MAPIC 2018 NEWS 1

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NEWS 1 Wednesday 14 November 2018 www.mapic.com

LEISURE SUMMIT

The inaugural half-day conference dedicated to the leisure sector took place yesterday

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DESIGNER OUTLET SUMMIT

The second Designer Outlet Summit was a sell-out at the Majestic

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OPENING NIGHT PARTY

Delegates from around the world gathered at the Carlton hotel last night

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CONTENTS

5 NEWS

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Opening Night Party; Designer Outlet Summit; Leisure Summit; European expansion for Dr. Martens; Reem Mall, Abu Dhabi; Zalando grows fulfilment centres; Apsys, Saint-Etienne; and more ...

FULL CONFERENCE PROGRAMME

37 PROJECT NEWS Around the world in 20 projects THE OFFICIAL MAPIC DAILY NEWSPAPER

FEATURES Unibail-Rodamco-Westfield’s Christophe Cuvillier 16

DIRECTOR OF PUBLICATIONS Paul Zilk MARKETING DIRECTOR Mathieu Regnault

MAPIC 2018: Transforming Reality

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NEWS 1 Wednesday 14 November 2018 www.mapic.com

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, Sarah Morris Editorial Management Boutique Editions 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

PRODUCTION DEPARTMENT Publishing Director Martin Screpel Printed Communication Manager Emilie Lambert Printer Riccobono Imprimeurs, Le Muy (France).

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THE ANNUAL cycle ride to MAPIC concluded outside the Palais des Festivals yesterday afternoon. The riders rode around 700km from Girona to Cannes across four days, fundraising for a number of charity beneficiaries including Coram, the UK’s oldest children’s charity.

The total amount raised has exceeded £58,000 already, and the fundraising continues during the market.

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More than 300 delegates attended the second International Outlet Summit

Outlet Summit confirms sector’s resilience in a retail world in flux MORE THAN 300 delegates at MAPIC’s second International Outlet Summit yesterday heard about the proliferating opportunities offered by the sector.

Speaking at the half-day event, Haoran Wu, research analyst at TH Real Estate, said that what had started as a niche industry off the radar of most investors was rapidly growing in importance, thanks to its resilience, a growth in disposable income and increasing tourist spend.

Wu’s company now manages 29 outlets in nine countries. “We believe in the defensive nature of this sector,” she said.

Prime outlets that offer a high proportion of luxury brands were particularly good at seeing off the competition from

online shopping, Wu added.

Looking at the potential for growth, she said that China, with its relatively low penetration, offers huge opportunities and double-digit growth forecasts through to 2030.

Retailers also shared their view of the market. Nike operates in 140 outlet centres across EMEA, but Fabien Stultz, senior director of real estate, construction and facilities at Nike EMEA, said the company was redefining its outlet-centre model and that stores were becoming more experience-led.

“Discounts are no longer just in outlet centres,” he added.

Marc Dambremez, Levi Strauss’ senior director of retail outlets and asset recovery, said MAPIC News 1 •

outlets had to stick to what they are good at — namely customer service and offering a wide choice. “Outlets offer the widest variety of products with discount. We need to keep them relevant,” he said.

Showcasing his scheme, Davide Lardera, CEO of Scalo Milano Outlet & More, urged landlords to work in partnership with retailers. “You can no longer just be a landlord and take the rent — if you do that you are dead,” he said. The company is currently working on the next phase of the Scalo Milano centre, which will open in Q2 2019 and of which 40% is already committed.

Brendon O’Reilly, managing director of Fashion House 5

• 14 November 2018

Group, also pointed to the potential growth of the outlet market by observing that Russia currently has only five outlet centres. In October, Fashion House Group finally began the construction of its new outlet centre in St Petersburg, which is due to open in November next year. O’Reilly reported that the scheme, which will consist of 20,000 sq m of retail and 105 stores, was already 61% committed, with 51% signed and 10% at head of terms.

Regine Bogner, international leasing director at Neinver, talked about two centres that are currently under development.

The first, Amsterdam Style Outlet, will comprise 115 stores and open in Q3 2020. It will be the

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Phase 2 25 new stores 4,000 GLA 2.5 million visitors per year 2.800 spaces (car park)

Scalo Milano Outlet & More originated from an idea conceived by the Lonati Group – the historic Brescia-based holding company, a market leader in the production of textile machinery – that set its sights on the development of a unique destination for shopping and free time activities that is one of its kind in Italy; this dream has been fulfilled thanks to a 200 million Euro investment, of which 25 million Euros were intended for environment requalification as well as the upgrading of infrastructures throughout the local territory. To date, Scalo Milano is the only urban outlet in Milan, situated in Locate di Triulzi, only 10 km from the city centre. It can provide each and every visitor with a unique shopping and entertainment experience, thanks to a differentiated offer including the best of fashion, food and design, together with a rich calendar of events. An indoor food court is set right in the heart of Scalo Milano, offering countless culinary proposals, alongside experiences and concepts capable of satisfying both the tastes and the needs of the public at any time of the day whatsoever. Moreover, in order to enrich the range of services proposed by Scalo Milano even further, there is also the F-Hub multi-purpose area, created in partnership with the Campus Fandango Club, a brand new location that enhances the variety of congress and event services provided in the city.

news first and only outlet centre in greater Amsterdam. The second, Alpes The Style Outlet, will be a luxury outlet centre located between Geneva and the French Alps. Comprising 96 stores, the project is due to open at the end of 2020.

Mayte Legeay, senior asset manager, Europe, for Resolution Property, showcased the opportunities of Billund Designer Outlet. The 20,400 sq m premium outlet, which will open within the Legoland Billund resort in Denmark, will be Scandinavia’s largest outlet centre. The first phase of the 120-store project will open in 2020. “The idea is to bring in family-friendly casual and sportswear brands,” Legeay said.

Further afield, Lisa Wagner, principal of The Outlet Resource Group, said her scheme, Megapolis Outlets Panama, offered retailers a literal entry point into the Latin American market. The outlet centre will comprise 20,000 sq m of retail and is part of a wider redevelopment in the area. Wagner said the scheme was reflective of a move to urban centres. “This

is as urban as you can get,” she added.

Ben Chesser, chief executive of retail customer relationship management (CRM) and loyalty specialist Coniq, said there were already changes in the ways customers were interacting with outlet centres: “Three years ago, we were focused on building loyalty programmes for outlets. Now, it’s about creating that experience for the shopper. As far as shoppers are concerned, it’s all got to be the same experience.”

Neinver’s European marketing and retail director, Sebastian Sommer, speaking on the same panel session, said that digital technology and new ways of sharing data were offering retailers and outlet managers new ways of engaging with their customers. “We need to provide a stage where guests and consumers want to be loyalty customers,” he added. “This requires a lot of data sharing between outlets and retailers. We cannot underestimate how important this will be.”

Gareth Jordan, director of tech firm ART Software Group,

said that changes in consumer patterns, with more of a focus on positive experiences in contrast to online shopping, could change the way that outlets interact with brands on both the high street and in traditional retail shopping centres: “The gap and the difference between outlets and full-price retail is changing now. Brands that are in fullprice retailing are more willing to work with shopping centres to share data. But the key is not

how much you have to share — it’s what you are to do with it.”

Charlotte Journo-Baur, chief executive of e-commerce brand Wishibam, said that whether it was online, in outlet centres or in traditional retail settings, shoppers demand perfect experiences — and modern technology is enabling this. “It’s more and more easy to treat every customer as a VIP customer,” she said. “In full price or in outlets, it’s the same thing.”

VIA OUTLETS’ €29M REVAMP VIA OUTLETS, which has built up a portfolio of 11 premium outlet centres in Europe since its first acquisitions in 2014, is to invest €29m in the latest phase of its extension and remodelling programme.

The company has announced work on three outlets in Sweden, Spain and Poland, and is showcasing the opportunities available in the centres at MAPIC. A 2,700 sq m extension is being added to the Hede Fashion Outlet in Gothenburg in Western Sweden to add a further 15 stores. It is due to open in October next year.

In October, work began on remodelling Sevilla Fashion Outlet in southern Spain. Work on the Wroclaw Fashion Outlet in Poland will begin next year.

“Our mission is to grow our centres through remodelling, remerchandising and remarketing in order to improve the look and feel, and the guest experience,” said Otto Ambagtsheer, chief operating officer of Via Outlets.

