Mapic 2013 news 2 by RX REAL ESTATE SHOWS

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Thursday 14 November 2013 117_JIHUA_N2_PIC

www.mapic.com

NEW RETAIL DIRECTIONS

Keynote speaker Janusz Kulik of retailer Rewe told delegates that convenience and adventure would define shopping trips See page 16

INVESTment focus

Deals and discussions were the order of the day as investors, developers and retailers held meetings throughout MAPIC See page 19

cross-border deals

A done deal as Spanish entertainment specialist Dock39 signed to open at French retail park operator Frey’s sites See page 14

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13/11/2013 20:50

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Godiva offers exceptional Belgian chocolates since 1926. Its passion for luxury and innovation, combined with exceptional craftsmanship, has contributed to building its legend. Synonymous with refinement and prestige all around the world, Godiva chocolatier is the choice to make for every occasion.

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6/11/13 17:12

MAPIC 2013 2,400 retailers

400 new retail brands:

Sears • Eastpak • Waskoll • Eric Bompard • Courrèges • George • Topshop • Topman …

Full list featured in centre pages

coNTENTS news

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4 Chinese expansion • Innovation Forum • Turkish growth • US upturn • Rewe keynote

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What’s happening at MAPIC? Watch the MAPIC News Show Video for your daily wrap!

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http://bit.ly/MAPIC-News-1

RISING STARS

26 Brazil, China, India & Russia news 31 Russia comes in from the cold

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YESTERDAY Rakesh Sharma, First Secretary, multicultural economic relations, from the Indian Embassy in Paris, cut the ribbon to open MAPIC 2013. Pictured are: Reed MIDEM CEO Paul Zilk (left), Palais des Festivals president David Lisnard, Rakesh Sharma, and Reed MIDEM’s Nathalie Depetro

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SCHED e nc Confere me m ra prog P34

The official MAPIC daily newspaper Thursday 14 November 2013

Director of Publications Paul Zilk Director of Communication Mike Williams Editorial Department Editor in Chief Mark Faithfull News Editor Graham Parker Sub Editor Julian Newby Proof Reader Debbie Lincoln Reporters Ben Cooper, Liz Morrell, John Ryan Technical Editor in Chief Herve Traisnel Deputy Technical Editor in Chief Frederic Beauseigneur Graphic Designer Carole Peres Head of Photographers Yann Coatsaliou (360 Media) Photographers Michel Johner (360 Media); Eric Megret (Images & Co) Production department Publishing Director Martin Screpel Publishing Co-ordinator Emilie Lambert advertising contact in cannes Daniela Jakovljevic 06 35 02 70 97 daniela.jakovljevic@reedmidem.com Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNEBILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2013, Reed MIDEM Market Publications. Publication registered 4th quarter 2013. ISSN 2256-9308

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13/11/2013 20:54

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neWs global retailers ATTRACTED TO LONDON, PARIS AND BERLIN ACCORDING to research from Savills, 78% of new store openings in London, Paris and Berlin during the last two years have been taken by international retailers. Of these, retailers from North America have been the most expansive, accounting for 20% of new openings across all three cities. This is followed by 14% from Italy and 11% from Switzerland. London remains the most popular for new international retail entrants, with 90% taking space in the city compared to 65% in Paris. However, Paris is growing increasingly popular. The French capital saw twice as many new international retailers opening their first stores in the city in 2013 compared to 2012.

Crocus Group expands Vegas concept throughout Russia

USSIA N developer Crocus Group is continuing the expansion of its Vegas shopping centre concept with the opening of its second Vegas centre in Moscow in February. Crocus Group real estate director Olga Antonova said the centre, Vegas Crocus City, was already 80% let to mass-market brands with Inditex Group, Adidas, Topshop and Next confirmed as tenants Antonova said the Vegas concept, which launched in South Moscow in 2010, is targeted at middle-class shoppers with an average income of around €3,000 a month. “The main idea of Vegas is to create a shopping mall for middle-class families, but the concept idea is to create different cities within the mall to prolong the stay of the customer,” she said. This concept has seen the developer recreate different landmark areas within its centres.

Crocus Group will recreate famous landmarks such as Rockefeller Center and Times Square in Vegas Crocus City

Both Times Square and Rockefeller Center will be recreated within the Vegas Crocus City mall, with retail stores set within the famous backdrops. A third Vegas centre will open in West Moscow at the end of 2015 and the company is on the hunt for a fourth location in the

russia’s OST DEVELOPMENTS OPENS MOZAICA RUSSIAN development company Ost Developments said that its Mozaica shopping centre, which is due to open in September next year in Moscow, is nearly 60% let. The three-level retail development, which will include around 200 stores across 68,000 sq m of space, is anchored by Russian hypermarket group Lenta and cinema operator Kino Max, and will also feature international fashion brands. The development includes a theme park and food court. A second Mozaica centre will open in Tula in 2016. The 105,000-sq m development should begin construction next year.

city as well as planning Vegas centres in additional Russian cities in the next three to five years. The Vegas super regional malls are all more than 150,000 sq m in size and attract an average of 70,000 shoppers a day, according to Antonova. BRIDAL and evening wear specialist Rosa Clara has grown to 120 stores in more than 25 countries since 1995, international development director Clemente Hernandez told a MAPIC speed-matching session yesterday. “Rosa Clara is partnering with major retail operators to expand its retail concept in order to meet the changing retail habits of the modern bride,” Hernandez said.

Wanda offers retailers ‘step into China’ WANDA, the largest real estate company in China, has debuted this year at MAPIC, with the aim of attracting more European retailers to its shopping-centre portfolio, Wanda Plaza. “If there are European retailers who want to step into China we

are the best choice,” said Zhibin Wang, deputy general manager, Wanda Commercial Management. “We will have more than 100 Wanda Plazas by next year and our locations are in key cities,” he said. The company will have 85

Wanda Plazas in China by the end of this year and 109 by the end of 2014 taking it to more than 23 million sq m of shopping-centre space after opening 19 new locations in 2013. The pace of expansion is not expected to slacken.

