is already benefiting from the SANIFAIR system? Find out more here:

www.partner.sanifair.de/en

Your personal contact partner: Thomas Klaffke Head of Expansion thomas.klaffke@sanifair.de

COVER STORY

SEARCHING FOR THE OMNI-CHANNEL APPROACH

What the shopping center year 2014 has in store.

“The future has often already arrived before we are ready for it.” These gloomy words are from John Steinbeck (1902 - 1968), who wrote successful novels like “East of Eden” and “The Grapes of Wrath.” 2014 is just around the corner and follows several years of crisis that held many unpleasant surprises that shocked the European shopping center industry. Contrary to the warning of the American Pulitzer Prize winner, however, the industry will be ready for it.

If you ask around among market participants, they consistently associate 2014 with rosy terms such as “recovery,” “stabilization,” “confidence,” “positive sentiment,” and “healthier project pipeline.” Those who are still in business have learned their lesson from the economic crisis and look forward to the near future with the necessary optimism. Yvonne Court, Cross Border Retail Services at Cushman & Wakefield, summarizes the situation: “The euro zone’s problems have remained manage­a ble and consumers have started spending in the shops. Barring another unforeseen crisis, the sun is rising over Europe again.”

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Even though the economy is not yet booming, the shopping center industry in 2014 will have to deal with the competition from online retail more concertedly. The culture of retail is changing rapidly and irretrievably, driven by the advent of e-commerce. In contrast to the financial and economic crisis, European players are ready for this challenge – or at least have not been caught off guard by this “stumbling block” for it is no surprise. Barbara Topolska, Chief Operations Officer at Neinver, explains: “The main challenge for developers today is to be connected with their clients 24/7/365 in order to offer an omni-channel approach. The key objective is to ensure favorable impressions at every step – from the first contact, through the shopping process, to the way back home and the next visit.”

Against this background, more than ever before, shopping centers have to be the “places to be” in 2014. Decorative elements undoubtedly play a major role in achieving this goal. They astonish and inspire customers, whether in the form of professional lighting concepts or attractive, artistic details with a blend of fresh or artificial flowers. In the coming year and beyond, however, catering and entertainment facilities will be even more important than a mall’s decorations. “We will move from shopping to leisure destinations.

Progressive developers have to put food at the center of their projects,” says Jonathan Doughty, Managing Director of Coverpoint Foodservice Consultants.

And what else does 2014 hold in store?

Whether it’s in terms of retail centers, factory outlet centers, energy management, openings, or events, the answer is: Quite a lot! 38 exper ts from the European shopping center landscape take a look at the near future and provide insight into their plans.

“After all 15% to 20% of operating costs are generally energy costs.

We see 2014 as the year of optimized energy management.”

VINCENT VALLOIS

VINCENT VALLOIS Strategic Development Director EMEA at Atalian International

PEDRO TEIXEIRA Secretary General of APCC (Portuguese Council of Shopping Centers) The Portuguese retail real estate industry has reasons to be moderately optimistic con­cerning the performance of this sector on the last quarter of 2013 and about the forecasts for the next year. For the first time since the beginning of the economic crisis in Portugal, retail players are experiencing an increase in demand. The figures show a small but still significant improvement, with a remarkable change in indices of traffic and retail sales in shopping centers. The analysis is focused on the first three quarters of 2013, which is compared with the same period of the previous year. APCC believes this is the beginning of a slow recovery, which may last more than one year, until stabilizing at sustainable growth in 2015.

RACHEL LAVINE CEO of Atrium In 2013 we saw a marked improvement in confidence that the Eurozone and CEE economies are recovering, albeit slowly, and we expect this momentum to con­tinue in 2014. We anticipate a continued divergence between prime and secondary retail assets in terms of their appeal to consumers and investors alike, which is why we place great emphasis on managing our port­folio to ensure our centers are the ones consumers and retailers target. In 2014, we expect to continue to grow Atrium – targeting the opening of two development projects, Atrium Felicity in Lublin and our extension in Torun. We will also aim to grow further and improve our portfolio by acquiring prime shopping centers such as the one we recently bought in Wroclaw.

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After years of benchmark-based pricing, we are witnessing tender processes being raised to a new level with detailed task lists, seasonality, and integrated services. This not only improves our productivity but also has a direct impact of 10 to 15% on operation costs. We can also meet the challenge of sustainability through energy-saving processes. After all 15% to 20% of operating costs are generally energy costs.

We see 2014 as the year of optimized energy management. That is why Atalian Global Services recently launched Atalian Energy Solutions, a system offering up to 20% of savings on our customers' yearly energy bills.

In 2014, shopping centers will move towards energy-driven maintenance.

IMAGE: APCC

Stabilization will be the key word for the Romanian retail market in 2014, as very few shopping centers are scheduled to be opened. The main strategy for the existing malls will be to strengthen their position, in expectation of any future malls, currently planned to be opened in 2015/2016. Because there are no significant changes in the banking sector, we do not expect any significant changes in the real estate sector either, but, at the same time, the wellestablished, strong de­velopers in the market will be the ones banks will be willing to finance.

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IMAGE: AFI EUROPE ROMANIA

DAVID HAY CEO of AFI Europe Romania

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COVER STORY

Nowadays, shopping centers have to stand out from each other, create the event via the design of their space and their decoration, innovate to increase footfall, and most importantly: hold on to their customers! The Christmas and New Year period is the only time when display decorations can be set up for a fairly long period, nearly two months. The challenge is enormous, and it can be measured immediately in terms of gene­rated turnover and traffic. It is not a question of simply having decorations. These must be creative enough to be unique for customers.

Financial constraints also impose the need to consider things in terms of limiting costs.

