MAPIC 2011 NEWS by RX REAL ESTATE SHOWS

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Wednesday 16 November 2011 A CRUCIAL YEAR FOR RETAIL Some of MAPIC’s key players outline the big challenges ahead

www.mapic.com

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IL LEONE DI LONATO LONATO - ITALY

ST-LAZARE PARIS PARIS - FRANCE

See page 14

THE MAPIC AWARDS

Your opinion counts as attendees get to vote for the ﬁrst time See page 32 METROPOLI MILAN - ITALY

EMPORIA

See page 35

BUILDING ON SUCCESS! Unique places 13 countries, 1.5 billion visitors per year, almost 400 shopping centres managed, including 45 in Italy, more than 5.2 million sq. m and 1,500 employees.

BELGIUM CZECH REPUBLIC DENMARK FRANCE GREECE HUNGARY ITALY NORWAY POLAND PORTUGAL SLOVAKIA SPAIN SWEDEN

Klépierre and its subsidiaries Ségécé and Steen & Strøm work closely together with their partners, retailers and local authorities to ensure success of centres they develop and manage.

1 1 0 2 c i p a M

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n on our sta e m o c l e W

www.segece.com www.k lepierre.com

21, rue la Pérouse - 75116 PARIS - Tél. : + 33 (0)1 40 67 54 00

treizecenttreize.fr

10 FOR 12 Ten of our media partners offer their thoughts on 2012

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Contents mapic neWs ®

The ofﬁcial MAPIC newspaper Wednesday 16 November 2011 Director of Publications Paul Zilk EDITORIAL DEPARTMENT Editor in Chief Mark Faithfull Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designer Carole Peres Sub Editor Sally Nash Proof Reader Debbie Lincoln Contributors Nadia Bainbridge, Brian Baker, Eugene Gerden, Anika Michalowska, Graham Parker, John Ryan Photographers Valentin Desjardins, Yann Piriou

mapic 2011 opening night party

Bonjour MAPIC 2011: The opening night party was once again a glamorous affair, this year themed around and highlighting country of honour Italy

in vision

Some of the new companies participating at MAPIC this year

PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Product Manager Chealsy Choquette Publishing Co-ordinators Emilie Lambert, Amrane Lamiri Printer Riccobono Imprimeurs, Le Muy (France). Published by Reed MIDEM, BP 572, 11 rue du Colonel Pierre Avia, 75726 Paris Cedex 15, France. Contents © 2011, Reed MIDEM Market Publications, Publication registered 4th quarter 2011. Printed on FSC certiﬁed paper

Programme of conferences & events

25 intervieWs

What will 2012 bring? We asked some of MAPIC’s key players what key challenges they expect next year

project neWs

Future plans. Despite the slowdown in development work, MAPIC will be the platform to showcase a host of new projects

mapic awards 2011

For the ﬁrst time delegates can vote for their favourites for the MAPIC Awards 2011

MORE Pavilion: A showcase of the latest consumer trends and their impact on tomorrow’s retail real estate strategies.

the retail world in 2012 35 10 Editors-in-Chief from the international press share their vision Centros Comerciales Commercial Real Estate Estate Gazette Eurobuild Immobilien Zeitung

36 37 38 39 40

Magaza Dergisi Property Investor Europe Property EU Retail Property Analyst Sites Commerciaux

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The largest pipeline of dominant shopping centres in Poland 330,000 sq m GLA

www.ma ylan d. pl

Visit us at Mapic stand R34.15 3

people MAPIC opens with a bang The opening night party was packed out once again as visitors and exhibitors from all corners of the world met to network and meet friends ahead of the real business of the three-day MAPIC event.

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he traditional curtain-raiser for MAPIC took place at The Marriott on Cannesâ&#x20AC;&#x2122; famous Croisette last night, with country of honour Italy recognised with an Italianflavoured evening to welcome guests from over 70 countries to this yearâ&#x20AC;&#x2122;s event. New exhibitors from Turkey, China, Singapore and India were joined by a first-time presence from Qatar and Japan, while over 120 brands are making their debut at MAPIC.

The three days of the fair will include keynote conference sessions from international retailers Marks & Spencer and Geox, while the MORE Pavilion will host trend sessions every half an hour during MAPIC. Add into the mix the spectacular Awards ceremony and party on Thursday night, plus the chance to network with over 8,000 visitors, plus the live link-up with MIPIM Asia on Wednesday morning, emphasising the continuing globalisation of retail and MAPIC.

sponsors An Italian flavour for Cannes A spectacular, Italian-themed night greeted visitors to the opening night party, kindly sponsored by IGD SIIQ, Jones Lang LaSalle, Larry Smith Italia, McArthurGlen and Rustioni & Partners.

IGD SIIQ IGD SIIQ from left to right: CEOs Antonio Di Berardino and Claudio Albertini, chairman of the board Gilberto Coffari, COO Daniele Cabuli and director of asset management and development Roberto Zoia.

Jones Lang Lasalle Robert Bonwell, CEO European retail at Jones Lang LaSalle, among just some of the 98 people the company has brought to MAPIC, representing China, Brazil, India and 26 European countries.

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Larry Smith Italia Christian Recalcati (centre left) and Corrado Vismara (centre right) joint chief executives of Larry Smith Italia welcome their team to the sponsorsâ&#x20AC;&#x2122; lounge.

McArthurGlen McArthurGlenâ&#x20AC;&#x2122;s leasing team was out in force, representing just some of the eight countries in which the designer outlet specialist operates across Europe.

Rustioni & Partners The Rustioni & Partners team included sole director Rodolfo Rustioni, plus managers Roberto Casasola, Corrado Erba, Francesca Tortora and Wilford Chelhot and consultant Franco Marsan.

people Bonjour MAPIC 2011 First time visitors, long-standing guests and a host of familiar faces joined together at the opening cocktail party in anticipation last night ahead of the 17th edition of MAPIC.

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WWW.CLARKS.COM

AN EXTRAORDINARY OPPORTUNITY… A CLARKS PARTNERSHIP

…WITH A BRAND LIKE NO OTHER Clarks – Global footprint. Growing impact The Clarks brand is an extraordinary success story with sales in excess of £1billion. Our global footprint is vast and we are the world's No.1 name in everyday footwear. With a proud history spanning more than two centuries, we have achieved that rare thing in fashion where we are always 'on trend', year after year, season after season. Over the past 27 years, a growing number of franchisees have been key to our core strategy and expansion. In 2010 we opened 48 new stores globally, bringing our total branded store network across 35 countries to 1,400 with 450 of them being franchised. Our aim is to open 100 new stores every year for the next 5 years. A brand for all ages, and both sexes, our world-class products meet the needs of all consumers, generate massive footfall and sales, and are showcased in state-of-the-art, destination stores. A retail environment without a Clarks store isn't really a true retail environment. Fun, innovation and spirit are our driving brand philosophies and we invite you to share our passion for excellence and retail performance by making Clarks an integral part of your next project.

Contact our senior International Development team during MAPIC on +44 (0)7824 343 706 to arrange a meeting or please email richard.squire@clarks.com for further information.

in vision MAPIC 2011: New faces in Cannes MAPIC 2011 will welcome a host of new names from the retail, investment and development sectors. Here are just a few of the new faces heading for Cannes

UK Land Securities UK REIT currently developing Trinity Leeds development for 2013 opening www.landsecurities.com

CANADA Oberfeld Snowcap Canadaâ&#x20AC;&#x2122;s largest retail advisory company www.oberfeldsnowcap.com USA Focus Brands Franchisor and operator of over 3,300 ice cream stores, bakeries, restaurants, and cafes in the USA and 50 international markets www.focusbrands.com

NORWAY Boots Apotek Norwegian arm of the UK pharmacy and health and beauty giant www.boots.no

Perella Weinberg Independent, privatelyowned financial services firm www.pwpartners.com

La Vie en Rose Canadian-based lingerie retailer with over 200 stores across 10 countries www.lavieenrose.com

TIAA-CREF Asset Management Financial services and pension business www.tiaa-cref.org

Vornado Realty Trust One of the largest owners and managers of commercial real estate in the US www.vno.com

DENMARK Saint Tropez Multi-national fashion brand, part of the IC Companys group www.dk.sainttropez.com NETHERLANDS City of The Hague Dutch city currently pushing forward with retail initiatives www.denhaag.nl COLOMBIA ACE Colombia Shopping Centre Association of Colombia www.acecolombia.org

MAPIC 2011 KEYFIGURES

2,200 retailers 800 investors 8,000 participants globally

BELGIUM City Mall Developer and operator City Mall acquired the Belgian business of Foruminvest last year. www.city-mall.eu BRAZIL ABF Brazilian Franchise Association, with 900+ members www.portaldofranchising.com.br

MOROCCO Agence Marocaine de DĂŠveloppement des Investissements Government agency promoting inward investment to Morocco www.invest.gov.ma

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280 NEW RETAIL BRANDS CHILE Mall Plaza Major developer and operator in Chile, Peru and Colombia. www.mallplaza.cl

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SWEDEN Kicks Leading Nordic cosmetics retailer and part of the Ahlens Group www.kicks.se Phone Family Independent mobile phone chain based in Stockholm www.photofamily.se

ESTONIA ELL Real Estate Real estate developer in Estonia, Latvia and Lithuania www.ell-realestate.com LITHUANIA Dovanu Verslas Gift-specialized retailer www.dorado.lt

HUNGARY TriGranit Developer working across the CEE, having completed €2bn of projects www.trigranit.chu ROMANIA Belrom Belgian-owned developer investing in retail projects in Romania www.belrom.com.ro

UKRAINE Lybid Investment Company www.oceanplaza. com.ua

BULGARIA Walltopia Sofia-based climbing wall specialist www.walltopia.com TURKEY Ankara Chamber of Commerce Organisation targeting investment in Ankara and promoting development www.atoankaraexport.org

SWITZERLAND True Religion Swiss arm of premium brand jeans and fashion retailer www.truereligionbrandjeans.com ITALY Athmosfera Italian jewellery group www.athmosferia.it Conad Adriatico Soc Coop Group of eight Italian co-operatives www.conadi.it Game 7 Athletics Sportswear and fashion retailer with flagship in Chieti www.game7athletics.com SPAIN Brickell Entertainment www.brickellvending.com

JAPAN Machizukuri Company Sheep Network Japanese planner and architect looking to open stores promoting the country’s culture

Eroglu Yapi Developer of commercial and residential schemes www.erogluyapi.com.tr QATAR Msheireb Qatar-based developer currently working on mixed-use regeneration project in Doha www.msheireb.com FRANCE Amorino Italian-style ice cream parlour with stores across Europe and beyond www.amorino.com Eco Portrait French photo booth specialist www.ecoportrait.com Max Aventure Activity and children’s play area specialist www.maxaventure.fr Optical Centre Eyewear retailer operating in France, Belgium and Luxemburg www.magasins.optical-center.fr Secret D’Apiculteurs Lyon-based retailer focusing on honey products Thom Europe Paris-based jeweller

Finstroy Holding Real estate developer of shopping malls www.fstroy.com Kinomax Russian cinema chain operator www.kinomax.ru

Atakule REIT Developer with assets including Atakule Shopping Centre www.atakulegyo.com.tr

ISRAEL Rilon Investment Real estate company focusing on the CEE

RUSSIA Coffeemania Moscow-based coffee chain with 11 outlets, now in its tenth year www.coffeemania.ru

THAILAND Gulatino Thailand’s custom tailors with over 41 years’ experience www.gulatino.com

Moneks Trading Franchise operator based in Moscow www.moneks.ru Real Hypermarket Russian arm of German grocery giant, owned by Metro www.real-hypermarket.com CHINA Outlet (China) Limited Designer outlet specialist in China with rapidly growing portfolio www.outletcn.com SINGAPORE Capitamalls Mall developer, owner and manager in Asia www.capitamallsasia.com

INDIA Prestige Estates Indian commercial and residential developer, with over 60 projects in the pipeline www.prestigeconstruction.com The Xander Group Fund business working with companies in India www.xanderfunds.com

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60 NEW INVESTMENT COMPANIES

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intervieWs With an uncertain macroeconomic outlook for 2012, many areas of the world are facing one of the most challenging 12 month periods in modern history. For the opening of MAPIC 2011 we asked some of the key players at Cannes to give their view on what the major challenges for their companies will be in 2012 Jeroen van den Biggelaar Director of international expansion & real estate, Hunkemoller, The Netherlands

For Hunkemoller the biggest challenge will be to find sufficient A1 locations in Germany and Austria – we are opening more than 40 stores in those two countries next year alone. We are growing at such a pace that the battle for the high street is far from over. A lot of retailers are looking for the same ideal ‘box’ in the best street or shopping centre locations with the best conditions. We foresee a continuous competitive landscape in Germany and Austria next year and we are looking forward to meeting you there in 2012.

Krzysztof Giemza

Anne-Sophie Maisonrouge

Head of the shopping centre department, Echo Investment, Poland

President, Terranae, France

The biggest challenge for the shopping centre sector in 2012 will definitely be the intensely changing global economic situation. Like many other companies, we are expecting the economy to slow down next year. So far it is too early to be able to determine the degree of the slowdown, however we are making efforts to prepare. All market parameters are being regularly analysed in order to ensure the development of our projects will go according to schedule. In 2012 we are planning to open three shopping centres in Poland, three more in the following year and as many as five new facilities in 2014, including two outside Poland.

The French shopping centre industry in which we operate as property managers is impacted by a depressed economic environment, tough competitors (including the internet), and the quaint French reaction months prior to a presidential election of fiercely slowing down consumption. We thus anticipate the big challenge will be to stimulate consumption. We are preparing through targeted investment in five-year plans, as well as adequate expenses through the tenants’ associations’ budgets. We advise to abandon “image” expenses for the moment to instead concentrate on good old recipes such as “traffic-flow optimisation” through promotions and vouchers. We will give our clients more buying power!

Dr Marcus Huttermann

Vladislav Redkin

Managing director, MFI, Germany

CEO, LLC Rodnik, Chelyabinsk, Russia

The material task of increasing significance in operating a successful shopping centre will be the development and implementation of individualised and optimised concepts for our tenants. Close cooperation between all parties permits the best possible achievement of a unique selling point, which generates added value for both tenants and the shopping centre itself. To ensure an ideal tenant mix and to offer the most contemporary and attractive shopping experience to our end customers, it is vital to keep an eye on new market entries, new brands and innovative retail or gastronomy concepts. We feel well prepared to face this challenge.

I believe that in 2012 we will see international retail chains discover the new opportunities offered by the Russian regions. The market for modern shopping centres in Russia is still at an early stage in its regional development and offers high potential for further growth. The retail market in the Russian regions is young, competition is not strong and consumers welcome new brands. We are developing in Chelyabinsk, one of the ten largest cities in Russia, and its retail market is very active. This year our new shopping centre, Rodnik, will host brands such as Castorama, Auchan, Zara, Mango and New Yorker.

Joan Rouras Head of expansion, Desigual, Spain

We are deciding what we want to be in the next future, to open a new stage for Desigual for our 30th birthday in 2014. Ours is a success story. In a few years we have gone from €50m to €500m in turnover and we are aware of the factors that led us here: the product, people and sales channels. From this solid base Desigual is becoming more complex, with more markets and more product lines. We aim not only to continue to grow but to be mature, to transform not only quantitatively but also qualitatively.

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intervieWs Richard Akers

Leila Urazbaeva

Luc Poirier CFO, vicepresident, international business, La Vie en Rose, Canada

Head of real estate ďŹ nance, UniCredit Bank, Russia

This year has certainly been challenging but I believe that it has also been one of the most dynamic ones and could precipitate positive change. The economic climate, consumersâ&#x20AC;&#x2122; budget pressures, the internet and the debate taking place in the UK around high streets will continue to have an impact on retail. However, what should emerge is a more innovative, creative and resilient sector. Weâ&#x20AC;&#x2122;re having healthy debates in the UK and the results will form the bedrock for a positive business environment that will attract new retailers, and leisure and catering operators. Key to success is to embrace technology, provide excellent customer service and deliver a great experience.

Since 2008, the biggest challenge facing retail is the global uncertainty in the economy which has affected consumer confidence. Consequently, the defining tenet of our expansion strategy is a rigorous selection process of our international partners. La Vie en Rose is a Canada-based lingerie retailer with more than 200 stores in 10 countries. Our international operations are managed through a master franchisee model. Retail is a highly competitive sector, we cannot afford to lose the goodwill of our consumers by choosing the wrong international partner and we have implemented controls and procedures to ensure that our partners are elite retail operators.