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13/11/2013 21:44

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Tweeting about MAPIC

Photo of the day

Andrea Illy (@andrea_illy) F&B should offer experience for quality products and accessories, work as a luxury retailer, leveraging on windows, visual merchandise #MAPIC

Investors need to understand impact of omni-channel retail

NVESTORS and shopping centre owners need to understand the likely future impact of omni-channel retailing on their investments, warned CBRE Global Investors European Shopping Centre Fund manager Florencio Beccar. The Netherlands-based company

has recently completed a major piece of research into the growth in online and omni-channel retail and assessing the risk impact against key financial parameters. CBRE Global Investors is now assessing its own portfolio against these criteria. “The e-commerce Rental Impact

Simulator [e-RISC] has been developed to look at both online and practical risks for shopping centres, to give us the tools to assess our retail properties and their asset-management requirements,” Beccar said. The process has also helped to reposition the company’s own view-

point from that of a traditional investor and fund manager to a more hands-on and retail-connected business, he said, while also helping to link the various funds it operates across Europe. “It has never been more important to relate your investment decisions and strategies to those of the retail tenants,” he said. “E-commerce is certainly not the end for traditional retail and it is far from doom and gloom, but this process has been crucial in enabling us to understand how best to manage our assets.”

COSTCO is hoping to open its first store in France in early 2015. The company, which formally announced its partnership with urban retail planning specialist and consultant Mall & Market at MAPIC yesterday, applied for its CDAC (a French retail permit) this week and hopes for a decision before Christmas. Costco is planning to open up to 15 stores in France in the next 10 years, including six in greater Paris. Gary Swindells, vice-president of Costco Wholesale and president of Costco France, said the deal with Mall & Market was an important marker. “They bring to us the expertise [to expand in France],” he said. Pictured are: Costco Wholesale’s vice-president Gary Swindells (left); Mall & Market’s president Bertrand Boulle; Costco’s director of international retail estate Nicholas Deeks; and Mall & Market’s director general Bertrand Marguerie.

Confidence returning across Europe

Jaime Maynau Iceta (left), Neil Varnham and Stefano Viciguerra of Pradera

THE INVESTMENT climate has changed “dramatically” in Italy and Spain since last year’s MAPIC, a leading European real estate manager has said. Speaking to MAPIC News, Pradera’s head of asset management in Spain Jaime Maynau Iceta said he had sensed a significant improvement in the level of confidence among both retailers and investors at the conference. He said: “Last year no one was willing to expand. Today we are

seeing expansion plans in both Spain and Italy and lots of enquiries. People really want to get into those markets and expand.” Also commenting on the European market, Pradera managing director Neil Varnham said that Italy and Spain were showing great potential to get in line with the stronger markets of Europe. “There has been a significant number of shopping-centre transactions in the last two years in the UK, but none in Italy and Spain. I think there will be a repeat of what’s happened in Britain in those countries.”

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13/11/2013 21:14

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neWs UPLACE PROMISES MORE GUERILLA ACTIVITIES

Innovation Forum takes retail experience beyond digital

I BELGIAN lifestyle property developer Uplace, which works predominantly in the urban revitalisation sphere, staged a Gin O’Clock brand activation event outside the Palais yesterday featuring gin from Belgium, live music and home-made waffles. Uplace has promised further “guerilla activities” today.

MAPIC IS KEY TO IGD SIIQ STRATEGY IGD SIIQ is showcasing its mixed-use port project at Livorno and its retail park project in Chioggia, near Venice, at this year’s MAPIC. The company owns 19 shopping centres in Italy and manages a further 13 sites. Chioggia is due to open in early 2015, while the first stage of the multi-phase Livorno Porta a Mare will open at the start of next year, with the retail component expected to start construction in mid-2014 for completion by the end of 2015. The project will be finished by 2017 or 2018. Chief executive Claudio Albertini said: “Livorno is a major project and will be completed in stages and we are currently in discussions with the local authority to reconfigure some of the plans. It will include retail, offices, residential and leisure.” Albertini added that MAPIC was the only exhibition his company exhibited at and described it as the “best place to meet retailers”.

INNOVATION is one of the core themes at MAPIC this year and the Innovation Forum in the Lerins Hall has proved a hit with visitors anxious to know how emerging technologies can be applied to the world of retail real estate. Pamela Wolf, partner at French digital consultancy Invalio, gave delegates a guided tour of the new media landscape prefaced with the statement: “Your shopping companion is your smartphone.” Noting that there are now 1.4 billion smartphones globally, she cited websites such as Clutch.com, Foursquare, Blippar and Aurasma as examples of the way in which the online world can impact on the physical world of retail. She placed strong emphasis on the way in which near field communication, or NFC, can pay dividends for retailers and shopping centre owners who want to encourage shoppers to use their smartphones as payment devices. The forum however was not confined to consumer-facing innovation. Appear Here, at MAPIC for the first time, is posited on the idea of making it “as easy to rent a retail space as it is to rent a

EuropaCity’s Christophe Dalstein: Digital is not the only force

room in hotel”, according to head of special projects Denizer Ibrahim. The London-headquartered, web-based start-up, launched in February, is a portal that enables those in search of temporary retail space to be matched with those who are offering it. Ibrahim said: “We’ve got over 400 spaces currently listed on our site.” But the forum was about considerably more than linking the digital and terrestrial worlds. With talks on how to improve shopping centre sustainability, the effect of music on retail and the future of retail pop-ups, there was something for everyone. One of the highlights was the

display and presentation from EuropaCity, the future shopping-centre project from French hypermarket operator Auchan. Christophe Dalstein, the director in charge of EuropaCity, said that the 80-ha initiative in the north of Paris, which will involve a cost of €2bn and is due to see the light of day in the 2020s, is the natural outcome of a strong emphasis being placed on changing the development mix. “We believe that the leisure and culture facilities will, even more than the retail, be the reason that people visit.” Digital, it appears, is certainly an innovative force, but it is not the only one.