Blachere Illumination Shopping Centers is specialized in such projects, working closely with mall management and marketing teams, sometimes even with architects, to build a perfect project matching the mall environment.

The creative dimension goes without saying in our company. It's in our genes. The forty-yearold family company, internationally based with twenty branches around the world, works in more than eighty countries, bringing local solutions to every international mall group. The creative spirit is everywhere in the company and even in the Blachere Foundation, set up to promote contemporary African art. The presence of residential artists and exhibitions is the driving force behind a state of mind based on creation and open-mindedness. In 2014, Blachere will enlarge its galaxy of products and offers. Shopping malls’ concerns are our concerns. Economic crisis, online retail etc. We must help our customers to secure their position and investments. In 2014, we will be developing an incredible range of interactive possibilities that can be linked to marketing actions, but also in kids play grounds, media walls… We’re becoming THE solution to many of their questions, always with an eye toward long-term partnership.

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The rise of internet shopping will continue to be a key challenge facing retail property professionals in 2014, re­quiring physical operators to innovate and get creative in order to survive in an increasingly virtual world. Globally, we will continue to see a lot of innovation coming from emerging Asian retailers – and not just in China. These fresh, young, and trendy brands, including value-led and off-price operators, are appearing in more malls and the approach is increasingly being transported into central Europe. Expect the repositioning of existing centers to continue apace, with projects key to the future success of centers and their ability to attract increasingly fashion-conscious shoppers. Also expect the future-proofing of malls in terms of building in additional flexibility to accommodate wider, non-core retail uses, and to create clear and starkly differentiated propositions in crowded markets. In this context, we predict that consumers will increasingly want to visit the best possible retailers in a single trip – and if that means traveling further for a better shopping experience, modern consumers will be increasingly willing to do it. The result will be a continued and growing separation between the retail markets in major European cities and the rest. In Poland, for example, second and third tier cities – sometimes called “white spots” on the Polish retail map – prove to be challenging to retail developers. They are finding that rental levels in these locations are not high enough to justify viable developments. By contrast, major destinations such as Warsaw are surging ahead.

“As a shopping center company, we must create places where people like to go and spend time.”

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JOHAN HUGUES CEO of Blachere Illumination Group

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STUART ROUGH Chairman of Broadway Malyan

HENRIE W. KÖTTER

NILS STYF Chief Investment Officer at Citycon There is a noticeable absence of international retail brands in the Nordic countries compared to the rest of Europe. While we have seen attractive economic and urbanization growth statistics in the region, there is a substantial opportunity for brands that aim to expand their global visibility. Citycon chooses to be in urban locations, close to where customers live and work and within close reach of public transport, health care, and municipal facilities.

Citycon has a strong track record of introducing new brands to the Nordic and Baltic retail markets, which offer a genuine opportunity to international retailers seeking their share of the growth.

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CARMEN CHIEREGATO CEO of Cogest Retail Although Italy is still experiencing economic stagnation and a contraction in household spending, our expectations have improved following this year’s MAPIC: We perceived renewed interest from international investors and retailers. We had some promising contacts with developers and owners eager to "import" not only Italian luxury brands, but our managing "style" and know-how. Major international retailers also seem ready to start up development in our country. Actual re­covery, however, is still to come. We must thus continue to innovate and to improve our offer. Cogest relies on new shopping and mixed-use formats (Parma Retail and Niguarda Shopping Gallery, to name two of them) in its new high-street leasing division and in strategic consultancy services.

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IMAGE: CUSHMAN & WAKEFIELD

JONATHAN DOUGHTY Managing Director of Coverpoint Foodservice Consultants 2014 will be the year of food, with substantial growth in quantity, diversity, and range of foodservice offerings. Plans to enhance the guest experience will become reality. We will move from shopping to leisure destinations. Progressive developers have put food at the center of their projects. Fueling this is growing optimism from operators about trading opportunities in shopping and leisure. There is real excitement in the foodservice market about malls and the opportunities they present.

The combination of gastronomy, leisure, and experience will be strongly developed around Europe in the coming years.

HENRIE W. KÖTTER Managing Director of Center Management at ECE In 2014, the push towards quality we have seen in 2013 will continue. The market seems to be drifting towards the poles in the sense that good is getting better and bad is getting worse. This holds true for shopping centers, retailers, and even for individual stores within a portfolio. As a shopping center company, we must create places where people like to go and spend time. We must tell stories about goods and places to provide an outstanding shopping experience using solid, classic success levers such as highquality architecture, a pleasant atmosphere, and good service quality. This also entails continuing to work with retailers to extend the shopping experience into the digital world and develop strategies to seize the opportunities that come with multi-channel retailing.

The euro zone’s problems have remained manageable, and consumers have started spending in the shops.

Barring another unforeseen crisis, the sun is rising over Europe again. Retail demand has clearly responded to the better news coming out of the eurozone as well as the improved flow of finance now evident in some markets.

There is now also a healthier pipeline of shopping center schemes coming to the market, so it is expected that there will be increased activity in the market. The consumer needs to be at the center of the retail market as technology becomes more of an enabler and facilitator.

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YVONNE COURT Partner, Cross Border Retail Services at Cushman & Wakefield LL

VIDA VUCEVIC Executive Marketing Director at Delta Real Estate The shopping mall landscape in Belgrade has changed with the opening of the Stadion shopping mall, but this new addition has proven how unsaturated our market is, because footfall at our Delta City and Usce shopping malls has not been affected. In fact, we are recording significant growth in footfall and retailer revenue there, so we believe that our next shopping mall will not have an adverse effect on our existing shopping malls. Delays of the implementation of the new law on planning and construction have influenced the start of all developments, including our next shopping mall: Delta Planet. But we believe that we will be able to start construction next year, since retailer demand is at a very high level.