Coniq’s Ben Chesser (left) with Neinver’s Sebastian Sommer, Swarovski’s Dierk Schneider, ART Software Group’s Gareth Jordan and Wishibam’s Charlotte Journo-Baur

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news

Fun is hard work as competition hots up in the armchair economy Lagardere Active, said his business had branched out from children’s television, tapping the loyalty of its young consumers and their parents to their characters

A strong theme emerged at the inaugural MAPIC Leisure Summit as speakers agreed that leisure is the way forward for a retail sector undergoing radical change. Sarah Morris and Graham Parker report FUN HAS become hard work for retailers and developers as they compete to get people into their centres, delegates heard at MAPIC’s first ever Leisure Summit.

“10 to 15 years ago you could just open a cinema (at a shopping centre),” said Elisha Karmitz, CEO of MK2 VR. “Today you have to work harder than your competitor.”

ECE TEAMS WITH BROOKFIELD GERMAN shopping centre specialist ECE has formed a joint venture with Brookfield to regenerate Arkaden, the retail element of the Potsdamer Platz complex in Berlin. Jonathan Doughty, ECE’s global head of foodservice, leisure and placemaking, said: “We’re doing some really unusual things — things that Germany’s not seen before.” To achieve this ECE is adopting a site-wide approach to food and leisure to create an offer that is appropriate for the 30,000 people who already work on the site as well as the significant visitor and tourist catchment. “Brookfield is incredibly progressive,” he said. “They absolutely understand the need for retail and F&B to enhance the overall package for their office tenants and their residents.” And he likened their approach to that of a top chef. “It’s like a recipe,” he said. “By bringing high-quality ingredients you can make something that’s better.”

“Your place has to become their second living room — where they hang out when they don’t know what to do,” Clifford Warner, chairman of Mycotoo said in the session on the importance of the entertainment industry to retail development.

Jean-Rene Aucouturier, executive vice-president, global TV distribution and new business, MAPIC News 1 •

and brands for its 10 Gulli children’s parks across France.

Some landlords in the UK had probably been slow to react to the challenge of putting enter-

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news tainment at the heart of shopping centres because of the difficulties of getting planning permission, said Philip Lunn, managing director of Axiom Yorkshire.

The company’s latest project, between the northern UK cities of Manchester and Hull, includes adventure experiences and a filtered swimming lake. “It is the ultimate family day out,” he said.

Vasily Ryzhonkov, CEO of Arena Space, said his company used social networks to attract customers to its centres where friends and families in groups of between four and 20 can play games wearing headsets.

“Today is about creating stories,” said Gaston Gaitan, founder of The Leisure Way, whose projects include a model airplane play area at the Puerto Venecia shopping centre in Zaragoza, Spain.

The challenge of entertainment is not just to get people into centres, Riad Makdessi, CEO of Trimoo said. “You then need to get people to stay longer, spend more and to come back again.”

“It’s all about combining entertainment with local culture,” said Reinhart Viane, business development director at Belgium’s KCC Entertainment Design.

The forum also saw project presentations from two of the leisure sector’s most exciting emerging concepts. Gian Gherardo Aprile, group CEO of Italian-based WeArena Entertainment, explained how his format can “help to bring to the mall the kind of people that are currently missing”.

WeArena combines three hot trends under one roof with e-sports or competitive gaming in a 50-to-250-seat arena; VR games; and an edutainment area focused on kids from six to 14 years.

Aprile said: “We opened our first site a year ago and we see a lot of potential: it’s really affordable with a lower cost than going to a movie. Now we’re looking for partners to allow us to grow faster around the world.”

Tania Kishkin, CEO of Bulgarian-based Funtopia described her adventure-park concept for children and adults of all ages. “It’s an active entertainment centre

Delegates at the inaugural MAPIC Leisure Summit

that lets kids and adults challenge their skills in a completely safe environment,” she said.

Funtopia is already operating in 18 locations in seven countries on four continents including Australia, the US, Malaysia, Mexico and the Middle East. The latest implementation in Moscow covers 1,880 sq m with capacity for 550 people offering caving, soft play, rope courses, climbing walls, roller glider as well as party rooms.

“Active entertainment’s the new trend,” Kishkin said. “It’s important to keep kids busy and physically challenged. You can’t climb and jump on a PlayStation.”

In the final session of the day Thomas Rose, head of leisure & restaurants at Cushman & Wakefield, challenged the audience. “The traditional mall is dead,” he said. “You never need to leave your house and the armchair economy is changing everything. If you as a developer are not creating social spaces nobody will come.”

Rose then moderated a panel of leisure industry experts who brought a global perspective to the forum. John Schreiner, Moscow-based senior vice-president at IMAX, said: “The cinema business is changing. We need to create a unique experience to bring people out of their homes and IMAX is something you can’t repeat at home.”

Tim Earnest, CEO of Al Futtaim Malls, said: “Mall owners have to

be willing to work with the creative community. More and more we find ourselves going to sources that haven’t thought about going into shopping centres.” But that requires a new approach to leasing, Earnest said. “It’s not just about a lease — often it’s about forming a joint venture to create something that adds to the balance and diversity of the mall.”

Ronald Menzel, managing director of Dreamspace Immersive, described how he was inspired by his first experience of VR to quit banking and move into the entertainment industry. Now he

has formed a business with Steven Spielberg that “creates immersive stories full of character and place”. The first site will open in December 2018 at Westfield Los Angeles.

And from a property investor’s point of view, Barry Cox, head of leisure at Pradera, described his strategy of using leisure and entertainment to drive footfall. “It’s no longer about putting it in the dark space at the back that landlords couldn’t lease,” he said. “The halo effect of leisure means you can justify putting it in the places where you could get retailers.”

EUROPACITY TARGETS GEN X, Y AND Z EUROPACITY will apply for planning permission for its €3.1bn, 700,00 sq m leisure and retail development on the outskirts of Paris in 2019 or 2020, CEO Benoit Chang said yesterday.

Designed by a group of rising-star architects, the development will feature a contemporary circus, a centre focusing on the art and culture of cinema and a water park hotel. Vente Privee Entertainment, a company specialising in targeting the X, Y and Z generations, is partnering in the development. Chang predicted that future generations would no longer “live through their phones” but rather use devices as a means to access experiences.

“The digital generation will be willing to go far to spend money on an experience,” he said. “Nothing will be able to give you as much emotion as a live experience lived with your own body.”

MAPIC News 1 • 11 • 14 November 2018

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MAPIC pening Night Party

The glamorous Carlton hotel on the Croisette was the venue for MAPIC’s welcome reception, where delegates eagerly anticipated another successful market

MAPIC News 1 • 13 • 14 November 2018

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MAPIC News 1 • 15 00 • 14 November 2018

FEATURE: INTERVIEW

‘Just the beginning…’

Christophe Cuvillier, CEO of the newlyformed Unibail-Rodamco-Westfield group

MAPIC News 1 • 16 • 14 November 2018

FEATURE: INTERVIEW

Ahead of his keynote presentation today, Unibail-Rodamco-Westfield CEO Christophe Cuvillier tells Mark Faithfull why the mega-merger made sense, how he envisages the future of his centres and why boring retail is dead

“The goal was not to grow for the sake of growing”

THE UNIBAIL-Rodamco-Westfield group was officially created on June 7 this year, bringing together two of the world’s largest and best-known shopping centre groups in a surprise move that inevitably asks questions about how the retail real estate sector may reshape in response.

For Christophe Cuvillier, CEO of the newly-formed group, the subsequent months have been about both the short-term amalgamation of the businesses and the long-term future of the company’s extensive real estate portfolio.

“We are continuing to work on the combined operations, organisation, and capital structure of the group,” Cuvillier says. “At the end of H1, we had already achieved cost synergies ahead of what was originally budgeted. We expect the revenue synergies to be realised in the next three-to-five years as planned as we take the best of each entity to bring an unparalleled offer to our retailers and customers under the Westfield brand.”

The combination of two already very large real estate businesses inevitably suggests that more companies within the sector may make acquisitions, aiming to protect their position through critical mass. The result of a possible bid for UK developer intu will be known by Thursday, after Hammerson made — and then withdrew — a bid earlier this year.

That initial bid had been seen in part as the first of further amalgamations, as companies look to the opportunities presented by size and the diversification of their geographical base.

However, Cuvillier argues that this is far from an inevitable direction for the industry. “We need to be very careful when

looking at consolidation as situations can be very different.