EuropaCity, the future shopping-centre project from Auchan, destined for the 2020s

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13/11/2013 20:45

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neWs US RECOVERING BUT UPTURN IS SELECTIVE

Istanbul will be Europe’s biggest city as Turkish growth continues

T Jones Lang LaSalle’s Greg Maloney

THINGS are on the upturn in the US, but the picture of recovery is highly selective according to Greg Maloney, president and CEO of the Americas Retail Group for Jones Lang LaSalle. “We are seeing growth of between 1-3% in general and the retail recovery started in 2010, but it’s state-by-state and city-by-city,” he said. Noting that Miami, Fort Lauderdale, Phoenix and Las Vegas are “on fire”, he cautioned that “those who fell the hardest are the ones who are showing the real growth”. In the US’ centre states, only North and South Dakota are showing robust increases, largely on the back of the fracking industry, which has taken off in the two states. For retail developers in the US, the luxury industry continues to grow rapidly and retail growth is “following rooftops” (ie new residential build) and the movement of people towards the coast. “There’s not a lot of confidence in government. We need that. That will help a lot,” said Maloney.

URKEY’s rapid growth as a retail property powerhouse is poised to continue, according to industry experts speaking at MAPIC. Hulusi Belgu, CEO of Multi Development Turkey and president of AYD, the Turkish council of shopping centres, said the growth was built on strong economic foundations. “By 2020 Istanbul will be the biggest city in Europe,” he said. “It has a young demographic and by 2023 the median income will be $25,000.” Belgu said that Turkey’s 300 existing centres were seeing average 10% year-on-year sales uplifts, and that of the major cities only Ankara was approaching saturation. “There are still growing districts of Istanbul that need new shopping centres,” he said. Much of the impetus for this growth comes from Turkey’s very strong domestic brands, according to Huseyin Dogan, chairman of the United Brands Association of Turkey. But he said this should not act as a deterrent to global brands looking to enter the Turkish market. “We welcome the competition. It makes us more efficient,” he said.

And by the same token Turkish brands are looking to export their formats into new markets. Dogan said Turkish brands currently operate 3,000 stores in 90 markets but in 10 years time this was expected to reach 20,000 stores in 193 countries. Dogan cited Simit Sarayi as one of Turkey’s most internationally-minded brands. The baker is showcasing its products at MAPIC with a stand inside the Palais and a cara-

van at the Riviera entrance. Simit Sarayi started with a single store in 2002 but now it has hundreds of branches in Turkey and abroad. CEO Abdullah Kavukcu said: “With the Simit Sarayi brand, we are getting closer to accomplishing our goal of creating a global brand from Turkey and we would like to encourage and pave the way for other brands. I believe MAPIC will support us during this process in reaching our goals,” he said.

Simit Sarayi’s Abdullah Kavukcu

The Turkish council of shopping centres’ Hulusi Belgu

The United Brands Association of Turkey’s Huseyin Dogan

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13/11/2013 20:43

Advertorial

Renato Scapolan,

President of the Varese Chamber of Commerce.

Retail in the province of Varese A wealth-producing area, with a gross domestic product per capita higher than 30thousand euros, places Varese above the Italian and European averages, which do not go beyond around 25thousand euros. For years, the province of Varese has been belonging to the top ten Italian provinces with the best standard of living: a growing average income, equal to around 25thousands euro, well above the national average (23thousand) and a dozen municipalities in the Varese area, which are among the 100 richest in Italy. A widespread prosperity which results in a high consumer spending, of which more than 50% for goods such as vehicles, furniture and new technologies, up to 15% for clothing, footwear and fashion sector. Varese is a province in transition where there is also enough space for the growth of young people and their needs: young people aged 15 to 24 years account for around 10% of the population and express a power consumption typical of their age and rapidly evolving. A dynamic province where a certain amount of multiethnicity finds its home, with a 8% share of foreign residents (percentage in constant increase), having their own needs and consumption to express. The retail trade is a focus sector in the province of Varese both in the number of employees, more than 26,000, and the number of outlets, over 8,000 (in both cases, equal to 10% of the total). Besides the traditional trade, new sales formulas have been growing, through the opening of franchised shops of international brands of fashion and luxury products. Also the shopping malls (12 with an area of 233 square meters per thousand inhabitants, in line with major European countries) and the large scale distribution are experiencing a similar growth thanks to the arrival of important foreign groups (250 POS with a total sales area of 383,616 sq m). Varese, through a progressive diversification of its offer, is creating the right mix of tradition and innovation, thanks also to the support offered by its 15 Commercial Districts.

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Varese for Expo 2015 From May 1st to October 31st 2015 Milan will host “ EXPO”, the big universal exposition related to the main topic “Feeding the Planet, Energy for Life”. Expo represents an enormous showcase, where economics, politics, art and culture from 140 countries and international organizations will show up and initiate an unique outstanding universal representation. During the exposition about 20 millions visitors are expected; 140 exhibiting countries will participate and more than 2.000 events of all sorts will be organized. For this extraordinary event about 200.000 new jobs are planned to be created. Considering the closeness of the Expo location not more than 10 km from the south border of the province - the province of Varese is preparing and organizing itself in order to take part as a coherent and well-structured territorial system. The Chamber of Commerce is active as a facilitator and coordinator of local initiatives in support of Expo, so that this huge universal exposition will be the opportunity of economic growth and development of the province.

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neWs FREY LOOKS TO COMPETE WITH THE INTERNET SPANISH family entertainment operator Dock39 is to export its concept to France. French retail park developer Frey’s CEO Antoine Frey and Dock39’s CEO Alberto Marcos signed an agreement at MAPIC that will see Dock39 open in six of Frey’s French parks over the next three years. The first opening will be at the Clos du Chene park at Marne La Vallee, close to Disneyland Paris. In its home market Dock39 operates from units between 1,000 and 5,000 sq m but the French units are likely to be between 1,000 and 2,000 sq m, Marcos said.

Dock39’s Alberto Marcos (left) with Antoine Frey

“When we saw Dock39’s concept in Zaragoza, we immediately knew that we had the same approach to business,” Frey said. “It’s absolutely necessary to provide shoppers with an experience if we are to compete with the internet.”

THOR PROVIDES NETWORKING retail HUB DEVELOPER Thor Equities held a Retail Happy Hour at MAPIC yesterday, where retailers could discuss investment possibilities. Further Thor happy hours will take place today at 11.00-12.00 and 17.00-18.00 in the area adjacent to the MAPIC Business Lounge.