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IMAGE: ECOSTRA

COVER STORY

JOACHIM WILL CEO of ecostra

IMAGE: IKANO RETAIL CENTRES

Factory outlet centers are a niche market. This will not change in 2014. Nevertheless, brand manufacturers’ demand for outlet stores in established centers will continue to grow. The reason: In addition to "secured and controlled distribution", the income aspect is becoming increasingly important. A new study shows that, despite relatively high rents, outlet stores generate significantly higher profits for manufacturers than their own high-street stores or online shops. This fuels demand. And where demand for space is evident, developers and investors are not far behind. That’s why there will be quite a bit of movement in this niche in 2014: new sites, new tenants, successes... and failures – for this niche also has special requirements for sites, design, and management.

“With increasing center density, the number of smaller projects away from central areas is increasing.”

MANUEL JAHN

JAN KRISTENSSON Managing Director of Ikano Retail Centres Ikano Retail Centres have had a very thrilling 2013 with, among others things, the opening of three new Retail Parks, being awarded Best Shopping Center (Erikslund Shopping Center) and Best Center Manager (Anna-Lena Wessén, Birsta City) in the Nordic Council of Shopping Centers Awards.

We are looking forward to an exciting 2014 with the opening of a new shopping center in Stockholm for example, and the construction start of two others. Ikano Retail Centres has a truly unique product, since we can offer IKEA as the main anchor when building new retail areas. That makes us a strong competitor in an otherwise turbulent retail market.

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MANUEL JAHN Head of Real Estate Consulting at GfK 2014 will again be a festival of European mega malls: Whether it’s Altarea in Villeneuve, Paris; Westfield in Croydon, London; Hurler in St. Augustine, Cologne; or Unibail in Stockholm’s Solna, the shopping center industry is continuing to do its thing, quite unimpressed by the rapid rise of online retailing. Even at sites that seemed already to be saturated, next year again promises spectacular projects. Nevertheless, big "lighthouse'" projects no longer shape the industry. With increasing center density, the number of smaller projects away from central areas is increasing. Market niches include city districts and smaller cities that previously had no modern retail space. This trend will intensify, particularly in largearea countries like France, Germany, and Poland. Locally and regionally, we will see a widening variety of center typologies that attempt to adapt to individual local conditions. New typologies are cropping up between the twin poles of shopping centers and retail parks. They range from local supply-oriented shopping galleries in integrated urban locations to ex­periential retail parks on greenfield sites. Internationally, these are becoming more and more difficult to classify. Cross-border investors will lose their orientation without a "translator" in the local markets.

Cheap money is driving the hunger for new products.

Investors remain in a buying mood, despite the fact that demand from retailers in most regions can be described as rather restrained. Core products at value-added prices are popular. New hybrid mall formats seem to provide this paradox: Professional, high-quality center formats outside of major cities. The theme for 2014 in Central and Northern Europe will be the upgrade of obsolete retail centers. Substantial increases in value can be achieved assuming favorable entry prices and creative restructuring ideas. In contrast to building new centers, investing in established locations promises fewer conceptual and leasing risks. Chapeau! The bricks are still alive!

, we

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ARMIN MICHAELY General Director of IKEA Shopping Centers Russia

IMAGE: LAND SECURITIES

IKEA Shopping Centers Russia, which manages 2 million sq m of retail space there, will roll out a shopping center refurbishment program in 2014. The company, whose tenants include major western retailers such as Zara, H&M, and Debenhams, is under­taking a significant refurbishment program at 12 of its 14 malls located across Russia and is bringing a brand new food and beverage offer to the "heart" of each mall. More than 261 million visitors come to IKEA Shopping Centers Russia’s malls annually and in 2014, the number of visits is expected to grow further because the company is continuously focused on being ahead of consumer expectations.

“2013 has been full of light and shadow but, thanks to an increase in foreign investments in retail real estate, Italy is closing the year with a positive sentiment for 2014.”

ASHLEY BLAKE Director of Retail Portfolio Management at Land Securities 2013 was a hugely successful year for Land Securities with the launch of Trinity Leeds and 185-221 Buchanan Street, both in­dustry-leading retail destinations. We also took a major step into the leisure sector when we became the largest leisure landlord in the UK, cementing our position and ex­pertise in this growing, resilient sector. In 2014, we will continue to work closely with our retail and leisure partners across our portfolio of 55 assets and to build awareness of our two major new retail and leisure developments: Westgate Oxford and Buchanan Galleries. Both schemes will deliver stunning new destinations in the Autumn of 2017.

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2014 will be a milestone year as we launch our major retail and leisure development Les Terrasses du Port in Marseille. The scheme will transform the city’s retail offer and local economy, bringing a mix of high-end and mainstream retailers and providing over 2,000 jobs. Across the channel, we expect trends in improving consumer confidence in the UK to con­tinue to gain momentum during 2014. We are seeing strong demand from our customers for both convenience and a unique ex­perience when they shop, which is mirrored by retailers’ demand for space in our centers. We also expect to see continued growth in the luxury sector, as consumers make considered purchases and designer outlet villages continue to attract huge interest from overseas shoppers.

CORRADO VISMARA IMAGE: IMMOFINANZ GROUP

IMAGE: IKEA SHOPPING CENTERS RUSSIA

DAVID ATKINS CEO of Hammerson

EDUARD ZEHETNER CEO of Immofinanz Group Retail continues to keep an eye on Russia: We still see great potential in Moscow – as indeed we do in Poland as well. Personal incomes are relatively high and stable and the economy is strong. These are welcoming indicators. Our Russian shopping centers are performing sensationally: We are almost fully leased and the gross yield is between 10 and 11%. We are opening two more major shopping and entertainment centers in 2014: Tarasy Zamkowe in Poland and GoodZone in Russia. We are also pushing ahead with the expansion of our STOP.SHOP. retail parks in CEE.