I do not believe that scale in itself is a sufficient answer to the challenges faced by the industry,” he says. “What shopping centre developers and operators need to have, first and foremost, is a solid strategy and they need to execute it properly. Ours is to concentrate on the leading assets in the world’s most dynamic cities, to differentiate in offering the best customer experience and to innovate to anticipate the trends.

If you look at the Westfield acquisition, the goal was not to grow for the sake of growing, but to acquire a company with an exceptional talent pool, the best brand in the industry, and a selection of outstanding shopping centres in the wealthiest cities in the US and the UK. In this particular context, growing size added value to our shareholders and retailers.”

In terms of those locations, Cuvillier says public transportation connectivity matters increasingly in the choice of new locations for developments, citing the Mall of Scandinavia and Uberseequartier schemes as examples. “Beyond this, we focus on the right sizing of the new projects and on the densification of our existing sites, for which we have room for multi-use developments,” he adds.

On this he believes the company has a “huge competitive advantage” as it already has what he describes as a “mixed DNA”, with retail, offices and convention and exhibition venues.

Cuvillier is convinced that the future is about collaboration between players of various sizes and operating in different sectors. “We need to bring on board the most successful partners and source new solutions that can complement the ones we develop internally.

This is what we do through our URWLink platform which identifies new, innovative solutions and partners and drives our collaboration with them.

For example, we collaborate with Too Good To Go, a

MAPIC News 1 • 17 • 14 November 2018

French start-up specialised in fighting food waste through an app connecting restaurants and customers.”

Yet the bid to create centres relevant for the future comes against a backdrop where legacy — and even new — retail categories are experiencing serious challenges. Department stores are going through a very tough time in Europe and the US, while some F&B chains appear to have over-extended. Inevitably this will influence the configuration of both new centres and the realignment of existing ones.

“The whole retail value chain is undergoing radical changes at an unforeseen pace, notably as a result of the rise of digital, but not only. Many brands have failed to reinvent themselves, with store concepts that have become — let’s admit it — pretty dull, leading in some cases to bankruptcies,” Cuvillier says. “But retail is not dying: only boring retail is! Retailers who provide an exceptional customer experience and embrace the omni-channel revolution are performing very well.

Our mission is to help them continue to do so, and to adapt our centres to new trends.”

Cuvillier points to the fact that Unibail-Rodamco-Westfield was the first to open Tesla stores in shopping centres in the UK, France and Sweden.

“We just opened at Parly 2 near Paris a first e-Mercedes store, and this is just the beginning,” he says. “Let’s take the example of food: at the beginning of 2000, only 5% of our European shopping centres’ GLA was dedicated to dining. It now represents between 10 and 15% and will keep rising.”

He cites Los Angeles and the Century City shopping centre, one of its major recent redevelopments, which now features an open-air garden crafted in collaboration with lifestyle designers, an “exceptional food offering, and an atrium where you can organise concerts and events, all while using the best technology to enhance our visitors’ experience”.

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news

Campona redevelopment marks ‘a new era’ of retail for Hungary A “REVOLUTIONARY” redevelopment project aimed at raising the standard of retail space in Hungary is under way.

CPI Property Group is in Cannes to showcase the project, which will add 70,000 sq m of mixed-use space to the Campona shopping centre outside Budapest and create a new “lifestyle centre” fit for modern shoppers, said the company’s retail asset director Renata Kodadova.

“This will be a revolutionary project for Hungary,” Kodadova added. “At the moment, it’s a shopping centre. We’re adding the elements that we believe the centre needs to survive. We are

over the shopping-centre era and want to enter the new era with this project.”

When complete in 2022, the redeveloped centre will offer new sports, activities and entertainment features, along with a new food hall, designed to provide the mix of uses that will attract shoppers out of the centre of Budapest.

Kodadova and the CPI team are at MAPIC to highlight the Campona project and to share their future vision of Hungary, and its potential, with both retailers and the wider property sector.

“Hungary is one of the fastest growing markets in Europe,”

CPI Property Group’s Renata Kodadova: “a revolutionary project for Hungary”

Kodadova said. “We need to convince people about that — we have to change the mindset.”

Dr. Martens steps up European drive ICONIC British footwear brand Dr. Martens is embarking on expansion plans that will see it increase its physical presence in France and Germany.

The retailer is putting into place plans to add 10 to 15 stores in Europe in the short term. Its longer-term plans include expanding its portfolio in Germany, where it currently operates four stores, to as many as 25 outlets over the next few years.

Dr. Martens’ EMEA expansion manager, Anne-Sophie Barrel-

Dr. Martens’ Anne-Sophie Barrellon: “ambitious expansion plans”

lon, who is in Cannes to meet with European high-street landlords, said the retailer wanted

to establish a presence in every major city in France and Germany, and was moving forward “step-by-step”. She added: “We have ambitious expansion plans, especially outside the UK. We’re taking the time to explain the brand and what is behind it.”

Dr. Martens is set to open two further French stores — in Lille and Toulouse — before the end of 2018. The retailer currently has four stores up and running in France, three of which are located in Paris.

Nancy goes back to the future with 3D PROSPECTIVE retailers can put on headsets at this year’s MAPIC to take a 3D tour of the art-nouveau buildings on offer in France’s north-eastern region of Greater Nancy.

The headsets are just some of the innovative tools being used by development agency Scalen, said Benjamin Brillaud, retail investment and development manager for the Greater Nancy Metropolitan Area. “We are

Greater Nancy Metropolitan Area’s Benjamin Brillaud: “restoring heritage”

MAPIC News 1 • 19 • 14 November 2018

LEASING UNDER WAY ON ABU DHABI SUPER-MALL ABU DHABI’s Al Farwaniya Property Developments has made a strong start to the leasing campaign for its 270,000 sq m super-regional Reem Mall project, which will be the emirate’s largest urban mall when it opens in the second half of 2020.

Partnership agreements have been signed with leading retail and hospitality groups, including Majid Al Futtaim, Landmark Group, Azadea Group, Dubai Holding and Carrefour, which will be bringing brands including Virgin Megastore, Home Centre, Centrepoint, Stradivarius, Adidas, Ecco, Steve Madden, Bershka, Eataly and Paul.

In addition to the core retail offer, CEO Shane Eldstrom said that 10% of the mix would be given over to F&B units. He also reported that 11% of the total floorspace had already been let to leisure operators. These include a partnership with Majid Al Futtaim Ventures to create a snow park, which will be the region’s first standalone and themed indoor snow park. In addition, Reem Mall will host the award-winning VOX Cinemas’ next-generation concept.

Reem Mall in Abu Dhabi

able to show people from the US and Asia who might be interested in restoring that heritage,” Brillaud added.

Starbucks is scheduled to open a cafe this spring after restoring an art-nouveau ceiling and facade in the former local-newspaper building. Also of interest is a 2,500 sq m former department store, described by Brillaud as the “little sister” of the Galeries Lafayette building in Paris.

Mayor of Nancy, Laurent Henart, is due to visit the stand later today.

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Uptick in retailtainment fuels Playtime’s global ambitions A GLOBAL indoor activities company is pressing ahead with expansion plans after a renewal of interest from shopping-centre owners from around the world.

Grant Sonju, director of international business development Playtime, said that, with landlords increasingly warming to leisure as a way of drawing shoppers into their schemes, the time was ripe for further expansion in more markets, with Europe a key target.

“European shopping centres are rethinking how they operate,” he added. “Their thinking about leisure is that ‘this is serious now’. We see Europe as having lots of activity. Playgrounds create a lot of loyalty in shoppers, which means more footfall, traffic and dwell-time.

Kids end up dragging their parents back in every day. It becomes a gathering spot; a community.”

Denver-based Playtime, which manufactures and installs children’s play areas in shopping centres, has been an established player in the retailtainment sector for 20 years. Over that period, it has fitted playgrounds in more than 1,500 shopping centres in 50 countries.

Sonju believes that the recent uptick in interest is partly driven by conditions in the retail and F&B sectors, which have

Playtime’s Grant Sonju: leisure “is serious now”

led to landlords struggling to fill large units in their schemes.

But he said that, over time, a better understanding of the benefits of retailtainment had also emerged. “Three years ago, we were convincing people about why they should do this,” he added. “This year, there are

a lot of meetings happening; people want to do this now.”

Playtime was established in Denver, Colorado, in 1998.

