Mapic 2016 news 1

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DAY Wednesday 16 November 2016 WELCOME TO MAPIC

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Delegates enjoyed networking opportunities at the MAPIC Welcome Reception in the Majestic hotel last night

IKEA RUSSIA

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Retail giant IKEA is targeting further development, expansion and enhancement across Russia

ASIA OVERVIEW

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Asian retail is being driven by a changing consumer base and new economic realities

www.mapic.com

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CONTENTS

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IN PICTURES 6 MAPIC Welcome Reception

NEWS 10 Unibail-Rodamco; Media-Saturn; Turkish retail; IKEA Russia Shopping Centres; BNP Real Estate; AEW; Neinver; and more...

FEATURES

MAPIC guests networked at a special pre-market event held in the Verriere, Palais des Festivals, yesterday evening before the Welcome Reception at the Majestic.

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47 Asia adapts to era of change

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The ofďŹ cial MAPIC daily newspaper Wednesday 16 November 2016

Director of Publications Paul Zilk Director of Communication Mike Williams EDITORIAL DEPARTMENT Editor in Chief Mark Faithfull News Editor Graham Parker Sub Editors Julian Newby, Joanna Stephens Proof Reader Debbie Lincoln Reporters Ben Cooper, Liz Morrell, John Ryan Head of Graphic Studio Herve Traisnel Graphic Studio Manager Frederic Beauseigneur Graphic Designer Carole Peres Head of Photographers Yann Coatsaliou / 360 Media Photographer Michel Johner Editorial Management Boutique Editions PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing Manager Amrane Lamiri ADVERTISING CONTACT IN CANNES Daniela Jakovljevic +33 7 77 69 34 42 daniela.jakovljevic@reedmidem.com Reed MIDEM, a joint stock company (SAS), with a capital of â‚Ź310.000, 662 003 557 R.C.S. NANTERRE, having ofďŹ ces located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNEBILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents Š 2016, Reed MIDEM Market Publications. Publication registered 4th quarter 2016.

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MAPIC 2016 Steering Committee We would like to thank our global panel, who reflect a hugely diverse range of skills and geographies within the industry for their dedication and support in making MAPIC the world’s premier retail property event.

Thank you.

Nathalie Depetro Mr Emmanuel Begerem

Mr Christian Recalcati

Head of Channel Partnerships France GOOGLE

Mr Alain Boutigny Director & Editor-in-Chief SITES COMMERCIAUX

Mr Pierre Combet

CEO LARRY SMITH

Mr Chris Igwe

Mr Laurent Salama

Global Retail Advisor CII (CHRIS IGWE INTERNATIONAL)

Group Leasing Director IKEA CENTRES EUROPE

Mr Sami Kariyo

CEO RETAILP

Chairman UNITED BRANDS ASSOCIATION

Mr Jean-Paul Fréret

Mr Henrie W. Kötter

Development Director-France CARREFOUR

Managing Director CENTER MANAGEMENT ECE

Mrs Melissa Gliatta

Mrs Mayté Legeay

Executive VicePresident THOR EQUITIES

Country Manager NEINVER

Mr Brian Tucker Head of Retail DEKA IMMOBILIEN

Mr Reinhart Viane Business Development Director KCC

Mr Peter Wilhelm CEO WILHELM & CO

IN PICTURES

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Welcome to MAPIC

Last night’s Welcome Reception at the Majestic hotel, sponsored by Thor Equities, gave delegates an early opportunity to network and relax ahead of MAPIC’s opening day. The MAPIC News team of photographers was there to catch the action 6

Ana Cruz Shopping with my favourite nephew. Playmobil for him, Primark for me! #enjoy #shop Almada Forum, Lisbon, Portugal, November 2016

Visitors really enjoy Almada Forum, which combines events like a Playmobil Exhibition with over 230 shops, including flagship stores from leading retailers such as FNAC and ZARA. The recent opening of Primark reinforced Almada Forum’s dominance of Portugal’s shopping centre sector.

Multi is proud to manage Almada, which opened its doors in 2002. The company is a leading owner, manager and (re)developer of high quality shopping centres. Multi hosts 6,000+ retailers in shopping centres across Europe and Turkey, and welcomes more than 400 million visitors every year. Visit multi.eu

Create the opportunity.

Belgium Czech Republic Germany Italy Ireland Latvia Poland Portugal Slovakia Spain The Netherlands Turkey Ukraine United Kingdom

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R7T. AND D1

IN PICTURES

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Nathalie Depetro (left), MAPIC director, Melissa Gliatta, Thor Equities

Fabien Fourmeaux (left), Atol Les Opticiens, Elodie Denkiewicz, Atol Les Opticiens; Julien Coulet, Atol Les Opticiens

Nicholas Cahen (left), Altarea Commerce; Christophe Barrois, Immochan France; Frederic Darbois, Immochan France; Nathalie Gauthier, Immochan France

James Ross (left), CDI; Julie Wilkins, CDI; David Kemp, Halcyon Art International

Enrique Nehme (left), Charming Charlie; Ryan Patel, GIVN Goods; Andrea A. Abrams, Abrams Global; David Chines, Copious Row; Marcel Blouin, Intella; Sohail Shaikh, Mothercare

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New York SoHo NoHo Tribeca Union Square Upper East Side Madison Avenue Brooklyn The Bowery Midtown Connecticut Greenwich Westport Chicago The Gold Coast The Loop West Loop Magnificent Mile Lincoln Park Lakeview Wicker Park Washington D.C. Georgetown Dupont Circle Boston Cambridge Georgia Savannah Broughton Street San Francisco Union Square Pacific Heights

Retail Leasing Contact: Meghan Kruger mkruger@acadiarealty.com 212.324.1255 330 Madison Avenue | Suite 3105 | New York, NY 10017

NEWS GDANSK IS NEXT STOP FOR SPORTS DIRECT BRITISH retailer Sports Direct is set to open a new store in Gdansk in northern Poland.

The company has signed for a 1,660 sq m unit in the Galeria Metropolia shopping centre, which is currently under construction in the Wrzeszcz borough of Gdansk. Sports Direct currently operates some 700 stores domestically and internationally, and is expanding rapidly in Europe.

The phased project, which is being led by Polish developer Przedsiebiorstwo Budowlane Gorski, will deliver 34,000 sq m of new mixed-use space, including 150 retail units, a 126-room hotel and conference centre and 800 apartments. Leasing on the retail space is being managed I` *\ZOTHU >HRLĂ„LSK

PRIMARK IS ANCHOR FOR LEIPZIG CENTRE THE ACQUISITION of a retail and hotel development in Leipzig city centre from Centrum Group has been completed by AXA Investment Managers Real Assets. The asset, which comprises a total of 14,300 sq m of retail space HJYVZZ Ă„]L Z[VYL`Z OHZ Primark secured as the anchor tenant and also includes a 100-room hotel, which will be managed by German hotel operator GS Star.

The complex is within a Ă„]L TPU\[L ^HSR VM [OL JP[`ÂťZ main train station and is close [V [OL JP[`ÂťZ ^LSS LZ[HISPZOLK prime shopping district. “Having experienced above average GDP growth in 2015, Leipzig continues to enjoy both employment growth and ZPNUPĂ„JHU[ PTWYV]LTLU[Z PU W\YJOHZPUN WV^LY š (?(ÂťZ Matthias Leube said.

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Unibail-Rodamco looks to startups for the next wave of innovation

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UROPEAN commercial property company Unibail-Rodamco is stepping up the pace of innovation across its pan-European mall portfolio by collaborating more closely with startups, according to Ludovic Flandin, the company’s group director of innovation.

It’s four years since Unibail-Rodamco (UR) started rolling out its 4-Star Service and Dining Experience concepts and according to Flandin the company is now looking outside its own walls for innovative ideas. To facilitate this the company has converted VT P RI RIÀFHV DW LWV 3DULV headquarters into The Mixer, a co-working space where startups can work alongside UR staff.

And it has launched UR Link, where startups can try out con-

Ludovic Flandin: new forms of lease ZLOO HPHUJH

cepts inside the company’s malls.

7KH ÀUVW SKDVH VDZ ÀYH FRQFHSWV — selected from 150 applicants — receive intensive business coaching from UR executives before being put to the test by tens of thousands of customers

at three UR centres in Paris. One concept — Dress In The City — will now be rolled out to a dozen centres across Europe by the end of 2017.

And Flandin is optimistic that the next batch of six concepts, currently being trialled, will come up with another winning format.

These include an urban farm within the shopping centre that supplies its restaurants with fresh produce.

Looking further ahead Flandin believes the commercial relationship between owners and occupiers is ripe for reform. He said that, “the sharing of customer knowledge is likely to become common�, and predicts new forms of lease will emerge allowing retailers’ space needs to shrink or grow over the term of the lease.

*&) WR RSHQ QHZ Ă DJVKLS FHQWUH IRU *HRUJLD Galleria Tbilisi will open in September next year

CONSTRUCTION has begun on Galleria Tbilisi, a â‚Ź71.3m shopping centre in Georgia set to open in September 2017. Financed by Georgian Co-Investment Fund (GCF) the company is at MAPIC looking to attract new retailers to Georgia with the scheme.

The development, which GCF claims will be “the best shopping location in Georgia�, is based around the capital city’s two renowned theatres, the Lib-

erty Theater and A Giboedov Russian Drama Theater, both of which will be integrated within the structure of the mall.