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IMAGE: LARRY SMITH ITALIA

NATHALIE DEPETRO Director of MAPIC

OLEG TEMIROV Commercial Development Director at MARi

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2013 has been full of light and shadow but, thanks to an increase in foreign investments in retail real estate, Italy is closing the year with a positive sentiment for 2014. On one hand, customer sentiment is improving – up about 10 points from January 2013. One the other hand, the sales turnover index registered by CNCC (Consiglio Nazionale dei Centri Commerciali) decreased by 3.8% between July 2012 and June 2013.

The current year is expected to close below 200,000 sq m for new openings as a whole, the lowest value in the last 15 years. Next year will be a little better; the pipeline contains a few large projects of higher quality in comparison with the past.

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CORRADO VISMARA CEO of Larry Smith Italia

The retail real estate industry continues to become more global, with countries such as Brazil, Russia, India, China, and Turkey taking on growing importance in the market because of their strong growth potential. The Middle East is also a highly attractive region for the retail sector. Next year, therefore, MAPIC will con­tinue to attract key players from these territories and shed more light on their opportunities. New trends in retail are shaping a new generation of shopping centers and will remain key topics at MAPIC, with a special emphasis on enter­tainment, which is more and more linked to commerce and covers a very broad spectrum ranging from flight simulators to entire amusement parks.

GARY BOND Managing Director Development at McArthurGlen We are underway with the creation of the next generation of best-in-class designer outlets. Working closely with our brand partners, we look to provide a premium shopping experience for local and regional consumers, as well as for the increasing number of global shoppers and shopping tourists traveling within Europe.

We are currently progressing with 150,000 sq m of new outlet retail space, with projects in the south of France, the Belgian city of Ghent, and a new center due to open in spring 2015 in Vancouver, as well as expanding many of our existing centers.

Against a global backdrop of turbulent economic times, Central and Eastern Europe, along with Russia, have fared better than most countries across Europe, bringing con­fidence to de­velopers and encouraging speculative development in Russia.

Our landmark project MARi will be opened in December 2014 and will not only provide Moscow with a new and exciting retail destination, but will also be positioned as the first cultural hub for southeast Moscow.

CHRISTIAN SCHRÖDER AND JANN ROBERT COO and CFO of MEC Metro-ECE The market for retail parks will once again be very dynamic in 2014. Investors are likely to be more active than in 2013. Owners and operators will focus even more intensely on revitalization.

This will continue to be one of the central issues the industry will deal with in coming years. Improving the tenant mix of retail parkoriented shopping centers will increase their attractiveness and raise the value of many locations. The requirements of investors, tenants, and operators will also result in an increasing standardi­zation and professionalization of the industry.

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EVA OLBRICH Christmasworld Director at Messe Frankfurt Exhibition GmbH New presentations stimulate the eye. They astonish and inspire customers. Shopping center decorations are thus playing an increasingly important role – whether in the form of professional lighting concepts or attractive, artistic details with a blend of fresh and artificial flowers. I think that "soft skill" decorations will no longer be used as a comfort factor for customers but more as individual trademarks for the location. There is great potential for the sector in this because arousing people’s curiosity is generally followed by an increased propensity to consume. The more the decorations are changed the better, i.e. not just at Christmas but for every season or festive occasion. With this in mind, I wish you an excellent business year 2014.

The culture of retail is changing at a breathtaking pace, driven by the onset of e-commerce. But what e-commerce can never do is re­plicate human emotion. Today’s winners are those who attract shoppers with entertainment, inspiration, and festive decoration that spark emotions and create both joy and a positive desire to purchase in what researchers call the "third place". While austerity puts budgets under pressure because of the recession in the euro zone and increasing competition between locations, there has never been a better time to invest in creative festive lighting. Inspirational festive lighting concepts can be a decisive plus factor. The power to draw out emotion and draw in the crowds can be as simple as turning on the switch on inspirational festive lighting.

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THOMAS MARK President of MK Illumination

“But the main challenge for developers today is to be connected with their clients 24/7/365.”

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BARBARA TOPOLSKA

AGNETA UHRSTEDT Secretary General of the Nordic Council of Shopping Centers (NCSC) We are still rather confidently looking towards the Scandinavian horizon. Average retail sales growth in 2012 was 2.5%. Retail sales within shopping centers were slightly stronger than total sales in all four countries. Since then, Finland has come to a halt, but consumer confidence in Denmark is picking up again.

On the whole, the forecast for next year is fairly good, with GDP growth of 2.1% on average and fairly high consumer confidence. The shopping centers GLA pipeline for the coming 15 months contains around 340,000 sq m. Out of these, 254,000 sq m are new centers. If we count all projects until 2017, the pipeline consists of some 812,000 sq m of expansions and close to 1.2 million sq m of new centers.

BARBARA TOPOLSKA Chief Operations Officer at Neinver Neinver has been operating in the European outlet sector since 1996. Nearly twenty years of experience have allowed us to gain a better understanding of the evolution of outlet concepts and customers’ new needs which must be addressed. Consumers seek a smart shopping experience to please all their senses. This experience should be based on an extensive selection of premium brands and added-value services, including restaurants and leisure areas in stylish and sus­tainable buildings. But the main challenge for developers today is to be connected with their clients 24/7/365 in order to offer an omni-channel approach or what we at Neinver refer to as a "reallife shopping experience". The key objective is to ensure favorable impressions at every step – from the first contact, through the shopping process, to the way back home and another visit.