The company has opened sites throughout the US, and has a big overseas presence, including sites in Africa, the Middle East, Europe and Australia.

SERBIAN MALL REFLECTS CEE’S ‘HIGH GROWTH POTENTIAL’ CEE IS the “most lucrative” region in Europe, with significant potential for growth, the head of a major real estate investor has said.

Speaking to MAPIC News ahead of the opening tomorrow of what will be the largest mall in Serbia outside of Belgrade, Alex Morar, chief executive of developer NEPI Rockcastle, said that there is still “high growth potential” in the CEE. “The macro picture is good in the region, and there is an undersupply of retail property,” he added. “We have the benefit of not having made the mistake of Western Europe, where you have an oversupply. We build based on the demand that is there.”

The Promenada mall in Novi Sad, which opens tomorrow, is the latest CEE development

by NEPI Rockcastle. Morar said that the firm, which is active in nine CEE markets, has spent the last decade establishing its position in the region as part of a long-term strategy to capitalise on rising consumer demand for shopping-centre space. “When we started back in 2007, there were no institutional retail investors in CEE,” he said. “Now, the competition is quite fierce.”

NEPI Rockcastle’s Alex Morar

Survival of the most attractive?

CONSUMERS now have the option to meet many of their needs without visiting a store, and they are expressing that choice by avoiding retail destinations that aren’t attractive, according to Mark Williams, president of Revo, the trade body for

the UK retail property industry.

Revo research has found that, by 2026, 77% of all retail sales will still involve a physical store, down from 84% today. “That’s still a significant proportion, but there’s going to have to be change,” Williams said.

The challenge for landlords and local authorities is to find new uses for retail spaces that have found themselves surplus to requirements. “There will be towns that end up with less retail, but what remains will be better,” Williams said. “Residen-

MAPIC News 1 • 21 • 14 November 2018

tial, cultural, civic, health and wellness are all part of creating attractive places.”

However, Williams said the pace of change had taken landlords and retailers by surprise: “The shift away from a physical environment that evolved over hundreds of years has happened in just a couple of years. The issue is how we keep up with that pace of change.”

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Physical retail still has a future if stores ‘think outside the box’ REPORTS of the death of the physical store are exaggerated. In fact, retailers are increasingly seeing the store as a key part of the customer journey, according to global real estate advisor CBRE. New research to be unveiled at MAPIC predicts continued demand for physical store space in a number of key retail markets over the next five years.

“Vacancies are rising in some markets, but that’s only part of the picture,” said Natasha Patel, CBRE’s director of global retail research. “Some specific sectors are doing well.”

She pointed to health & beauty, and home & garden as growth categories, as well as the traditional core segments of grocery, fashion and footwear. In health & beauty alone, China is predicted to witness 8.1% growth, followed by Germany on 4.5%, Ita-

CBRE’s Natasha Patel (left) and Melina Cordero: “some sectors doing well”

ly on 4.2%, the UK on 1.7%, the US on 1.6% and Spain on 1.1%.

Melina Cordero, head of CBRE global retail research, said consumers increasingly shop across channels. “We like to browse online, try in store and buy on our device,” she added. “Health & beauty brands like Sephora are innovating and incorporating technology, which plays well

with millennials, but consumers still look to the store for knowledge and expertise.”

However, Cordero acknowledged that not all retailers are adapting to these changing trends quickly enough: “If they’re innovative and think outside the box, retailers can thrive. But that takes investment and not all retailers have the necessary capital.”

New signings unveiled for Steel

PARTNER SCHEME FUELS ZALANDO’S EUROPEAN GROWTH ZALANDO is continuing to look for large-format fulfilment centres of around 120,000 sq m as it expands its reach across Europe, according to Raimund Paetzmann, the online fashion retailer’s vice-president of corporate real estate.

While its home market of Germany remains its largest, Zalando is now present in 17 countries and most recently opened facilities in Ireland and the Czech Republic.

The expanded infrastructure comes after the company announcement last week that its revenues in Q3 2018 were up by 11.7% year-onyear to €1.2bn.

Best known as a pure player, Paetzmann emphasised that much of Zalando’s growth is being driven through partnerships with store-based retailers. It has also opened two outlet stores in Leipzig and Berlin, plus a number of pop-up shops. Paetzmann reported that the company’s partner programme growth exceeded 60% in the third quarter, adding: “We are a very good friend to bricksand-mortar retailers and we have developed very close ties with many. We see great potential for further growth in this area.”

At 25.1 million, Zalando reached a new record number of active customers in Q3, with orders growing by 22.8% to 27.7 million for the period.

Some 60% of the stores at Apsys’ Steel development are new to the Saint-Etienne region

APSYS has announced a number of new signings for its Steel development, a 70,000 sq m home, DIY, leisure and sports shopping centre located on the outskirts of Saint-Etienne.

The company has confirmed at MAPIC that House of the World, which will take a 2,000 sq m flagship, Baker, Mango, Basic Fit, Fete Sensation, Woko and Old Wild West will join those retailers and restau-

rants that have already been announced. These include Leroy Merlin, Decathlon, Orchestra and Consort.

Leroy Merlin is taking a 15,000 sq m store and Decathlon more than 5,000 sq m. As well as 62 stores and restaurants, the centre will also include around 5,000 sq m of indoor activities and 37,000 sq m of landscaped areas.

The line-up for Steel includes brands and formats that are not

already available in the city centre, with 60% of the stores new to the Saint-Etienne region. The new lettings mean that 85% of the centre is now signed or in the process of being signed. Steel is due to open in Q2 of 2020.

“We are committed to making Steel a driving force for SaintEtienne and a new reference as the gateway to the city’s retail,” said Maurice Bansay, founding president of Apsys.

MAPIC News 1 • 23 • 14 November 2018

Zalando’s logistics fulfilment centre at Brieselang, Germany

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Innovation and sustainability are key to the future for centres UNIBAIL-Rodamco-Westfield is pushing ahead with plans to integrate innovation within its shopping centres through three key drivers: accelerating digital ideas, developing global retail partnerships and developing its Better Places policy, according to Julie Villet, director of URWLab and CSR at the real estate giant.

Villet said that the wide-ranging Better Places 2030 project encompasses both the company’s desire to leverage innovation within its centres, and recognition of the growing importance of sustainability among its customer base.

To this end, some of its key initiatives have focused on consumer actions in terms of its stated objective to reduce its carbon footprint by 50% compared with 2015. “For example, we are working with Uber in our US shopping centres to introduce smart pick-up points, customer lounges and a variety of other projects,” Villet said, emphasising the importance of such moves. “In Europe, the company has joined the Mobility Club, an organisation dedicated to improving environmentally-friendly transport options, such as car-sharing schemes.”

The original innovation arm of Unibail-Rodamco was established as URLab in 2012 before widening its brief and ambitions in 2015 to become URWLink.

Villet said that while the initial emphasis was on collaborating

URWLab’s Julie Villet

with startups — and the company has worked on accelerator programmes with around 20 startups to date — the platform has now been opened up.

“We learnt a lot, and built on this to enrich our approach over time, to bring together the best innovations,” she said. “Today we have a more mixed approach that builds on partnerships and collaboration with diverse players of all sizes: young ‘rising star’ startups, but also more mature, established groups.”

Of particular importance is its global retail partnership, which aims to help retailers across its international portfolio as they seek more flexibility in how they operate and use their stores.

The company is also encouraging online retailers, which are increasingly looking for physical space, to make their home at one of its malls.

“In the US we are the venue for stores from Warby Parker, Peleton and Amazon Books, for example,” she said. “These are not just being used for marketing because physical stores improve web traffic and online sales in the area in which a store is located. Obviously for us the importance is that we have great venues in the wealthiest catchments, which appeals to these digital natives who want to get the maximum brand benefit but are not necessarily looking to open stores everywhere.”

MCARTHURGLEN EYES SPANISH EXPANSION DESIGNER outlet developer McArthurGlen is looking to develop two to three more outlet centres in Spain after the opening of its 30,000 sq m outlet in Malaga next year, managing director for development Gary Bond said.

Potential cities could include Valencia on the south-east coast and the developer would continue to partner with Sonae Sierra. “We like having a local partner to help deal with politics and cultural sensitivities,” Bond said.

The €140m Outlet Malaga is southern Spain’s first designer outlet, located next to the full-price Plaza Mayor Shopping Centre, which welcomes 10 million shoppers a year.