The centre, which is based on Tbilisi’s prime high street, Rustaveli Avenue, will include D */$ RI VT P RYHU ÀYH à RRUV (DFK à RRU ZLOO EH WKHPHG with grocery and speciality food in the basement and mid- and upper-scale fashion, footwear and accessories on the ground,

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Ă€UVW DQG VHFRQG Ă RRUV Childrenswear, home accessories and sporting goods will be based RQ WKH WKLUG Ă RRU ZKLOH WKH IRXUWK floor will feature a food court with a range of eating options.

A terrace area with views over the city will be used for special events.

It’s estimated that the new centre will have a catchment of a million residents within a 20-minute drive of the scheme.

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NEWS FAMILIES GO SHOPPING WITH FREEZY BRITISH Land has launched an augmented-reality games programme called Freezy’s Christmas Adventure, which is being rolled out at 21 centres across the company’s retail portfolio. The app-based children’s game encourages MHTPSPLZ [V MVSSV^ H Ä ]L Z[LW virtual present hunt, helping snowman Freezy overcome obstacles and gather gifts for Santa.

The campaign, which runs until December 24, is intended to drive footfall, dwell time and brand loyalty as well as increase sales for occupiers.

Recent research undertaken

by British Land shows that events can increase dwell time by 41% and a recent enlivenment campaign increased footfall by 180bps ahead of the portfolio average.

Ben Dimson, head of business development for British Land, said: “Consumers want places where they can shop, eat and be entertained. Freezy’s Christmas Adventure will give families visiting our centres a fun and memorable experience. Our scale enables us to invest in innovation and industrialise successful technologies across the business.â€? ;OL WYLZLU[ O\U[ PZ [OL Ă„ YZ[ VM a four-campaign partnership between British Land and augmented and virtual reality specialist Harmony Studios and follows app and NHTPĂ„ JH[PVU trials at three centres during 2016.

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Digital plays a key role in Media-Saturn expansion

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ONSUMER electronics group Media-Saturn of Germany, is basing its expansion for next year on an increasingly digitally LQĂ XHQFHG UROO RXW RI VWRUHV DV LW EURDGHQV LWV SRUWIROLR DQG Ă H[HV its formats to suit different locations and consumer needs.

Joachim Roesges, member of the board of Media-Saturn, said that while for 2017 expansion will remain high on the agenda, growth is also about multichannel and services. “Around 40% of the online purchases at Media Markt and Saturn are collected at our stores, so we offer pick-up areas or drive-ins, depending on local conditions,â€? he said. “In addition, we’re offering new services such as immediate, on-the-spot repair of smartphone displays and the set-up and conĂ€ JXUDWLRQ RI ODSWRSV ´:KHQ LW FRPHV WR RIĂ LQH H[SDQ sion, we’ve already opened various new store concepts such as the Digital Store in Barcelona, shop-in-shop concepts with partners such as Metro and Tesco and convenience stores at Levent in Istanbul and Berlin Central Station. We will continue to innovate and introduce formats like this.â€?

Berlin is home to one of Media Markt’s newest formats

Roesges said that as customers distinguish between brands and not channels, the company wants to operate across all channels including mobile apps and online shopping. For example a new service, Media Markt Club, is a multichannel CRM platform that enables the retailer to make shopSLQJ PRUH SHUVRQDO ,W UXQV LQ Ă€ YH European countries already and has around a million members. “The role of the store as a place of experience and service will become much more important than it is now,â€? Roesges said. “EveryRQH UHPHPEHUV ZKHUH WKH\ Ă€ UVW saw major technological innovations such as the mobile phone or the internet. That’s the place we want to be when it comes to high-

Media-Saturn‘s Joachim Roesges

end virtual- and augmented-reality devices. In addition, every new product segment requires dedicated services. We want to offer these services to our customers.�

Cash boost for Kuwait’s The Avenues KUWAITI investor Mabanee is investing a further KD265m (₏830m) in a fourth phase of Kuwait’s The Avenues mall, already one of the world’s largest shopping centres. Built over an area of 130,000 sq m, with a total leasable area of 100,000 sq m, the Gensler-designed extension will bring the total project to 365,000 sq m, housing 1,173 stores with parking for 15,000 vehicles.

'XH IRU FRPSOHWLRQ LQ WKH À UVW quarter of 2018, Phase IV will include expansions of existing districts that have been highly popular with visitors, including

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Prestige, Grand Avenue and The Souk. New districts with modern and diverse concepts will also be included to build on the shopping and entertainment experience. The new districts include Arcadia, The Grand Plaza, The Forum, Electra and The Cinema, DV ZHOO DV D À YH VWDU KRWHO DQG DQ other four-star hotel.

A host of awards including Platinum & Gold awards from the Arab Chapter of International Property; the MEED Quality Award for Leisure & Tourism Project of the Year; and Brand of the Year 2015-2016 from the

Gensler has designed an extension to The Avenues in Kuwait

World Branding Forum, attest to the fact that The Avenues has set new benchmarks and standards throughout the industry.

NEWS

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Turkish retail shows strength in face of political upheaval Playtime to grow in Europe

EUROPE LOOKS FORWARD TO PLAYTIME US-BASED children’s entertainment specialist Playtime is at MAPIC looking to grow its operations in ,\YVWL HM[LY ZPNUPÄJHU[ expansion in the Americas and Asia. The company designs and installs play areas in both shopping centres, and theme and leisure parks.

“The European market is quite different from the Americas and Asia, because in Europe adding children’s leisure is driven much more by the architects, rather than the landlords and developers,” said Playtime creative director Jon Norby. ”But there is enormous interest now in incorporating entertainment within malls.”

With a number of play centres in Russian malls, plus two in Slovakia and one in the UK, the company is using MAPIC as a springboard for wider European expansion. Norby said that “imaginative positioning with F&B offers” and a growing emphasis on “robust technology” is helping [V YLKLÄUL [OL VMMLY “These play areas get children moving, co-operating and away from their screens,” Norby said. “They are an increasingly important component of shopping centres and [OLYL HYL HSZV ZPNUPÄJHU[ commercialisation opportunities, something which is very prevalent in the US.”

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HE TURKISH retail ma rket has enjoyed strong growth this year despite the political background and should achieve further sales growth next year, according to Sinan Oncel, chairman of Turkish retail organisation the United Brands Association (Birlesmis Markalar Dernegi).

“Turkish retail sales were TRY663bn [€188bn] as of the end of 2015 and this is estimated to grow to €205bn by the end of 2016,” Oncel said. “In spite of the UHJLRQDO FRQÁLFWV DQG WKH DWWHPSW of a coup d’etat in July 2016, the young population in Turkey and the dynamism of the country is an advantage for the Turkish economy. Therefore, Turkish retail is expected to maintain its upward trend in 2017, with a growth rate between 7%-9%, reaching €250bn in 2018.”

Retail has grown in Turkey predominantly through shopping malls, he said, with the total number of malls increasing from 231 in 2010 to reach 374 as of July 2016 in over 58 cities. In addition, 79 more shopping centres are planned to be opened by the end of 2019, of which 35 will be in Istanbul.

“Istanbul has turned into a regional hub for peripheral countries, further attracting foreign investors,” Oncel said. “On the other hand,

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other regional cities still present large opportunities. Retail chains are the driving force behind the popularity of shopping centres and high streets in regional cities in Turkey and it is predicted that retail will focus more on streets in the near future because of high rents in shopping centres.”

In addition, foreign investment offers big potential in Turkey.

Oncel pointed to international

direct investments in Turkey, which were up 5% year on year to $9.3bn in 2014.

“For 2017 and 2018, the retail market is expected to become more active due to the expiry of both existing and new investors’ wait-and-see attitudes towards business expansion,” he said.

“Both local and foreign investors are expected to focus on the potential projects.”

Investors turn to emerging Europe US-BASED investment management company JLL has advised Hystead — a UK-based joint venture between South African duo Homestead Group and Hyprop Investments — on the €92m purchase of the 36,500 sq m Skopje City Mall. Situated on the periphery of Macedonian capital Skopje, the scheme – which opened in 2013 — was originally developed as a JV between Balfin Group

and Fashion Group.

The deal follows Hystead’s acquisition of the Delta City shopping centres earlier this year in Belgrade, Serbia and Podgorica, Montenegro. These deals were also the largest single-asset deals in their respective countries to date, and involved JLL as saleside advisors.

Uros Grujic, head of capital markets, SEE, for JLL said: “This

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deal is further evidence that investors are seeking new markets in emerging Europe. With other CEE markets witnessing record low yields, South Eastern Europe can still offer good quality shopping centres available at sensible pricing and with improving debt conditions. This year we have witnessed South African investors enter this region and their appetite for product is growing.”

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NEWS BRINGING THE FUTURE INTO THE PRESENT

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IKEA’s Russian strategy built on authenticity and emotion

I Movvo’s John Godfrey: “a sense of what we see coming�

MOVVO, the business-intelligence service for the property industry, has launched a new resource at MAPIC that it says will help with trend forecasting for the retail real estate sector.

Retail Radar identiďŹ es 14 social, commercial and technological trends, from the internet of things to real-time supply chain, and charts them on a radar timeline according to the signiďŹ cance of their impact. “It’s about giving the industry a sense of what we see coming,â€? said John Godfrey, chief commercial ofďŹ cer of Movvo.

ITALIAN RETAIL ON THE UP AND UP

7KH VT P 0RQJRĂ€ HUD VKRSSLQJ FHQWUH in Lecce, Italy

ITALIAN retail remains in demand with investors, according to Alberico Radice Fossati, transactions manager Italy at CBRE Global Investors (CBREGI). “The Italian retail sector is generally performing well on the back of the rebound in consumer conďŹ dence,â€? he said.