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COVER STORY

aura, Yaroslavl: Management takeover | Opening spring 2014 Goodzone, Moscow: Management takeover | Opening spring 2014

rosengårdcentret, Odense: Management takeover | March 2013

milaneo, Stuttgart: Under construction | Opening fall 2014 Glacis-Galerie, Neu-Ulm: Management takeover | Opening spring 2015 k in lautern, Kaiserslautern: Under construction | Opening spring 2015 holsten-Galerie, Neumünster: In planning | Opening fall 2015 aquis Plaza, Aachen: Under construction | Opening spring 2016 marstall-center, Ludwigsburg: Refurbishment | Opening fall 2015 Weserpark, Bremen: Leasing of the extension

russia

Denmark silesia city center, Katowice: Management takeover | September 2013 einkaufszentrum, Bydgoszcz: In planning | Opening 2015

Germany

PolanD

czech rePuBlic

arkády hradec králové: In planning | Opening spring 2016

austria

mega mall, Sofia: Management takeover | Opening fall 2014 Bahnhofcity Vienna main station: Management takeover | Opening fall 2014

akasya Park Ümraniye, Istanbul: Management takeover | Opening fall 2015 Park Vera, Ankara: Management takeover | Opening spring 2014 acity shopping-center, Ankara: Management takeover | July 2013 shopping-center, Afyon: Management takeover | Opening 2015

strong growth: Welcome to ece!

We stay on course: We are continuing our growth strategy with management takeovers and new developments all over Europe. Whether it is development, revitalization, or the management of shopping centers: We make shopping a great experience! An excellent location, an attractive tenant mix, and premium quality architecture – all this is standard for our projects. Just like the issue of sustainability, which we have committed to as the leading European shopping center operator.

Shopping | Office | Traffic | Industries ECE Projektmanagement G.m.b.H. & Co. KG Heegbarg 30, 22391 Hamburg, Germany Phone: +49 (0) 40 60606-0, Fax: +49 (0) 40 60606-6230 www.ece.com, info@ece.com

BulGaria

turkey

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COVER STORY

MARCUS WILD CEO of SES Spar European Shopping Centers and ICSC Divisional Vice-President

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THOMAS KLAFFKE Head of Expansion at Sanifair Our concept provides customers with top standards in cleanliness and hygiene. Its modern design makes a decisive contribution to an attractive shopping ex­perience. In addition, our well-known Sanifair coupons offer our business partners additional opportunities for customer loyalty. Sanifair can already be found in many shopping centers in Germany and in many European cities. Our success thus far, and the growing demand from shopping centers, has encouraged us to continue our expansion in the coming year and add more international locations.

STEPHAN JUNG Director and Head of Retail Consultancy at Savills Germany Shopping centers will continue to increase their value as shopping desti­ nations fit for the future in 2014.

Cus­tomers there, too, will expect perfectly networked "omni-channel offerings" and will want to be served quickly and con­veniently. Retailers should therefore shift their focus from products to customers and their needs in order to offer them tailored solutions. Good presentation of the centers and malls and their shops as well as an increased quantity of quality food outlets invite visitors to come back more often and stay longer.

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IMAGE: SANIFAIR

Shopping centers are an indispensable part of urban environments and this is not going to change in the coming years. In order for shopping centers to continue to work well in the future, however, it will become increasingly important to provide customers with all-around satisfaction and offer them a variety of services. PayLife gift cards are one of these services. Paylife’s modern center gift cards have already become increasingly popular in five European countries. Retailers are excited about their ease of use and customer satisfaction is on the rise. That is why we will continue to establish new systems and expand on existing solutions in 2014.

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PETER NEUBAUER CEO of PayLife

Continued low interest rates in 2014 will increase interest in industrial and commercial real estate as excellent investment objects, keep the household savings rate low, and increase consumption. On the other hand, con­sumers will be even more critical in terms of product origin and will conduct purchasing decisions accordingly. I expect exciting new retail and restaurant concepts.

Entertainment will play an ever-increasing role.

The differentiation between luxury brands and concepts designed for low-priced, up-to-date products will become even starker. Retailers will work on their authentic marketing position and raise their profiles. SES will accelerate its large-scale projects with giant steps in 2014 and plans to open two of them. We expect a good 2014!

FERNANDO GUEDES DE OLIVEIRA CEO of Sonae Sierra In December 2014, I expect Sonae Sierra to be an even more international company with operations in some new emerging markets mainly providing development, property management and leasing services to its clients. By that time, we expect we will have successfully launched the development of new projects in markets like Brazil, Germany, Italy, and Colombia, and have continued success with the construction and leasing of ParkLake in Romania.

At the macro-economic level, I believe that we will see a recovery in the fundamentals of the economy in the EU in 2014 that will allow stabilization of yields and a slow increase in retail sales in most of the European countries.

As a company, we need to offer more and more unique experiences to our customers every time they visit our centers, not only to purchase, but also as a place they use to socialize and spend some of their leisure time.

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PHILIP EVANS CEO of TriGranit Management Corporation (TGM) In 2014, TGM will continue to actively pursue third-party mandates.

We recently entered the Romanian, Bulgarian, and Macedonian markets. There are three other important regions for us. We are probably the first European-style real estate consultancy firm doing business in the Caucasus region. The first modern shopping centers have recently opened in Yerevan and Tbilisi. In fact, we will open a second mall in Yerevan in February, which means that the market has huge growth potential. We are also looking to expand in Azerbaijan. The second region is the Middle East. Doha, for instance, will host the Football World Cup in 2022, which creates opportunities for us, particularly for facility management consul­tancy. Dubai is likely to host Expo 2020, which is creating further opportunities for us. Finally, TGM is now also active in China, taking on projects there in a number of cities.