In 2020 the company will also open its seventh centre in the UK at Cannock in the West Midlands.

Outlets have fared well over the last decade and recently because of their early adoption of shorter leases, turnover-driven models and the way they place partnerships with brands at the centre of strategy, Adrian Nelson, McArthurGlen group leasing and brand development director, said. “We’re ahead of the game because we curate the mix within the centres.”

McArthurGlen’s Adrian Nelson (left) and Gary Bond

UK malls adopt Mallcomm technology SAVILLS is to roll out Toolbox Group’s Mallcomm communication and operations technology across its managed shopping centres. White-labelled as Savills Insights, the technology will help

the UK property management group to focus on providing information to tenants and build a strong sense of community.

The firm has launched the technology in 45 malls, keep-

ing over 10,500 centre and store staff up-to-date about everything from operational updates and reports on performance and marketing activities, to sales-driving initiatives.

MAPIC News 1 • 25 • 14 November 2018

Since the launch of Mallcomm, Toolbox Group has become a proptech pioneer with the platform being used in more than 350 properties by some of the world’s biggest owners including Unibail-Rodamco-Westfield, British Land, Klepierre and The New West End Company.

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Istanbul real estate event shines a spotlight on Turkish market EARLY next month MIPIM and consultancy Alkas are partnering for RE360, an event focused on the Turkish real estate market — including retail — and the opportunities available for international businesses.

Held at the Four Seasons Hotel, Istanbul, December 4 and 5, it comes at a pivotal time for the Turkish property sector.

Turkey has been one of the key drivers in Europe in terms of new retail space over the past decade and has strategic importance as a bridge between Europe and Asia, with approximately 1.3 billion consumers within four hours flying time from Istanbul and 22 capitals just two hours by plane.

“Turkey will retain its strategic importance as a key e-com-

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merce and logistics hub, despite the political and economic uncertainty which has become the major risk factor in recent years,” said Avi Alkas, founder of Alkas — and also country chairman, JLL Turkey.

“The retail market is undergoing consolidation in terms of investors,” he added. “On the other hand, there are major projects under way, and in the pipeline, to transform the city infrastructure with transportation hubs and to accommodate substantial growth.”

Examples include Galataport, a city-cruise port project covering a 1.2 km zone and including shopping, gastronomy and museums; and the Suleymaniye Urban Renewal project, covering some 900,000 sq m, located on

the historic peninsula of Istanbul. The aspiration is to create a high-quality residential and tourist neighbourhood.

“We should redefine high street retail as living ecosystems rather than simply retail centres,” Alkas said. Some retailers “have looked at these conditions as growth opportunities and have opened new stores with lower rent levels compared with the past few years. For investors, this could be considered as the right time to catch the next growth cycle, especially on the back of depreciation of the Turkish lira.”

Reed MIDEM real estate director Filippo Rean added: “Turkey has been an important player at MAPIC for some years, with strong retail performance and rapid shopping-centre develop-

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MAPIC News 1 • 29 • 14 November 2018

JLL’s Avi Alkas believes Turkey will retain its strategic importance

ment underpinning its growth.

RE360 provides the ideal platform for international visitors to evaluate the opportunities as it continues to transform.”

news

FASHION DRIVES RETAIL GROWTH FASHION sales are driving strong growth in retail turnover across Central and Eastern Europe (CEE), according to new research from Canadian-owned Colliers International. GDP growth, low unemployment and wage hikes are combining to drive demand.

International retail chains are moving to meet this new demand, with Primark making its debut in Poland, Victoria’s Secret in Romania and Van Graaf in Latvia. Polish brands are very active in the region, including Sizeer, which has now expanded into Lithuania, Latvia, Estonia, the Czech Republic, Slovakia, Hungary and Romania.

Colliers’ Mark Robinson said: “As disposable incomes climb continuously towards EU average levels, purchases of fashion apparel and accessories become ever more important as a driver of consumer spending.”

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New acquisitions give Hines greater European presence US-BASED international real estate asset manager Hines has completed a string of new acquisitions, taking its European retail portfolio to more than 300,000 sq m.

In Paris, Hines has just bought the new Yves Saint Laurent store at 213 Rue Saint Honore, and is just about to complete a deal in a prime location in London’s West End. Hines is also about to make its first retail acquisition in Athens.

At the same time leasing to luxury brands is continuing apace across the €2.8bn portfolio. Jimmy Choo and Golden Goose have just opened to take the 3,200 sq m development on Kobmagergade in Copenhagen to 100% let. And

Hines senior managing director Peter Epping

Burberry is refitting its flagship Via Tornabuoni store in Florence.

Senior managing director Peter

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MAPIC News 1 • 30 • 14 November 2018

Epping said one thing all the locations have in common is a solid domestic market and growing tourist numbers.

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Landlords are increasingly looking to leisure as an anchor for centres LEISURE operators are experiencing a surge in interest from shopping centre owners driven by changing consumer habits and declining growth in the F&B sector, a director of one of the UK’s largest mall entertainment specialist, has said.

Richard Lang, franchise director at UK-based Gravity, said that the company was experiencing increased appetite for entertainment and activity facilities from landlords looking to “activate” their mall space and stimulate greater footfall to their retail and F&B tenants.

He said that Gravity has seen a big spike in interest from Germany and Central & Eastern Europe, and has received interest from landlords as far away as India and the Gulf states.

Gravity’s Richard Lang

“Things have really moved on,” Lang said. “In the UK market the F&B sector is struggling. It’s a big part of the shopping cen-

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tre offer but it won’t activate itself. We can help F&B and F&B can help retail.”

Gravity designs and installs a

number of different entertainment facilities in shopping centres, including soft-play spaces and trampoline parks, and its more recent additions such as the sky coaster aerial adventure park at Xscape Yorkshire, which opened in Q2.

The company, which was founded three-and-a-half years ago, is in expansion mode thanks to the recent signing of a franchise partnership in Saudi Arabia; the opening in December last year of a ninth UK site, at Bluewater shopping centre; and a number of deals likely to be signed in the coming days and weeks.

Lang said that Gravity is “focusing on international development”, and looking to capitalise on a shift in landlords’ attitudes towards the leisure model.

He said: “There’s been a stepmark change in the whole landlord-tenant relationship. That relationship is blurring slightly; they are turning to us as an anchor for their shopping centres.”

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MAPIC News 1 • 31 • 14 November 2018

news

Icon Outlet and Coniq join forces at London’s leading music venue ICON Outlet at London’s 02 stadium, a new 210,000 sq ft premium urban outlet developed by AEG and Crosstree Real Estate Partners, has opened with what is claimed as the world’s most advanced sales tracking and CRM system.

The centre has partnered with international data firm Coniq to help retailers and landlords better share data and information to improve business. The system will take in POS data on a previously unseen scale, according to the company.

The vision for Icon Outlet, which brings shopping to The O2 entertainment venue for the first time, is to fuse both retail and entertainment by developing customer insight into visitor demo-

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Icon Outlet at the O2

graphics and shopping behaviours.

Retailers in the centre will also be able to share the data to assess and benchmark how they are doing alongside their peers.

Ben Chesser, CEO of Coniq, said: “Icon Outlet is an exciting new outlet with bold plans to use data to enhance the customer experience. For the first time

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across an entire mall, brands are sharing their transaction level data, this will have a huge benefit to all the retailers as they can target new customers better, compare their performance and understand the behaviours of their most valuable shoppers.”

Coniq is also working with Icon Outlet to grow a customer database ahead of next year’s launch of Icon Club, the outlet’s new loyalty programme. Phase two of the development will add further retail stores alongside restaurants, cafes and bars, Hollywood Bowl and the extended 19-screen Cineworld Cinema.

When completed, Icon Outlet will consist of 85 stores.

Icon Outlet leasing director Marion Dillon said: “Icon Outlet’s four key themes encapsulate the demands of next-generation consumers, enhancing the world’s most popular music and entertainment venue by truly merging retail, leisure, dining and entertainment.”

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news

Fun and games at the Wanda Mall CHINESE developer Wanda Group has completed construction on a major mixeduse development in Wanda Mall in Nanjing.

In June the developer opened the doors of its latest mall development, the Nanjing Wanda Mall, in the Xianlin area of the city.

The 262,905 sq m scheme, which started in 2016, contains a shopping mall, F&B space, a hotel and residential space, and the Wanda Nanjing Indoor Theme Park, which has been developed in conjunction with Belgian retailtainment specialist KCC Entertainment.