As a result, CBREGI has invested â‚Ź61.8m in the 11,365 sq m MongolďŹ era shopping centre in Lecce. The single-oor centre is anchored by Ipercoop, MediaWorld, H&M and Piazza Italia. There are 48 tenants in total and the centre is 100% occupied.

Chelyabinsk and St Petersburg, K E A C ent r es Russia plus a site in the wider Moscow is aiming to add more region, which is designated for space to its existing cenWKH Ă€ UVW VWDQG DORQH ,.($ VWRUH tres, open new malls and in Russia. enhance the leisure and “We are looking at all types of F&B within its 40 existing acquisitions, whether that is exschemes as it promotes the isting schemes, developments or mantra of its malls as “future JUHHQĂ€ HOG DQG EURZQĂ€ HOG VLWHV Âľ meeting placesâ€?.

Gentchev said. “We believe Milen Gentchev, IKEA Centhere are more opportunities in tres Russia’s newly appointed the regions for the next phase of general director, emphasised development.� that the strategy is about creAs part of the investment proating “authentic, more emogramme, F&B spaces at extional� shopping places that isting MEGA centres will alappeal to families and provide IKEA Centres Russia’s Milen most double. Taste Boulevard something “beyond functional Gentchev: “beyond functional shopping� in MEGA Teply Stan, which shopping�.

In the last 12 months, the company has attracted RSHQHG LQ $SULO ZDV WKH À UVW QHZ ) % 58 new brands, including Superdry, Armani Ex- concept to open as part of the investment prochange, Julius Meinl, Hunkemoller, Nature Re- gramme. The ₏30m leisure concept has intropublic, NYX and Lindt. In all, some 265 million duced more than 20 international and local people visited IKEA’s MEGA shopping centres food concepts to MEGA Teply Stan. Meanwhile, a second Taste Boulevard will open at LQ WKH ODVW À QDQFLDO \HDU IKEA Centres Russia’s ₏2bn investment pro- MEGA Khimki, offering 40 cafes and restaugramme included the purchase of land plots in rants, including 17 slow-food dining concepts.

The space where art meets retail THE CREATORS of a revolutionary concept that places artwork in shopping-mall space are at MAPIC for the second year running.

Pop-Up Galerie 208 founders Nadine Castagna and Patricia Chicheportiche are in Cannes to meet developers and owners, and showcase a host of physical art exhibits. Founded a year ago, the concept is to create emotional bonds between shopping-centre visitors and the physical space with which they interact, opening up art to a wider, more democratic audience. Finished installations are based on a close collaborative process involving Pop-Up Galerie 208, artists and mall owners and developers, which ultimately commission the art for their own space.

Pop-Up Galerie 208 has already placed installations in a number of major centres, including Apsys’ Posnania in Poznan, Poland, which opened last month.

Castagna said the company’s vision was to create artistic “universes� that allow developers to connect with shoppers on a deeper level. “Shopping malls are the new cathedrals,�

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she added. “We wanted to put the heart in people’s daily lives. Art provides emotion and spiritual education and stops the hectic pace of the life of the shopping centre.�

Castagna is the former director of MAPIC, while Chicheportiche owns noted Paris art gallery, Galerie 208.

Castagna said that the combined expertise of the Pop-Up Galerie 208 partnership means she and Chicheportiche speak the “language of the artist and the language of the operator�, giving them a good understanding of both landlords’ and developers’ needs.

International street artist Stew at the Pop-Up Galerie 208 stand

NEWS HINES SETS CAP AT LUXURY BRANDS

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Hamilton and Skilton bring top retail expertise to BNP

B Hines Europe’s James Robson

HINES is transforming Karl Johans Gate 45, prominently located on the corner of Oslo’s prime retail street, into more than 1,320 sq m of premium retail space across three oors.

Dating from 1897, the building is likely to suit one of the global brands that are targeting Oslo, according to James Robson, managing director at Hines Europe. “Oslo’s population is young, wealthy and educated, and patterns of consumption are changing very quickly,� he said. “A lot of premium brands are looking to move on from department-store concessions into stand-alone stores.�

Prada, Louis Vuitton and Michael Kors have already taken the step, and more are likely to follow.

INVITATION TO ‘BEST CENTRE IN BUDAPEST’

Futureal’s Krisztina Deutsch

RETAIL newcomers to Hungary are being urged to consider the merits of Futureal’s Etele Plaza development at MAPIC this year.

The developer is currently leasing the 53,000 sq m GLA scheme, which will be the third largest shopping centre in Hungary. “We aim to be one of the best centres in the Budapest market,� said Krisztina Deutsch, Futureal’s head of leasing, commercial development.

Construction on Etele Plaza is set to begin next year, with completion due by the end of 2019.

NP PARIBAS Real Estate has stepped up its commitment to the retail sector with the recruitment of two respected retail experts: Fiona Hamilton, who joined the company last year from JLL as global head of retail brands; and Jo Skilton, who has been appointed as UK head of retail. Skilton was previously head of leasing at Battersea Power Station. “The bank is very supportive of retail,� Hamilton said. “They see a huge structural change under way, which demands a new model. BNP want us to talk to brands directly and they’ve given us huge support internationally.�

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trend is opening up new opportunities. “OnOLQH KDV DOORZHG UHWDLOHUV WR VHOO HIĂ€ FLHQWO\ but they want the emotional connection with the customer that a physical store can bring,â€? she said.

BNP Paribas Real Estate has just been brought in, jointly with Knight Frank, to advise on the new retail zone at London’s Paddington railway station. The station already handles 40 million passengers annually and

BNP Paribas Real Estate’s Jo Skilton (left) and Fiona Hamilton: “The bank is very supportive of retail�

this will grow substantially with the opening of the new Crossrail line and the planned expansion of Heathrow Airport.

%D\Ă€ HOG 7UDLQLQJ DLUV 5HWDLO 4XLOW BAYFIELD Training is launching the Retail Quilt at MAPIC, a new data-visualisation tool designed to make it easier to compare the tenant mix of shopping centres. %DVHG RQ D ÂśVTXDULĂ€ HG WUHH PDS¡ RI VKRSSLQJ centre tenants, the Retail Quilt awards tenDQWV D VFRUH RI EHWZHHQ RQH WR Ă€ YH DFURVV D range of factors, including convenience, comparison, luxury and value. These are then aggregated to produce an average score for the whole mall. “We have used tree-map technology to make it a lot easier to understand what’s in the shopping centre without the complication of lookLQJ DW D OD\RXW SODQ Âľ VDLG 1DWDOLH %D\Ă€ HOG FKDLUZRPDQ RI %D\Ă€ HOG 7UDLQLQJ DQG D OHF turer at the department of land economy at the University of Cambridge.

The tool also allows shopping-centre data to be analysed in context, making it “easier to absorb information and look at retailers in the context of other retailers� — an overview, she added, that “can be hidden when you are just looking at data and shop layouts�.

Retail Quilt can overlay sales density and footfall, and complementary methodology such as clustering and fragmentation is also EHLQJ GHYHORSHG %D\Ă€ HOG DGGHG

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1DWDOLH %D\Ă€ HOG ZLWK D SUHYLHZ HGLWLRQ RI 5HWDLO 4XLOW

%D\Ă€ HOG LV SUHYLHZLQJ 5HWDLO 4XLOW DW 0$3,& A free sample study publication, which covers 15 UK regions and 20 shopping centres, will be available to download from December 2, while the full report, which covers 200 UK centres, will be launched at MAPIC Italy next year.

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NEWS

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AEW steps-up acquisition in key cities across Europe

I Le 31 on Lille’s rue de Bethune

REDEVCO JOINS HERMES FOR LILLE LANDMARK THE â‚Ź250m joint venture between Redevco and Hermes Investment Management has made a second purchase in France, acquiring the 25,000 sq m Le 31 shopping centre in the heart of Lille.

A local landmark on the pedestrianised Rue de Bethune, the iconic building will IL YLJVUÄN\YLK [V JYLH[L H retail-led, mixed-use building in line with the requirements of today’s occupiers. The scheme is planned to complete by 2019.

Lille, located in northern France close to the Belgian border, is in the middle of one of Europe’s wealthiest regions. Lille is the JV\U[Y`Z ÄM[O SHYNLZ[ TL[YVWVSPtan area behind Paris, Marseille, Lyon and Toulouse, with a population of just over one million people.

Redevco CEO Andrew Vaughan said: “The joint venture’s investment programme is gaining momentum as we leverage our extensive network in France to unearth opportunities where we can add ZPNUPĂ„JHU[ ]HS\L [V H WYVWLY[` Our French team of retail asset managers will be taking a fresh approach to this landmark building and contribute to the regeneration of Rue de Bethune.â€?

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The City Retail Fund has bought the Diesel store on Rome’s Via del Corso

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Neinver partners with PPF to take Style Outlets to Prague The Karstadt store in Charlottenburg

KARSTADT SALE SIGNALS STRONG DEMAND IN GERMANY FOUR German town-centre sites occupied by department store group Karstadt have changed hands, underlining the strength of demand for German highstreet retail investments.

Meyer Bergman has sold the Karstadt store in Berlin’s Charlottenburg to Redevco. The department store has a long lease on the 23,900- sq m building, which is located on Wilmerdorferstrasse in the City-West district.

The Meyer Bergman European Retail Partners II fund also sold another property occupied by Karstadt, on Berlin’s Hermannplatz, in September 2016.