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According to projections, 2014 will be another difficult year for the Swiss market. This, however, is from a high starting point. Shopping centers in Switzerland have a share of around 17% of total Swiss retail sales of around CHF 100 billion (€81 billion). The industry will have to deal more intensely with “cross channeling”. The opportunities for bricks-and-mortar retailers are very good, however, as 64% of customers do not yet shop online, according to a study by ECE and Roland Berger. It is therefore important to understand your customers even better. All the tech­ nology now available should not cause the shopping experience on site to be neglected. After all, only bricks-andmortar retail can appeal to all five senses. This strength must be used in conjunction with online retailing.

“I expect exciting new retail and restaurant concepts. Entertainment will play an everincreasing role.”

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JAN TANNER President of the Swiss Council of Shopping Centers (SCSC)

MARCUS WILD

HENRIKE WALDBURG Head of Investment Management Shopping Center at Union Investment Real Estate GmbH The retail landscape in the core European countries will continue to be characterized by intense competition and rising prices in the core segment due to historically low interest rates. Nevertheless, shopping centers and retail parks will remain an im­portant part of our investment planning for all our fund products in 2014. I am optimistic that we can meet our buying goals in this competitive environment through broad regional diversification without having to compromise on essential investment parameters. Yield stability remains "key" for us. Our investments will therefore remain consistently focused on objects that have strong competitive positions in their catchment areas and are well prepared for the digital challenge of e-commerce.

ROLAND GOWICK Director Key Account Management at Zumtobel In 2014, we will complete the conversion of SCS in Vienna and will have a nice project ahead of us with the renovation of Fischapark. Shopping center operators increasingly see light as a distinguishing feature and a great way to save energy and therefore costs. How else can you both reduce costs and differentiate yourself from the competition? Center operators increasingly recognize this. We also expect positive development in CEE, since many centers need to renovate now to remain competitive. We are currently in negotiations with several operators on this front. We therefore expect continued positive development for the coming year.

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MARCH 27 – 30, 2014 DUSSELDORF/RUHR AREA, GERMANY

APRIL 9 – 10, 2014 ZAGREB, CROATIA IMAGE: FILIPOVIC ADVISORY

NCSC NORWAY STUDY TOUR The Nordic Council of Shopping Centers' (NCSC) Norway Study Tour begins in Oslo. In Dusseldorf and the Ruhr area, the participants will visit shopping centers that have interesting solutions, have implemented great upgrades, or have other notable attractions to examine. Evenings will be filled with regional culinary experiences at recommended restaurants. The price is NOK 8700 for NOK members and NOK 10,300 for non-members. This includes flights, hotel accommodation, and dinners. Study tours like this one to Germany, organized by NCSC, make it possible to build relationships with other participants, since there is always a small, dedicated group traveling together and there are social gatherings on the program.

TENTH ANNUAL INTERNATIONAL CONFERENCE ON THE REAL ESTATE MARKET IN CROATIA

6TH MAGDUS EUROPEAN OUTLET CONFERENCE Since 2004, Magdus, the European Outlet Centers Observatory, has offered research, insight, and consultancy on this unique and rapidly expanding retail format. Every two years, Magdus organizes an outlet industry conference where leading professionals from across Europe meet to establish new contacts, exchange best practices, and debate the latest trends in this dynamic global market. With the connection between shopping and leisure now widely recognized, the 6th Magdus European Outlet Conference is moving to Paris, the world’s most-visited city, on April 3 and 4, 2014. The event will attract a variety of players including developers, investors, retailers, service providers, and local authorities. More than 300 visitors from more than 15 countries are expected to attend.

MORE INFO: WWW.MAGDUS2014.COM

MAY 15 – 16, 2014 DUSSELDORF, GERMANY GERMAN SHOPPING CENTER FORUM The German Council of Shopping Centers (GCSC) and the EHI Retail Institute are pooling their expertise: The two German institutions that support the market with trade publications, studies, and conferences, have jointly organized the German shopping Center Forum in Dusseldorf on 15 and 16 May 2014. Shopping centers are distinguishing themselves with exciting tenant mixes and increasing proportions of dining and entertainment elements. This is meant to counteract the fast growth of online shopping and pluck customers out of the virtual world and back to the reality of bricks-and-mortar stores while increasing the length of their stays in centers.

Matching concepts and innovations for this strategy will be presented at the new event. In addition, issues regarding the legal situation, letting, and architecture will be discussed in expert forums. GCSC and the EHI’s German Shopping Center Forum establishes a professional platform for networking and exchange within the industry.

MORE INFO: WWW.DEUTSCHES-SHOPPING-CENTER-FORUM.DE 82 ACROSS 6| 2013/2014

IMAGE: MAGDUS

APRIL 3 – 4, 2014 PARIS, FRANCE

The main topics of the traditional conference held in the Esplanade Zagreb Hotel will be commercial real estate, energy, infrastructure, EU funds, green building, and sustainability. Speakers will include the most competent experts from Croatia and abroad, of whom all have made a name for themselves in this industry with their years of experience and professional success. The event is an excellent platform for national and international companies to present their businesses and projects. Filipovic Business Advisory Ltd. has organized nine annual international conferences on the real estate market in Croatia since 2005 to contribute to the development of the real estate market, transparency, education, and awareness of domestic and foreign participants of Croatia's real estate market. The past nine events featured 745 speakers on more than 170 panels with over 4,500 participants from more than 30 countries. The conference is very well attended every year and has become a central gathering for the Croatian industry.

MORE INFO: WWW.FILIPOVIC-ADVISORY.COM

MAY 8, 2014 ZURICH, SWITZERLAND SHOPPING CENTER FORUM 2014 SWITZERLAND Over the past six years, this event has taken place in Zurich before a packed audience every time. In 2014, the annual meeting will be held for the fourth time in spring. With good reason, because GfK Switzerland AG and the Swiss Council of Shopping Centers (SCSC) have extended their partnership for the years 2013 to 2015 with a new contract. This year, they will again present the latest Swiss market data along with the chart toppers of the shopping center industry. Former Miss Switzerland Melanie Winick will lead participants through the program as a presenter. The latest trends and hard facts on the topic “advantage shopping center” will be among the items being presented on 8 May 2014 in the Radisson Blu Hotel at Zurich Airport. Benefit from Early Bird Registration until February 28, 2014!