The project marks the latest collaboration between Wanda Group and KCC Entertainment, which has opened a string of new centres in China this year. The park covers 34,000 sq m of space and contains multiple attractions and features including two thrill rides.

Wanda Mall in Nanjing

New tech helps mall operators to get inside the minds of shoppers TECHNOLOGY is allowing mall operators to drill deeper into consumer activity than ever before, according to Steve Richardson, UK & MEA director at ShopperTrak.

He said the traditional discipline of pedestrian counting is evolving. “Nobody’s driving that faster than companies like Majid al Futtaim and Hammerson, who are investing in data insight to get a granular view of shopper behaviour,” he said.

One of the most effective strategies has been to position sensors at the entrance to individual stores, which if combined with sales data can allow operators to gain a clear picture of individual retailers’ success rate in convert-

ing browsers into buyers. “Mall managers can use that information to work with retailers to improve conversion rates, and to inform decisions on tenant mix,” Richardson said.

He said another potentially powerful strategy is to track mobile phone connections — strictly anonymised to comply with privacy legislation — to measure the amount of repeat visits by shoppers, giving a picture of shopper loyalty and allowing managers to understand the effectiveness of centre marketing.

Shoppertrak has launched a new tool that enables centres to benchmark their footfall by week, by day, or by retail event.

And because real-time data is

now available, Richardson said the new benchmark provides “a moving picture rather than a snapshot of performance”.

NEW IMAGES of intu Costa del Sol, Spain will be on show at the intu stand at MAPIC. Developed in a joint venture with Eurofund Group as a global resort, the 260,000 sq m project will open in 2022 and will combine over 400 stores with an extensive leisure and F&B offer, two hotels, a congress centre, year-round circus and concert venue, plus 10,000 parking spaces. The company has a Spanish pipeline that includes development sites in Valencia, Vigo and Palma.

Paris is leading the way in luxury PARIS has emerged as the best-performing luxury retail destination in Europe in new research from international real estate advisor Savills. Over the 12 months to September 2018 rental values grew 20% in the French

Steve Richardson, UK & MEA director at ShopperTrak

capital’s luxury retail pitches.

Avenue Montaigne saw rents grow from €15,000 to €18,000 per sq m per annum.

London, Madrid and Stockholm each saw prime luxury rents grow by 11.1% yearon-year with London’s Bond

Street reaching €30,140 per sq m per annum, Madrid’s Jose Ortega y Gasset €2,400 and Stockholm’s Birger Jarlsgatan €1,920.

Anthony Selwyn, head of London and international retail at Savills, said: “Signif-

MAPIC News 1 • 33 • 14 November 2018

icant rental growth in each of these ultra-prime luxury locations underlines how important strategically located physical stores remain for global retailers. This is further supported by strong consumer spend on luxury, despite various economic headwinds affecting the retail sector more generally.”

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FEATURE

MAPIC 2018: Transforming Reality

The new Nike Jumpman store in Los Angeles

Where, how and why people shop has altered dramatically over the last decade, with the industry responding with new formats, concepts and destinations. Mark Faithfull looks at how MAPIC will reflect these fundamental changes

B

Y THE time you read this, this year’s MAPIC will have already addressed the huge changes in the way retail is executed, operated and received, with both a Designer Outlet Summit and a Leisure Summit on Tuesday afternoon, preceding the main event today — and reflecting the show’s 2018 theme, Transforming Reality.

Just two elements of many, the Summits reflect the growing importance of specialist sectors — including outlets, transport retail, food and beverage (F&B), leisure, entertainment, education and culture — in a rapidly changing retail landscape.

Fabien Stutz, senior director, real estate and store construction at Nike, was one of yesterday’s speakers. As a brand, Nike has been pioneering in leveraging its retail formats, from the destination Nike Town stores to its bespoke urban formats — including the most recent, the

Jumpman store in Los Angeles — as well as pop-ups, product drops and outlets.

He adds of the company’s diverse real estate approach: “Nike’s portfolio stretches across EMEA, with the outlet centre portion at its densest in Western Europe. We are present in 90% or more of the top centres, with around 140 stores in designer outlet centres.

The UK has the largest number, with Italy, Spain, France and Germany the next largest.”

Leisure Summit speaker Klaus Sommer Paulsen, founder and CEO of AdventureLAB in Denmark, an experience design and storytelling studio working with attractions, destinations and retail clients, adds: “The new landmark leisure concepts break out of the box and sometimes they even break the mould. The new hybrid of attractions — places that hold the power to drive people to them — combines experiences such as those of museums and amusement parks, sports and dig-

ital gaming and retail with leisure.

Such combinations can create new, extremely alluring concepts.”

He believes that rather than being separated from the retail, some of the most interesting new concepts co-exist within the retail space, making it possible for visitors to enjoy both at the same time.

“The differentiators are in the hands of the host of the leisure space and are not necessarily about speed, scale or technology,” he says. “The keys to a great experience are connection and courage — connection to visitors through an understanding of who they really are.”

Vivian Braun, worldwide marketing leader, IBM, also notes new opportunities in the travel sector.

She believes customers have become accustomed to convenience and availability at a click. “They don’t think about retail channels; they themselves are a ‘channel of one’, expecting the provision and goods and services to evolve around them and their needs.

MAPIC News 1 • 35 • 14 November 2018

Therefore, when they are on the move, they are open towards — and expect — offerings that are relevant to them in these particular circumstances.”

And she believes that those retailers most open to the opportunities will be those to benefit.

At the heart of successful transition is the willingness to make real and positive change, according to Jonathan Doughty, global head of foodservice, leisure and placemaking at German real estate developer and landlord ECE. Doughty warns that trends are asking questions of operators “that we never had to ask before”.

He believes that, for all the transitions that have been made, there is much more to do, not least in terms of landlord/tenant relationships. “We have to be better,” he says. “The next three-to-five years will see a massive change between property and F&B. At the moment [as a food operator] you are a partner until the lease is signed, then a tenant.”

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CITY MALL - VERVIERS, BELGIUM

I FASHION OUTLET SANTA CATARINA - TIJUCAS, BRAZIL

STRATEGICALLY Located on the border between Belgium, Germany and the Netherlands, City Mall Verviers has a significant cross-border catchment area with excellent accessibility. It will bring life to the heart of one of Wallonia’s most important cities and the second biggest conurbation in the province of Liege. City Mall will provide around 100 units, modelled on Les Grands Pres shopping centre in Mons, which was also developed by City Mall. With an area of 27,000 sq m, the scheme will offer a balanced commercial mix, meeting the wishes of both consumers and retailers.

The centrally located food court will feature a range of quality restaurants and the underground parking area will have a capacity of 1,136 spaces. Construction on the shopping centre, which is seen as a step towards restoring the status of Verviers as the region’s economic and commercial hub, is due to start in 2019, with a three-year build period. The project’s pleasant urban environment on the banks of the Vesdre river is expected to attract five to six million visitors per year.

WITH more than 50 years of experience in the Brazilian shopping-centre sector, Iguatemi has used its know-how in the outlet business to create the new I Fashion Outlet Santa Catarina. The scheme, which will combine the best national and global retail and architecture in an open-mall format, will offer visitors two attractions: a 22 metre-high Ferris wheel and a wave pool. Among the confirmed occupiers are several major national and international retail players, including Vilebrequin, Le Lis Blanc, Tommy Hilfiger, Luigi Bertolli, Ellus, Track&Field, CNS, Kipling, New Balance and Brookfield. The project will also offer a range of fast-food options, along with restaurants and 950 parking spaces.I Fashion Outlet Santa Catarina, will offer permanent discounts of up to 70% on all products throughout the year, will be located in the stretch between Balneario Camboriu and Florianopolis on BR-101, the region’s major highway.

Presented by Iguatemi Empresa de Shopping Centers Planned opening date: December 2018

Presented by City Mall Planned opening date: Q1 2022

20,000 SQ M • 3.6 MILLION VISITORS PER YEAR • 950 PARKING SPACES

27,000 SQ M • 100 UNITS • 1,136 PARKING SPACES

MONTREAL EATON CENTRE - MONTREAL, CANADA

RAFFLES CITY - CHONGQING, CHINA

THE IVANHOE Cambridge project will unify two properties — Complexe Les Ailes and Montreal Eaton Centre — to create a fully integrated and completely redefined retail environment. In addition to its strategic location and dominant position in downtown Montreal, the centre will provide an enhanced commercial offering and a shopping environment that will incorporate the latest trends in retailing and consumption, including a Time Out Market. Time Out Market Montreal will bring the city’s best restaurants, bars and cultural experiences under one roof. Visitors will get to taste food from top chefs and restaurateurs, sip cocktails created by leading mixologists and enjoy Montreal’s vibrant cultural talent. The shopping centre, which already benefits from a connection to Montreal’s underground city, will also benefit from the renovation of Sainte-Catherine Street West, the future McGill light-rail train station that is part of the Reseau Express Metropolitain (REM) and the densification that has been under way for several years in the area.