Extension adds leading brands to Clermont-Ferrand’s Jaude Center

LEPIER R E’s refurbished and expanded Jaude Center in Clermont-Ferrand, France opened its doors yesterday with 54 new brands among its 136 stores. Hollister, Lego, H&M, Hema, Bershka, American Vintage and Desigual are among the new retailers within the mall and the refurbishment and extension has been carried out by architect Douat-Harland & Associes. The 37,000-sq m shopping centre extension features an additional 13,400 sq m of retail space and a huge silk-screened glass facade within the new format and the project is part of a broader effort to renovate the downtown area of Clermont-Ferrand. “The Jaude Center opened 33 years ago and has become a central fixture for the residents of Clermont-Ferrand. Klepierre invested more than €100m in this ambitious project, which is part of the major renewal of the downtown area,” said Laurent Morel, chairman of the Klepierre executive board. “We wanted to achieve excellence, not only in terms of design but also in terms of the retail and service mix, in order to create a completely new and vibrant shopping space that reflects this city and its inhabitants — connected and open to the world and inno-

The new-look Jaude Center in Clermont-Ferrand opened yesterday

vation,” Morel added. The Jaude Center’s innovative design includes a curving interior entrance that opens out onto bright malls and special features including hanging bubbles, a fountain, fluid lines and bright colours. Also new for the project is the Club Store — first launched at Les Passages at Boulogne-

Billancourt, Paris — which includes several service-oriented initiatives to improve customer services within the malls. Klepierre is working on a number of new projects at the moment, including the refurbishment of Centre Bourse in Marseille and construction of Les Passages Pasteur in the centre of eastern French city Besancon. REDEVCO confirmed at MAPIC that it has signed leases with Hollister and JD Sports for its upcoming Promenade Sainte-Catherine shopping centre in Bordeaux (pictured). Other tenants include Lego, Monop’, C&A, Swarovski, La Fabrique de Lunettes and Matsuri. “There is no doubt that both new partners will enhance our site’s powerful identity,” said Thierry Cahierre, managing director at Redevco France.

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13/11/2013 19:17

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05/11/13 15:38

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neWs IKEA RUSSIA TO SHARPEN ITS FOCUS ON FOOD IKEA Russia’s new general director Armin Michaely revealed yesterday that the company will invest more than €400m in its planned refurbishment programme within 12 of its 14 Mega centres. He also revealed the company was looking to add extensions of between 50,000 and 80,000 sq m at seven of its centres and could begin extension work in 2015. The refurbishment programme will bring more space dedicated to food, the possible future introduction of fresh food markets and an increase in higher-end food offers designed to extend dwell time beyond the existing fast-food offer.

BRAZIL IS RIPE FOR RETAIL RETAIL brands considering expansion into Brazil need to think big, according to one of the region’s leading commercial agents. Cushman & Wakefield head of retail for South America Laure Maumus, said that retailers need to reach a “critical mass” to overcome challenges of logistics and capture market share. She added that with Brazil undergoing the most rapid expansion of shopping-centre space in the world and a relatively underserved consumer base, the opportunities for international brands in Brazil were huge.

A new generation of shopping centres boosts Ukraine retail

KRAINE offers international retailers a wealth of opportunities for expansion into Central and Eastern Europe, one of the country’s leading developers said. K.A.N. Development director for sales and marketing Anna Popruga said that a “new generation” of shopping centres is satisfying modern retailer requirements and providing Ukraine’s shoppers with the right type of space. An example is the Ocean Plaza mall that K.A.N. unveiled last year and has subsequently sold to Russian company TPS Real Estate. “A lot of people think that Ukrainian shopping centres are not attractive, but today we can prove they really work,” Popruga said. “There is a strong culture of shopping in Ukraine; people spend a high proportion of their income on clothes shopping; they like to be beautiful. There is a customer for every brand.” K.A.N. is also involved in another large

K.A.N. Development’s Anna Popruga (left), with Victoria Andreevskaia of Clearing House

scheme in the Ukraine, Respublika, which is due for completion next year. The project, which is being overseen by Kiev-based Clearing House on behalf of Megapoliszhytlobud, will be based on the edge of the capital. THE RISE in the availability of technology has made convenience even more important to consumers, said conference keynote speaker Janusz Kulik (pictured), member of the board at retailer Rewe International. “There are key retail trends,” he said. “Time efficiency and convenience are of growing importance in today’s market.” He stressed that retailers also need to remember that shopping must be different from the online experience, and that customers are increasingly looking for “adventure” in their shopping trips.

Strong start for Belarus in Cannes THE STAND of Dana Holdings and its investment arm Zomex Investment welcomed Belarus ambassador, his excellency Paval Latusha, yesterday. Latusha said the new Minsk Lighthouse development in the city was representative of the opportunities Belarus offered to investors. “This is a sign of things to come for Belarus as we are an emerging market with amazing future growth potential,” he said. At the end of next year Dana Holdings and Zomex Investment will launch Dana Mall, the

shopping mall element of the Minsk Lighthouse development, which includes 50,000 sq m of retail and leisure space. The remainder of the development, which will also include residential and office space, will open in 2017. Gary Burrows, head of property and asset management at Dana Holdings, said there had been huge interest in the scheme on the first day of MAPIC. “We have met 20 retailers this morning. They have shown incredible interest and a couple have already signed leases,” he said.

Belarus ambassador Paval Latusha (left) with Dana Holdings’ Gary Burrows

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Development spreading to tier-two cities in Turkey

URK EY remains a major destination for retailers and those not there already should consider setting up shop, according to Togrul Gonden, Cushman & Wakefield’s managing partner for the country. “It’s still the secondbiggest pipeline in Europe after Russia,” he said, adding: “We have 1.5 million sq m under development and 500,000 sq m of that is in Istanbul alone.” Gonden said that although Istanbul has a third of the development pipeline provision, this is a shift away from the historical figure that is close to 50% and reflects a move by developers towards Turkey’s second-

tier cities, such as Samsun and Adana. He also noted that Izmir represents a major opportunity for retailers and developers as while it is Turkey’s third-largest city, it ranks only 11th in terms of shopping centres. Turkey will boom over the next 10 years if the government’s aim to raise GDP per head from $10,000 (€7,444) per head to $23,000 is realised. “If this happens, there will be room to grow the current provision of 110 sq m of retail per 1,000 inhabitants to 250 sq m per 1,000, in line with European norms. “This will mean an additional 11 million sq m of retail development in Turkey,” Gonden said.