The biggest challenge facing the whole real estate market would be a new crisis related to an overall economic downturn in Europe, increasing the shortage of liquidity and lack of financing for real estate, including the retail sector. In such circumstances, quality should be the key for retail developers. Tenants will become more selective and demanding. Shopping centres with poor concepts and bad locations need to change to attract their customers. For a bank or institutional investor the best way to cope with these trends will be to freeze any new exposure to development projects and focus on high quality, completed and operating assets in prime locations.

ADVERTORIAL

Managing director for retail, Land Securities, UK

Knight Frank and EXPO Company present Mandarin Project. Mandarin Lifestyle Centre is an openair mall combining retail space with a developed leisure component. Mandarin Centre is located in Adler district of Sochi, directly on the Black Sea coast, not far from the International Airport, the Imeretinskaya Olympic Park and the Solnechny Luch Hilton Double Tree Hotel. An outstanding feature of Mandarin is its leisure component, which is unparalleled in Russia. Mandarin is a unique complex where visitors can spend time enjoyably and productively. Facilities include: more than 70 shops, restaurants and cafĂŠs, a laser show, climbing wall, surďŹ ng simulator, childrenâ&#x20AC;&#x2122;s entertainment centre, night club, spa center. A laser show of exceptional quality will be an integral part of the Lifestyle

Centre. The laser show will be located in a multimedia arena with capacity for 1,275 spectators, where the remarkable show programme will be projected onto a water screen. The show is expected to draw about 4,000 visitors to Mandarin Centre each day. s Mandarin Centre is conveniently located near the main Olympic facilities in Adler District s The location is ideal for a range of leisure activities: rail tracks do not run close to the shoreline in direct proximity s The Centre is positioned at an intersection of main pedestrian routes s Up to 46% of all holidaymakers who visit Sochi region stay in Adler and Khosta Districts s About 4 million people visit Sochi each year and the number of visitors is expected to double by 2020

s Pedestrian access to Olympic facilities (82,000 spectators) s The Hilton Hotel with capacity for 350 visitors is located 200 metres from Mandarin site (the hotel is scheduled for completion in 2013) s 10 minutes by car from the International Airport with trafďŹ c capacity of 1,600 people per hour s 20 km from Sochi city s 40 km from Krasnaya Polyana ski resort s GBA â&#x20AC;&#x201C; 33,000 sq m s GLA â&#x20AC;&#x201C; 15,000 sq m

Scheduled for opening â&#x20AC;&#x201C; 2Q, 2012 Exclusive consultant

Ă˘ ZZZ NQLJKWIUDQN UX ĂŹ 3URMHFW DUFKLWHFWV Ă˘ -HUGH 3DUWQHUVKLS 86$

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intervieWs

Laurent Morel

Tonny Nielsen

Sergey Gipsh

Head of investment management, Nordic Region, Aberdeen Asset Management, Denmark

Chairman of executive board, Klepierre, France

The retail property market in Russia is dictated by a shift towards the regional cities by developers and retailers alike. But Russia is developing unevenly. Among the Russian cities there are those with a developed retail real estate market – mainly large industrial cities with populations over 1 million; and the cities where the market is yet to be shaped. The retail market of the cities in the first group is close to saturation. A large number of shopping centres were constructed during 2004-2006; nowadays many are outdated and need to be renovated. In the second group we see high levels of development, including cities which were previously less attractive.

The retail market is facing cyclical and structural challenges. The consumer spending recovery proved short-lived and while we forecast a modest recovery late in 2012, persistently high input costs are likely to continue to challenge retailer’s profits. Structurally, the rapid expansion of multi-channel retailing will further exaggerate the oversupply positions of some markets, albeit the economic conditions have rapidly reduced the availability of development finance; the consequence being much lower prospective completions than in recent years. In our view investment should be focused on formats set to thrive in the new retail order including dominant shopping centres and retail parks, together with supermarkets. Core markets such as Belgium, France, Germany and Sweden are expected to outperform in the short-term.

Current economic uncertainties should not make us lose sight of the basics: we act for the long term. We must always turn up our requirements concerning the centres and their optimisation. We look increasingly for locations closer to public transport interconnections, we want more contemporary architecture as well as effective environmental development. We must permanently innovate and adapt in retail. We encourage the expansion of retailers in Europe. We must also promote new contractual forms and adapt our tools for e-commerce. With these conditions, retail property will remain an essential component of the city and an irreplaceable tool for retailers.

ADVERTORIAL

Partner, Knight Frank Russia and CIS

Retailp.com lists nearly 400 projects from the exhibitors at MAPIC 2011: visit the free online Project Directory! MAPIC has join forces with retailp.com to list the projects of its 2011 exhibitors. The directory is accessible at both www. retailp.com and www.mapic.com. A smartphone version is also available. Nathalie Depetro, MAPIC Director: “When most of the new retail sites are already in the online directory, with close to 400 new projects of stand holders, it appears that the 2011 MAPIC edition is

already a great success in terms of exhibiting the key players of the industry who lead the momentum”. Pierre Combet, CEO of retailp.com: “The dedicated website created by www. retailp.com for MAPIC gives a great opportunity for exhibitors to introduce their projects for free, but also an easy access to key information for retailers or investors who will be visiting Cannes in order to organize their November shopping”.

mapic Live ®

Pierre Combet

s When created in 2001, retailp.com was the ﬁrst website dedicated to retail property in Europe. s It now covers 14 countries and 170 cities, giving a clear vision and expertise view of the retail property portfolio for each city with interactive maps of streets, malls etc. s Clients from retailp.com include: APPLE, GUESS, VIVARTE, ALTAREA, GUCCI, LEVI’S, AAREAL, HERMES, CORIO, CELIO, ETAM, CBRE, UNIBAIL, TRUSSARDI…

New ambition for Brussels

NEO Brussels is a high quality mixed-use project including a shopping centre, leisure, a convention centre, housing and exemplary public transportation which will set a new benchmark in urban redevelopment in Belgium. The NEO Brussels development project includes a robust sustainability strategy encompassing three key criteria: transport, energy and water.

Heyzel Plateau, Brussels Belgium

www.neobrussels.com

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project neWs PROJECT DOHA FESTIVAL CITY, DOHA, QATAR

PROJECT ZORLU CENTER, ISTANBUL, TURKEY

DEVELOPER AL FUTTAIM

DEVELOPER ZORLU GROUP

OPENING Q4 2014 Doha Festival City is a QAR6bn super-regional, mixed use retail, dining and entertainment destination coupled with hotel and convention facilities. Set over an area of 433,847 sq m with more than 260,000 sq m GLA, Doha Festival City will provide a diverse mix of uses for over 400 retailers. In the initial phase IKEA will open in Q4 2012, with the remaining elements of the project opening in Q4 2014.

OPENING 2012 Creating a new town square in Istanbul, Zorlu Center brings together residential, retail, a hotel, ofﬁces and a performing arts centre. To be completed by 2012, the Zorlu Center Shopping Mall will be at the heart of the project amid landscaped grounds and will include 200 Turkish and international brands, up to 40 restaurants and a 2,700 sq m gourmet grocery market. A 10room theatre and 2,000 sq m ﬁtness centre will also be located within the project.

PROJECT MSHEIREB DOWNTOWN, DOHA, QATAR

PROJECT SOLINGEN SHOPPING CENTRE, GERMANY

DEVELOPER MSHEIREB

DEVELOPER MAB DEVELOPMENT, SONAE SIERRA

PROPERTIES

OPENING 2013-2016 Msheireb Downtown represents the vision of Msheireb Properties’ chairperson Her Highness Sheikha Moza Bint Nasser to reflect the culture and aspirations of Qatar. A QAR20bn development, it will revive the old commercial heart of Doha based across a 31 ha site. To be completed in five phases, the mixed-use development will comprise more than 100 buildings, including 90,000 sq m of retail across 356 stores anchored by a department store, international flagship stores, a cinema, supermarket and family entertainment centre.

OPENING 2013-2014 Solingen Shopping Centre in the heart of Solingen region, North Rhine-Westphalia, Germany, is owned and developed by MAB Development and Sonae Sierra. Opening is scheduled for the end of 2013/beginning of 2014. With 28,000 sq m GLA, the shopping centre will consist of international and national brands as well as local retailers, including restaurants and services. The shopping centre will serve a densely populated catchment area, located between the cities of Wuppertal, Dusseldorf and Cologne.

PROJECT ECHO PACK DEVELOPER ECHO INVESTMENTS

PROJECT RAFFLES CITY CHENGDU, CHINA

OPENING 2012 ONWARDS The Echo Pack consists of 12 shopping centres being developed in Poland, Romania and Hungary. Planned for 2012 are Galeria Olimipia, Bełchatow; Galeria Veneda, Łomza and Outlet Park Szczecin, the ﬁrst outlet centre in the West Pomeranian region of Poland. In 2013 Galeria Amber, Kalisz and two extensions of existing centres (Pasaz Grunwaldzki, Wrocław and Galaxy, Szczecin) follow. The ﬁnal part of Echo Pack includes projects to be completed in 2014 and 2015: Galeria Nova, Koszalin; Metropolis, Poznan, plus shopping centres in Lublin and Katowice and two projects in Mundo (Hungary) and Korona (Romania).

PROJECT MALL PLAZA EGANA, SANTIAGO, CHILE DEVELOPER MALL PLAZA OPENING Q4 2012 Mall Plaza Egana will be Chile’s first sustainable mall. With over 80,000 sq m GLA, it will be located in the country’s capital, Santiago, on three floors of mixed commercial and a fourth dedicated to food and entertainment, with panoramic views of the city. Designed with state-of-the-art energy efficiency and certified under the LEED standard, the project was designed by Marc Carter at TVS Design, USA, and will be the 13th shopping centre in Chile for Mall Plaza.

Real Discussion. Real-Time.

DEVELOPER CAPITAMALLS ASIA

PROJECT NAILLOUX FASHION VILLAGE, TOULOUSE, FRANCE DEVELOPER ADVANTAIL, CORIO

OPENING 23 NOVEMBER 2011 Nailloux Fashion Village is the only factory outlet village in the greater south region of France, located 20 minutes from Toulouse. This ‘new generation’ factory outlet aims to attract 1.7 million visitors in its ﬁrst year, then 3 million visitors annually. It will include high visibility brands offering products from previous seasons at prices at least 30% below retail. Nailloux Fashion Village is backed by Advantail, with Corio as principal ﬁnancial partner.

OPENING 2012 Raffles City Chengdu is a landmark mixed-use development in Chengdu, the capital of China’s Sichuan Province and one of China’s largest cities. Located in an established commercial, retail, dining and entertainment area, Raffles City Chengdu comprises five high-rise towers divided into a shopping mall, offices, a hotel and serviced apartments. Designed by architect, Steven Holl, the mid- to high-end 90,000 sq m shopping mall will target middle income consumers.

SPECIALIST COMMUNICATIONS FOR THE RETAIL ENVIRONMENT FTI CONSULTING IS THE OFFICIAL COMMUNICATIONS PARTNER TO MAPIC

www.fticonsulting.co.uk

F O R E N S I C A N D L I T I G AT I O N C O N S U LT I N G C O R P O R AT E F I N A N C E / R E S T R U C T U R I N G E C O N O M I C C O N S U LT I N G TECHNOLOGY

S T R AT E G I C C O M M U N I C AT I O N S

project neWs PROJECT GROTE MARKTSTRAAT, THE HAGUE, NETHERLANDS DEVELOPER CITY OF THE HAGUE

OPENING 2012 International city of peace and justice The Hague has undergone major urban renewal and has evolved into a dynamic city centre. The busiest shopping district is the area around Grote Marktstraat, which hosts large department stores and international chains. The public area at Grote Marktstraat will be transformed into a city centre shopping boulevard covering 185,000 sq m, some 700 stores and 2,500 parking spaces, making it the largest shopping area in The Netherlands.

ITALY

PROJECT DOSTYK PLAZA, ALMATY, KAZAKHSTAN

DEVELOPER INTER IKEA CENTRE GROUP

DEVELOPER ONCUOGLU AND ACP ARCHITECTURE, DDG

OPENING 2013

OPENING Q3 2013

PROJECT VILLESSE SHOPPING,

IKEA store Villesse Shopping is set to open in 2013, in the north-eastern region of Italy, strategically located on the junction of the A4 motorway linking Venice and Trieste and two primary roads connecting Villesse with Gorizia and the Slovenian border. This gives it a catchment area including over 1,000,000 inhabitants. With more than 180 stores, a multiplex cinema, and its unique food court experience, Villesse Shopping by Inter IKEA Centre Group will be a familyfriendly destination.

Situated on Dostyk Avenue, the emerging central business district of Almaty, the design of Dostyk Plaza is inspired by the geography and natural landscape of the city. The project is designed as a shopping and entertainment centre comprising two distinctive retail styles as an open-air lifestyle centre and an enclosed shopping environment with GLA of 52,000 sq m. The open-air plaza surrounded by shops and restaurants simulates high street retail.

Work your way

Wherever, whenever and however you need to. s &LEXIBLE WORK READY OFlCES BY THE DAY s 0ROFESSIONAL MEETING AND TRAINING ROOMS s !CCESS TO BUSINESS LOUNGES WORLDWIDE s 3TRATEGIC BUSINESS ADDRESSES s "USINESS AND ADMIN SUPPORT SERVICES

To ﬁnd out more call 0 800 023 077 or visit www.regus.fr

PROJECT THE FORUM, MANGALORE AND KUKKATPALLY, INDIA DEVELOPER PRESTIGE OPENING Q1 2013 The Forum will be located in Padneshwar, Mangalore, one of the fastest developing cities in India. Infosys Technologies and EDS are two of the IT companies that have set up ofﬁces in Mangalore on a large scale. The project will be a one stop mall for shopping, the cinema, entertainment and dining. Another Prestige project is located in Kukkatpally, a major residential and commercial suburb in Hyderabad. It is a hub for shopping in the IT corridor, with The Forum Sujana Mall designed as a destination mall for lifestyle, fashion, food, cinema and entertainment.

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PROJECT NEO BRUSSELS, BELGIUM

DEVELOPER KCAP OPENING STARTING 2014 NEO Brussels is a high quality mixed-use project incl. a shopping centre, leisure, convention centre and residential. This exciting development project sits on the 68 hectares Heyzel Plateau site, of which 18 hectares will be redeveloped to create a vibrant new area. The existing metro and tramway lines from downtown Brussels will be further improved. Estimated investment value is €900 million and phase 1 works will start in 2014.

PROJECT BEAUGRENELLE SHOPPING CENTRE, PARIS, FRANCE DEVELOPER APSYS OPENING SPRING 2013 The renovation of the 45,000 sq m GLA Beaugrenelle shopping centre is part of a major rehabilitation project for the Front de Seine area along the Seine in the Fifteenth Arrondissement, Paris. A full-scale urban renewal operation, the Beaugrenelle project aims to regenerate the Seine’s banks and neighbourhoods. Beaugrenelle’s architecture is eco-friendly and the shopping and leisure space will revolve around a new architectural concept of islands, similar to department stores.

PROJECT ONE FASHION OUTLET, BRATISLAVA, SLOVAKIA DEVELOPER REALIZ, RIOJA DEVELOPMENTS OPENING 2012 One Fashion Outlet is set to be Slovakia’s ﬁrst fashion outlet centre, situated on the D1 Highway in Voderady outside of Bratislava. The outlet will provide consumers with an area of 200,000 sq m, within which will be over 100 retail and restaurant units. Slovakian developer Realiz is working with outlet specialist, Rioja Developments towards the €75 million investment. Tenants will include Benetton, Envy, Adidas, Esprit and Schiesser Underwear, Tom Tailor, Gant, Nike, Levis’ and Lindt at a lakeside setting within 20 minutes of Bratislava.

PROJECT THE WEST, WEST OF PARIS, FRANCE DEVELOPER ADVANTAIL, CATINVEST

OPENING Q4 2013 This outlet centre to the west of Paris is less than 10km from the Chateau de Versailles, 27km from Paris and is adjacent to a large retail park with over 100 major retailers. The West has planned a host of customer services, including a preferred customer reception, tourism tax refunds, while-you-wait tailoring, electric shuttles around the Plaisir shopping complex, etc. Outdoor walkways are protected from the elements by glass canopies and a heat recovery system will provide store heating, while photovoltaic panels will make it an ‘energy positive building’.