LOCATED on the Chaotianmen riverfront, Raffles City Chongqing will consist of a retail podium beneath eight skyscrapers. Combining residential, offices, serviced apartments and hotels, the project has a total construction floor area of 1.12 million sq m. Boasting excellent connectivity, Raffles City Chongqing is integrated into a transport hub that includes a metro station, a bus interchange and a ferry terminal. It is designed by Moshe Safdie, who drew inspiration from the region’s thousand years of waterway transportation to create an image of powerful sails set upon the river. A distinctive feature is the 250 metre-high skybridge that will house an array of amenities, including a viewing gallery, sky gardens, an infinity pool and restaurants. The 235,000 sq m retail podium will feature a myriad of fashion, dining, lifestyle and entertainment options. CapitaLand’s CapitaStar loyalty programme will offer shoppers a range of value-added services, including augmented reality interaction and navigation, mobile payment, restaurant booking, online shopping and self-service storage. To ensure greater connectivity for shoppers, 5G, wi-fi and Beacon will be made available. The consumer experience will also include a tour-guide service and customised guest relations.

44,600 SQ M • 210 STORES • 700 PARKING SPACES

235,000 SQ M • 400+ STORES

Presented by Ivanhoe Cambridge Planned opening date: 2020

Presented by CapitaLand Planned opening date: 2019

MAPIC News 1 • 37 • 14 November 2018

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Transforming Reality Physical in the age of digital #TellYourTransformation #Mapic

THE LEADING INTERNATIONAL RETAIL PROPERTY MARKET Build the ultimate retail and leisure mix to create lifestyle destinations!

The digital revolution has deeply impacted the traditional retail industry.

The “customer experience� is the key concept that is transforming the industry today and leading to the rise of new consumption and business models.

The physical part of the industry is changing and entering into a new era.

Palais des Festivals, Cannes, France 14-16 November 2018

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JARDIN PLAZA CUCUTA - CUCUTA, COLOMBIA Presented by Sonae Sierra and Central Control Planned opening date: 2018

AT 43,000 sq m, Jardin Plaza Cucuta will be the Colombian city’s biggest mall and the first to offer an open-air environment. Developed jointly by Sonae Sierra and Central Control, the project’s opening is scheduled for late 2018. Offering a strong selection of local, national and international brands, Jardin Plaza Cucuta will have 180 stores, including a hypermarket and electronics outlets, along with cinemas a gymnasium, a casino and a playground. The catering offer will consist of 35 restaurants and various kiosks. In addition, there will be 1,400 parking spaces plus 400 spaces for motorcycles, wi-fi access throughout the malls, 24-hour security and a permanent information point. Jardin Plaza is located in one of Colombia’s fastest growing cities, with economic growth above the national average. Vegetation, fountains and the mall’s modern, open layout will help to protect it from wind and heat.

43,000 SQ M • 180 STORES • 1,800 PARKING SPACES

ALPES THE STYLE OUTLETS

BELLEGARDE-SUR-VALSERINE, FRANCE Presented by Neinver Planned opening date: Q4 2020

ALPES The Style Outlets will be located close to the Swiss border, between Geneva — 25 minutes away — and Lyon. With a catchment area of 5.3 million inhabitants, the centre will have direct access to the A40 motorway that connects Switzerland and France — a key transport link between the two countries. The 19,000 sq m shopping destination, which will be styled as an Alpine village, will feature 90 units, including both internationally and nationally renowned brands. The centre will also include more than 1,300 free parking spaces. Alpes The Style Outlets will benefit from its strategic location close to the Swiss border. More than 1.4 million tourists visit Geneva every year, including many Gulf inhabitants with holiday homes on Lake Geneva. The neighbouring city is home to many international organisations.

The scheme is Neinver’s second outlet centre in France after Roppenheim The Style Outlets, which the company developed and has successfully managed for five years.

19,000 SQ M • 90 STORES • 1,350 PARKING SPACES

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I am Potsdamer Platz Meet us at our truck positioned outside the Palais des Festivals.

14th – 16th November 2018

MAPIC News 1 • 39 • 14 November 2018

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Engage Expertise. Articulate Success.

We help clients across the real estate sector to strengthen and articulate their brand and build valuable reputation in the marketplace – helping them to achieve competitive advantage, negotiate better, accelerate deal-flow, and ultimately protect and grow asset values. We call it ‘doing better business’. www.innesco.co.uk | @INN_Tweets

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proJEct news KEEPING IT RETAIL MYZEIL - FRANKFURT, GERMANY Presented by ECE Projektmanagement Planned opening date: Q2 2019

THE MYZEIL centre is located on Zeil, Frankfurt’s main shopping street. The scheme’s architectural highlights include a spectacular curved glass roof and the longest interior escalator in Europe, measuring 42 metres. Currently consisting of 100 shops across a 44,000 sq m sales area, MyZeil is undergoing a conversion into a modern shopping, lifestyle and entertainment centre. The heart of this refurbishment is Foodtopia, a spectacular new dining and entertainment area on the fourth floor. ECE will implement a new concept that is founded on a broad choice of high-quality international and regional restaurant operators. MyZeil’s highlights will also include a premium movie theatre and a new outdoor terrace offering stunning views of the Frankfurt skyline.

STOP BY THE USA PAVILION TO LEARN MORE ABOUT OUR CURRENT RETAIL AVAILABILITIES AND HOW WE CAN HELP YOUR BRAND EXPAND TO NEW YORK CITY AND BEYOND 44,000 SQ M • 100 STORES • 1,000 PARKING SPACES

CONTACT: LEE BLOCK

NEW CAMPONA - BUDAPEST, HUNGARY Presented by CPI Hungary Planned opening date: Q4 2022

EXECUTIVE VICE PRESIDENT

+1 (443) 802.9692

THE NEW Campona scheme is billed as a groundbreaking project for the next generation of shoppers and leisure seekers. Owner CPI Property Group aims to deliver a bold vision that reflects the changing face of retail and the new role of social and leisure spaces. As the largest regional retail and leisure centre in Hungary, New Campona will be extended from 53,500 sq m to 72,000 sq m, feature a new 30,000 sq m public park and offer a new entertainment, dining and food zone.

It will provide consumers with an immersive experience that is relevant to both its local catchment area and foreign visitors. Retailtainment, entertainment and attraction are key to the project. The extension, with its range of new leisure and retail attractions, will build on New Campona’s existing positioning as Budapest’s foremost lifestyle and entertainment destination.

Winick Realty Group LLC - Licensed Real Estate Specialists 665 Third Avenue, 17th Floor, New York, NY 10017 T: 212.792.2600

72,000 SQ M • 200 STORES • 3,000 PARKING SPACES

MAPIC News 1 • 41 • 14 November 2018

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CASCINA MERLATA MALL - MILAN, ITALY

ZENATA - MOHAMMEDIA, CASABLANCA, MOROCCO

CASCINA Merlata is a large-scale retail project that will be built next to the Expo Milan 2015 site, to the north west of the city. The new 65,000 sq m shopping centres, which will offer 192 shops and expects to host some 10 million visitors a year, is part of the wider, urban redevelopment plan of in the Cascina Merlata district.

The mall, which has an estimated catchment area of nearly four million people, has the potential to expand to 15,000 units when the entire Cascina Merlata residential project is completed. Visitors will enter via the pedestrian bridge to the Human Technopole, a science and technology park that will provide employment for some 1,500 people. The new mall will also benefit from the transfer to the area of the University of Milan’s scientific departments, as well as from a new hospital complex.

The Cascina Merlata commercial hub will be split into two connected structures.

The west wing of the complex and the promenade will house the main retail and food offer, while the east wing will focus on leisure and entertainment activities, including a cinema, a food court and a supermarket.

THE ZENATA shopping centre, a €100m investment located in Mohammedia, 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).