At the same time CBRE Global Investors has bought the Karstadt department store and the Karstadt sports store in Dusseldorf on behalf of a German separate-account client.

The city-centre department store has 33,600 sq m of retail space V]LY Ă„]L Ă…VVYZ ^OPSL [OL neighbouring Karstadt sports store has 4,000 sq m of space HJYVZZ Ă„]L Ă…VVYZ Ulrich Oppermann, CBRE Global Investors’ head of transactions in Germany, said: “Demand for German retail property remains high. An increase in consumer consumption presents an attractive basis for retail investment and an increasingly HMĂ…\LU[ JVUZ\TLY IHZL ^PSS IYPUN M\Y[OLY ILULĂ„[Z š The seller was advised by Colliers International and CBRE Global Investors was advised

by CBRE.

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Neinver has entered the Czech market with Prague The Style Outlets

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The 8,000 sq m Phase II at the Rosada Fashion Outlet is 80% let

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NEWS MEYER BERGMAN HEADS BACK TO THE HIGH STREET

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Stanica Nivy to ‘breathe new life’ into Bratislava HB Reavis’ mixed-used Stanica Nivy project in Bratislava

Meyer Bergman’s Mark Gamble: “We like the high street�

HIGH-street retail is proving fertile ground for pan-European investment manager Meyer Bergman, according to the company’s head of asset management, Mark Gamble. Recent purchases include prominent sites in London, Dublin, Milan and Oslo. “We like the high street,� Gamble said, “but we’re waiting for a bit of a correction on shopping-centre yields before we go back in.�

High-street properties often require a great deal of physical reconďŹ guration to allow them to meet the needs of modern retailers. As an example, Gamble pointed to the portfolio of 11 prime properties in central Oslo’s principal shopping district that it bought a year ago for NKr 5.3bn (â‚Ź554m). By reconďŹ guring oorplates, Meyer Bergman has made these outlets more attractive to top-tier brands. “We’ve gone up the risk curve a bit, but we believe the rewards will follow,â€? he said.

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EVELOPER HB Reavis expects to begin construction on the mixeduse Stanica Nivy project in Bratislava next year, with an initial completion target of 2019. The site will consist of a super-regional shopping centre, FODVV $ RIÀ FH VSDFH WKH FLW\¡V FHQWUDO EXV VWD tion and a modern food marketplace, totalling approximately 133,000 sq m.

Designed by Benoy, the scheme will also include a roof-top green zone with community gardens, a running track and a range of amenities for leisure and sports. The green roof, which will cover an area equal to two football pitches, has been designed by BDP. Marcel Zelenak, retail leasing director at HB Reavis Group, said that the location, sited in

WKH GLVWULFW QH[W WR WKH 6ORYDNLDQ FDSLWDO¡V KLV torical centre, aimed to “breathe life into the cityâ€? rather than encouraging residents to visit out-of-town shopping centres. “The mixed-use scheme will include retailing IRU UHVLGHQWV IRU RIĂ€ FH ZRUNHUV DQG IRU SHRSOH traveling via the bus station,â€? he added. “It will have three food components, designed to encourage people to visit — a discount grocer, an upscale supermarket and a 100-stall fresh-food market, like the ones you see in places such as Barcelona.â€?

The green rooftop is also part of the develRSHU¡V SODQ WR EH D ´IULHQGO\ QHLJKERXU¾ DQG LV part of a wider strategy to create a sustainable scheme, encouraging visitors to travel to the centre by bus rather than car.

First outlet scheme for IDEC Invest GROUPE IDEC Invest, the real estate investment arm of Groupe IDEC, is unveiling its À UVW RXWOHW GHYHORSPHQW WRGD\ DW 0$3,& Viaduc Village is located near the Millau Viaduct in the south of France, on the A75 road linking Paris to Barcelona. Opening in two phases, starting in 2017, the scheme will highlight the cuisine and craftsmanship for which the area is known. Designed by Sir Norman Foster, the Millau Viaduct is the highest bridge in the world and the third most-visited monument in France, attracting nine million people annually.

7KH À UVW SKDVH GXH WR RSHQ QH[W \HDU ZLOO RI fer 45 stores over 7,500 sq m GLA, including two restaurants. The second phase of 40-50 stores, will double the size of the project and is expected to open in 2019. Outlet advisory À UP 7KH 2XWOHW 5HVRXUFH *URXS 725* KDV been appointed to lease Viaduc Village.

Lionel Mary, CEO of Groupe IDEC Invest, said: “This project is very much aimed at

24

Groupe IDEC Invest unveils outlet development near France’s Millau Viaduct

the tourist offer. We are targeting a mix of regional and international brands, plus two very high-quality eateries representing local FXLVLQH IRU WKH Ă€ UVW SKDVH Âľ %DUEDUD +RUDW] 725*¡V PDUNHWLQJ GLUHFWRU Europe, added: “We are at MAPIC to explain the huge opportunity and to emphasise the proMHFW¡V HPSKDVLV RQ IRRG KDQGLFUDIWV DQG VSRUWV Âľ

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TRENDS HUB 40+ EXCLUSIVE CASE STUDIES

For the first time at MAPIC, an official track dedicated to O2O & Innovation has been created. Attend our five conference sessions focusing on phygital, data, pop-up stores, millennials, seamless experience.

The 400m² Innovation forum will host innovative solutions and technologies.

Exhibition and Pitching sessions.

Startups with solutions for shopping centres and points of sale.

Exhibition (1/2 day per startup) and Pitching sessions.

The power of pop-up business. Over 30 brands to experiment different physical dimensions of shopping.

Exhibition (1/2 day per brand) and Pitching sessions.

The 600m² retailtainment area will feature Leisure & Entertainment key players.

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& DEDICATED MATCHMAKING SESSIONS At the Networking Lounge SESSION 1

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Wednesday 16 November from 15.00

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Networking Lounge

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No rules, no registration, no pitches! ONLY Networking.

Show up and discover who’s attending!

Retailtainment Pitching area MAPIC Innovation forum Pitching area

ENTRANCE

Download the mobile app and find your way with the interactive floorplan

NEWS PHASE ONE UNDER WAY AT THE WATERFRONT VANCOUVER GRAMOR Development is pushing ahead on the ďŹ rst phase of The Waterfront Vancouver in Washington County, Oregon, a $1.5bn development that the company claims is one of the largest mixed-use developments on the US west coast.

Spanning 22 city blocks and 32 acres in total, the development’s seven-acre $30m (â‚Ź28m) ďŹ rst phase comprises the Waterfront Park, 111,500 sq m of ofďŹ ce space, 40,000 sq ft of restaurants and 45,000 sq ft of retail.

It comes after the sale last month of Timberland Town Center, a mixed-use, class-A retail centre in North Beaverton which has been sold for $43.1m (â‚Ź40.2) to JLL Income Property Trust.

Timberland Town Center was developed and managed by Gramor Development and began construction in late 2013 before opening in early 2015. It was 98.5% leased at the time of the sale. Gramor Development also recently sold a second Beaverton-based development, Progress Ridge Townsquare.

NEW EUROPE ACQUIRES ZAGREB’S ARENA CENTAR THE ARENA Centar shopping centre in Zagreb, Croatia, has been bought by New Europe Property Investments for ₏237.5m.

The centre was owned in a joint venture by Heitman European Property Partners and Granit Holdings, formed after completion of the initial construction in 2010.

The 60,100 sq m mall comprises 215 retail units.

Gordon Black, senior managing director for Heitman, said that his company made the investment six years ago, in spite of “uncertain� economic conditions. He added: “Heitman made a tactical decision to add high-quality retail in one of the leading emerging economies in Europe to the mix of assets in the fund.�

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Most millennials choose walk-in shopping over click-and-collect

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LMOST three-quarters of millennials prefer shopping in stores to transacting online, according to new research from CBRE, What Do Millenial Shoppers Really Want?. In a report surveying the lifestyle habits of 13,000 people aged between 22 and 29 across 12 countries, there was a clear preference for shopping physically, rather than virtually, and this is “unlikely to change dramatically in the future�.

Close to 50% of those surveyed want to have a product immediately — and want to be able to touch, feel and test the object of desire in a shop. While this clearly represents both a challenge and opportunity for physical retailers, in terms of availability and meeting expectations, online penetration varies from market to market. Millennials in countries that have an established international network of retailers said that they were more likely to use the internet to shop than those in markets where retailers are more locally focused.

Click-and-collect lingered in third place when LW FDPH WR RQOLQH IXOĂ€ OPHQW ZLWK KRPH GHOLY ery being the preferred option of two-thirds of respondents, followed by delivery to place of work.

Perhaps unsurprisingly, the report also highlights the fact that this generation of young adults are facing significant challenges in

Millennials want to touch, feel and test the goods

Ă€ QGLQJ DIIRUGDEOH SODFHV WR OLYH ODUJHO\ GXH to a combination of the high cost of residential property and a lack of suitable jobs.

Andrew Phipps, head of EMEA & UK retail at CBRE said: “The fact that millennials have joined the workforce during a time of global economic change has had a profound impact on places they work, live and play. From a retail perspective it is a certainty that the physical store retains its position of importance in the shopper’s journey.�

Swiss centres need a makeover THE SWISS shopping-centre sector is very crowded and the way forward is refurbishment, rather than new schemes, according to Jan Tanner, president of the Swiss Council of Shopping Centres. “With 8.3 million people in Switzerland and around 200 shopping centres, this market is very crowded. The future lies in refurbishment. We don’t need new centres, but we need refurbished schemes,� Tanner said. He added that refurbishment would involve a greater emphasis on leisure and the provision of highspeed internet, rather than just online access, in order that shoppers can use phones and tablets effectively when in malls.