More than 2,200 retailers and 300 new brands List of retail companies at MAPIC 2011 NV DECATHLON BENELUX (DECATHLON)

AMERICAN VINTAGE

PIENS MUSIC GROUP

e AMORINO

PLUS S.A. / N.V.

APAGOR

RACKSTORE SA

ARMAND THIERY SAS (ARMAND THIERRY SAS)

C & A MODE GESMBH & CO KG

SI JOLIE VENIZI

ARMOR LUX

FIELMANN GMBH

SIMONS-WALRAVENS

ATAC SAS - SIMPLY MARKET

HOEGL SHOE FASHION GMBH

SOGESMA SA. TRAFIC

ATOL LES OPTICIENS

LEDER UND SCHUH INTERNATIONAL AG

n SPRL DELCAMBE CHAUSSURES

n AU BUREAU

OBI BAU-UND HEIMWERKERMAERKTE SYSTEMZENTRALE GMBH

VERITAS

AUBERT FRANCE

WAMO BVBA (ZEB)

e AUCHAN HYPERS

ALBANIA n AS FASHION SH.P.K

AUSTRIA

PALAIS INTERIORS PALMERS TEXTIL AG REWE INTERNATIONAL AG SES SPAR EUROPEAN SHOPPING CENTERS GMBH VAN GRAAF GMBH & CO .KG

AZERBADJIAN

BRICO BELGIUM (SA MAXEDA DIY B.V) BUDGETSLAGER C&A BELUX (COFRA HOLDING - C&A COMM. V) CASSIS DELHAIZE GROUP E5-MODE N.V

BBF

BIZOU INTERNATIONAL INC

CROATIA

BRANTANO NV (MACINTOSH RETAIL GROUP)

BATA FRANCE DISTRIBUTION (BATA)

ALDO GROUP

BELGIUM

BLUE STORES SA

n BALENCIAGA (PPR GROUP)

CANADA

LA VIE EN ROSE

APPEL’S

BABOU

FOX BULGARIA LTD

SINTEKS MMC

n ANY GREEN THE TROPICAL PLANT PEOPLE

n B&C DEVELOPPEMENT FRANCHISE

BULGARIA

BDM

BE SHORTS

BEL AIR BELLEX

ADRIA DESIGN

BENCOM SRL SUCCURSALE EN FRANCE (BENETTON GROUP SPD)

CZECH REPUBLIC

BESTSELLER RETAIL FRANCE

AMREST S.R.O.

n BLEU BLANC ROUGE

BATA

BLEU CERISE - SAS MOUCHET BURY

KAUFLAND

n BOSE

PIETRO FILIPI

n BOTANIC

PROFIMED S.R.O

n BOTTEGA VENETA (PPR GROUP)

TOYS WAY SERVICE CESKA S.R.O.

n BOUCHERON (PPR GROUP)

BOULANGER SA (HTM GROUP)

DENMARK

BOUTIQUE NATURE

EQUILIS GROUPE MESTDAGH

ECCO SKO A/S

EURO SHOE GROUP

n SAINT TROPEZ AS (IC COMPANYS DENMARK)

EUROSHOP

SKAGEN DESIGNS RETAIL

EXKI SA

TICKET TO HEAVEN

FRANK’S NV

WOMAN POWER C/O RETEAM

GODIVA CHOCOLATIER GROUPE ZANNIER BELGIUM S.A HUBO BELGIE NV INTER IKEA SYSTEMS SA (IKEA) INTERESTING VASTGOED n JBC NV

JULES BELGIUM (HAPPY CHIC GROUPE) e n KCC ENTERTAINMENT DESIGN

KUWAIT PETROLEUM BELGIUM SA LABORATOIRES DE BIOLOGIE VEGETALE YVES ROCHER LEVI STRAUSS & CO EUROPE MCDONALD’S BELGIUM NV/SA (MCDONALD’S CORPORATION) MCGREGOR RETAIL BELGIUM

e BRICO DEPOT FRANCE n BRICOMARCHE

BRICOSTORE HOLDING BRIOCHE DOREE

FRANCE

BUFFALO GRILL

1.2.3

BURTON OF LONDON

17EME PARALLELE (HEMISPHERE SUD)

BUT INTERNATIONAL

7 CAMICIE

C HOUSE COFFEE SHOP FRANCE

n ACCESSOIRE DIFFUSION

C&A FRANCE

n ACCESSORIZE SAS

n CAFE LEFFE

AD’ HAUC

CARBONE INTERNATIONAL

ADIDAS FRANCE

CARGLASS SAS

AFFAIR’S FRANCE

CARNET DE VOL CARRE BLANC

e AGAPES RESTAURATION

AGORA PRESSE ET CAETERA

CARRE DES HALLES

e CARREFOUR

AIGLE

e CARREFOUR PROPERTY ASSET MANAGEMENT

ALAIN AFFLELOU FRANCHISEUR

MITISKA

ALEXANDER MCQUEEN (PPR GROUP)

NEW YORK PIZZA

n AMBIANCE ET STYLES

e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

n BR-DIFFUSION SARL

e CARREFOUR PROPERTY INTERNATIONAL

CARROUSEL 1900 ACTIONS LOISIRS

List as of November 4th

More retailers List ofthan retail2,200 compagnies at MAPIC 2011 and 300 new brands CASA FRANCE (BLOKKER GROUP)

ESTEE LAUDER COMPANIES

INTERMARCHE / NETTO

CASAPIZZA FRANCE SAS

ETABLISSEMENTS NICOLAS

INTERNITY (GROUPE AVENIR TELECOM)

e CASINO HYPERMARCHES ET SUPERMARCHES

EURL BOMOULINS

INTERSPORT FRANCE

e CASINO IMMOBILIER ET DEVELOPPEMENT

EURODIF

INVESTOR-TRADOR

e CASINO RESTAURATION (CASINO)

EUROPE SERVICES

ISAMBOURG (GROUPE MOSAÏC)

e CASTORAMA FRANC

n FAC CARPE DIEM

IZAC

CCV

FAST RETAILING

JARDILAND ENSEIGNES

CELIO

FESTI SA

n JEAN RICHARD (PPR GROUP)

CHAUSPORT / JD SOCIETE SPODIS

FEU VERT

JEFF DE BRUGES

CHAUSS EXPO (DESMAZIERES)

n FINSBURY

JEREM

CHAUSSEA SAS

e FLUNCH

n JOIA

CHAUSSLAND

FNAC

JOUR DE FETE

n CHAUSS’PRIX

FONGALY

JULIE GUERLANDE

CHOCOLATS ROLAND REAUTE

FORMUL

n KANGOU PARK CODECOM

CHRISTINE LAURE

FRANCE MATERNITE - BEBE 9

KERIA

CHRONOSTOCK

FRANCE QUICK SAS

KFC FRANCE SAS (YUM)

CINQ SUR CINQ

FRANCESCA DEVELOPPEMENT

KIABI EUROPE SAS

n CISEAUX D’ARGENT LA MAISON DE LA CHEMISE

G2AM-STEINER

KING JOUET SAS

CITYNOVE / GROUPE GALERIES LAFAYETTE

n GAASTRA

n KIWI

CLAIRE’S ACCESSORIES

GALERIES LAFAYETTE

n KODAK EXPRESS

CLEOR

n GANT FRANCE

KOODZA (DECATHLON SA - OXYLANE GROUP)

n COCKTAIL SCANDINAVE

GARELLA HOLDING

COMPAGNIE DE PHALSBOURG

GEMO

n LA COMPAGNIE DES MARQUES

COMPAGNIE DES MARQUES

GENERAL DES SERVICES

LA COMPAGNIE DES PETITS

CONFORAMA (GROUPE STEINHOFF)

GENERALE DE TELEPHONE

LA CROISSANTERIE

COOK & GO

GENEVIEVE LETHU SAS

LA GENERALE DE TELEPHONE

CORA (GROUPE LOUS DELHAIZE)

GIBERT JEUNE

n LA HALLE

n CRESUS

GIFI

n LA HALLE AUX ENFANTS

n CRIOLLO

n GIOVANNI RANA RESTAURATION FRANCE SAS

n LA MANGOUNE - BRASSERIE AUVERGNATE

CROCODILE RESTAURANTS

n GIRARD-PERREGAUX (PPR GROUP)

LA SAMARITAINE

n CSP BLEU LIBELLULE (BLUE LIBELLULE)

GOLD BUYERS FRANCE

n LACOSTE/DEVANLAY

n CYCLABLE SARL

n GOOD PRICE

LADUREE

DAMART

GRAM

LAPEYRE (SAINT-GOBAIN)

DARJEELING (GROUPE CHANTELLE)

GRAND FRAIS DEVELOPPEMENT

n L’APPART HEALTH & FITNESS

GRANDVISION FRANCE

LBV YVES ROCHER

GROUPE ADEO LEROY MERLIN

n LDA

GROUPE CHANTELLE

LE TANNEUR

GROUPE FLO

LE TEMPS DES CERISES

GROUPE GALERIES LAFAYETTE

n L’EAU VIVE

GROUPE GO SPORT

LECLERC SA LANGON DISTRIBUTION

GROUPE JEAN DELATOUR

LEON DE BRUXELLES

GROUPE LA PATATERIE

LEROY MERLIN FRANCE

GROUPE MAISON DE LA LITERIE

e LES 3 BRASSEURS

GROUPE MICHEL DERVYN SAS LAFAYETTE COIFFURE

LES CHEMINS BLANCS LENER-CORDIER

GROUPE MONCEAU FLEURS

n LES ENFANTS DE NOE

GROUPE NOCIBE FRANCE

n LES FEES DE BENGALE

GROUPE PLANET SUSHI

LEVI STRAUSS CONTINENTAL

GROUPE RESTAURANTS LA BOUCHERIE

n LIU JO

GROUPE SAMSE

L’OCCITANE EN PROVENCE

GROUPE VOG

LOUIS PION - ROYAL QUARTZ

GROUPE ZANNIER

LOUVRE HOTELS

GSM RETAIL (T/A BILLABONG)

LUDENDO

GUINOT

LUDERIX INTERNATIONAL SAS PICWIC

H&M HENNES & MAURITZ (H&M)

LYNX

H. LANDERS

MAISON DE LA LITERIE PRESTIGE

HANS ANDERS OPTICIEN

MAISON LARNICOL

HAPPYCHIC

MAISONS DU MONDE

HEMA

n MAJESTIC FILATURE

DARTY FRANCE DE NEUVILLE (SOPARIND BONGRAIN) DECATHLON - OXYLANE DECS SOLEIL SUCRE DEVRED n DIAMS ONE

DIM DISTRIBUTION CASINO FRANCE D-KAY DOCKS EUROPEENS n DONJON BIJOUX-MONTRES

DPM BY DEPECH MOD BLEU CITRON (GROUPE SPBC DMP BY DEPECH’MOD) DU BRUIT DANS LA CUISINE DU PAREIL AU MEME EASY CASH EAU VIVE (L’) n ECHOS DECO e ECO PORTRAIT

EDEN n ED-SARL LDA

EL RANCHO ELECTRO DEPOT (HTM GROUP) ELIANCE-RESTEUROP ENSEIGNE COIFFURE JEAN CLAUDE AUBRY INTERNATIONAL

L REAL ESTATE ADVISORS

HYGENA CUISINES

MARIONNAUD LAFAYETTE

ERAM

n ID KIDS

MARY COHR

n ERES

e IMMOCHAN

n MAUS FRERES INTERNATIONAL SERVICES

ESCHAUDIS SUPER U ESCHAU

IMPULSION-SARL FAMILH

n MAX AVENTURE

ESPRIT FRANCE (ESPRIT)

n INDIES

n MAXAUTO

e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

List as of November 4th

Over 280 new retail brands ! MAXI TOYS FRANCE S.A. (BLOKKER)

RIP CURL EUROPE

VAPIANO

MC GREGOR FRANCE RETAIL

n ROADY

VIA VENETO

MCDONALD’S FRANCE

n ROUGEGORGE

VICTOR ET MADELEINE

MDL CANAPES CONVERTIBLES

RYVIA

MDP DEVELOPPEMENT-MEZZO DI PASTA

SA GROUPE CARNIVOR

VIVARTE

MERCIALYS

SA RIU AUBLET

n VOLCOM EUROPE

METRO

SA TEL AND COM

WARNACO FRANCE

MEUBLES IKEA FRANCE SNC

SAGAM

WASHOP

MEXX FRANCE- GROUPE LIZ CLAIRBORNE

SALOMON SAS (AMER SPORTS)

WELDOM (ADEO)

n MICROMANIA GROUP

SAN MARINA

XXL HABITAT ET OBJET

MIM (NEW LOOK)

SARL ADL - LITERIELAND (LITERIELAND - GROUPE ANSAC)

YSEAL DEVELOPPEMENT

MINIT FRANCE SAS MOA MOBILIER EUROPEEN (ATLAS-FLY-CROZATIER) MONOPRIX n MOUSTACHES

MT SARL n MURAT

n VIRGIN STORES

SARL CYSCA MURAT PARIS SARL IMMO MC PORTES SARL ONE (GUESS) SARL PM DIS CAMAIEU INTERNATIONAL SAS MONTS FOURNIL - LA MIE CALINE SAS

YUM RESTAURANT INTERNATIONAL n YVES SAINT LAURENT (PPR GROUP)

ZADIG ET VOLTAIRE ZANIMAUX ZUMO PACA

GERMANY

SAS STANDARD

ABERCROMBIE & FITCH

SBM - SALOME

ADIDAS AG

NATURE ET DECOUVERTES

SC DEVELOPPEMENT -SHOP COIFFURE (SHOP COIFFURE)

AIRFIELD - RETAIL DEVELOPMENT GROUP

NESPRESSO FRANCE S.A.S

SCHIEVER DISTRIBUTION SA

NEW LOOK

SD CHANTILLY / ALISTER

NEW YORKER

n SECRETS D’APICULTEUR

NORAUTO FRANCE

SEPHORA (LVMH)

NORD FRANCE DISTRIBUTION

SERARE S.A.S. COURTEPAILLE

n NORMA SARL

SERGENT MAJOR

OIA BEAUTE - SOCOPAR

n SERGIO ROSSI (PPR GROUP)

OK SERVICE

SFD (SFR)

OKAIDI

SFR

OPTIC 2000

n SHOP COIFFURE

n OPTICAL CENTER

SOCARA E. LECLERC

ORANGE-FRANCE TELECOM

n SOCCER 5 FRANCE

ORCHESTRA KAZIBAO

SOCIETE ATAC - GROUPE AUCHAN ENTREPRISE REGIONAL SIMPLY OUEST

n NAPALI SAS / QUIKSILVER EUROPE

NATURALIA

e O’SUSHI n OXYBUL

OYA - JARDIN DES FLEURS PARFUMERIE DOUGLAS FRANCE SA (DOUGLAS HOLDING AG)

SOGOOD CAFE

n ALEX CAFE BARS

ALL SAINTS BAUHAUS AG BEELINE GMBH BESTSELLER BIBA GMBH BIJOU BRIGITTE MODI SEHE ACCESSOIRES AG BRAX STORE GMBH & CO. KG e BRUNSWICK BOWLING & BILLIARDS

C&A BUYING KG CLAIRE’S ACCESSORIES GMBH e DEICHMANN SE

DOUGLAS IMMOBILIEN GMBH RCO E. BREUNINGER GMBH & CO. ESPRIT EUROPE GMBH

SOLARIS (GRAND VISION)

ESPRIT WHOLESALE GMBH

SOULEIADO

EXPANSIONSPARTNER GMBH

SPEEDY FRANCE SAS

FRAMODE GMBH

PASCAL COSTE COIFFURE

SPORT 2000 FRANCE SAS

PASSAGE BLEU SPA URBAIN

SPORTSDIRECT.COM

FRESSNAPF IMMOBILIEN e UND VERMOEGENSVERWALTUNGS GMBH

PAUL SERVICES

STARBUCKS COFFEE FRANCE

PETIT BATEAU (YVES ROCHER)

STEINMETZ CHAUSSEUR SAS

PHILDAR SA

n STELLA MCCARTNEY (PPR GROUP)

e PHOTOMATON

STOCK J BOUTIQUE JENNYFER

PIMKIE

n STOKOMANI

PIXMANIA

n STORY

e PIZZA PAI

SYNALIA

PLAY MART FRANCE SARL

SYSTEME U

PLUS INTERNATIONAL SAS

TAPE A L’OEIL

POINT SOLEIL n POIVRE ROUGE / RESTAUMARCHE

POMME DE PAIN

TH LOTHMANN GESTION THE PHONE HOUSE (CARPHONE WAREHOUSE / BEST BUY)