Cushman & Wakefield’s Togrul Gonden

India’s largest mall due in 2014 DLF HAS revealed that its Mall of India development is already 85% let with leading fashion brands likely to open their first stores in India at the centre. Zara is confirmed for the project, and DLF is in negotiations with H&M, Gap and Uniqlo. The centre is due to open by autumn next year and will be the largest mall in the country. “It’s the right time to open a project this large and we will be the ones to be first with many brands,” said Pushpa Bector, senior vice-president of leasing and mall head at DLF. Bector also `said the six-level

mall, which will comprise 1.9 million sq ft (180,000 sq m) of GLA, will include successful domestic players as well as well-known international brands. “It will be anyone who’s of repute and doing well,” she said. The centre will be zoned — a first for the Indian market according to Bector. It will include five zones, comprising marketplace, international boulevard, high street, family world and leisure land. The development will also include an ice-skating rink and a major brand indoor theme park.

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How to get the most out of MAPIC in three minutes Toronto-Kiev president Yuriy Kryvosheya with investors at the MAPIC Power Meetings

Retail lease management software tailored to suit your requirements Do your systems measure up?

NVESTORS and developers met yesterday in the first of a series of MAPIC Power Meetings — audience-specific, three-minute networking events — taking place at MAPIC. Yuriy Kryvosheya, president of Toronto-Kiev, an 84,000-sq m mixed-use development, which will include 10,000 sq m of retail, said the power-meeting format was vital for companies

like his. “This kind of event helps you get the most out of shows like MAPIC. You can sit and drink wine, or you can come back with 150 business cards by going to meetings like this,” he said. Today sees shopping-centre owners and city-centre managers meet with retailers, and master franchisees meet with retailers, in two further MAPIC Power Meetings sessions.

Luxury destination for Qatar QATAR is gaining a new luxury retail and dining district in the form of Al Emadi Enterprises’ Alhazm project. Chief executive Mohamed Al Emadi said: “The project is a destination for luxury brands and fine dining — it’s much more than a mall.” The project is now just six months from completion. “We’re in the heart of Doha City, with one of the highest in-

come catchments in the region,” Al Emadi said. “It’s perfect for brands like Prada, Bulgari and Chopard.”

Visit stand R32.29 to discover how Manhattan can help you streamline the full retail lease lifecycle.  Automate processes and workflows  Ensure FASB/IASB compliance  Improve lease negotiations  Manage critical dates  Automate percentage rent  Improve forecasting and reporting  Streamline rent processing  Manage CAMs/Service Charges

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Al Emadi Enterprises’ Mohamed Al Emadi

Modest growth is ‘new normal’ GAZIT-Globe will continue to focus on high-density, urban locations, having spent the past five years repositioning its global portfolio, said chairman Chaim Katzman. “This has been an important period of time for the company,” Katzman said. “Although we will still look for opportunities to acquire, I think the period of

very good value has passed and now it is more about asset management and investing in our existing properties, which is where the best value is to be achieved.” Katzman said that he expected the “new normal” of modest growth next year and said that he felt Europe is around two years behind the US in terms of economic recovery.

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neWs london’s OLD BOND STREET IS BOOMING WITH rents at £804 per sq ft per year (€10,225 per sq m), London’s Old Bond Street has retained the top spot as Europe’s most expensive shopping street, according to a report from Colliers International. While most of the continent’s major streets experienced rental growth, Geneva’s Rue du Rhone had downward pressure on over-valued prime rents, suffering the largest decline in the top 10 with a fall of 14%.

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Old Bond Street, London

Lotus Shopping Centres debuts with Mangalore

OTUS Shopping Centres first shopping centre opens in Mangalore at the end of next year. It is already 50% let with key anchors including Marks & Spencer, Zara and Shopper Stop already signed, as well as a nine-screen Inox cinema and a four-star hotel. The centre, which will comprise 470,000 sq ft (43,664 sq m) of retail space, has a catchment of 2.5 million shoppers within a 60-minute drive. Tania D’souza, assistant vicepresident of leasing and marketing for Lotus Shopping Centres, said the company’s focus on South India was proving fruitful and that retailers had got over their initial hesitance about the market. “There’s a lot of power and money in the tier-two cities and brands are moving

there,” she said. The company has four centres planned for the next three to four years in cities out of the traditional retail markets. They will include centres in Hyderabad, Bangalore and Vijayawada.

Lotus Shopping Centres’ Mangalore centre is already 50% let

NEW CENTRE FOR WEST MOSCOW KUNTSEVO, a multi-functional lifestyle shopping centre with a GLA of 68,000 sq m, will open in the west of Moscow in August 2014. In addition to the mall, the scheme will also include an office tower and an apartment block. Currently, investment volumes in the project have reached $450m (€335m) and leasing agents are Jones Lang LaSalle and Knight Frank.

Kuntsevo Plaza will open in August 2014

FROM PHYSICAL TO DIGITAL FTI Consulting is the official communications partner to MAPIC FTI Consulting, providing specialist consultancy for the retail and retail property sectors. Delivering financial and corporate communications expertise across the whole breadth of retail through highly motivated professionals with an international footprint. www.fticonsulting.com

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Apsys all set for Poznan’s largest shopping centre

RANCO-Polish developer Apsys is soon to start work on its planned 100,000 sq m Lacina shopping centre in the western Polish city of Poznan. The nine-hectare city-centre scheme, due to open in the third quarter of 2015, will be twice the size of any mall in the city, according to Fabrice Bansay, chief executive of Apsys in Poland.

“We’ve been working on the project for about 15 years and the centre is already 80% prelet,” Bansay said. He added that Lacina, which will feature Poland’s first double-height in-mall shopfronts, will be anchored by a Carrefour and a branch of French DIY retailer Leroy Merlin, both of 10,000 sq m. The scheme will trade from two floors.

Jeweller Adamas in Cannes to target the global market RUSSIAN jeweller Adamas is planning domestic expansion of its retail chain and will look to international growth within the next two years, according to chief executive Maxim Vaynberg.

Maxim Vaynberg: Targeting domestic and international expansion

The company will look to markets in the CIS, the Baltics, Europe, China, Turkey and the Middle East. Adamas sponsored last night’s opening party and Vaynberg said that MAPIC provided an important platform not only to raise the profile of his business but also to learn about the latest trends in international retailing. “We have the biggest jewellery chain in Russia right now but it is very important to understand what is going on internationally, both with developers and retailers,” he said. “Now is a very exciting time for retail in Russia and MAPIC provides a great base for us to grow our business at home and to look for opportunities all over the world.”