Zurich remains the preferred port of entry for developers looking to establish a presence in the market, but Tanner highlighted the fact that it remains one of the country’s most expensive cities in which to operate. He said that secondary cities, for example Basel and Lausanne, offer less costly alternatives,

30

Jan Tanner: �We don’t need new centres, but we need refurbished schemes�

pointing to the construction of The Mall Of Switzerland in Lausanne, currently the only new mall being built, which is set to welcome LWV À UVW VKRSSHUV LQ

NEWS

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APG and Virtuous unveil ‘landmark’ joint venture

Kotka Old Port signals new direction for Finnish retail

N THE largest single deal in India’s retail real estate sector, APG Asset Management and Xander Group’s Virtuous Retail (VR) have partnered to form a joint venture. In the initial deal, the JV has acquired a portfolio of three retail assets from a Xander-backed fund in a transaction valued at INR 2,000 crores (₏276m).

APG has invested 77% of the equity for a majority shareholding in the JV, with Xander investing the balance. The two partners will have equal representation on the board of the new company, which will be chaired by Sid Yog, founder of VR. APG and Xander have committed an additional â‚Ź134m as equity capital, giving the new company an investment capacity of â‚Ź276m, which will be

OR K is u nder way on the Kotka Old Port Designer Outlet Village in the Finnish seaside city of Kotka.

7KH ÀUVW SKDVH RI FRQVWUXFWLRQ will be completed by the beginning of 2018, but the scheme to redevelop the site has already started with the removal of the old railroad tracks. )LQODQG¡V ÀUVW SUHPLXP RXWOHW VLWH RQ D ZDWHUIURQW ZLOO EHQHÀW from a catchment that puts 1.2 million Finns within a 90-minute drive of the scheme. It is also within easy reach of the five million-plus population of the greater St Petersburg area.

The redevelopment of Kotka’s old port is aimed at extending the current city centre down to the waterfront. The outlet centre will provide shoppers with a

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used to expand the portfolio through acquisitions and greenĂ€HOG GHYHORSPHQW 7KH -9 KDV also integrated VR’s 150-strong management and operational team in India, creating a new company — Virtuous Retail South Asia, headquartered in Singapore. “This is a landmark transaction for Indian retail real estate at a time when the sector is at an LQĂ HFWLRQ SRLQW Âľ VDLG 6DFKLQ Doshi, APG’s managing director and head of private real estate investments for Asia3DFLĂ€F The initial portfolio comprises around 325,000 sq m across three centres to be developed

by VR in Bengaluru, Surat and Chennai. There are plans in the future to target markets including Delhi, Mumbai and Hyderabad.

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narrative based on a traditional )LQQLVK ÀVKLQJ YLOODJH Leasing of the space has begun, with core tenants including Versace Jeans, Missoni and Baldinini.

Cameron Sawyer, CEO of development and consultancy company GVA Sawyer, said: “This is a historic moment for Kotka and a unique step towards an outlet concept that is WRWDOO\ QHZ LQ )LQODQG Âľ

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GRAND OPENING IN 2019 Mall of Tripla will be part of Tripla, a major hub of commerce, business and transport in central Helsinki, Finland. Join us now!

Come meet us at MAPIC 2016 at the Nordic Pavilion (NCSC) stand: R7.C18.

32

new shopping experience

Katowice Kościuszki / Kolejowa www.galerialibero.pl / LiberoKatowice

NEWS

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Real estate technology event

October 2017, New York Real estate experts

Startup competition Conferences Experts Networking

34

CREATING SPACES LIVING

THIS IS MY WA L K - I N C L O S E T

In a constantly evolving world, trends change and consumers are always on the lookout for novelty and exclusivity. With over 2.1 M m2 (22.7 M pi2) of leasable space, IvanhoĂŠ Cambridge develops modern shopping destinations worldwide offering immersive and memorable experiences.

YOUR RETAIL SPACE COMES TO LIFE. Visit us: Riviera 7 | Stand R7.C23 ivanhoecambridge.com

PROJECT NEWS KABUL MARKAZ

CENTRAL BOULEVARDS

City: Kabul, Afghanistan • Developer: Mohib Holdings Kabul Markaz is a US$100m development located in the centre of an upper/middleclass community. Once completed, the development will include three towers, one providing 25 floors of luxury apartments and penthouses, the second offering cosy family apartments, and the third will be a commercial office building.

An international-standard 100-room luxury hotel will be situated on top of the shopping centre allowing convenient access to a secure mall of around 18,500 sq m, which will include a wide range of retail unit sizes as well as a cinema, food court, kids zone and four levels of underground parking. The project is currently under construction and when complete will boast the tallest building in the country.

City: Brussels, Belgium • Developer: City of Brussels The new Central Boulevards commercial district is emerging in the heart of Brussels. Stretching between two emblematic locations — Bourse Square and De Brouckere Square — in the heart of the city, the Anspach Boulevard has been transformed into a pedestrian zone. Rue Neuve is in the process of being renovated, and both main roads display distinct commercial centres and projects that include City2, The Mint, Crystal City and Beer Temple.

The intended purpose is to optimise the city’s appeal, and for the newly shaped pedestrian zone to become a unique location adapted to families, by offering unprecedented commercial concepts in Belgium, with a strong cultural presence and concept stores and impulse purchase brands relating to culture, film, games and fun. Brussels City Centre will soon become a pleasant family shopping experience.

LUONE

City: Shanghai, China • Presented by CapitaLand LuOne is located in Shanghai’s central Huangpu District at the bustling intersection of Xujiahui Road and Madang Road. It is adjacent to popular tourist attractions Xintiandi and Tianzifang, and is just a five- to 10-minute drive from the Huaihai Road shopping belt, the Bund and People’s Square. Comprising an eight-storey shopping mall with about 47,000 sq m of net lettable area and a 28-storey grade-A office tower, the integrated development will be directly connected to two subway lines and serve a large catchment of about three million middle- to high income consumers within a 5km radius.

Designed by renowned architect Moshe Safdie, LuOne’s facade incorporates a kinetic art installation by celebrated artist Ned Kahn and its complex is enclosed by a dome skylight centred on a tea garden, forming an urban retail haven with the largest indoor garden atrium in Shanghai.

CENTRUM CHODOV

City: Prague, Czech Republic • Developer: Unibail-Rodamco Located in Prague, Centrum Chodov already welcomes 13.1 million visitors a year. With the new extension, Centrum Chodov will enrich the existing shopping centre. The inauguration of the new Centrum Chodov is scheduled for autumn 2017. After the extension, the shopping centre will reach a GLA of 101,564 sq m with 293 stores. It will be an unprecedented shopping and leisure landmark with the biggest choice of shops under one roof, and the largest cinema megaplex in the Czech Republic. With 1,322,711 inhabitants living within 30 minutes driving time, 16 million visitors are expected per year.

The new Centrum Chodov will also have the recognition of Unibail-Rodamco’s highest quality standards: the 4 Star Label, which welcomes visitors with a range of innovative services that match the standards of a luxury hotel. Furthermore, The Dining Experience will also be implemented, a concept that offers a collection of the best restaurateurs and new international food brands. There will be also the Designer Gallery, a high quality offer of premium fashion concepts. Besides, visitors will be able to see iconic stores with facades of up to 6.5 metres.

36

mapic

JARDIN PLAZA

parking spaces, wifi access throughout the shopping centre, 24-hour security and a permanent information point.

Jardin Plaza Cucuta is located in one of Colombia’s fastest growing cities with economic growth above the national average.

The project is located near the border with Venezuela in an area that is seeing a number of major housing developments targeting medium- and high-income residents. The mall’s design and architecture will be one of its main attractions. Vegetation, water fountains and construction will help to protect it from wind and heat to generate an efficient, open and modern architecture.

City: Cucuta, Colombia Developer Sonae Sierra and Central Control Jardin Plaza Cucuta — built to a unique design and concept — will not only be the first open-air mall in the city, but will also be the biggest retail destination in Cucuta, featuring 43,000 sq m of GLA. Developed jointly by Sonae Sierra and Central Control, its opening is scheduled for 2017.

With a selection of local, national and international brands, the centre will present a wide tenant mix. It will have 150 shops, including a hypermarket, cinemas, casino and a playground.

The F&B offer will include 30 restaurants and various kiosks. In addition, visitors will enjoy 2,300 IKEA CAEN

accessibility and 3,200 parking spaces.

Moreover, the project will be developed around an ambitious leisure experience and restaurant area with an artificial lake.

Thanks to its BREEAM Excellent-certified design, this project will be a new landmark for the region. The centre aims to present a welcoming ambiance with omnipresent landscape, airy spaces, inviting terraces, unexpected playgrounds, captivating events and the very latest services.

City: Caen, France Developer: IKEA Centres Located in one of France’s most popular tourist regions with a catchment area of 1.2 million inhabitants, IKEA’s new shopping and leisure destination is focused on several distinct areas to offer customers a truly innovative meeting place.

This new shopping centre with a GLA of 46,000 sq m will host an IKEA store, an Auchan hypermarket, 12 MSUs and 70 shops. It has good

USA Retail:

Strategies for Successfully Bringing Your Brand to the States

Are you considering expanding to the States?

Come and meet a diverse panel of experts with decades of experience in counseling retailers on their USA expansion plans.

■ ■ ■ ■ ■

Where should you locate?

High Street or the Malls?

Where is your customer?