FRISOR KLIER GMBH GERRY WEBER INTERNATIONAL AG GINA TRICOT GMBH H&M HENNES & MAURITZ B.V. & CO. KG HOLY AG JACK WOLFSKIN GMBH & CO KGAA n KEMPGEN SHOES

KENTUCKY FRIED CHICKEN KIDDIELAND GMBH KIK TEXTILIEN UND NON-FOOD GMBH LERROS MODEN GMBH LUDWIG GOERTZ GMBH

PROMOD

THOM EUROPE (HISTOIRE D’OR n TRESOR ET MARC ORIAN)

MARC O’POLO EINZELHANDELS GMBH

n PROMOD INVEST (PROMOD)

TISSUS DES URSULES

PROVALLIANCE

TOM TAILOR FRANCE SARL

MEXX DEUTSCHLAND GMBH (LIZ CLAIRBORNE INC)

e QUBICAAMF WORLDWIDE LLC

n TRIDOME (ALBERT SA)

RAND

TRUFFAUT

REDSKINS

UN JOUR AILLEURS

NAVYBOOT FOGAL JETSET/ RETAIL DEVELOPMENT GROUP (GAYDOUL GROUP)

n REPETTO

UNIMAG FAURE(UNIMAG FAURE)

ORSAY GMBH

RESEAU CLUBS BOUYGUES TELECOM

UNIQLO

OTTO (GMBH & CO KG) (OHO GROUP)

n RETIF

n UNIVERS DU SOMMEIL

PEEK & CLOPPENBURG KG

RICHARD & SONS

V.D.P CARREMENT MODE

PEEK & CLOPPENBURG KG (HAMBURG NORTH)

e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

e MEDIA-SATURN HOLDING GMBH n MITCHELLS & BUTLERS GERMANY GMBH

MY PHARMACY GMBH

List as of November 4th

More retailers List ofthan retail2,200 compagnies at MAPIC 2011 and 300 new brands n PHOENIX GROUP

COCAMA SRL

n PHARMA VENDING SRL (ESSERE BENESSERE)

PIMKIE

n COLT JEANS

PIAZZA ITALIA SPA

PRAKTIKER AG

COMPAR SPA

PROMOD DEUTSCHLAND GMBH (PROMOD) QS BY S. OLIVER

CONAD ADRIATICO SOC COOP

n n

S. OLIVER BERND FREIER GMBH & CO. KG SELECTION BY S. OLIVER

COOP ADRIATICA SCARL

PROFUMERIE DOUGLAS SPA ( DOUGLAS HOLDING AG)

DARTY ITALIE

PROMOD ITALIA SRL

DOLCE & GABBANA SRL

PTA GROUP BOOBALOO SRL

EMMECI SRL

STARBUCKS COFFEE GERMANY GMBH

n ENNEPI SRL

STREET - SUPER SHOES / KIENAST GROUP GERMANY

EUROBRICO SPA

SUPER DRY

EURONICS ITALIA SPA (EURONICS INTERNATIONAL LTD)

TAKKO FASHION GMBH

FENICIA SPA

TCHIBO GMBH

FOCACCERIA LIGURE

TELEKOM SHOP VERTRIEBSGESELLSCHAFT MBH

GALLERIE COMMERCIALI BENNET SPA

TOM TAILOR GMBH

n GAME7ATHLETICS SPA (CHAMPION EUROPE SPA)

n TOP SHOP

GAMESTOP ITALY SRL

n TRIANGLE BY S. OLIVER

GAUDI TRADE SPA

VERSANDHAUS WALZ GMBH BABYWALZ

GEOX

VILLEROY & BOCH TABLEWARE DIVISION

n GOLD GALLERY

YVES ROCHER GMBH

GOLDEN LADY COMPANY SPA

e PATAFRITAS S.A

HONG KONG SPECIAL ADMINISTRATIVE REGION GROUP CENTRO

HUNGARY INVAZIO CENTRUM KFT

IRELAND ZUMO INTERNATIONAL

GRANDI MAGAZZINI SUPERMERCATI IL GIGANTE SPA GRUPPO PAM SPA GRUPPO ZANNIER ITALIA SRL DEPARTEMENT Z n HABS SRL (ALDO)

HAPPY CENTER SERVICE SRL ILLYCAFFE SPA IMAP EXPORT SPA e IMMOCHAN EN ITALIE

INTICOM S.P.A./ YAMAMAY BRAND J.FELIU DE LA PENYA S.L JEAN LOUIS DAVID - ITALIA JYSK ITALIA S.R.L.( JYSK)

ISRAEL n LALINE CANDLES AND SOAP LTD

MAGNOLIA SILVER JEWELLERY (MAGNOLIA SILVER JEWELLERY GROUP LTD) SUCCESS CHARGING

ITALY

PRIMADONNA SPA

D.I.P. DIFFUSIONE ITALIANA PREZIOSI SPA

SHSELECTION

GREECE

PLAYIDEA SRL PRECA BRUMMEL SPA

CONBIPEL SPA

REAL GROUP HOLDING GMBH (METRO GROUP) REISS

n PITTARELLO CALZATURE n

RCB SPA SALMOIRAGHI & VIGANO S.P.A e SCARPE & SCARPE SPA

SEBETO ITALIA SRL SER SRL SHELL ITALIA S.P.A. ST SPA LINDT STORE (LINDT SPRUNGLI SPA) STROILI ORO SPA n SWAROVSKI INTERNAZIONALE D’ITALIA SPA

TATA ITALIA S.P.A. TEDDY SPA n TERRANOVA

TH ITALIA THUN SPA UN JOUR AILLEURS ITALIA SRL UNICOOP FIRENZE UNIEURO SPA n UNISON SRL - DEN STORE

VALLESI SPA VODAFONE OMNITEL NV WARNACO ITALY YOYOGURT SRL YVES ROCHER ITALIA SRL A SOCIO UNICO ZOPPE SAS DI ZOPPE ALBERTO EC

LEBANON

KIKO SRL (PERCASSI GROUP)

n ABC

KUVERA S.P.A. / CARPISA BRAND

n ADOLFO DOMINGUEZ

LA GARDENIA BEAUTY SPA

AZADEA

LAVA & CUCE

n MAJE

L’ERBOLARIO FRANCHISING SRL

n SANDRO

LEROY MERLIN ITALIA SRL (GROUPE ADEO)

3 ESSE SRL TIMBERLAND (TIMBERLAND ITALIA)

LEVI STRAUSS

n ATHMOSFERA

LIMONI SPA

e AUTOGRILL SPA CENTRO DIRLE MILANOFIORI

L’ISOLA VERDE ERBORISTERIE SRL

BEAUMANOIR ITALIA SRL (GROUPE BEAUMANOIR)

LIST FASHION GROUP

BENETTON GROUP S.P.A.

LVMH ITALIA SPA - DIVISIONE SEPHORA

BESTSELLER ITALY SPA (BESTSELER A/S)

n MAGAZZINI CAVOUR

BIELLA SCARPE SPA

MAISONS DU MONDE ITALIE SRL

BIJOU BRIGITTE

MANIFATTURA DI VALDUGGIA SPA

n BLUESPRIT

MARALD SPA

BOAVISTA SRL

MCDONALD’S DEVELOPMENT ITALY INC.

BONATI & PARTNERS SRL

e MEDIAMARKET SPA

BRICOMAN ITALIA SRL

n MINICONF SRL

C HOUSE ITALIA SRL

MIROGLIO GROUP

C&A MODA ITALIA SRL

MODA E COMPANY SRL

LITHUANIA n DOVANU VERSLAS(DORADO)

LUXEMBOURG SALONIX SARL / TOUSALON

MACEDONIA (FORMER YUGOSLAV REPUBLIC OF) FASHION GROUP

MONACO ALDO-MIM (ALDO)

MOROCCO e BEST REAL ESTATE GESTION

NETHERLANDS

MODISTI SRL

ADIDAS INTERNATIONAL TRADING BV

CALZEDONIA SPA

MONDO CONVENIENZA HOLDING SPA

AHOLD REAL ESTATE & CONSTRUCTION

CANARD 88 SRL

MOTIVI (MIROGLIO FASHION)

ASICS EUROPE BV

CAPRI SRL

NAU S.R.L.

CINEMA CITY INTERNATIONAL N.V

e CARREFOUR PROPERTY ITALIE

NIKO DI CAMBARERI VINCENZO

COLTEX RETAIL GROUP BV

n CIAO CIAO WORLD SRL

n OPEN GAMES

COOLINVESTMENTS

CIBIAMO SRL

n PANINO GIUSTO SRL

ETAM GROEP NL

CIGIERRE-COMPAGNIA GENERALE RISTORAZIONE SPA

n PAPRIKA SRL

FOOT LOCKER EUROPE B.V.

CINTI SRL

PERCASSI MANAGEMENT(PERCASSI GOUP)

G-STAR RAW. C.V

CALLIOPE

e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

List as of November 4th

Over 280 new retail brands ! HEMA BV HUNKEMOLLER B.V. KRUIDVAT LA LIGNA B.V RITUALS COSMETICS S.OLIVER

PORTUGAL e IMMOCHAN AU PORTUGAL

IRMAOS VILA NOVA SA PARFOIS

ROMANIA

RIVE GAUCHE n ROCKPORT

ROSINTER RESTAURANTS n SEDMOY CONTINENT

SK TREYD LLC (SNEZHNAYA KOROLEVA) SMYK RUS

n SACHA

e CARREFOUR PROPERTY ROUMANIE

SNEZHNAYA KOROLEVA TM LLC

STARBUCKS COFFEE EMEA BV

FLANCO

SPAR TULA

THE STING

IMMOCHAN IMMOBILIARE SRL

SPORTMASTER

WE REAL ESTATE MANAGEMENT B.V

OBI ROMANIA SRL

STARYK HOTTABYCH (FEDERAL RETAIL n CHAIN OF STORES)

NORWAY n BOOTS APOTEK NORGE AS

POLAND ALMI DECOR ALSHAYA POLAND SP ZOO AMREST SP. Z O.O. BEELINE e CARREFOUR PROPERTY POLOGNE e CASTORAMA POLAND

CEERES POLAND SP ZOO e DIVA POLAND SP Z O.O.

DOMINIUM SA DOUGLAS POLSKA SP. Z O.O. EBS S.A. ETOS SA EWE EAST WEST EUROPE SP.ZO. (BRAND: TOM&PAUL) HDS POLSKA n I AM e IMMOCHAN EN POLOGNE

RESTO FAST (FRANCHISE BRIOCHE DOREE)

RUSSIAN FEDERATION

n STROYDEPOT CJSC

ADIDAS GROUP

SVYAZNOY

ALKOR & CO’ LLC

n TECHNOPARK HOLDING

AMREST L.L.C.

e TOCHKA OPORY

BABYLAND

e n

BERINGOV PROLIV DELTA BNS GROUP

BUKVA CARLO PAZOLINI GROUP e CASTORAMA RUSSIA n CHARUEL

CINEMA NETWORK FIVE STARS n COFFEEMANIA

CORPORATION SELA DETSKY MIR-CENTRE JSC n DIVA

ELENA MIRO n ESPERANCE n FAST FASHION LLC

KAN SP Z.O.O. (KAN GROUP)

GLOSAB L.L.C.

KAPPAHL POLSKA SP. Z.O O (KAPPAHL AB)

GROUP CENTRO

KAZAR FOOTWEAR SP Z O.O.

GROUP OF COMPANIES AVTOMIR

KOLPORTER SA

n HENDERSON (FASHIONABLE MENSWEAR)

n LE MAC

HOME INTERIOR LLC (KIKA GROUP)

LEROY MERLIN POLSKA SP Z.O.O. (ADEO)

ILE DE BEAUTE

LPP S.A.

e IMMOCHAN EN RUSSIE

n MATRAS S.A.

n KINOMAX

MCDONALD’S POLSKA SP. Z O.O.

n KIRA PLASTININA STILE

MEDIAEXPERT TERG SP. Z O. O.

LEROY MERLIN VOSTOK (ADEO GROUP)

MK BOWLING BC CLUB SP. Z O.O.

n LLC LENTA

MULTIKINO SA

MIROGLIO FASHION GROUP MOTIVI-M OOO

NFI EMPIK MEDIA & FASHION S.A. (EMF GROUP)

MODIS

n NG2 S.A.

n MONEKS TRADING LLC (ALSHAYA GROUP)

PARIS WOMEN

e MVIDEO

PERFECT CLEAN SP Z O.O.

NEW LOOK LLC

POLBITA SP. Z O.O.

NOTES

ROSSMANN SDP SP. Z O.O.

n NR GROUP

SEPHORA POLSKA SP. ZO.O.

OGGI / OODJI

n SIX

STOLICHNIY YUVLIRNY ZAVOD LLC

n ADAMAS

n JENNY SP. Z 0.0

e SIMPLE CREATIVE PRODUCTS SA

STOCKMANN

OJSC FASHION CONTINENT n OJSC TORGOVY DOM VLADIVOSTORKSKY GUM

X5 RETAIL GROUP N.V. ZAO MARATEX n ZOLOTAYA ELENA

SINGAPORE n CANDYLICIOUS

SLOVAKIA AZOR SRO EXISPORT S.R.O. n GATE S.R.O

SLOVENIA MERCATOR D.D

SPAIN n AMICHI

BATA S.A. ESPANOLA S.U. BEELINE RETAIL BIJOU BRIGITTE BOCATTA n BRICKELL ENTERTAINMENT e BRICO DEPOT SPAIN n BRICOR S.A e CARREFOUR PROPERTY ESPAGNE

CLAIRE’S ACCESSORIES CONFORAMA ESPANA SA DESIGUAL DOUGLAS DRUNI PERFUMERIES EL GYM n ESTABLIMENTS VIENA SA

EUREKAKIDS n FLORMAR COSMETICS SL

FNAC ESPANA GENERAL OPTICA SA (DE RIGO) GOLD BUYERS EUROPE S.L.

OKEY GROUP

GROUPE ADEO - ADEOSERVICES LEROY MERLIN SLU (GROUPE ADEO)

OOO RTG CSA FRANCHISE PARTNER IN RUSSIA

GRUPO CORTEFIEL

SWIAT SPINEK

OOO STOLITSA MENEGMENT

GRUPO RODILLA

TESCO (POLSKA) SP. Z O.O. PROPERTY AND INVESTMENT OFFICE

PANCLUB CJSC (PANDORA)

HENNES & MAURITZ S.L.

PUMA RUS LLC

e IMMOCHAN ESPAGNE

n TOM & PAUL (EWE EUROPE)

RAMO-M ZAO

JYSK DBL IBERIA SLU

ULTIMATE FASHION SP ZOO

e n RE:STORE RETAIL GROUP

KIABI ESPANA KSCE SA

VISION EXPRESS SP. SP. Z O.O.

n REAL - HYPERMARKET (METRO GROUP)

MANGO - PUNTO FA S.L.

e YES BIZUTERIA SP. Z O.O.

REAL ESTEIT GROUP LLC (SHEZHNAYA KOROLEVA)

MASSIMO DUTTI SA

ZIBI GROUP

n RESPECT SHOE COMPANY

MCDONALD’S SISTEMAS DE ESPANA INC.

SMYK SP. Z O.O. SUPER- PHARM POLAND SP. Z O.O.

e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

List as of November 4th

More retailers List ofthan retail2,200 compagnies at MAPIC 2011 and 300 new brands MERCADONA SA

e CILEK MOBILYA SANAYI PAZARCAMA TICARET A.S.

PHONE HOUSE S.L.U. (THE CARPHONE WAREHOUSE/THE PHONE HOUSE)

COLIN’S (EROGLU HOLDING)

MACKAYS STORES LIMITED (MACKAYS GROUP)

COSKUN HAZIR GIYIM A.S.

n MARKS & SPENCER

PIMKIE (EUROPE SOUTH WEST) PRENATAL SA (ARTSANA) PRODUCTOS ALIMENTICIOS BELROS S.A. PROVALLIANCE ESPANA (FRANCK PROVOST Y JEAN LOUIS DAVID) PUNT ROMA SL n SENSEBENE

SEPHORA TAILOR & CO TECNOTRON S.A AUTOMATIC PHOTOBOOTHS n &SERVICES THE EAT OUT GROUP VIVARTE MODA SA (VIVARTE FRANCE) YZ RETAIL SHOPS

n MILLE & CARTER RESTAURANTS

n DEFACTO/OZON GIYIM SAN TIC AS

DRY CENTER (CAN GROUP)

n MITCHELLS & BUTLERS

ELECTRO WORLD IG XE DIS TICARET AS

NESPRESSO

GIZIA MODA TEKSTIL SAN VE DIS TIC LTD STI

n NICHOLSONS

n GRATIS IC VE DIS TIC AS

n O’NEILLS

HD RESTORANT ISLETMELERI TURZ. INS.SAN.VE.TIC.LTD.STI

n ORIGINAL PENGUIN

IPEKYOL GIYIM SANAYI VE PAZARLAMA VE TICARET A.S. n JOKER

RIVER ISLAND

e KOCTAS

n SIZZLING PUB COMPANY

LEVI STRAUSS ISTANBUL KONF. SAN. VE. TIC. AS.