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The Lacina shopping centre is due to open in 2015

Using interior analytics to help commercial property owners understand retail sales To justify paying for a bricks and mortar presence in a shopping centre or mall, retailers need a steady flow of customers coming through their doors. While their own marketing plays a key role in this, the ultimate responsibility of driving traffic into retail outlets in shopping centres and commercial centres is increasingly falling to the mall owners and property managers themselves, who need to make a business case for retailers to lease space in their buildings. Using ShopperTrak’s Analytics tools, centre owners and managers can gain a holistic view of how shoppers are using the commercial space as well as uncovering how retail sales are developing within the property. This information enables mall owners to make informed decisions about the day-to-day running of the shopping centre and to manage everyday issues more effectively – from staffing to negotiating leasing terms.

Using its Gross Shopping Hours Tool, ShopperTrak is able to take into account factors about shopper behaviour in the shopping centre, including the amount of visitors and ‘dwell time.’ These are then combined to uncover correlations which can be used to inform property managers how their activities are influencing retail sales. Shopping centre owners can also share the data they collect with individual retailers about how shoppers are moving around the space, what is drawing customers in, and what is compelling them to make a purchase. These statistics are invaluable for the marketing team who are able to identify recurring trends, making forecasting and planning easier and more effective for both the individual retailer and the property as a whole.

ShopperTrak’s stand R35.04 - Espace Riviera

Sara Munoz, Regional Marketing Manager, ShopperTrak - +447557741027 - smunoz@shoppertrak.com

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neWs

Inorbit seeking new sites Luxury brands thrive as to expand mall portfolio Dubai economy grows

NDIAN shopping centre group Inorbit is in acquisition mode. “We are looking for brownfield projects — half constructed centres or projects that have been started but are not going ahead,” said Inorbit managing director and CEO Kishore Bhatija. The development group, which currently operates six centres, opened its latest in Vadodara in

September with 127 stores and lifestyle brands, 30 of which entered the city for the first time. Anchor stores include Shoppers Stop, Marks & Spencer and Hypercity. Around 60% of stores opened on launch and Bhatija said a further 30% should be open by January. He said the centre was already performing well. Inorbit also has three other projects in the pipeline, all of which will be around 46,500 sq m. The first to open will be Hyderabad, which is due to complete in a year and will be followed by the company’s malls in Pune and Mumbai — both of which are due to open in the next three to four years. All the centres target the middleand upper-middle-class Inorbit Vadodara opened in September with 30 shopper. brands new to the city 058_SNS_N2_PIC

U BA I’s ret a i l scene is booming again, according to James Napoli, executive senior director of leasing for Majid Al Futtaim’s 12 shopping malls. However the industry veteran notes some important changes since the financial crisis hit in 2008. “The Mall Of The Emirates is one of the most productive malls in the world Mall Of The Emirates: one of the most productive with sales densities of $1,500 malls in the world per sq ft (€12,000 per sq m) but we’ve been able to take back “The two million-sq ft Mirdap 150,000 sq ft (14,000 sq m) out of City Center and the 1.2 millionthe 2.5 million sq ft and we’re re- sq ft Deira City Center are also big centres and great producers,” merchandising,” he said. Napoli said the aim is to deliver Napoli said. “Thanks to the via more upscale tenant mix. “All sion of Mr Majid Al Futtaim the luxury brands are demanding there’s a lot going on, and a lot more to come.” more space,” he said.

FRANCHISE THE AMERICAN

GOURMET BURGER BRAND IN EUROPE P R E M I U M B U R G E R S | G R E AT P R I C E S | E X C E L L E N T F R A N C H I S E E P R O F I T S I N D U S T R Y L E A D I N G S A M E - S T O R E C U S T O M E R T R A F F I C G R OWT H* 34%* 35% 32.3% 30%

2 7. 6 %

25%

21.8%

20% 15% 10%

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0% ’09

’10

’11

’12

’13 YTD

V I S I T O U R B O O T H O N T H E R I V I E R A L E V E L ( R 3 5 .1 3 ) T O L E A R N M O R E O R C O N TA C T U S AT V I C T O R @ S T E A K N S H A K E . M C *Cumulative growth

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neWs Land Securities unveils plans to extend Buchanan and Westgate

AND Securities has un- ments in Glasgow but there isn’t veiled plans for major UK the space. Buchanan Street [185projects at MAPIC 2013. 221] was 100% pre-let when it Major extensions are pro- opened so we know there is deposed for Buchanan Gal- mand.” leries in Glasgow and Westgate BDP is architect while CBRE, in Oxford. DTZ, Culverwell and Shelley In Glasgow, the Buchanan Part- Sandzer are leasing agents. nership, a joint venture between At the same time The Westgate Land Securities and Hender- Alliance, a joint venture between son Global Investors, plans to Land Securities and The Crown strengthen Buchanan Galleries’ Estate, has released details of its position as the dominant shopping 74,000-sq m Westgate development and leisure destination in Scot- in Oxford city centre, which is due land by creating 110,000 sq m of for completion in autumn 2017. modern retail and leisure space. Following public consultation, On completion in 2017, two major the Westgate Alliance submitted stores will anchor the scheme: a its outline planning application new 14,000-sq m Marks & Spen- in September 2013. The scheme cer and a reconfigured 28,000- will provide more than 100 new sq m John Lewis department store. retailers and restaurants, a John Nick Davis, development director Lewis department store, a premiat Land Securities, said: “There um boutique cinema and a unique are a lot of retailers with require- rooftop-dining venue. The new 105v2_PRELIOS_N1_PIC-p1

FONDO SHOPS

Westgate will also house the city’s largest car park with up to 1,000 spaces. Speaking in Cannes, Land Securities development director Bert Martin said: “If you look at the high street in Oxford it has come together over centuries. We’re trying to recreate that. I want to try to avoid a beige centre — I

want this to be of Oxford. We want to make sure that what we’re delivering is relevant.” The Westgate Alliance has appointed architect BDP as its master planners and lead architect. In addition, four architectural firms are designing individual buildings to bring design variety to the scheme. Architects Glenn Howells, Panter Hudspith, Dixon Jones and Allies & Morrison will all be working on the individual elements of the developments. CBRE, DTZ and Davis Coffer Lyons are letting agents.