Will your brand translate easily or must you adapt?

How do you find top talent?

Wednesday 16 November 2016 Conference Room 1

|

13:00

Moderator: Matthew EPSTEIN, Goulston & Storrs PC (USA) Speakers: Robin ABRAMS, The Lansco Corporation (USA) Geoffrey LURIE, Marvin Traub (USA)

Mark MILLMAN, Millman Executive Search (USA) Mark ROBERTS, WS Development (USA)

Attendees will learn what works and what does not in planning and executing an expansion into the USA, and will leave with valuable takeaways to incorporate into their own business growth strategies.

Visit us at MAPIC at stand P-1.B70

goulstonstorrs.com

37

PROJECT NEWS GALLERIA TBILISI

Galleria Tbilisi’s architecture integrates many elements of metropolitan life and with its blend of classic and contemporary styles and construction quality, the new mall should become a new city landmark.

The development is designed around two renowned theatres, the Liberty Theatre and A. Griboedov Russian Drama Theatre, which will be integrated within the mall structure, making Galleria Tbilisi an even more appealing destination for its visitors.

The mall is also linked to the Freedom Square metro station granting metro commuters direct access. The 22,000 sq m scheme features five levels of retail space and a food court. The building will have an underground car park area with a capacity of 308 parking spaces.

City: Tbilisi, Georgia Developer: Georgian Co-Investment Fund Galleria Tbilisi is one of Georgian CoInvestment Fund’s (GCF) investment projects, with a total investment of $77m (€71.5). The project envisages the development of a modern, multifunctional shopping centre on Tbilisi’s prime high street, Rustaveli Avenue, in the heart of the capital city, centrally located near government and private institutions, museums and theatres. The mall will be easily accessible for its visitors via a number of public transportation and pedestrian access points. Its catchment area within 20 minutes’ drive is approximately 1 million residents.

HALLE LEIPZIG THE STYLE OUTLETS

and a strategic location in central Germany with excellent access via the A9 Berlin-Nuremberg highway which is used yearly by 30 million cars.

Its large catchment area includes more than 6.3 million inhabitants within a 90-minute drive.

Well-funded metropolitan cities including Leipzig, Magdeburg, Chemnitz, Dresden and Erfurt are also connected to the centre with a further 2 million inhabitants.

A second phase, scheduled to be completed by 2018, is expected to bring an additional 8,000 sq m GLA of retail space with about 40 additional stores.

City: Brehna, Germany Developer: ITG Investitions- und Treuhand Halle Leipzig The Style Outlet is committed to providing a high-quality shopping experience.

Shoppers can find first-class outlet stores, architecture inspired by the vibrant, wide and open markets of the 19th century and a wide variety of international top brands at reduced prices all year round.

Halle Leipzig The Style Outlets benefits from an area of 11,700 sq m, one million visitors per year

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38

mapic

DELTAPO FAMILY DESTINATION OUTLET

ZENATA

City: Occhiobello, Italy Developer: Occhiobello Outlet Village DeltaPo Family Destination Outlet is the first project in Italy designed to focus on families, and domestic and international tourists. The location is on the River Po at the entrance to the UNESCO-protected Po Delta Park. The merchandising offer takes into account this positioning, mixing the usual premium-level retail — fashion, design, sport and accessories — along with specific shops dedicated to nature lovers, including trekking and biking. There is also a strong presence of food and beverage and entertainment areas, with a playground and interactive museum, as well a big events programme focussing on four themes — Family, Nature, Culture and Planet Women.

The strong connection with the territory gives DeltaPo Family Destination Outlet another important plus with more than 6.5 million tourist visits per year, dramatically expanding the catchment area. A number of DeltaPo Embassies have been established in Europe and worldwide to raise the scheme’s profile among visitors from abroad.

City: Casablanca, Morocco Developer: Sonae Sierra , Marjane, Al Futtaim and Societe d’Amenagement de Zenata Zenata shopping centre is a €100m investment located in Mohammedia (Casablanca), which will be developed by international shopping-centre specialist Sonae Sierra in a partnership with Marjane, Al Futtaim and Societe d’Amenagement de Zenata (Groupe CDG). The centre will have 85,000 sq m of GLA, with 250 shops served by approximately 3,650 parking spaces. The 18 anchor shops include IKEA and Marjane hypermarket.

Adjacent to highway A3 that connects Rabat to Casablanca, the shopping centre will serve over 5.9 million inhabitants in its catchment area. The first phase of the project — opened in March 2016 — is the first IKEA store in Morocco.

The second phase comprising the shopping centre will open in 2019 — creating 4,500 direct jobs for the local community — in a fast-growing district with modern facilities including a university, hospital, TGV station, exhibition centre and business district, along with hotels and residential areas.

39

PROJECT NEWS MALL OF THE NETHERLANDS

GALERIA LIBERO

City: Leidschendam (The Hague), the Netherlands Developer: Unibail-Rodamco Currently called Leidsenhage, The Mall of the Netherlands will go through an important extension and renovation with a budget of more than €470m, increasing the GLA from 74,000 to over 117,000 sq m with 250 stores, restaurants and leisure. The inauguration is scheduled for 2019.

Located in the economic heart of the Netherlands, with 6.1 million inhabitants living within 60 minutes, Mall of the Netherlands benefits from a great location. The shopping mall offers 4,000 free parking spaces as well as excellent access by public transport.

The centre will include the best of Unibail-Rodamco know-how: the 4-Star programme, which welcomes visitors with a range of innovative services that improve the customer experience and the Dining Experience, a concept that offers a collection of the best restaurateurs and new international food brands.

Iconic shop fronts up to 7.5 metres in height also enrich the customer experience, and, Fresh! will provide an extensive market of gourmet food specialties. The Designer Gallery will feature high-end fashion as well as young designer brands.

City: Katowice, Poland Developer: Echo Investment Galeria Libero is to be developed on ul. Tadeusza Kosciuszki, one of the most important traffic routes in the city, on a plot with an area of 54,000 sq m. The facility will offer a three-level retail and entertainment area of 42,000 sq m. Apart from shops and service outlets as well as some of the most important chains and a supermarket, the shopping centre will also include an extensive entertainment and gastronomy offer which will consist of an eight-screen cinema, a snooker club, a play area for children, squash and badminton courts and restaurants offering access to a terrace.

The company is planning to create the broadest entertainment and sports offer in the region. It has already signed contracts with the Helios chain, which is to open an eight-screen cinema in Galeria Libero, and the Fabryka Formy fitness club. Advanced negotiations concerning concepts related to sport, education and entertainment for the younger audience are in progress. Galeria Libero is designed by MOFO Architekci architectural studio.

2016 DIRECTORY

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40

mapic

MAR SHOPPING ALGARVE

open green areas creating a gateway that will be the link with the adjacent outlet village. The first and only outlet village in the Algarve, this will offer the best international and national names in designer and lifestyle fashion and sports, with savings of 30-70%.

The project is innovative in terms of sustainability and is BREEAM-certified, which means maximum efficiency in resources and operations, with a positive environmental and social impact. The construction phase began in 2015 with opening due in 2017.

City: Loule, Portugal Developer: IKEA Centres Located in Loule, the Algarve project is IKEA Centres’ second retail scheme in Portugal. The complex will become a flagship in the south of Portugal offering a meeting point, a place to be and a fun day out. With 86,000 sq m of GLA, the scheme will offer the first IKEA store in Portugal to be fully integrated inside a shopping centre, linked with an outlet village.

The shopping centre will feature over 110 stores, cinemas, a trendy food area mixing 30 indoor and outdoor restaurants, and the latest leisure concepts with DREAM ISLAND

On the territory of 90 hectares, Dream Island visitors can also take a walk and engage in sporting activities in the vast landscaped park; visit the entertainment centre with a movie theatre, restaurants, cafes and shops; and listen to music in the concert hall on the banks of the Moscow River. Dream Island park aims to become the hallmark of Moscow as the tourist centre of Russia. The project in Moscow has been included in the city development programme by the government of Moscow, and the grand opening of Dream Island is scheduled for the first quarter of 2018.

The unique location of the park, next to the Moscow River and surrounded by stunning landscape and original themed interior spaces, aims to create a true recreation destination for local families and tourists year round.

City: Moscow, Russia Developer: The Regions Group The flagship of the Regions Group’s portfolio of new projects is the Dream Island indoor theme park in Moscow. The park is designed to give visitors the opportunity to plunge into the fascinating atmosphere of famous animation blockbusters, to take a rides on the attractions and enjoy fun-packed activities for the entire family.

Regions Group has already secured licensing agreements with IMPS to set up a Smurfs Zone; Viacom International Media Networks (VIMN) for a Teenage Mutant Ninja Turtles-themed land; and Sony Pictures Animation for the Hotel Transylvania zone.

41

PROJECT NEWS FUNAN

mapic

EUROVEA

City: Singapore • Developer: CapitaLand Funan is located in the heart of Singapore’s Civic & Cultural District, surrounded by museums, monuments and arts institutions. It is within walking distance from the City Hall subway interchange which serves two main train lines, and the Clarke Quay subway station near the bustling riverside entertainment precinct. Funan offers a synergistic combination of retail, office and serviced residence components that is designed to appeal to tech- and socially-savvy consumers with a millennial mindset.

Funan’s centrepiece is the retail component that has 30,100 sq m of NLA. Funan will be positioned at the cutting-edge of smart shopping technology and big on integrating O2O shopping experiences, such as providing the CBD’s first drive-through, click-and-collect and handsfree shopping service. Sustainability will feature prominently, and Funan will be Singapore’s first commercial building to allow cycling through the building with a large area set aside for urban farming and food gardens. Opening at the end of 2019, Funan aims to be a platform to inspire retail innovation with a strong focus on enabling consumers to enjoy a myriad of experiences in line with their interests.