DOC MORRIS APOTEK

n LTB JEANS

GAMESTOP SWEDEN AB

MAVI GIYIM SAN VE TIC A.S

HENNES & MAURITZ AB

MUDO MAGAZAUUK A.S

KAPP AHL (KAPP AHL)

NU TEKS VE KONF. URUNLERI SDN TIC LTD. STI.

n NILSON GROUP n O’LEARY’S TRADEMARK AB n PHONE FAMILY

n TRIUMPH INTERNATIONAL AB

VARNER GROUP

n PENTI CORAP SAN.VETIC-AS (T65D BND)

SMYK COCUK GIYIM OYUNCAK VE AKSESUARLARI TIC. LTD. STI TEKNOSA IC VE DIS TICARET A.S

SWITZERLAND 5 A SEC BATA BRANDS SA

STARBUCKS COFFEE COMPANY (UK) LTD SUPERGROUP THE BESTSELLER GROUP THE BODY SHOP INTERNATIONAL THE DISNEY STORE LIMITED n THE PEACOCK GROUP

TJX EUROPE n TOBY CARVERY n VILLAGE PUB & KITCHEN n VINTAGE INNS

WAREHOUSE FASHIONS LTD WELLAN INTERNATIONAL LTD

U.S.A.

n TRIBECA

n SQUEEZED UP

TELENOR SVERIGE AB

n OZLEM KUMAS SAN TIC LTA STI

TEMA MAGAZACILIK HIZMETLERI TICARET AS (TEMA)

RUT M. FL.

n PREMIUM COUNTRY DINING GROUP

RICHARD CHANCELLOR

n JOURNEY

n BIK BOK (VARNER GROUP)

NIKITA HAIR SWEDEN AB

n PERRY ELLIS EUROPE

PRIMARK STORES LTD

n JOKERLAND

KOTON MAGAZACILIK TEKSTIL SAN & TIC A.S.

n KICKS KOSMETIKKEDJAN AB

n MR PRETZELS (UK) RETAIL LTD

FIBA RETAIL GROUP

n KONYALI SAAT

SWEDEN

LONG TALL SALLY

n TURGUT ILACLARI A.S.

ABERCROMBIE & FITCH

YEDITEPE COCUK OYUN ALANLARI VE EGLENCE MERKEZI ISLETMECILIGI SAN TIC A.S.

e AMERICA’S TACO SHOP

U.A.E.

n AUNTIE ANNE’S PRETZELS n BEYA

STYLE HOUSE FASHION TRADING COMPANY

UKRAINE

n BIG RED RESTAURANTS e BLIMPI

CARTRIDGE WORLD

CANTINA VERONA GMBH

ANTONIO BIAGGI- UKRAINE LLC

n COMPTOIR IMMOBILIER SA

n CARVEL ICE CREAM

HELEN MARLEN LLC (HELEN MARLEN GROUP)

DOSENBACH-OCHSNER AG SCHUHE UND SPORT

n CINNABON

IMMOCHAN EN UKRAINE

FOSSIL GROUP EUROPE GMBH

e COLD STONE CREAMERY

PARYTET SMYK

n EXENTRIX

LAGEN S.A.

FAMOUS FAMIGLIA

UNITED KINGDOM

MCDONALD’S SUISSE DEVELOPMENT SARL (MCDONALD’S CORPORATION)

n AGENT PROVOCATEUR

NESTLE NESPRESSO SA (NESPRESSO)

n ALL BAR ONE

PUMA RETAIL AG

APPLE

TALLY WEIJL TRADING AG n TRUE RELIGION BRAND JEANS EMEA SAGL n VF BRANDS (VF CORPORATION)

VF CORPORATION n VICTORINOX RETAIL AG

THAILAND n GULATINO

TURKEY ADIL ISIK HAZIR GIYIM SAN. TIC. LTD. STI. n (ADU ISHK GROUP) n APAZ FOOD AND ENERGY COMPANY n ARNE TEKSTIL SAN TIC LTD STI n ATM DIS TICARET PAZARLAMA A.S.

BEELINE RETAIL TAKI VE AKSESUAR PAZARLAMA LTD. (BEELINE GMBH) n CAK TEKSTIL SAN VE TIC A.S

CETINTAS GIYINSANAYIVE TICARET A.S. n (TENNESSE - GETINTAS) e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

n FATBURGER NORTH AMERICA n FOCUS BRANDS INC. n GILLY HICKS e GREAT STEAK

e B&Q UK

BEST BUY EUROPE DISTRIBUTIONS LIMITED BHS INTERNATIONAL (ARCADIA GROUP) n BROWNS RESTAURANTS

CLAIRE’S ACCESSORIES

n HOLLISTER e KAHALA n KRISPY KREME DOUGHNUT CORPORATION

LEGO BRAND RETAIL LIMITED BRANDS

CLARKS COSTCO WHOLESALE UK LTD n CROWN CARVARIES

n MOE’S SOUTHWEST GRILL n MONTEREY VALLEY WINES n PEBBLE BEACH RESORTS

DEBENHAMS

n PIZZA PATRON

ED’S EASY DINER HOLDINGS LTD

n POZZAZZ

n EMBER INNS

PS IMPORTS

n FAMILIARE

FARAH VINTAGE

n RALPH LAUREN n

e RANCH ONE

GAP HARVESTER

e ROCKY MOUNTAIN CHOCOLATE FACTORY n

n SCHLOTZSKY’S

JD SPORTS FASHION PLC KINGFISHER PLC

LIGHT CINEMAS LTD

e SUBWAY REAL ESTATE

VILLA ENTERPRISES MANAGEMENT LIMITED INC. n WILLIAMS-SONOMA INC.

List as of November 4th

List of Investment Over 800 at investors companies MAPIC 2011

and 60 new investment companies List of investment companies at MAPIC 2011 ALBANIA

FRANCE

n NCH ADVISORS

ACOFI GESTION ADYTON

ANDORRA MOLINES PATRIMONIS

AUSTRIA

e HAMMERSON SAS e HENDERSON GLOBAL INVESTORS

HLD-BOX-INVEST

AEW EUROPE

HSBC FRANCE

AFFINE

ING LEASE FRANCE

AFORGE FINANCE

n IVANHOE CAMBRIDGE EUROPE

AMUNDI REAL ESTATE

e LASALLE INVESTMENT MANAGEMENT

e ANF IMMOBILIER

e MERCIALYS

ARIZONA INVESTISSEMENTS

n MRM

AXA REAL ESTATE

NAMI AEW EUROPE

BANIMMO FRANCE

PAREF GESTION

BANQUE PALATINE

n PONTEGADEA FRANCE

BNP PARIBAS LEASE GROUP - BU SAS

e REDEVCO FRANCE S.A.

3D REAL ESTATE

CAISSE DES DEPOTS DDTRINVESTISSEMENT IMMO ET LOG

SARL PROUDREED FRANCE

AG REAL ESTATE SA

CBRE GLOBAL INVESTORS FRANCE

AXA BELGIUM S.A.

n CEFIC

n BALTISSE COMM.V.

CILOGER

n ERSTE GROUP BANK AG

ERSTE GROUP IMMORENT AG IMMOFINANZ GROUP n KROCON ASSET MANAGEMENT GMBH e REDEVCO CENTRAL EUROPE

SIGNA DEVELOPMENT IMMOBILIEN ENTWICKLUNGS GMBH

BELGIUM

BREEVAST DEVELOPMENT BELGIUM

e CORIO FRANCE

COMM VA WERELDHAVE BELGIUM SCA FIDENTIA REAL ESTATE INVESTMENTS SA

HERPAIN URBIS RETAIL IMMO MOURY SCA n IMMO RETAIL S.A.

INTERVEST RETAIL n LEASINVEST REAL ESTATE MANAGEMENT

MIDFIELD QUARES e REDEVCO BELGIUM

RETAIL ESTATES NV n WEB SICAFI - CITY NORD

BULGARIA n BULFELD EOOD n PROGRESS FINANCE BULGARIA

CZECH REPUBLIC

e CREDIT AGRICOLE NORD DE FRANCE

CREDIT FONCIER DE FRANCE CREDIT FONCIER IMMOBILIE n CUSHMAN & WAKEFIELD INVESTORS

DC ADVISORY PARTNERS e DOUGHTY HANSON

DTZ ASSET MANAGEMENT E-CAPITAL SAS EMA INVEST EREO CONS EURINVEST e EUROCOMMERCIAL PROPERTIES N.V.

EUROHYPO AG EXXUS INVESTISSEMENTS n FINAMAS

FINANCIERE GROUPE BARNEOUD

PPF AS

FINANCIERE TEYCHENE

e PRADERA MANAGEMENT CZECH REPUBLIC

FINANCIERE VALIM

DENMARK ABERDEEN ASSET MANAGEMENT DENMARK A/S

ESTONIA TRIGON CAPITAL AS

FINLAND CAPMAN REAL ESTATE LTD

FONCIERE EUROPE e GECINA

GENERALI FRANCE IMMOBILIER GERIFIM GESTION D’ACTIFS CAS

SAS ERDEC SAS MURINVEST SOCIETE GENERALE COURBEVOIE CIG SOFIDY UFFI REAM UFG REM n UNION INVESTMENT REAL ESTATE FRANCE

URBAN PREMIUM VASTNED MANAGEMENT FRANCE n VENDOME CAPITAL PARTNERS

VIVERIS REIM

GERMANY AAREAL BANK AG ALLIANZ REAL ESTATE GMBH B&L REAL ESTATE GMBH COMMERZ REAL AG e CORIO DEUTSCHLAND GMBH

DEKA IMMOBILIEN GMBH EUROHYPO AG GARIGAL ASSET MANAGEMENT GMBH e GAZIT GERMANY BETEILIGUNGS GMBH & CO KG

GLL REAL ESTATE PARTNERS GLOBE INTERNATIONAL AG e HENDERSON GLOBAL INVESTORS

HINES IMMOBILIEN GMBH n JNP REAL ESTATE MANAGEMENT GMBH

GROSVENOR

LAVERONE GMBH

GROUPE COFINANCE

METRO PROPERTIES HOLDING GMBH

GROUPE FOREST

n PROCON GMBH

n CORNERSTONE REAL ESTATE ADVISERS EUROPE

GROUPE LEONARD DE VINCI

n REAL ESTATE FAMILY OFFICE GMBH

n LEOPOLD ASSET MANAGEMENT

GROUPE MENGUY INVESTISSEMENTS

REAL-ITY GMBH

NEWSEC ASSET MANAGEMENT OY

GROUPE REAUMUR FRANCE SAS

e REDEVCO GERMANY

n PONTOS GROUP

GROUPE SEPRIC

n SCALA IRP CAPITAL PARTNERS

RENOR LTD

GROUPE STRAUSS

n TREVERIA ASSET MANAGEMENT GMBH

n WERELDHAVE FINLAND OY

GTF REIM-GROUPE PELEGE

UNION INVESTMENT REAL ESTATE GMBH

e CITYCON OYJ

e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

List as of November 4th

List of 800 Investment Over investors companies at MAPIC 2011 and 60 new investment companies GREECE

POLAND

ASSOS CAPITAL

HUNGARY ORCO PROPERTY GROUP

INDIA

CAELUM DEVELOPMENT

n ATAKULE REAL INVESTMENT TRUST COMPANY

CHARTER HALL

e CORIO TURKIYE

n COIMPEX SP ZOO

e PRADERA MANAGEMENT TURKEY

n GE REIM POLAND SP Z O.O.

e REDEVCO TURKEY

n INTEGRATED FINANCE GROUP

VASTNED EMLAK YATIRIM VE

LCP PROPERTIES SP. ZO.O.

n THE XANDER GROUP INC.

U.A.E.

POLONIA PROPERTY FUNDS

IRELAND

PRADERA MANAGEMENT POLAND SP. Z.O.O.

SIGNATURE CAPITAL LTD

MAJID AL FUTTAIM PROPERTIES

SIRIUS INVESTMENT SP. Z.O.O.

ISRAEL

UKRAINE

PORTUGAL

DAFI EAST CAPITAL REAL ESTATE

n PONTEGADEA PORTUGAL

n DARIUS BROTHERS

GAZIT GLOBE

TURKEY

ESTA HOLDING LLC

ROMANIA

n RILON INVESTMENT

UNITED KINGDOM

e ARGO REAL ESTATE FUND LIMITED

ITALY

CENTRAL EUROPEAN FINANCIAL SERVICES S.A.

SC CAELUM DEVELOPMENT SRL

BENI STABILI SIIQ

RUSSIAN FEDERATION

BRIDGEPOINT SPA

AGGMORE LIMITED APN PROPERTY GROUP AREA PROPERTY PARTNERS

ACCENT REAL ESTATE INVESTMENT MANAGERS

BALMAIN ASSET MANAGEMENT LLP

n ESTCAPITAL SGR S.P.A

BPT ASSET MANAGEMENT OOO

n BIOVITAS CAPITAL GROUP

e EUROCOMMERCIAL PROPERTIES ITALIA S.R.L

FLEMING FAMILY & PARTNERS (RUSSIA)

n BOULTBEE

CORIO ITALIA SRL

n BRIDGEHOUSE CAPITAL

FINLEONARDO SPA

GARANT-INVEST GROUP

GROSVENOR S.G.R

PIK GROUP

CATALYST CAPITAL LLP

e HENDERSON GLOBAL INVESTORS LIMITED

QUANTUM POTES RUSSIA

CPP INVESTMENT BOARD

SBERBANK RUSSIA

DEUTSCHE BANK

n ZAO UNICREDIT BANK

EDINBURGH HOUSE

ORION CAPITAL MANAGERS ITALY S.R.L. PRADERA MANAGEMENT ITALY

PRELIOS SPA SCHRODER PROPERTY INVESTMENT MANAGEMENT (ITALY) SR THE CARLYLE GROUP

LUXEMBOURG EASTBRIDGE SARL

MOROCCO e FONCIERE CHELLAH

NETHERLANDS

GIC REAL ESTATE INTERNATIONAL

SERBIA

e HAMMERSON PLC

BALKANS REAL ESTATE

HEITMAN

SLOVAKIA PENTA INVESTMENTS LIMITED O.Z.

SOUTH AFRICA

HUNTER PROPERTY FUND MANAGEMENT LTD n INFRARED CAPITAL PARTNERS e LAND SECURITIES

LIBERTY PROPERTIES NOVARE EQUITY PARTNERS

e HENDERSON GLOBAL INVESTORS LIMITED

OLD MUTUAL PROPERTY

LEND LEASE n MADISON INTERNATIONAL REALTY

MEYER BERGMAN

SPAIN

MGPA (EUROPE) LTD

ABERDEEN ASSET MANAGEMENT

e BRITISH LAND EUROPEAN FUND MANAGEMENT LLP

ALTERA VASTGOED NV

e CORIO ESPANA

ANNEXUM INVEST

EUROHYPO AG - SUCURSAL EN ESPANA

ORION CAPITAL MANAGERS

ASR REAL ESTATE INVESTMENT MANAGEMENT

GRUPO LAR

n PERELLA WEINBERG REAL ESTATE

e HENDERSON GLOBAL INVESTORS

e PRADERA

n INMOSEGUROS GESTION S.A.

PRIME COMMERCIAL PROPERTIES PLC

BOUWINVEST e CORIO N.V. e CORIO NEDERLAND B.V.

DE JONG GROEP e EUROCOMMERCIAL PROPERTIES N.V. n EUROPEAN INVESTORS

FGH BANK N.V. e CBRE GLOBAL INVESTORS

KROONENBERG GROEP e REDEVCO B.V. e REDEVCO NETHERLANDS

SEGESTA GROEP SNS PROPERTY FINANCE SYNTRUS ACHMEA VASTGOED VASTNED MANAGEMENT WERELDHAVE MANAGEMENT NEDERLAND BU. e EXHIBITING COMPANIES n NEW COMPANIES ARE IN BLUE

NEINVER S.A.