MORE INFO: WWW.SC-FORUM.CH

IMAGE: SCSC

MORE INFO: WWW.NCSCNORDIC.ORG

Reinhard Winiwarter Winery Obere HauptstraĂ&#x;e 19 A-3552 Stratzing bei Krems

Business Address Reinhard Winiwarter Winery RotenturmstraĂ&#x;e 17 A-1010 Wien

T +43 1 533 32 60 F +43 1 533 32 60 10 E office@rw-winery.com

www.rw-winery.com

ATALIAN GLOBAL SERVICES

France, Belgium, Luxemburg, Poland, Czech Republic, Slovakia, Hungary, Croatia, Romania, Turkey, Morocco & Lebanon.

111-113 Quai Jules Guesdes 94 400 Vitry-Sur-Seine, France Phone: +33 1 55 53 05 07 Fax: +33 1 55 53 04 02 www.atalian.com/en vincent.vallois@atalian.com

ATALIAN is a global facility services provider, focusing on providing 85% of services with its own resources. In the last 20 years, ATALIAN acquired more than 200 companies mainly in the fields of Maintenance, Cleaning, Security and Landscaping in 10 countries.

Currently present in France, Belgium, Luxemburg, Poland, Czech Republic, Slovakia, Hungary, Croatia, Romania, Morocco, Lebanon & Turkey. With a portfolio of more than 80 shopping centers and over 50 office buildings, ATALIAN is considered as the strongest service provider for CEE real estate owners. ATALIAN currently employes over 55,000 people.

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

BARTHELMESS GROUP Schwabacher Str. 510 D-90763 Fürth, Germany Phone: +49 911 9713 - 245 Fax: +49 911 9713 - 328 Email: center@barthelmess.com www.barthelmess.com

The Barthelmess Group is a leading company in Europe for all-inclusive services in the area of seasonal decorations, theme parks and visual merchandising. The customer base includes European retail brands, shopping centers, railway stations, airports and department stores. With in-house designers, comprehensive expert assembly on location and a worldwide supply network, Barthelmess focuses on individual and tailor-made one-stop solutions.

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

CA IMMOBILIEN ANLAGEN AG Mechelgasse 1, A-1030 Vienna, Austria Phone: +43 1 532 59 07 - 0 Fax: +43 1 532 59 07 - 510 Email: office@caimmo.com www.caimmo.com

CBRE GLOBAL INVESTORS Schiphol Boulevard 281, G-tower, 8th floor 1118 BH Schiphol, 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

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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.

CA Immo was founded in 1987. The company develops and invests in com­mercial real estate (and in particular offices) in Austria, Germany and Eastern Europe. As of 30 September 2011, the company’s total property assets amounted to some €5.2 bn.

CA Immo is listed on the Vienna Stock Exchange, with free float of around 83 % at the present time.

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.

THINK ACROSS. SUBSCRIBE TO THE NUMBER ONE MAGAZINE FOR THE SHOPPING CENTER INDUSTRY IN EUROPE.

BURKHARD HOFFMANN ECE

STEPHAN JUNG Savills

MARTIN SABELKO CBRE Global Investors

€ 119 for 6 issues Subscribe online at: www.across-magazine.com

THOMAS BINDER Sonae Sierra

MARCUS WILD SES

CHRISTOPH M. ACHAMMER ATP Architects and Engineers

THE SHOPPING CENTER PRO'S ARE READING

“ACROSS – Europe's Shopping Centers”, is the only international and independent medium for the shopping center industry in Europe. The magazine is published six times a year entirely in English, and is distributed in 40 European countries directly to the decision makers of the retail real estate sector.

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

CORPUS SIREO HOLDING GMBH & CO. KG Aachener Straße 186 D-50931 Cologne, Germany Phone +49 221 39900-0 Fax +49 221 39900-109 E-mail: kontakt@corpussireo.com www.corpussireo.com

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

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.

With a total of 15.4 million square metres of commercial and residential property space worth 16.2 billion Euros in assets under management including 1.8 billion Euros of institutional assets, the Cologne-based CORPUS SIREO employs a staff of around 560 professionals at 11 locations in Germany and Luxembourg. This makes the company Germany’s largest real estate asset manager. As a result, even rival companies rate CORPUS SIREO as the chief competitor on the market. (These are the findings of the “Real Estate Asset Management Report 2013” compiled by Bell Management Consultants.) In addition, CORPUS SIREO received the immobilienmanager Magazine Award 2012 as Germany’s leading real estate asset manager and counts among the industry’s top employers according to “Immobilien Zeitung”. To national and inter­ national investors, institutional investors, banks, and companies with proprietary real estate portfolios, CORPUS SIREO offers investment management and asset management services along the entire real estate supply chain. Moreover, the company acts as broker and project developer for owner-occupiers and investors.

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.

CUSHMAN & WAKEFIELD Bratislava • Bucharest • Budapest • Moscow • Prague • Warsaw

Na Prˇíkopeˇ 1, 110 00 Praha 1, Czech Republic Phone: +420 234 603 603 Email: jonathan.hallett@eur.cushwake.com www.cushmanwakefield.com

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

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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of pro­perty occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal.

The firm has more than $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies at www.cushmanwakefield.com/knowledge.

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 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

EKAZENT IMMOBILIEN MANAGEMENT GMBH Leopold Moses Gasse 4, A-1020 Vienna, Austria Phone: +43 1 201 22 - 0 Email: office@ekazent.at www.ekazent.at

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

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

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

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

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 E-Mail: communications@immofinanz.com www.immofinanz.com

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.