City: Bratislava, Slovakia • Developer: Eurovea The mixed-use Eurovea development was inaugurated in spring 2010 and is a part of the modern urban quarter in the vicinity of the historical centre of Bratislava. It represents an entirely unique and dynamic destination with riverside promenade. Eurovea provides the sort of downtown, high-street shopping experience alongside broader patterns of living, working and shopping.

Today the existing 60,000 sq m does not meet the high demand from customers and tenants and an extension of Eurovea is in progress. The extension will copy the existing scheme with an additional 25,000 sq m GLA of prime retail space.

The retail extension is just one part of a wider extension project that will also bring additional residential and office premises.

42

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FEATURE

mapic

ASIA

Asia adapts to era of change

CapitaLand Mall Asia will open six malls in China next year

Asia’s shopping markets are currently experiencing something of an adjustment, driven by a changing consumer base and new economic realities. Helen Roxburgh reports

C

HINA, the world’s second-largest economy, has been transformed by a booming re-

tail sector over the last 15 years and holds nine spots among the top-10 most active cities for shopping-centre construction globally, led by Shanghai. Shenzen and Chengdu both have more than 20 new projects in the pipeline, accordLQJ WR &%5( ÀJXUHV But the roaring growth is slowing — China’s economy expanded only 6.7% in Q3 — and both retailers and property groups have entered a new, more cautious phase.

47

“In the last two years the slowing economy of China has affected some retailers’ expansion plans, especially those who already have a lot of stores in China,â€? says Siu Wing Chu, head of Savills China Retail. “In the OX[XU\ VHFWRU WKHUH DUH GHĂ€QLWHO\ VLJQV RI EUDQGV QRW expanding as quickly, being more cautious and cutting back on stores.â€?

Luxury groups have been hit by a 2012 anti-corruption drive, high import taxes and the changing behaviour of Chinese consumers, who are increasingly interested in niche and newer labels. US global management consulting company Bain & Company expects 2-3% growth

Come to our STAND “MAPIC WORLDWIDE” P-1.F20 Join the Happy Hour - Wednesday 16 Nov. 17.30 The leading international retail real estate market • 8,000+ participants • 2,000+ retailers

• 2,300 developers • 74 countries

15-17 November 2017 Cannes, France mapic.com

Develop your activity in specific territories 16-17 May 2017 Milan, Italy mapic-italy.it

19-20 Sept. 2017 Mumbai, India indiaretailforum.in

25-27 April 2017 Moscow, Russia rex-expo.ru

2017 China mapic-china.cn

FEATURE

mapic

SCPG’s Leo Ding: “now the growth of good-quality brands is outstripping the growth of the luxury sector�

from 2017 to 2020, from an annual average of 6% over the last 20 years.

But despite this cautionary note, China is still where PRVW EUDQGV RSHQ WKHLU ÀUVW $VLDQ VWRUH HVSHFLDOO\ given Chinese consumers’ love of the new. British department store Hamleys opened its 5,000 sq m debut VWRUH LQ 2FWREHU PRWRU ÀUP 7HVOD DQG KHDOWK EUDQG Lululemon are both expanding; while lingerie chain 9LFWRULD¡V 6HFUHW PDGH LWV ÀUVW IRUD\ LQWR &KLQD ODVW year. Adidas has plans for 3,000 new stores in China by 2020, and coffee giant Starbucks says it will open QHZ VWRUHV DQQXDOO\ IRU WKH QH[W ÀYH \HDUV 7KH PRVW VXFFHVVIXO PDOOV LQ &KLQD WHQG WR EH HQWHUtainment complexes with as much as 50% allocated to non-retail space — not only F&B, but ice rinks, language schools, health centres, theme parks, museums, spas and more. As the market shifts, shoppers are prioritising experience over pure consumption, with brands offering free events and social media incentives. Newer

VKRSSLQJ PDOOV FRPELQH H FRPPHUFH DQG RIĂ LQH H[SHriences, capitalising on the popularity of m-commerce, such as the partnership between China Vanke and technology giant Baidu.

Development giant Wanda has also continued to roll out mall openings across China and early this month said that it will increase its investment in the southern province of Hunan by 100bn yuan (â‚Ź13.65bn) to build a mega cultural and tourism project and 15 shopping malls.

Wanda is owned by China’s richest man, Wang Jianlin, who said that most of the investment will go to ChangVKD +XQDQ¡V FDSLWDO FLW\ ,W ZLOO EXLOG ÀYH PRUH :DQGD Plaza shopping malls in the city, and create a Wanda City development that is likely to include theme parks, shopping malls, hotels and residential projects. ´7KH HQWU\ RI PRUH :DQGD 3OD]DV ZLOO VLJQLÀFDQWO\ raise the business standard in Hunan cities, stimulate consumption, increase stable tax income and create a lot of jobs in the service industry,� Wanda said in a VWDWHPHQW 7KH\ ZLOO ´HQKDQFH WKH WUDQVIRUPDWLRQ DQG upgrade of Hunan’s economic structure�.

Wanda is constructing similar projects around the country, designed to capitalise on rising Chinese incomes, which should drive more domestic tourism. Wang said earlier in the year that Wanda intended to build at least 20 such complexes in China.

Fast-growing Chinese retail developer SCPG has developed over six million sq m of retail space since its foundation in 2003. It already has 30 centres under PDQDJHPHQW DQG SODQV WR RSHQ Ă€YH PRUH WKLV \HDU DQG DQRWKHU Ă€YH QH[W \HDU Chairman and CEO Leo Ding says: “SCPG’s pace of JURZWK LV QRW FRQVLGHUHG H[FHSWLRQDO LQ &KLQD 7KH FRQsumer market is continuing to grow and, as we’re focused on retail real estate I think we can keep up the pace of growth.â€?

European luxury brands have been early entrants to the

Development giant Wanda has continued to roll out mall openings across China

49

LOOKING FOR ASIAN PARTNERS ?

Find the best partners in Asia to grow your business at MAPIC 2016.

Don’t forget to browse companies on the Online Database using the mobile App.

AllDragon

AEONMALL CO., LTD Looking for new brands We are looking for new brands from Oversea, and we would like to offer a lot in the best sales mall in Japan to those who new to the Japanese market.

Koshigaya Lake Town (near Tokyo) – Yearly mall sales is 867 million EURO!!

TOTAL GLA: 245,223m2 with 10,400 parking spaces

O2O for Shopping Mall

Contact: Megumi Yawata, General Manager, global leasing department Mobile : +81-90-5506-1970 email: myawata@aeonmall.com Chinatsu Ikawa, Global leasing department Mobile : +81-80-8838-5722 email: ikawac@aeonmall.com Web: http://aeonmall.com/en/index.html

CapitaLand Mall Asia

AllDragon has provided omni-channel platform and operation services for over 150 shopping malls in China since 2014. Its mission is to become the largest platform of consumer life & services. AllDragon was funded by leading ďŹ nancial service company PingAn group, ranked 41 among global Fortune 500 companies.

Contact: Tom Gong Tel: +086-18627051000 www.shangquanquan.com

FUTURE LAND

Jewel Changi Airport is a mixed-use complex combining stunning architecture and rainforest elements with a myriad of retail, dining and lifestyle options. It represents an innovation in the world of lifestyle and retail design, integrating a garden and a marketplace to provide a platform for leading brands to showcase their best offerings. s #ONTACT

Chia Pei Siang, Senior Manager, Group Communications

s 4EL 65 6713 1379

WWW CAPITALANDMALLASIA COM CORPORATE

Since its establishment in 1993, Future Land has been mainly engaged in developing elaborate housing and multi-purpose complex projects, especially the Injoy Shopping Mall. We deem sincerity as the foundation of the long-term development of our business.

Thanks to our leading development model, we have expanded rapidly and become the mainstay of Chinese real estate industry.

Contact: Wang Zhiyong Tel: 021-22835888-8181

http://www.futureholdings.com.cn/

Expend to China?

GRANDMA’S HOME

Global Rich Business is an operation management company specializes in food and beverage brand licensing with strong presence in mainland China, Macau and Hong Kong. All our partners successfully established themselves in the region and expanded quickly while maintaining their high standard of quality. Please contact us for more information.

Restaurant Groups CO.,LTD.

Contact: Victor Chi - Founder & CEO; Angelica Leung - Assistant of CEO E-mail: angelica.leung@gricn.com Tel:

+852 67337665

www.globalrich.hk

Grandma’s Home was founded in 1998. The restaurant had forecasted the potential of the ordinary people, and made the high rate of quality and value as their core-competitiveness.

With the development of living standards and household consumption capacity, Grandma’s Home had seized the opportunity to grab market share Contact: by its precise positioning, high quality WU GUOPING Founder dishes, and its intimate service.

Tel:+86 0571-81022890

JOY CITY PROPERTY LIMITED

HOSHIGAOKA TERRACE The Hoshigaoka Terrace has been one of the most fashionable shopping destinations in Nagoya. It is popular not only by its award winning design and selected shops but also by its unique experience-oriented promotions throughout the year. Please visit our Terrace in Nagoya Japan.