The revamped Westgate Centre in Oxford will be anchored by John Lewis

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RISING STARS JIHUA TARGETS OUTLET STRATEGY CHINA-based Jihua Group, listed on the Shanghai Stock Exchange, plans to become one of the major players in the outlet industry by creating the first outlet network in China. Arcotecnica Group has been appointed for the development of this project and its operational implementation on Chinese territory. The best locations are now being selected and will be developed within the next few years. These sites will include fashion and luxury outlets, sports hubs, entertainment and hospitality services such as hotels, wellness centres, and restaurants. Arcotecnica has created an Outlet Division that will be guided by Luca Bastagli Ferrari, CEO of Arcoretail, with staff based in Italy, China, New York and Paris. Leasing operations have already started and new offices are being opened in Milan and in China.

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Sonae Sierra Brasil pledges new brands for Goiania

onae Sierra Brasil, a shopping centre developer, owner and manager, is set to open Passeio das Aguas Shopping in the fourth quarter of this year, built on a 280,000-sq m area located on the north side of the city of Goiania. Its catchment area will reach a population of approximately 1.6 million people in Goiania and surrounding areas. Passeio das Aguas Shopping will offer not only brands that are new to the city but key local operations and will be the largest shopping centre in the state of Goias. The centre will have a GLA of 78,100 sq m, with 277 stores including 10 anchors, nine semi-anchors and 206 unit stores including 27 fast-food stores and nine restaurants, in addition to

4,000 parking spaces. Passeio das Aguas Shopping opens in Q4 this year Bra nds including some new to the city like Artex (bed and bath linens), Etna (furniture and decoration), Striker Boliche (bowling), Zelo a n d wel l - k n ow n brands like C&A, Casas Bahia, Cinemark (with a seven–screen cinema), Eletrosom, Marisa, Mmartan, Novo Mundo, Polishop, Supermercafind quality options of leisure and dos Bretas, Renner, Riachuelo gastronomy,” said Jose Baeta Toand Ri Happy will also be in the mas, CEO of Sonae Sierra Brasil. centre. “This is a bold project and we ex“We are developing a space that pect that this centre will become will be more than just a shopping a reference and a true landmark centre; it will also be a place for Goiania and its surrounding where everybody will be able to areas.”

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DEMOGRAPHICS STRONG DESPITE SOFTER SALES DESPITE a near-term slowdown in retail sales, strong demographics and the ongoing growth of the middle class will underpin faster growth in Latin America going forward, according to Pramerica, which remains bullish about Brazilian retail. Lower retail penetration outside of the major city markets offers attractive retail development opportunities, the Mexican-based investor said, although it pointed out that retail demand softened in the third quarter of this year thanks to a decline in real incomes. “Nonetheless, occupiers are focusing on small to mid-sized cities in order to expand their footprint,” the company said.

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Carrefour striving for Chinese growth

a r r efou r returned to growth in China this year and has also reorganised some of its international activities. In Turkey, Carrefour transformed the governance of its partnership with Sabanci Holding and now holds 46.2% of CarrefourSA. In May, Carrefour sold its 25% stake in Majid Al Futtaim Hypermarkets for €530 million to its regional partner. The franchise partnership has been expanded in scope to the Middle East, North Africa and Central Asia. Also in May, Carrefour and CFAO announced the signing of a memorandum

of understanding to form a joint venture that will be 55% owned by CFAO and 45% by Carrefour. This venture will have exclusive distribution rights to develop various store formats in Western and Central Africa. Carrefour CEO Georges Plassat said: “We are now concentrating on countries where we can be the number one or number two player. Globalisation is very expensive, so we must focus on markets like China where we can build a strong position.”

Carrefour China has returned to profit

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RISING STARS LOTUS identifies POTENTIAL IN TIER-two CITIES CURRENTLY, 70% of organised retail is concentrated in six major cities in India. Lotus Shopping Centres says that its thinking is different and points out that of the 300 million Indian middle class population, only about 15% live in these six major cities. The company believes there is huge buying power in cities like Aurangabad, Indore, Mangalore and Vijayawada and it sees the growth potential in tier-two cities, also maximising investment opportunities for its investors.

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Right location and concept is key for developers

ROM the beginn ing of this year, the Russian Shopping Index has continued to decline, in general demonstrating a small negative trend consistent with other economic indicators, warns Roman Skorohodov, Watcom Group president. New retail space has added to the Index decline, as well as rising prices, inflation, and industrial stagnation. “The biggest decline was demonstrated by regional facilities. At the same time, visits to small (regional sites) and large facilities remained virtually unchanged,” Skorohodov said. “The largest drop occurred in medium-sized centres at around 10-12%. Skorohodov believes that the

situation will exacerbate competition and that shopping centres will have to work out a unique concept and create additional traffic driving appeal to increase customer numbers. “For facilities where the developer has made serious mistakes in the location selection and approved a concept that does not meet the consumer environment, such errors have begun to be extremely costly,” Skorohodov said. “For example, in a number of regional shopping centres in the south of Moscow, at the stage of concept development a mistake has been made, including the presence and plans of the competition closer to a subway station.”

Roman Skorohodov: Mistakes proving costly

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M.video backs omni-channel approach

EUROPOLIS TO PROVIDE EUROPEAN FEEL

.video, Russia’s largest consumer electronics retailer by revenue, has expanded to 316 stores in 140 cities as of September 30, 2013, to reach a total selling space of 561,000 sq m. Alexander Tynkovan, president and CEO of M.video, said: “We continue to expand successfully our operations both offline and online through implementing our winning omni-channel formula. In Q3 we launched 20 new internet cities and now operate online in 37 cities across Russia, while increasing our total coverage to 140 cities.” He added: “We believe that our omni-channel approach will continue to allow M.video to gain market share in the peak December season. We are also optimistic about rapid pick-up in store development as it pro-

EUROPOLIS Shopping & Family Entertainment Centre is a f lagship project from Fort Group and is scheduled to provide a wide choice of shops and entertainment in an “atmosphere of European cities” in the Russian city of Saint Petersburg. The scheme will have a GLA of 60,500 sq m over three levels of shops and entertainment and over 150 stores. The planned opening date is the fourth quarter of 2014.

vides for comfort and convenience of shopping for consumers, especially in the holiday period and it’s quite beneficial

for the retailer as we can offer additional services and accessories to our online customers in the store.”