NEW EUROPE PROPERTY INVESTMENTS PLC

ROCKSPRING PROPERTY INVESTMENT MANAGERS

ORION CAPITAL MANAGERS S.L.

n SIDUS REAL ESTATE

n PONTEGADEA INVERSIONES SL

n SOMERSTON CAPITAL

e PRADERA MANAGEMENT SPAIN S.L.

e n THE BLACKSTONE GROUP

e REDEVCO SPAIN / PORTUGAL

e THE CROWN ESTATE

e VASTNED MANAGEMENT ESPANA e VIEWISE S.L

SWEDEN e AMF FASTIGHETER AB e DILIGENTIA AB

EAST CAPITAL e EUROCOMMERCIAL PROPERTIES

KF FASTIGHETER CENTRUMHANDEL AB NEWSEC ASSET MANAGEMENT

n TIAA-CREF ASSET MANAGEMENT UK LIMITED

U.S.A. AMSTAR GLOBAL ADVISORS n BALTIC AMERICA PROPERTIES LLC

CROWN ACQUISITIONS n JOHNSON CAPITAL n MACERICH

SIMON PROPERTY GROUP e n VORNADO REALTY TRUST

List as of November 4th

PROGRAMME OF CONFERENCES & EVENTS 2011 Keep up with the latest retail trends The programme of conferences provides even more opportunities to gain industry insights, meet global retail and real estate leaders, learn about trends and gather invaluable content to boost your business. Sponsored by:

Retail in the City Summit For the second year running, this closed-event dedicated to city leaders and top decision makers will allow participants to share their thoughts, best-practices and experiences on the future challenges of urban retail development. The main theme will be “Balancing retail development in city centres & suburbs, new challenges”.

Get an in-depth look at the Italian market s Geox Chairman is opening the conference track on Italy. Mario Moretti Polegato will give us his vision and future strategies of Innovative entrepreneurship for a successful business. s How to penetrate the Italian market: Market leaders will share their views and know-how to succeed in Italy during a panel session. s Great projects for great players: Selected promising projects and workshop will bring up the Italian Real Estate Market, honoured this year at MAPIC.

AMONG MAPIC 2011 SPEAKERS:

Richard Akers,

Kate Ancketill,

James Brown,

Gigi Farioli,

Roberto Forcherio,

Managing Director UK Retail, Land Securities (UK)

CEO, GDR Creative Intelligence (UK)

Head of Retail Research and Consulting, Jones Lang LaSalle (UK)

Mayor of the City of Busto Arsizio, City of Busto Arsizio (Italy)

Managing Director, Guess Italia SRL (Italy)

Terry Green,

Yann Guen,

Jan Heere,

IR MBA Isaäc Kalisvaart

Markus Leininger,

Non Executive Director, Qmatic AB (Sweden)

Vice-President, Mayland Real Estate Sp. z o.o. (Poland)

Director, Marks & Spencer (UK)

CEO, MAB Development (The Netherlands)

Head of corporate Banking Central and Eastern Europe, Eurohypo AC (Germany)

Beng Chee Lim,

Mario Moretti Polegato,

Dr. Ermanno Niccoli,

Ali Osman Öztürk,

Fernando de Peña,

CEO, CapitaMalls Asia Limited (Singapore)

Chairman, GEOX (Italy)

CEO, Corio Italia S.r.l. (Italy)

Council member of Ankara Chamber of Commerce, A Architectural Design (Turkey)

Vice President, Mall Plaza (Chile)

James Portman,

S. Raghunandhan,

Brandon O’Reilly,

Carmine Rotondaro,

Tim Santini,

Head of European Operations, Clarks (UK)

CEO-Retail, Prestige Estates Projects Ltd. (India)

Managing Director, Fashion House Management (UK)

Worldwide Real Estate Director, PPR Group (France)

Director, Eurocommercial Properties NV (UK)

Programme as of 9 November 2011, may be subject to change.

PROGRAMME OF CONFERENCES & EVENTS 2011 TUESDAY 15 NOVEMBER 19.30

MAPIC Opening Cocktail Marriott Hotel

WEDNESDAY 16 NOVEMBER 9.30 - 10.30

Champs-Elysées Room

Retail: real time link between MAPIC and MIPIM Asia in Hong Kong

CLIENT SESSIONS Agora Room

10.45 - 11.30

11.00 - 13.00

Champs-Elysées Room

Keynote address by Jan Heere, Director, Marks & Spencer (UK) 12.00 - 13.00

Champs-Elysées Room

Level 01, Aisle 03/05

11.30 - 12.30

The future of the high street: lessons shared

Retail in the City Summit By invitation only

Oxford Room

Speed matching retail concepts

Co-org: Estates Gazette

Toscan du Plantier Room

13.00 - 15.00

Balancing retail development in city centres & suburbs, new challenges

9.30 - 10.00 How to integrate Slow trend

Retail in the City lunch By invitation only

Champs-Elysées Room

15.00 - 15.45

Oxford Room

15.00 - 16.00

Business Lounge

Organized for the INDIAN PAVILION by: Bentel Associates, Everstone Capital Advisors, Inorbit Mall (India), Pioneer Property Zone Services, Prestige Estates Projects Ltd, Prozone Enterprises PVT Ltd

12.30 - 13.15 10.30 - 11.00

Co-org: Generation Responsable

11.00 - 11.30 How to succeed in slow food

15.00 - 15.45

India - Opportunities Unbound

Co-org: GDR

How to green your business (French)

13.00 - 15.00

Lunch Time

10.30 - 11.15

A NEW SESSION EVERY 30 MINUTES

Managing the present to build the future. Chain of “JUNE” retail and entertainment centers - Moscow and the Russian regions Organized by: Regions Development (Russia)

Co-org: Olive Oil & Oregano

14.00 - 14.45

New developments for future retail perspectives

Outlet retailing… Expanding horizons Co-org: RLI

Co-org: Procos

Power meetings meet the ﬁnancial institutions

11.30 - 12.00 How to win in future retail Co-org: GDR

Msheireb Downtown Qatar’s New Downtown Retail Destination Organized by: Msheireb Properties (Qatar)

12.00 - 12.30 16.15 - 17.00

Champs-Elysées Room

16.15 - 17.00

Oxford Room

Expanding footprint in emerging economies A retailer’s portfolio of high yielding stocks

East or West, which is best? Retail investment from Atlantic to Urals

Co-org:Jones Lang LaSalle

Co-org: Property Investor Europe

17.15 - 18.00

16.30 - 17.30

Business Lounge

Power meetings meet the master franchisees

How to create new types of stores thanks to e-commerce (French)

15.00 - 15.45 Ponte Parodi, the new Genova City lifestyle Waterfront

Co-org: Collectif de la Création de Valeur

Organized by: Altarea (Italy)

14.00 - 14.30

16.00 - 16.45

How to embrace digital marketing

Retail pitching « Lyon’s Retailers Best Concepts 2011 » 7 Lyon’s retailers with a high potential for national and international development are revealed!

Co-org: Mall Connect

Champs-Elysées Room

Most attractive submarkets for new retail development in Russia

14.30 - 15.00

Co-org: Colliers International

How to mix on & ofﬂine Co-org: GDR

Organized by: CCI de Lyon (France)

Follow our updates on www.mapic.com, programme section. Access to MAPIC 2011 conferences is free of charge for all registered delegates, within the limit of space available.

Sponsored by

Italy country of honour

Programme as of 9 November 2011, may be subject to change.

MORE Pavilion

Access to MAPIC 2011 conferences is free of charge for all registered delegates, within the limit of space available.

Retail in the City Summit sponsored by:

MATCHMAKING SESSIONS MEET, NETWORK, BUILD ON FUTURE ! Speed Matching

Oxford room, Level 01

Spark deals, foster partnerships and explore opportunities with 20 handpicked retailers and developers selected for presentation at MAPIC’s Speed Matching sessions. Each nominee will present his project in 7 minutes, and no more, before linking-up with future partners during a proﬁtable networking coffee. Discover the concepts and projects selected previous to MAPIC by our esteemed jury:

WEDNESDAY 16 NOVEMBER

THURSDAY 17 NOVEMBER

FRIDAY 18 NOVEMBER

RETAIL CONCEPTS

SHOPPING CENTRES PROJECTS

RETAIL CONCEPTS

11.30-12.30

10.00-11.00

Alcott – Clothing & Fashion (Italy)

Esentai Mall (Kazakhstan) Le Terrazze (Italy) Portal de la Marina (Spain) Solingen Shopping (Germany) Zorlu Shopping Center Mall (Turkey)

Cilek Room – Household goods (Turkey)

Carpisa – Clothing & Fashion (Italy) Cold Stone Creamery - Catering & Food (USA) DIM – Clothing & Fashion (France) Tailor & Co. – Clothing & Fashion (Spain)

RETAIL CONCEPTS 11.45-12.45 EUREKAKIDS – Leisure & Entertainment (Spain) Flormar Professional Make-Up – Health & Beauty (Turkey) Godiva – Luxury Products / Catering & Food (Belgium) LIST – Clothing & Fashion (Italy) Yamamay – Clothing & Fashion (Italy)

President of the Jury:

Colin’s – Clothing & Fashion (Turkey) espressamente illy - Catering & Food (Italy) KCC Entertainment Design – Leisure & Entertainment (Belgium) Secrets d’apiculteur - Catering & Food (France)

Jury members:

Michael Green,

Eric Costa,

Frédéric Fontaine,

Chief Executive, BCSC (UK)

Real Estate Director, Citynove/ Groupe Galeries LaFayette (France)

Chief Executive Ofﬁcer, Corio France (France)

Roberto Marchetti,

Jose Luis Martin,

Arpad Torok,

General Manager, Mall System SRL (Italy)

Director, Cross-Border Retail, EMEA, CB Richard Ellis (UK)

Chief Executive Ofﬁcer, Trigranit (Hungary)

Power Meetings

NEW!

Power Meetings is the ultimate face-to-face networking experience to help accelerate business. Hone your pitch, bring a stack of business cards and spend 3 highly productive minutes with other parties, eager to do business with the right partner. For this ﬁrst time at MAPIC, Power Meetings will highlight master franchisees and ﬁnancial institutions in three dedicated sessions.

WEDNESDAY 16 NOVEMBER

THURSDAY 17 NOVEMBER

DEVELOPERS MEET WITH FINANCIAL INSTITUTIONS

RETAILERS MEET WITH MASTER FRANCHISEES

INVESTORS MEET WITH FINANCIAL INSTITUTIONS

15.00 Business Lounge, Level 01

16.30 Business Lounge, Level 01

15.00 Business Lounge, Level 01

Aareal bank

ABC Group (Lebanon)

Aareal bank

Banque Palatine

AmRest (Russia)

Erste Group Immorent AG

Azadea (Lebanon)

ING Lease

Harper Dennis Hobbs (USA)

Johnson Capital

Sinteks (Azerbaijan)

ZAO Unicredit Bank

Tailor & Co (Spain)

Programme as of 9 November 2011, may be subject to change.

MORE PAVILION Level 01, Aisle 03/05

MORE Pavilion: A showcase of the latest consumer trends and their impact on tomorrow’s retail real estate strategies.

3 ways to get MORE from MAPIC: A. Learn from the “how to” sessions B. Experience the “Shop of the future” C. Meet retail trend experts

A. LEARN FROM THE “HOW TO” SESSIONS A new session every 30 minutes Check out timing and language of session on the preliminary programme of conferences and events page 3. 5 themes: ‘Slow Trend’ & Commerce

How to create new types of stores thanks to e-commerce (Lessons from the Tesco case study in South Korea) Co-org:

E-commerce is not a threat to traditional retail stores. On the contrary, e-commerce gives us new ways to improve traditional stores and to create new types. The Collectif de la Création de Valeur will illustrate this process using the case study of the successful Home plus (Tesco) in South Korea. Culture/Leisure & Shopping How to mix culture & shopping Co-org:

An art exhibition at an airport? A dance performance at a shopping mall? When culture enhances the customer experience in commercial spaces, the retailer reaps the beneﬁts.

Online & Ofﬂine Retail Culture/Leisure & Shopping

Future Retail

How to win in future retail

Sustainable Retail Co-org:

Concepts you haven’t heard of yet, but soon will: longevity stores, reputation clean-up stations, genetic testing spas... this isn’t science ﬁction, it’s less than ﬁve years away. Special Guest: Box Park Roger Wade, creator of Boxfresh and fashion brand consultancy Brands Incorporated, will present BOXPARK – a fresh retail concept created in partnership with real estate developers Hammerson and Ballymore. ‘Slow Trend’ & Commerce How to integrate the Slow trend into stores Co-org:

Stores as hubs of expertise, excellence, learning and experience. Real world touch-points, oriented towards service and relationships. How to succeed in Slow food

BOXPARK strips and reﬁts shipping containers to create unique, lowcost, low-risk “box shops”. Put them together with a unique mix of international fashion, arts and lifestyle brands, galleries, and cafés and you have the world’s ﬁrst “pop-up” mall – so named because its basic building blocks are inherently movable: they can, and will, literally pop up anywhere in the world! Sustainable Retail Special Event: Sustainable retail development workshop

Co-org: Co-org:

Enrich your knowledge of Slow food with the specialised food company Olive, Oil & Oregano and discover how you can adapt to current trends and integrate Slow food into casual dining.

Thanks to Génération Responsable, you will learn the stakes of an environmental action, and how they have been implemented by successful companies.

Online & Ofﬂine Retail

Guest speakers:

How to mix on & ofﬂine

Alexis Beraud, Courtepaille

Co-org:

On and ofﬂine are converging to form hybrid stores that cheat reality, inﬂuencing stock availability, customisation, and the ability of the store to become a broadcast “channel”.

Virginie Etievent, Moswo Design Attendees will receive a free CD summarizing the key elements of the talk. How to make your business green

How to embrace digital marketing Co-org: Mall Connect

Want to know how to attract more customers, increase their engagement, and encourage them to spend more? See in 10 minutes how Mall Connect can help you make your multi-channel marketing more effective. Mall Connect - connecting People and Shopping Centres.

Programme as of 9 November 2011, may be subject to change.

Co-org:

Génération Responsable teaches that retail stores should no longer be considered only as places of consumption, but also as places of contribution. What is the current situation, what actions can be taken, what are the best practices in this area? Experts will present the key elements to help you to successfully turn your business green.

MORE PAVILION B. “THE NEW SHOPPING EXPERIENCE” A unique customer journey!

s Smart NFC Labels (Phoceis) Smartphones now allow customers to select products, ﬁnd information, ﬁll their shopping basket, and download discount coupons. Smart NFC Labels add value by facilitating the exchange of information between the brand, the customer, and the supplier. s Biometric authentication (Natural Security) This guarantees that an object and its owner are in the same place at the same time. It is a perfect solution to loss or theft of means of payments, such as credit cards.

C. MEET THE EXPERTS Ask questions and receive individual and customised advice from retail trend experts. Discover new retail concepts.

The New Shopping Experience store is a full-scale simulation of a customer journey organised by the business competitive cluster PICOM, where technological solutions provide the means to attract, inform, discover, test, and facilitate the purchasing acts. In the store, new technologies will be showcased by the various members of the IDGROUP® brand group around the theme of a children’s store. The technologies implemented are not an end in themselves, but rather a way to lead visitors through their journey, from the ﬁrst moment they show interest to the moment they buy a product, while at the same time providing a novel experience.

Over the three days of the show, conferences will be supplemented by in-depth talks from retail trend specialists, who will offer customer insights and share global best practices. These experts will individually answer each of your questions and help you to successfully integrate the best new retail trends into your business. Olive, Oil & Oregano will introduce their new Slow food concept and share the key elements of their success. Mall Connect will help you to improve your digital strategy and to make your multi-channel marketing more effective.

Try out the latest innovations of tomorrow’s retail store in real conditions! Experience 8 innovative solutions: s MAGIC WALL (Webpulser, VEV) A wall with dynamic images that aim to catch the attention of passers-by. s WindowShop (Milpix) Three tablets set up on the outside wall of the New Shopping Experience that enable visitors to virtually visit the shop from the outside. s Keedo (Improveeze, A-Volute, Instore Solution) 3 innovative technologies put together: Multitouch experience, holographic images, and immersive 3D sound. s Magic Mirror (E-Fijy) A virtual ﬁtting room enabling the customer to try any piece of clothing displayed in the store. s Collaborative Shopping (Idées-3com) A big screen displaying a life-sized children’s furniture show-room. s Ubiquitous cross-channel selling point (Keyneosoft) Customers use a touchscreen to check information, feedback, speciﬁcation sheets, and more. On these touchscreens, they can also customise their products step-by-step, save a picture on a smartphone, and pay. Programme as of 9 November 2011, may be subject to change.