Contact: Hiromi Mizuno, Managing Director

Tel: +81 52 781 5210 www.hoshigaoka-terrace.com

Joy City is a leading commercial property developer and operator, positioned at the 18-to-35-yearold emerging middle class. It provides a resource-efficient urban life with one-step experience centers Contact: Weilong Tian covering shopping, entertainment, GM of Joy City (Chengdu) CO., Ltd. sightseeing, catering etc., and has Tel: 008618702806766 become the core brand of Fortune Top 500 COFCO Corporation. www.joy-cityproperty.com

LIANLIAN

RYOHIN KEIKAKU CO., LTD.

Mall’s Contextual revolution Lianlian as a creative internet solution provider, helps malls to increase operation efďŹ ciency. It created the O2O2O (ofine-online-ofine) e-commerce model with fun experiences for malls to operate potential groups, of- Contact: Linlin Guan, Business Director fer effective informations, build connection with the community Tel: 86 13958074600 nearby and create chance for ww.dface.cn them to shopping etc.

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FEATURE

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Many large international retailers are adopting a more holistic view of their business LONDON A ‘SAFE BET’ FOR ASIA CHINESE investment has been steadily growing in London, with a number of large development projects including ABP’s Asia Business Park. And investment shows no sign of slowing since the EU referendum.

According to Knight Frank, in the ďŹ rst half of 2016, $10.7bn was invested into overseas real estate markets from China. A cheaper UK pound has helped propel much of that towards Britain, especially London. Chinese investment in the UK showed a year-on-year increase of 75% in the ďŹ rst six months of 2016.

Deals included the sale of Aldgate Tower for $496m to China Life Asset Management, the $395m sale of Trinity Tower to Fosun International and the $262m purchase of Curzon Place by CITIC Capital.

According to Savills research, international investors overall acquired more than ÂŁ2.19bn of commercial property in London between July and the end of September 2016, accounting for 78% of the total transaction volume. Over ÂŁ695m of this was Asian capital, predominantly Hong Kong investors.

According to NWEC, 25% of property owners across the core West End are now Hong Kong and Chinese investors, who generally see real estate in London as a safe long-term bet for investment.

Joel Stephen Chinese market, but now Ding believes the time is right IRU JRRG TXDOLW\ PLG PDUNHW EUDQGV WR HQWHU ´7KH &KLQHVH market is changing,â€? he says. “People used to go for luxury brands like Gucci but now the growth of good-quality brands is outstripping the growth of the luxury sector.â€? “In terms of demographics, Asia’s rising middle FODVV DQG WKH LQFUHDVLQJ LQĂ XHQFH RI PLOOHQQLDOV DUH important trends. As shoppers’ spending habits change with the proliferation of smartphones, there are also opportunities to harness new technologies for new growth,â€? says Jason Leow, CEO, CapitaLand Mall Asia, which will open six malls in China next year.

7KH 6LQJDSRUH EDVHG GHYHORSHU KDV SDUWQHUHG ZLWK technology groups to offer in-mall digital options, and introduced automated ‘chatbot’ Sparkle, which allows virtual concierge services.

China’s drive to innovate shopping is partly to compete with retail opportunities abroad. About 70% of Chinese spending on luxury goods now takes place outside the mainland, with a rising middle-class avoiding high domestic taxes. Hong Kong used to be their favoured shopping destination; now they are looking to other places. ´&XUUHQFLHV KDYH D ELJ LPSDFW DQG ZH DUH Ă€QGLQJ WKDW PDLQODQGHUV DUH QRZ WUDYHOLQJ IXUWKHU DĂ€HOG WKH\ DUH JRLQJ WR (XURSH DQG WKH 8. IRU WKH FXUUHQF\ EHQHĂ€WV Âľ says Nick Bradstreet, managing director of Savills Asia Retail. “We are seeing fewer mainlanders in the region, and that is affecting a lot of the Asian markets.â€?

As an example of this, the New West End Company (NWEC), which accounts for 25 streets across the West End of London, including Bond Street and Oxford Street, has seen its consumer base transformed as &KLQHVH VKRSSHUV Ă RFN WR /RQGRQ 7KHVH VKRSSHUV KDYH been coming in ever larger numbers since the value of sterling fell, keen to take advantage of savings between Chinese and UK prices for consumer and luxury goods. “China has been an area of exceptional growth for us,â€?

VD\V -DFH 7\UUHOO &(2 RI 1:(& ´)LYH \HDUV DJR WKH\ weren’t even in our top 10 in terms of average spend; now they are number three — and they will be numEHU RQH ZLWKLQ D FRXSOH RI \HDUV ¾ 7KH DYHUDJH VSHQG is £1,400 (₏1,630) per Chinese shopper, with a 40% increase in numbers coming to the West End during the Golden Week holiday. Far from making the UK appear unfriendly to foreigners, Brexit seems to have

53

London’s Regent Street welcomes the world

propelled buoyant growth in Chinese spend due to the depreciating currency.

Brands have been decorating their stores in honour of Chinese traditions, training staff in Mandarin, and implementing Union Pay, the Chinese bank-card payment system. Increasingly, stores are also accepting online payments platform Alipay. “I would say every Bond Street boutique, and probably most of Oxford Street and Regent Street, has MandarinVSHDNLQJ VWDII LQ WKHLU VWRUH HVSHFLDOO\ WKH ELJ Ă DJVKLS VWRUHV Âľ 7\UUHOO VD\V 1:(& KDV LQWURGXFHG 0DQGDrin-speaking street ambassadors to help visitors, and launched a specialised concierge system called By Appointment, targeting high-net-worth Chinese visitors.

While many Chinese shoppers in the West End make substantial purchases, consumer habits are also diverging. “Five years ago it was the big luxury fashion and MHZHOOHU\ KRXVHV WKDW ZHUH DWWUDFWLQJ VSHQG Âľ 7\UUHOO VD\V “It’s really moved on now. You have an emerging middle class in China, many students here, and family visiting VWXGHQWV EDVHG LQ /RQGRQ 7KH\¡UH JRLQJ WR 7RSVKRS RU Primark as much as they are going to Prada.â€?

Hong Kong saw retail sales slide by 4.1% in September — following a 10.5% drop in August — marking the 19th consecutive monthly contraction. “Hong Kong remains the most stressed retail market in this region,� says Joel Stephen, head of retailer representation Asia, CBRE. “Average rents in Hong Kong are down by over 25% from their peak in 2014. A structural shift in tourist spending towards more affordable midmarket products, coupled with the trend of mainland Chinese tourists shopping overseas and a clampdown on corruption, has resulted in weaker retail sales in certain sectors including luxury watches, jewellery and consumer electronics.“

FEATURE

mapic

Other established markets are facing pressure. Singapore has been feeling the impact of the Chinese slowdown, plus looming oversupply. More than 186,000 sq m of new retail space will launch in Singapore by 2018, at a time when many shops are downsizing or delaying openings, pushing up the vacancy rates.

South Korea’s retail market took a hit over the MERS virus, which scared many tourists away. However, the government has worked hard to draw tourists back. South Korea has the world’s biggest duty-free market, with destinations such as Jeju Island offering visa-free visits to the Chinese, and popular cruise tours between China and South Korea allowing plenty of time for tax-free shopping.

Newer destinations in Asia are also establishing themselves as retail destinations. Many countries across South East Asia are young and rapidly urbanising, with rising disposable incomes and sales rates growing by 14% and 10% in Indonesia and Vietnam respectively.

After years of uncertainty, India is now building international attention, with brands including H&M, Coach, Longchamp and Muji opening, and IKEA building its ÀUVW ,QGLDQ RXWOHW Japan is widely seen as a mature retail market, but developer Aeon Mall, for example, is innovating with new niche formats. “We are expanding our business foundations in Japan by combining new challenges with our know-how cultivated over the years,” the company’s president and CEO Akio Yoshida says.

Yoshida cites two recent projects as examples: “Most notably, in addition to opening a shopping mall in Makuhari New City which seeks to enrich one’s lifestyle through various experiences and encounters, we opened a largescale urban-type shopping mall in front of JR Okayama Station which also functions as a powerful information broadcasting station. We are also actively renovating existing shopping malls in order to get the continuous support of customers in the local communities.”

“India is a maturing retail market on several fronts and interest is surging,” says CBRE’s Stephen. “Supportive policies have also been an incubator in attracting international names to this developing retail sector. “Howev-

Developer Aeon Mall is innovating with new niche formats

54

er, the biggest obstacle for brands and investors remains the lack of quality retail space.” ,W LV HDV\ WR VHH ZK\ LQWHUHVW LV KLJK 7KH ZRUOG·V ODUJHVW GHmocracy, India has more than 400 million consumers between 15 and 34, and an underdeveloped property market.

Private equity investment in retail real estate is expected to double this year to nearly $80m, according to advisor JLL, with new policies meaning retail is open to 100% FDI. “Favourable demographics are drawing retailers’ interest to India’s fast-growing consumer market, which is expected to be worth €1.21trn by 2020, registering a compounded annual growth rate of 9.7% from 2000 to 2020,” Leow says. “Retailers’ demand for shop space in quality malls at strategic locations in India is set to rise.”

As the world repositions itself for 2017, it might be the end of the ‘bling era’ in Asia, but there are still plenty of growth opportunities to be found.

“Asia will remain a key region for retailers’ business growth, but their expansion plans will be more rational amid the high occupancy cost environment and economic uncertainties,” CapitaLand Mall Asia’s Joel says.

“Many large international retailers are adopting a more holistic view of their business and viewing it as an interconnected global enterprise rather than as a series of separate operations in different markets.”

NWEC’s Jace Tyrrell at MAPIC supporting the London Mayor’s campaign encouraging investment in the UK capital

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