Ekazent’s core competencies include center management, leasing management and refurbishment. Active development, ongoing improvements – adapting to changing market conditions establishes a functional interface between investors, tenants and consumers. Increase both customer satisfaction and earnings with a professional universal scheme. Capitalize your commercial real estate. With our help.

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.

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 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”.

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.

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

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KRAMMER & WAGNER PROJEKT­ENTWICKLUNG UND IMMOBILIEN GMBH Goldschmiedgasse 2/5/4, A-1010 Vienna, Austria Phone: +43 1 532 25 55 Fax: +43 1 532 25 55 - 55 Email: office@krammer-wagner.at www.krammer-wagner.at

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

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

Krammer & Wagner has been successful in the field of development, consulting and marketing of real estate for more than 20 years. As a market leader in Austria, Bosnia Herzegovina, Croatia, Slovakia, Serbia and Romania for classical shopping and power centers, we offer com­pre­hensive, innovative solutions based on knowledge and experience.

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 19th edition will take place at the Palais des Festival of Cannes, France, from 13-15 November 2013.

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.

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OASIS SHOPPING CENTER SERVICES Tipografilor Street 11-15 S-Park, Building B 3, 2nd floor 013714 Bucharest, District 1, Romania Phone: + 40 269 2067 14 E-mail: brigitte.schmitt@oasisconsult.com www.OASIS-SCS.com

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

OASIS Shopping Center Services is a value oriented shopping centre management company that has been founded to offer centre management for malls and retail parks in Romania. We have more than 20 years experience in the shopping centre industry - one of our partners has been with the European market leader for more than a decade. With our proactive approach we ensure the long term, sustainable and yield oriented success of the shopping centers we manage. The various tasks include: Assessment of the Sites, Commercial Building Management, Refurbishment, Marketing, Technical and Infrastructural Management. Centre management plays a central and extremely significant role in the holistic management and support process of a shopping centre thus we work in interdisciplinary teams. As forward-looking and target–oriented we look for value gaps and possible refurbishments in order to secure the long term success of the shopping center.

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.

RAIFFEISEN EVOLUTION PROJECT DEVELOPMENT GMBH Ernst-Melchior-Gasse 22, A-1020 Wien, Austria Phone: +43 1 717 06 - 624 Fax: +43 1 717 06 - 410 www.raiffeisenevolution.com

Raiffeisen evolution project development GmbH is a real estate company operating in Austria, Central and Eastern Europe with its headquarters in Vienna. Our portfolio includes primarily residential and office buildings, as well as hotels, shopping and retail centres as well as mixed-use objects. We implement projects with high sustainability suitable for investors.

REAL4YOU IMMOBILIEN GMBH Haiderstraße 23, A-4052 Ansfelden, Austria Phone: +43 7229 8808 0 Email: office@real4you.at www.real4you.at

The Austrian Real 4 You Group is one of the leading retail real estate developers in Eastern Europe. Developing FamilyCenter-Retail Parks and mega.mall-Shopping Centers is currently one of the company’s core business. More than 150 projects has been realized in the last 15 years.

R.E.D. REAL ESTATE DATABANK 145-157 St John Street, EC1V 4PW, London, UK Phone: +385 91 280 1010 Email: renato@redstar.eu.com www.redstar.eu.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

S IMMO AG Friedrichstrasse 10, A-1010 Vienna, Austria Phone: +43 5 0100 - 27521 Fax: +43 5 0100 9 - 27521 Email: office@simmoag.at www.simmoag.at

R.E.D. Star is a reliable and independent guide for commercial real estate executives in CEE. We deliver impartial and timely research data on commercial property to the real estate industry in form of trans­parent market reports at regional, country and city level. R.E.D. Star Retail Matchmaking Event is central Eastern Europe’s deal-making happening of the year connecting the dots between leasing profes­sionals and global retail brands ready to expand throughout the region via pre-arranged meetings in one place on one day. For more information visit www.redstar.eu.com

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.

S IMMO AG is Austria’s first real estate investment company and has been listed on the Vienna Stock Exchange since 1987. The company invests in high-quality real estate in Austria, Germany and six countries in Central and Southeastern Europe. Its broadly diversified portfolio is focused on sustainability and consists of residential, office and commercial properties as well as hotels.

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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

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.

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

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 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

90 ACROSS 6| 2013/2014

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.

www.sma-austria.at

We care for your

BABIES!

Site Evaluation & Site Analysis Strategy development / Markitecture® Refurbishment & repositioning concepts Corporate design / corporate architecture Marketing conception Campaign development & management Operational marketing & advertising support

LOCATIONS ARE LIKE BABIES – THEY NEED LOTS OF ATTENTION! We’ll take care of your darlings. We’ll give them attention, raise them, teach them to speak, and make them strong and confident. We have specialized successfully in strategy development, location marketing and communication management for real estate and regions. Our services include both those in the area of project development and those for the development and implementation of marketing and communications services for ongoing operations. Developing locations and regions into strong brands that evoke a high degree of affinity is our goal and it is what we excel at.

NOW READ ACROSS. FROM A TO Z!

BURKHARD HOFFMANN ECE

STEPHAN JUNG Savills

MARTIN SABELKO CBRE Global Investors

THOMAS BINDER Sonae Sierra

MARCUS WILD SES

CHRISTOPH M. ACHAMMER ATP Architects and Engineers

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SUBSCRIBE HERE ACROSS – Europe's Shopping Centers", is the only international and independent medium for the shopping center industry in Europe. The magazine is published six times a year entirely in English, and is distributed in 40 European countries directly to the decision makers of the retail real estate sector.