GDR Creative intelligence’s experts will be available at the MORE Pavilion in three places, guiding you on three trends : ‘Slow’ Commerce and Community Fast Retail: Hybrid store 2.0 Science Fact: Future Retail Lordculture’s experts will be answering all your questions about the retail trend Culture & Shopping, helping you to take advantage of this trend to beneﬁt your business and enhance customer experience. MORE Vision by MAPIC, our retail trend report Stay connected all year long to new retail trends and their impact on retail real estate strategies. Discover MORE Vision by MAPIC, a bi-monthly online magazine edited by MAPIC. Register for free at the MORE Pavilion to receive future issues. w Want more of MORE Vision? Download our latest issues on www.mapic.com

mapic awards MAPIC Awards 2011 Nominees BEST NEW RETAIL CONCEPT Chapeau grand chapeau grand standfirst big chapeau grand standfirst big chapeau grand standfirst big chapeau grand chapeau grand standfirst big chapeau grand standfirst big chapeau grand standfirst grand big CANDYLICIOUS MOUSTACHES ASICS AMSTERDAM FLAGSHIPbig The Netherlands

Singapore

France

Submitted by Wests Design Consultants on behalf of Asics

Submitted by Gill Capital (Singapore) Pte, Ltd

Submitted by Moustaches

BEST RETAIL EXPANSION

ALDO

Canada Submitted by Aldo Group

DESIGUAL

HUNKEMOLLER INTERNATIONAL BV

Spain

The Netherlands

Submitted by Desigual

Submitted by Hunkemöller

ABERCROMBIE & FITCH

ADIDAS

CARREFOUR CITY

United States

Germany

France

BEST RETAILER IN CITY CENTRE

BEST RETAIL DEVELOPMENT

EUROVEA

LE MILLENAIRE

POLYGONE BEZIERS

SHOPPING CENTRE VLEUTERWEIDE

Bratislava, Slovakia

Aubervilliers, France

Beziers, France

Utrecht, The Netherlands

Submitted by Ballymore Eurovea, a.s.

Submitted by Icade and Klepierre (SCI Bassin Nord) Submitted by Socri Gestion

Submitted by Vastgoed and ASR Vastgoed Ontwikkeling

BEST REFURBISHED RETAIL DEVELOPMENT

GALERIA ECHO

MILANO CITY CENTER

ZWEIBRUCKEN THE STYLE OUTLETS

Kielce, Poland

Commercial Requalification – Corso Vittorio Emanuele 24-28 – Milan, Italy

Zweibrucken, Germany

Submitted by Echo Investment SA

Submitted by Rustioni & Partners S.R.L.

Submitted by NEINVER Asset Management Deutschland GmbH

mapic

VOTE FOR YOUR FAVOURITE FINALIST IN EACH CATEGORY From Wednesday 16 November (09:00) to Thursday 17 November (Noon) At the Awards Gallery in the Business Lounge, Level 5

The Jury PRESIDENT: JOHN STRACHAN Cushman & Wakefield LLP, global head of retail, (UK)

ALAIN BOUTIGNY Sites Commerciaux, editor-in-chief (France)

YANN GUEN Mayland Real Estate, vice-president (Poland)

PIERRE FRANCIS AMCV-TOCEMA, executive director (Belgium)

HERMAN KOK Multi Corporation, international markets & research director (Netherlands)

KLAUS STRIEBICH FREDERIC LALOUM ECE Projektmanagement, Altarea, directeur general managing director leasing adjoint / membre du directoire (Germany) (France)

STEFANO STROPPIANA Stefano Stroppiana, retail real estate developer (Italy)

Supported by:

ANDREW WATSON LaSalle Investment Management, international director, and head of core funds, continental Europe (France)

Awards Gallery 33

6-7-8-9

MARCH

2 01 2 Cannes

Palais des Festivals

REGISTER BY FEBRUARY 21 AND SAVE €140! 4 days to attend the leading Real Estate exhibition & conference 18,600 unique participants 4,000 investors 1,800 exhibiting companies 90 countries 1 Country of Honour: Germany 2012

Find the most promising projects and powerful partners, gain critical industry insight, meet the world’s most inﬂuential real estate players at MIPIM 2012.

mapic

the retail world in 2012 The most important topics to look at in 2012 Retail real estate in 2012

10 Editors-in-Chief from the international press share their vision PIC

Exclusive to MA

Centros Comerciales

Nuevo modelo de retail en un momento de cambio New retail model in a time of change

Commercial Real Estate New Cities, New Formats, New Brands

2012’ de Perakende Dünyasi The retail world in 2012

Eurobuild

Economy is the threat but digital remains the challenge

Immobilien Zeitung

The retail market in Poland has not overheated

Der Laden um die Ecke kann die Keimzelle eines Weltkonzerns sein Today’s corner shop could be tomorrow’s global retail giant

Property Investor Europe MAPIC 2011 ﬂouts Cannes echos of dramatic euro, economic events

Estate Gazette

* 41

Magaza Dergisi

We asked MAPIC’s international media partners: what are the three most important issues for the retail real estate industry in 2012? We thank all those who took part and hope that you will enjoy reading their answers as much as we did! Their articles give a perfect snapshot of major international trends for 2012 as well as the nuances of each local market.

Property EU Run on retail continues

Sites Commerciaux Retail Property Analyst Wish you were here? Postcards from the abyss

La ville est très importante ; la périphérie l’est aussi City centres are extremely important; the suburbs are too

* Please note that we have chosen to publish some articles in their original language. English translations are available at blog.mipimworld.com

the retail world in 2012 The most important topics to look at in 2012, by

www.revistacentroscomerciales.com

Nuevo modelo de retail en un momento de cambio El escenario económico que ha dejado tras de sí la crisis mundial está afectando a la industria del retail desde el primer momento En 2012, cuando ya todos queremos ver un poco de luz al final de túnel, será necesario que el sector se adapte a la nueva situación – menos financiación para acometer proyectos nuevos, menor poder adquisitivo de las familias debido al aumento del desempleo, nuevas formas de consumir, etc. –. Uno de los puntos a tener en cuenta es el modelo de gestión comercial. Los responsables de los centros comerciales deben variar su forma de gestionar las partidas presupuestarias. Es necesario que ahorren costes (por ejemplo mediante la implantación de sistemas de eficiencia energética o renegociando los contratos con los proveedores de servicios) y que dediquen un mayor esfuerzo al marketing. Deben adaptarse a las nuevas técnicas de comunicación (redes sociales, encuentros profesionales, canales de televisión…). Y por supuesto, deben prestar atención al crecimiento de las ventas online, ver este nuevo canal como positivo e intentar reorientar su negocio para convertir internet en un aliado. Otro tema de interés es el nuevo escenario en cuanto a la inversión en el mercado inmobiliario del retail. El principal problema en toda Europa es la falta de

financiación, que se ha ido agudizando con el paso del tiempo desde que se inició la crisis. Ahora, cobran importancia las transacciones, quitándole el puesto a los nuevos proyectos, que no terminan de volver a despegar; asimismo las reformas y ampliaciones puesto que en la mayoría de los casos, los suelos están amortizados. En España, todos los inversores que se interesan por la adquisición de centros son extranjeros, suelen ser empresas cotizadas que no requieren financiación externa, sino que cuentan con fondos propios. Debido a que las rentabilidades están bajando en países económicamente más fuertes, España podría ser, en 2012, una oportunidad para estos fondos que buscan rentabilidades un poco más altas – actualmente se encuentran en torno al 6,5% –. El nuevo consumidor o la nueva forma de consumir es otra de las preocupaciones de los profesionales del retail. El cliente es cada vez más exigente y con la crisis ha cambiado sus hábitos de consumo. Es necesario que los comerciantes y los gestores adapten su modelo a las necesidades del consumidor. Deben proporcionarle una experiencia de compra especial si quieren fidelizarlo.

Marta Reñones es licenciada en Periodismo por la Universidad Complutense de Madrid. Comenzó su carrera profesional hace ya más de una década como documentalista en varias empresas y redactora del diario El Mundo. Actualmente es la redactora jefa de la revista CENTROS COMERCIALES.

the retail world in 2012

mapic

The most important topics to look at in 2012, by

New Cities, New Formats, New Brands Russia is too large a market to be homogeneous. While large cities are saturated with retail space and anticipate the entry of new European retail formats, small regional cities need at least one completed quality project The Russian retail real estate market keeps growing mainly due to regional expansion. The most important trend mentioned by nearly all developers today is keener interest in the cities with half a million plus population. Until recently experts considered only a limited circle of millionplus cities. Apart from Moscow and Saint Petersburg, this list included Yekaterinburg, Kazan, Nizhny Novgorod... Now developers are ready to enter even small cities located far from the capital city. The city of Surgut (about 309,000 residents) in the Khanty-Mansi Autonomous Area is one of the most vivid examples. Two shopping and entertainment centers are about to open their doors here almost at one time – 154,000 sq m and 100,000 sq m, respectively. Thanks to these two projects, such retail chains as O’Key, M.video, Cinemapark, Sportmaster, Detskiy Mir and MediaMarkt will make their debut on the local market. This is rather an exception from the general rule, to be sure, since consultants, talking about the most promising regional cities, mention Novosibirsk, Nizhny Novgorod, Samara, Chelyabinsk and Rostov-on-Don, in the first place – that is the cities with more than one million population. Meanwhile the deliberate and announced trend towards development of a huge market of the cities with half a million population is already an important step forward for Russia where the basic development pattern follows the path from the national capital to regional centers and only then to smaller cities and towns. The second trend that will come to the fore on the market in the coming year is the emergence of new retail formats, outlet centers in particular. For now Russia does not have a single facility in this format. The inauguration of the first outlet centers – Fashion House Moscow and Outlet Village Belaya Dacha – has been announced in Moscow for late 2011 – early 2012. Meanwhile new formats, the

analysts believe, will be interesting not only for Moscow and Saint Petersburg, but for other developed markets too. For example, Yekaterinburg with its 26 shopping centers having the aggregated built space of 1,013,000 sq m is in need of extensive, rather than intensive development. Saturation with retail space is a formidable sign for developers. As reported by London Consulting & Management Company, the average recoupment time for retail properties in the Urals capital is in the range of 5-9 years and depends on their specific characteristics – above all, on their location and concept. Yekaterinburgbased players point out that in some cases the payoff time may reach 12 years and more because of oversaturation with retail space. On the other hand, the city with the population of 1.3 million cannot but arrest the attention of developers. New retail formats will open new prospects before the developers. And lastly, new brands: shopping centers feel an acute need for unique and unmatched brands that have never been represented on the Russian market. At the present time each SC features a more or less standard pool of tenants. But already this year has seen the entry of new players. Thus early in September, the first store of the American brand “Banana Republic”, trading in clothes and accessories, opened its doors in Moscow. Victoria’s Secret comfortably lodged at the Mega Teply Stan mall. However many retail chains do not have the guts to launch regional expansion. Another tendency at the juncture of the two above-mentioned trends will definitely gather momentum in 2012: we mean that retail operators are keen on the development of new formats. In particular Auchan announced its readiness to open the first storage-type store in Moscow that operates by the principle of preordering

Rafael Khaybrakhmanov Editor in Chief

CRE magazine, published in Russian and English twice a month, is the leading publication on commercial real estate in Russia. The magazine covers all segments of the market. Circulation: 20,000 copies. Commercial Real Estate magazine is a part of the Impress Media, Marketing Publishing House.

www.impressmedia.ru www.cre.ru via the Internet, which is similar to the Auchan Drive project in France. The inauguration of Auchanauto is scheduled for next year. IKEA contemplates the opening of stand-alone stores (for now IKEA has accommodated its stores only in MEGA malls in Russia) and has started negotiations with landlords. The German Metro Group has decided to apply its Polish experience to Russia and to open a chain of “corner” shops with rentable space varying between 40 and 100 sq m under a new brand unrelated to Metro, using the franchising system, and so on. It’s difficult to forecast the activity of the retail segment in Russia in the year 2012. To date it is the retail segment of commercial real estate market that has been the most attractive in the regions for investors, as it accounted for more than 90% of all transactions completed in H1 of 2011. Besides Saint Petersburg, Kaluga, Irkutsk, Izhevsk, Kaliningrad and Volgograd have also been popular with investors.

the retail world in 2012 The most important topics to look at in 2012, by

Damian Wild Editor

Estates Gazette is the UK’s leading commercial property title, covering the retail, ofﬁce, industrial and residential sectors in print and online. To view all we offer go to www.estatesgazette.com

www.estatesgazette.com

Economy is the threat but digital remains the challenge

Topics

It’s the economy, stupid Time to embrace digital High street renaissance?

The challenges to the retail sector will come thick and fast in 2012. Consumers may be embracing the web, but are they ready to fall back in love with the high street? It may be a decade since the maxim kept the Clinton campaign bus on the road, but today “it’s the economy, stupid” is a principle that developers, investors, landlords and retailers themselves neglect at their peril. Depending on your point of view the outlook for the year ahead varies from troublesome to unimaginably dreadful. Twelve months ago few would have countenanced the collapse of the euro or a slowdown in emerging economies of a sharpness to match the contraction in the west. But today neither feels impossible. Surveys indicate the UK economy is likely to contract in Q4. Meanwhile the withdrawal this month of bellweather retailer John Lewis from the £700m Tithebarn shopping scheme in Preston,

UK, was almost certainly unprecedented. Meanwhile it’s been an awful year for high streets in the UK. Vacancy rates in some town centres are approaching 30% while almost two-thirds of towns have seen shop vacancy levels increase by more than 10% over the past three years. As well as the tough trading conditions, this summer’s riots affected city centre premises in London and beyond. A government review, led by retail guru Mary Portas, is pending. Consumers say they want the high street to survive. But with the British Council of Shopping Centres predicting that more than one in 10 UK stores could remain vacant in the long term, will they vote with their wallets? Look wider and the European Central Bank’s decision to cut interest rates by

25bp to 1.25% suggests acknowledgement that the Eurozone’s debt crisis is impacting the wider economy. Does the bank have the courage to take bolder steps to prevent the crisis deepening? Many have their doubts. And then there’s the impact of digital, the single biggest medium-term influence. Groupon and its ilk continue to march while Amazon has launched its customer collection lockers in the UK. Sited at Land Securities’ One New Change in the City of London, it’s a further bridging of the divide between the virtual and the physical. Their presence in Europe is only weeks old but already some asset managers complain that they are running shopping centres not post offices. In this climate though they will take rental income where they can find it.

the retail world in 2012

mapic

The most important topics to look at in 2012, by The Galeria Wilanów shopping centre in Warsaw is a joint project of Polnord and GTC

Radosław Górecki Deputy Editor

Eurobuild CEE is a B2B magazine published in two languages (Polish and English) and is one of the most important monthlies devoted to the topics of real estate, investment and architecture in Central and Eastern Europe.

www.eurobuildcee.com

The retail market in Poland has not overheated Next year looks to be an extremely promising one for the shopping centre market: more spectacular projects are to be launched while the retail market in smaller towns will thrive The retail sector in Poland has a bright future ahead of it. Experts are stressing that this sector of the property market is still unsaturated, both in terms of the number of projects and the presence of international retail chains. According Colliers International’s data, there are 360 modern shopping centres currently operating in Poland with a combined area of more than 8.38 mln sqm. Another 215,000 sq m is to be opened within the next six months. And this is not all. The biggest market players are preparing more projects. These include Globe Trade Centre, which has announced the development of Galeria Wilanów, a huge project (76,000 sq m) to be built in Wilanów, one of the most thriving districts of Warsaw. GTC will also be starting the

construction of a shopping centre in Warsaw’s Białołeka district (60,000 sq m). However, there are many more new projects to come. Shopping centres are soon to be opened in Kraków, Torun, Kalisz and Gorzów Wielkopolski. Neinver’s spectacular new project in Katowice is also currently under construction. In spite of the fact that banks still regard the financing of new projects with a large degree of caution (you have to have at least 30 pct of your own contribution and preliminary contracts signed for at least 50–60 pct of the leasable area in order to qualify for finance), there is lots of cash flowing in from investment funds. At the moment three or four funds are interested in buying every shopping centre that comes onto the market.