M.video now operates online in 37 cities across Russia

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RISING STARS

mapic

Russia comes in from the cold

s investment transaction volumes across Europe have gradually increased, so Russia has benefitted from the renewed confidence. The second half of the year in particular has seen signs of more positive sentiment. Earlier this year Amstar sold Aura Shopping Centre in Novosibirsk, the third largest city in Russia, to RosEuro Development. Although the specific terms of the transaction were not disclosed, the sale is thought to be the largest retail real estate transaction in Russia outside of Moscow and St Petersburg. Aura Shopping Centre was developed by Amstar in partnership with Renaissance Development and opened in 2011. The centre comprises more than 200 stores

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and 61,000 sq m of leasable space over four floors. Located within a five-minute walk of Lenin Square and the city’s main street, Krasniy Prospect, Aura is the premier shopping destination in Novosibirsk and is 100% leased. The shopping centre is anchored by an Okey hypermarket and a MediaMarkt and includes a diverse mix of some of Russia’s most popular retailers including Zara and a number of other Inditex brands, Sportmaster, Adidas and New Yorker. Amstar continues to maintain a strong partnership with Renaissance. The joint venture owns five shopping centres in Turkey, four of which are operational with the fifth scheduled to open in October 2013. Jason Lucas, president of Amstar Global Advisers, said: “The sale

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Metropolis, which opened in 2009, has been purchased by a fund managed by MSREI

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Not to be missed! New segments at MAPIC Travel retail

MAPIC, where retailing and transport hubs merge Discover travel retail opportunities during dedicated pitching sessions hosted by A2C (SNCF), Transport for London, Grandi Stazioni... and gain insight from transport hub retailers, owners, operators and developers. Wednesday 13 and Thursday 14 November from 14.30 to 16.00, Lerins Room

Retailtainment

Meet retailtainment key players Culture, leisure and entertainment play a crucial role in modern day shopping centres’ strategies. Meet retailtainment players in our dedicated area at Riviera level and on level -1. • Attraktion! • Brunswick Bowling & Billiards • Dedem Automatica • Graphik-Huntertainment • KCC Entertainment • MADEAconcept • QubicaAMF • Re-play • RP Solutions • Walltopia

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Attend insightful conferences, meet speakers and discover the most innovative technologies and solutions that are shaping the future of shops and shopping centres. • Appear Here • Cabinet Coysevox • CyKOMM • EMA Events & Design • EuroCSgroup • EuropaCity • Fidzup • Invalio • Midem • SFR Business Team

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RISING STARS of Aura marks the culmination of a successful project for Amstar and its investors and is an opportunity for RosEuro to add a stabilised, award-winning project to its growing portfolio of Russian regional malls.” Lucas added: “This sale demonstrates both the success of Amstar’s global strategy and the strength of our long-standing partnership with Renaissance. We remain confident in the Russian real estate market and will continue to seek out opportunities for commercial real estate development.” The shopping centre will be the second operational mall in RosEuro Development’s portfolio of Russian shopping centres. RosEuro owns and operates Pla net a Shopping Center, Krasnoyarsk and is developing three additional Planeta shopping centres in Ufa, Novokuznetsk and Perm. There is a growing sense that Russian mall development and transactions are beginning to re-

Amstar sold Aura Shopping Centre in Novosibirsk to RosEuro Development earlier this year

fute risk doubts about the country. In May Cushman & Wakefield’s European Shopping Centre Development 2013 report ranked France and the UK as the top two markets in terms of total existing shopping centre space with 16.95 million sq m and 16.48 million sq m respectively. But it noted that Russia, the third largest market with 16.47 million sq m of space,

will shortly surpass the UK as it continues to see new developments completed — it has 2.4 million sq m forecast for completion in 2013-2014; this represents nearly a quarter (22%) of the entire European pipeline for this period. One of the largest examples of this new focus on overseas money targeting Russia saw Morgan

Stanley Real Estate Investing acquire the Metropolis shopping centre in Moscow in what is believed to be the largest-ever transaction in the Russian commercial real estate market. Terms of the transaction were not disclosed, but the deal is believed to have been worth around €1 billion. A fund managed by MSREI purchased the 205,000-sq m Metropolis shopping and entertainment mall from Kazakh developer Capital Partners and the acquisition follows on from Morgan Stanley Real Estate Fund VII’s $1.1 billion purchase of the Galeria mall in St Petersburg in the first quarter of last year. Developed by Capital Partners, Metropolis opened in 2009 and features 82,000 sq m of retail space. Brian Niles, head of MSREI EMEA, said of the deal: “The acquisition is consistent with our strategy of investing in high quality assets in Russia, a market that should continue to benefit from strong growth in consumer demand.”

MAPIC Awards Gala Dinner 2013 Thursday 14 November, 2013 at 19.30 Martinez Hotel, Salon Galuchat, Cannes

SAVE THE DATE

Make your reservation now! Invite your clients, colleagues and friends to a night of celebration. 3-course dinner, including champagne & wine, accompanied by music & entertainment. Renowned chef of a Michelin Guide-listed restaurant. 10-seat branded table: e 2,200 • Single seat: e 250 To book a seat or a table, please send an email to mapic.awards@reedmidem.com The dinner will be followed by the traditional MAPIC Party at the same venue.

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PROGRAMME OF THURSDAY 14 NOVEMBER 8.30 12.00

THURSDAY 14 NOVEMBER

19th Russian Breakfast Organiser: Impress Media By invitation only

11.00 15.00

MAJESTIC HOTEL, SALON CROISETTE

9.00 9.45 9.00 10.00

Immochan: developing retail together

9.30 10.15

AGORA, LEVEL -1, AISLE 08

11.15 12.00

How we shop - changing demographics of Europe’s consumer

11.30 12.00

Indian Breakfast at the Indian Pavilion LEVEL -1,STAND 15.20

11.30 12.00

Co-organiser: Council of Shopping Centres - Turkey