Topics

The retail market in Poland is unsaturated There are now 360 shopping centres in Poland Investors have turned their attention to smaller towns

However, the retail sector does not just consist of huge projects alone. More and more investors are showing an interest in smaller towns. You could even go as far as to say that 2012 will be the year of ‘convenience stores’, which have areas not exceeding 5,000 sq m. One such example is the newly-born ‘Czerwona Torebka’ [Red Bag] concept – the founders of the Eurocash, Biedronka and Zabka chains have announced that they will build as many as 1,950 Czerwona Torebka centres across Poland over the next ten years. To sum up, 2012 looks to be an outstanding year for the retail sector. Substantial demand from investment funds and the launches of new, major projects are raising hopes that Poland will stand out proudly on the European real estate market map.

the retail world in 2012 The most important topics to look at in 2012, by

Der Laden um die Ecke kann die Keimzelle eines Weltkonzerns sein Alle paar Wochen eröffnet eine internationale Filialkette ihren ersten Laden in Deutschland. Werden Primark, Vapiano oder TK Maxx den deutschen Konsum verändern wie es Ikea, H&M und McDonald’s getan haben?

Christoph V. Schwanenﬂug Redakteur Immobilien Zeitung

Die Immobilien Zeitung mit ihrem Online-Auftritt www. iz.de zählt zu den führenden deutschen Fachzeitschriften für die Immobilienwirtschaft. Sie gehört zur Verlagsgruppe Deutscher Fachverlag, Frankfurt.

www.iz.de Topics

Wer wird der nächste H&M? Wer wird der nächste Ikea? Wer wird der nächste McDonald’s? Ikea, H&M und McDonald’s haben den Konsum in Deutschland revolutioniert. Ikea hat die deutsche Eiche endgültig aus den deutschen Wohnzimmern vertrieben. H&M liefert den jungen Menschen im Land ihre Alltagsmode, und McDonald’s ist das einzige Lokal, in dem der Milliardär Seit’ an Seit’ mit dem Hartz-IV-Empfänger isst. Ikea, H&M und McDonald’s sind so sehr Teil der deutschen Alltagskultur geworden, dass man ganz vergessen hat, dass sie ursprünglich gar nicht aus Deutschland kommen. Sie sind erfolgreich, weil sie einen Markt kreiert haben, den es vorher nicht gab. Irgendwann haben aber auch sie ihren ersten Laden bzw. ihr erstes Lokal hierzulande eröffnet. Welcher Einzelhändler, der in letzter Zeit nach Deutschland gekommen ist, könnte eine ähnlich große Rolle wie Ikea, H&M

und McDonald’s spielen? Diese Frage stellen sich auch Vermieter, vor allem solche, die nicht einen, sondern 50, 100 oder gar 500 Läden zu vermieten haben. Primark wird immer wieder genannt, weil die irische Firma Textilien verkauft wie Aldi Lebensmittel. TK Maxx erweitert sein Filialnetz beharrlich. Woolworth, nebenbei bemerkt, ist auch auf dem besten Weg, wieder das Kaufhaus von nebenan zu werden, das es jahrzehntelang war. Hennes & Mauritz, wie es in seiner Frühzeit in Deutschland noch genannt wurde, hat am Anfang ziemlich ausgeflippte Sachen verkauft. Hätte 1980 (erster Laden in Hamburg) jemand gedacht, dass die Schweden einmal in der Fußgängerzone von Pirmasens vertreten sein würden? Ikea wurde abgetan, weil es ja angeblich nur andere

Möbeldesigner kopierte. McDonald’s hat sich durchgesetzt, obwohl viele Eltern ihren Kindern verboten haben, dort essen zu gehen. Auch Vapiano, der expansivste deutsche System-Gastronom, hat einmal klein angefangen. Als das Bonner Unternehmen vor acht, neun Jahren seine ersten Lokale eröffnete, mussten die Vermieter lange überredet werden. Pizza und Pasta schien es in Deutschland doch schon genug zu geben. Inzwischen ist Vapiano auf vier Kontinenten vertreten. Vor einiger Zeit hat sich die Milliardärsfamilie Herz (Tchibo) beteiligt. Was lernen wir daraus? Niemand kann vorher genau wissen, welches Potenzial in einem Konzept steckt. Der kleine Laden um die Ecke kann die Keimzelle eines Weltkonzerns sein.

the retail world in 2012

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The most important topics to look at in 2012, by

2012’de Perakende Dünyası

Okan Aras

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the retail world in 2012 The most important topics to look at in 2012, by

MAPIC 2011 promises opportunities beyond the Euro crisis MAPIC 2011 takes place in Cannes in the very same Palais des Congrès that just a few weeks ago resounded with some of the most dramatic political events seen in Europe in recent years: the G20 Summit deliberating on a Greek drama. The venue thus sets the tenor for European retail for, despite its general good health, the sector is far from immune to external economic events. Still, as the themes at MAPIC 2011 show, the industry is on a structural path of modernisation, refurbishment and re-thinking not entirely determined by cycles, and is a hive of activity. Panelists at PIE’s recent Russia Property Breakfast, for instance, pointed to the huge potential of that nation’s emerging retail. The low 13% income tax rate and buoyant economic base have generated a rich and growing middle class, around 10m-strong, with rapidly rising disposable income and consumption needs. MAPIC 2011 Country Of Honour is Italy, where a flurry of retail activity is bringing new greenfield and downtown retail development and a fertile base for investment. Australia’s Westfield is planning a €1bn regional mall in Milan and has agreed to acquire a 50% interest in a 60 ha site near Milan’s Linate airport in a joint venture with Gruppo Stilo. Swedish furniture giant IKEA is earmarking €1bn for new superstores; and that is not even to mention Hines Italia’s Porta Nuova project in Milan, nearing completion, or the Santa Giulia project coveted by a consortium that includes Chinese interests. One theme at MAPIC 2011 is multichannelling - retailing strategies that combine internet marketing with physical store sales, whether malls or high streets. Another topic will be re-generation: how to revitalise existing premises, particularly malls, bringing them into line with modern requirements and establishing customer enticements that turn the shopping

experience into a social and entertainment event for the family. Footfall, as always, remains the holy grail. One keen observer of the European retail landscape is Stephan Wundrak, director of European property research at Henderson Global Investors. The group’s Warburg Henderson joint venture in summer paid €61m for the Tuna Park mall in the Swedish city of Eskilstuna for its Henderson European Core Property Fund No. 1. Wundrak says that even if investors should be more careful amid the eurorelated financial market swings, he is starting to advise clients to take a little more risk in retail and move out of core assets, which have become very expensive. “Everyone likes the Nordics and Germany but there is a premium to be paid for these markets,” Wundrak told PIE last month. Henderson has always been a retail specialist. After Germany, it is mainly active in the UK but its fund allocation there is full. “There is a strong interest in Sweden but we have only managed to close Tuna Park near Stockholm due to quite strong competition,” he says. “We would like to spend a lot of money in France but we can’t find the product at the right price. Retail is hard to come by and office is extremely expensive.” In Germany, Henderson is buying retail warehouses where net yields are around 6.5% and leverage can be put on at 50%. The huge advantage for Henderson clients in the nation, mainly insurance companes and pension funds, is the massive yield pickup over German Bund sovereign bonds, currently returning under 2% - too low to service their long-term liabilities.

Allan Saunderson

PIE Mission Statement The mission of Property Investor Europe is to bring transparency to mainland Europe real estate for US & global investment professionals. PIE is uniquely published in English from Frankfurt, with editors around Europe. PIE reaches over 70,000 institutional professionals via PIE Dailies, and in print monthly to 4,000-5,000 targeted subscribers and others.

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the retail world in 2012

mapic

The most important topics to look at in 2012, by

Run on retail continues European retail property has remained resilient since the collapse of Lehman Brothers, but the eurozone crisis will continue to cast its shadow over the sector in 2012 and beyond. As fears of a breakup and a double-dip recession widen, retail landlords are growing ever more concerned about what this will mean for their assets. With anaemic GDP growth a best-case scenario in view of the severe austerity measures being implemented across Europe, consumer spending will inevitably slow and retail sales will be hit. Against this bleak economic backdrop, winds of change are also sweeping through the sector. In the latest instalment of its Retail 2020 study entitled ‘The New Retail Rulebook: 5 Key Lessons from the Future’, Jones Lang LaSalle predicts that by 2020, more than 50% of all non-food retail transactions will be digitally influenced in mature markets. While the big listed investors and institutional players continue to target core properties in prime locations, dominance in big catchment areas alone is not enough to win over consumers. Consumer spending patterns are becoming less predictable and consumer profiles more complex in our highly competitive global market. A recent report by CBRE revealed that men are replacing women as shoppers of the future. ‘Across Europe, two in five people (40%) now shop online – and it’s men not women that are driving the charge,’ the adviser said. As ecommerce continues to penetrate all levels of society and all generations, the number of e-drives and click-and-collect depots will expand further. Over the past decade, shopping centres have delivered average total returns of just under 10% a year and retail performance has also been less volatile than other sectors. But in the current environment, a major driver behind the wall of equity targeting the European retail sector is no longer capital growth but capital preservation. Against a background of nervous equity markets and low-yielding bonds, there has been a run on prime retail property and the competition continues to grow. Established players such as Henderson and ING REIM*, the big specialist REITs such as Unibail-Rodamco and Corio and the German open-ended funds have been around for some time. But

institutional heavyweights including sovereign wealth funds are also entering the arena and global players from outside Europe are getting into the act as well. At end-October, US pension fund TIAACREF acquired the Perlacher Einkaufsparadies (PEP) shopping centre in Munich for a record low yield of sub 5%. In France, the National Pension Service of South Korea recently bought a further 24% interest in O’Parinor shopping centre near Paris from UK REIT Hammerson, taking its interest in the centre to 75%. As the spending spree on prime retail continues, a shortage of product looms and the gap with secondary assets is set to widen further. Germany has been a point of gravity for retail investors of all types and the country outpaced the UK for the first time in the third quarter of this year. Given the size and depth of the market, it will likely remain a key target in the coming year as well. Another development that is likely to gain momentum is the growth of new alliances between equity players and specialist operators. Indeed, a shift is visible among some of the bigger global institutional players in their bid to gain more control over investment decisions. While pension funds have long been in the market through blind pool funds and specialist investment vehicles, increasingly they are deploying capital directly or coinvesting through joint ventures with specialist operating partners. The Canadians have been particularly active on this front, with Canadian Pension Plan Investment Board (CPPIB) leading the way with its alliance with Dutch pension fund APG and Westfield at Stratford City mall in East London. In May, CPPIB made its first step in mainland Europe with the purchase of a 50% stake in the massive Centro Oberhausen shopping centre in Germany and more recently HOOPP, the manager of healthcare workers’ retirement plans in Ontario, acquired two malls in the Czech Republic in partnership with Meyer Bergman. In the coming year, rich Gulf states and wealth funds from Asia and Australia are likely to start knocking on European doors as well.

Judi Seebus is Editor in chief of PropertyEU, the pan-European portal for real estate professionals. Stay in touch with the dealmakers in Europe via our daily digital newsletter and monthly magazine.

www.propertyeu.info

Topics

Winds of change sweep through the sector Capital preservation heads the wish list Specialists & investors band together

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the retail world in 2012

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The most important topics to look at in 2012, by Recession, what recession? Westfield and Forever 21 signal direction for 2012

Mark Faithfull Editor

For exclusive and in-depth analysis of the retail and real estate markets in Europe, Retail Property Analyst provides concise and insightful information on the crucial trends across the continent. Our goal is to explain, not just report, the big news.

www.retailpropertyanalyst.com

Wish you were here? Postcards from the abyss MAPIC approaches with crippling macro-economic uncertainty across Europe threatening to come to a head. But Mark Faithfull asks whether the doomsayers might just be missing the point Investment caution, bank reluctance to right-price distressed property and nervous European retailers, set against a background of the eurozone crisis. Ouch! But, you know, 2012 might not be so bad after all. Of course that depends on who and where you are. If you own or run a small store on a provincial high street in Western Europe, especially the UK or Ireland, you may want to turn away now. If you own or lease within a big shiny shopping centre in a prime location in one of Europe’s principal cities, then things really aren’t so bad. But the issue that will surely dominate 2012, other than ongoing polarisation, is who faces up to where we are: the abyss. Postcard one: Just as Europe’s politicians have failed to grapple with the eurozone

crisis, so the banks and institutional investors - holding a whole lot of retail stock they don’t want - have refused to put on a fire sale. The result, frustratingly for the equity houses bursting with institutional money to allocate, has been that the predicted slump in capital values has not materialised. It probably won’t in 2012 either, although a gradual release of stock would give the market some hugely needed liquidity. Postcard 2: That means the smart money will be spent on quick fixes in 2012, improving existing centres to polish up capital values and – a mantra for the next 12 months – income generation. But this will be a year for cost-effective optimisation, not grand redesigns. Postcard 3: However, the issue that should

Topics

Lack of liquidity maintains logjam Quick-ﬁx asset management to dominate Unpredictable consumers set the agenda

really be concerning investors is consumer behaviour and just how damned annoying it is. Those who remained cautious during the boom years (like the French and Germans) will not spend their way out of recession and previous big spenders (the UK, Ireland, the southern Mediterranean) are feeling the pinch. Retailers who cannot combine value, accessibility and cache will suffer long and hard in 2012 and so will those centres which rely upon them. And what consumers do spend is increasingly not in-store. Out here at the abyss there are certainly plenty of doomsday scenarios to pick from. But for those prepared to embrace the change and to build a new business model, 2012 might not be the holiday from hell after all.

the retail world in 2012

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The most important topics to look at in 2012, by Family Village

Alain Boutigny est directeur de “La Correspondance de L’Enseigne” (newsletter hebdomadaire s’adressant aux enseignes, promoteurs et investisseurs) et de “Sites commerciaux” (mensuel à l’attention des commerçants, opérateurs de centres commerciaux et conseils immobiliers)

www.sites-commerciaux.com

La ville est très importante ; la périphérie l’est aussi Le discours sur la reconquête du centre-ville dont les politiques nous rebattent les oreilles ne doit pas cacher le besoin d’équipements de commerce dont la périphérie a évidemment besoin Les tartes à la crème ont ceci de formidable que l’on peut en manger dans tous les établissements où la réflexion fait défaut. Prenez par exemple le retour au centre-ville dont les politiques nous rebattent les oreilles. Le projet de loi Ollier (qui a du plomb dans l’aile) ne parle que de cela : des centralités urbaines, de cette mauvaise herbe qu’est la périphérie et de cet amour infini des populations pour le cœur de nos cités. Billevesées ! Les Français n’aiment pas leur centre-ville tant que ça. Ils l’affirment du reste sans ambages, faisant mentir les élites qui se permettent de parler pour eux. Dans un sondage paru cette année, cette “bof attitude” crève les yeux. “Diriez-vous que vous aimez “beaucoup”,

“assez”, “pas vraiment” ou “pas du tout” votre centre-ville ?” leur a demandé Tns. Eh bien, croyez-le ou non : 71 % répondent “pas vraiment” (13 %), “pas du tout” (4 %) ou “assez” (54 % – autrement dit “m... ouais”). Seuls 27 % affirment “beaucoup”. Ce n’est pas grand-chose, vous l’avouerez... De là, on tire néanmoins des plans sur la comète. On dit que les zones suburbaines sont sans lendemain, que les commerces qui s’y trouvent n’ont rien à y faire et que le prix de l’essence leur aura bientôt donné le coup de grâce. Inversement, les jolis cœurs de villes parleraient d’amour avec leurs ruelles inaccessibles, leurs parkings insuffisants et leur capacité d’accueil impossible à augmenter.

Thèmes

La ville est encensée La périphérie est décriée Le commerce aime les deux Et voilà que la foule des banlieues, privée de ses centres commerciaux et de ses retail parks, viendrait faire ses emplettes intramuros, additionnerait la foule du travail à celle des promeneurs, un peu comme un dimanche en semaine. On aura beau construire des immeubles sur les immeubles, ajouter des mètres carrés de vente aux mètres carrés de vente et organiser les transports les plus efficaces possible, on ne poussera pas bien loin les murs de la ville : un concept historique et affectif, certes, mais parfaitement limité. Et que l’automobile, l’avion, l’autoroute et le Tgv ont enterré depuis longtemps. Elle restera précieuse, bien sûr : tout autant que les grottes de Lascaux.

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