Zenata’s 120,725 sq m GLA will house 250 stores and 3,975 parking spaces.

The centre will have 18 anchor stores, including a Marjane hypermarket. Located adjacent to highway A3, which connects Rabat to Casablanca, it will serve more than 5.9 million inhabitants. The first phase of the project, which opened in March 2016, saw the arrival of the first IKEA store in Morocco. The second phase, which consists of a shopping centre and retail park, will open in 2021. Zenata, which will create 4,500 jobs for the local community, is situated in a newly developed area that includes a university, a hospital, a TGV station, hotels, residential facilities, an exhibition centre and a business district.

Presented by Falcon Malls Planned opening date: H1 2021

65,000 SQ M • 192 STORES • 4,000 PARKING SPACES

Presented by Sonae Sierra, Marjane, Al Futtaim and Societe d’Amenagement de Zenata Planned opening date: Three phases 2016–2024

120,725 SQ M • 250 STORES • 3,975 PARKING SPACES

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Eat, Shop & Play: Navigating and Thriving in the U.S. THURSDAY, NOVEMBER 15, 2018 9AM-10AM SALON CROISETTE (PALAIS 4)

Join Us

PANELISTS Moderated by David Rabinowitz

No matter where you are in your retail journey, we invite you to discover the latest trends in the U.S. retail landscape over breakfast. To RSVP, please contact events@goulstonstorrs.com.

Barry Greenberg Vice President

Please visit our booth in the U.S. Pavilion at Stand Number P-1.D71. We are located next to the Italian Pavilion, featuring free Italian gelato, courtesy of Grom.

MAPIC News 1 • 43 • 14 November 2018

Helen Burnish Managing Director

Timothy Moody Property Director

Mary Rottler EVP, Leasing & Operations

goulstonstorrs.com

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FORUM ROTTERDAM - ROTTERDAM, NETHERLANDS

OGRODY SHOPPING CENTRE - ELBLAG, POLAND

FORUM Rotterdam is a mixed-use regeneration project in the busy geographical and emotional heart of Rotterdam. It is located at the junction of the Dutch city’s major pedestrian shopping streets — Coolsingel, Lijnbaan, Binnenweg and Beurstraverse — which see 12-15 million visitors per year. The scheme is surrounded by cultural attractions, museums, creativity and innovation hubs, and waterfront and port activities. It is also connected to the core of the city’s public-transport system.

Once complete, Forum Rotterdam will consist of 64,000 sq m of space for shops, restaurants, offices and apartments. Forum Rotterdam has several distinctive elements, including the transformation of an iconic former bank building into an experiential XL Donner bookstore. Other highlights include retail and office space for ABN AMRO bank, a new retail building designed by Architects Rem Koolhaas/ OMA, the largest Primark store in the Netherlands, and the renovation of a former office tower into residential units. Forum Rotterdam will be completed in various phases throughout 2019.

OGRODY Shopping Centre is the largest multifunctional shopping centre in both the city of Elblag and the Warminsko-Mazurskie region. With its 121,500 inhabitants, Elblag is the second largest city in the region. It is located at the intersection of several national and international motorways. which makes it easily accessible.

The S7 expressway links Elblag, Gdansk, Warsaw and Krakow, while the S22 is the shortest route between Eastern and Western Europe. Ogrody Shopping Centre is located in the north of Elblag, on one of the city’s main streets, Plk Dabka, which separates the Zawada and Nad Jarem residential estates. Together, these two districts house approximately 60,000 inhabitants. Plk Dabka runs directly from Elblag city centre to the shopping centre. Public transport to the centre takes only five minutes. The first extension of the centre, which has a BREEAM In-Use Very Good rating, was completed in 2015 and turned Ogrody into the region’s most advanced shopping centre.

Presented by Multi Netherlands Planned opening date: 2019

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64,000 SQ M • 11 STORES • 5 F&B BRANDS

Presented by CPI Poland Planned opening date: H2 2020

47,000 SQ M • 98 STORES • 1,250 PARKING SPACES

NEWBURY STREET Engaging retail for engaging brands.

85 Newbury Street, Boston MA 02116 | 617.236.7999 | Info@UrbanMeritage.com MAPIC News 1 • 45 • 14 November 2018

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NORTESHOPPING EXPANSION - PORTO, PORTUGAL Presented by Sonae Sierra Planned opening date: 2019

THE NORTESHOPPING expansion is a €77m investment located in Matosinhos, Porto, owned in partnership by Sonae Sierra and TIAA-CREF. The shopping centre will be expanded by 14,000 sq m, adding 34 stores and 850 parking spaces to the existing 230 shops and 3,045 parking spaces. In the expanded area, relevant fashion anchor stores will be added. An additional feature will be the introduction of an exclusive commercial offer within a new premium mall, which will offer aspirational brands in a modern design concept. The centre’s leisure and entertainment offer will be enhanced with a total reconfiguration of the food court. This will include a new food-hall concept in line with the latest gourmet trends inspired by traditional street-food markets. The NorteShopping extension will also result in improvements to the services on offer to visitors, as well as to the shopping centre’s access by car, foot or bike. The project is expected to have a positive impact, both socially and economically, on the local community.

14,000 SQ M • 262 STORES • 3,900 PARKING SPACES 115_SERITAGE_N1_PIC

FASHION HOUSE OUTLET CENTRE CERNICA BUCHAREST, ROMANIA

Presented by Liebrecht & wooD Planned opening date: 2019 THE SECOND Fashion House in Romania — Fashion House Outlet Centre Cernica — will be a 12,250 sq m open-air shopping gallery, designed to offer the look and feel of an old Romanian town. Its architectural themes aim to immerse visitors in another dimension of entertainment and style. The outlet concept will offer visitors discounts every day, ensuring unrivalled value for money. Fashion House Outlet Centre Cernica’s first development phase will open its gates in 2019 with the first of two development stages. The first phase will deliver 55 stores and the second phase will offer an additional 25 stores.

12,250 SQ M • 80 STORES

MAPIC News 1 • 47 • 14 November 2018

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FUNAN - SINGAPORE

VIVO! BRATISLAVA - BRATISLAVA, SLOVAKIA

LOCATED at the heart of Singapore’s civic and cultural district, surrounded by top museums, monuments and arts institutions, Funan is directly linked by an underpass to the City Hall subway interchange. A new paradigm for live-work-play in Singapore’s city centre, the development offers a synergistic combination of modern retail, and co-working and co-living components, designed to appeal to a new generation. Positioned at the cutting edge of smart-shopping technology, Funan will offer the CBD’s first 24-hour drive-through click-and-collect and hands-free shopping service. Sustainability features abound: it will be the first commercial building in Singapore to allow cycling through it and there will be a large area set aside for urban farming. Opening in 2019, Funan aims to inspire retail innovation and allow consumers to enjoy a myriad of experiences. Its committed tenants include professional theatre company W!ld Rice, which will operate a 360-seat theatre; Carrie K and Keepers, a collective of Singapore designers; and consumer electronics stores operated by established local players Newstead Technologies, AddOn Systems and T K Foto. Anchor tenants include Golden Village cinema, Climb Central rock-climbing facility and Kopitiam food court.

IMMOFINANZ is taking Slovakia’s first shopping mall to the next level by transforming a former hypermarket. The new concept, built on Vivo! Bratislava’s solid customer base, will see the mall transformed into a modern community and family centre, with a strong focus on convenience, leisure — including F&B — and the latest retail concepts. In all, 15,000 sq m of new retail space will be created, housing more than 25 new shops. The offer will be widened by additional services and new fashion brands, including selected premium brands. The centre will welcome a 2,000 sq m Lidl as its new grocery store, while a food market will extend the customer experience by offering local and fresh products.

An innovative redesign of the floor and ceiling in the food court will greatly enhance the interior. In addition, the customer flow will be significantly improved by a complete rework of the vertical connections, and upgraded wayfinding and orientation.

The design and functionality of the exterior, particularly of the square in front of the main entrance, will also be upgraded.

Presented by CapitaLand Planned opening date: 2019

Presented by Immofinanz Planned opening date: Q4 2019

46,00 SQ M • 200+ STORES • 400 PARKING SPACES

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5th GERMAN FACTORY-OUTLET-CONGRESS 2018 Thursday, 29th + Friday, 30th November 2018 Salles de Pologne / Leipzig

Registration and information: heuer-dialog.de/10913

SPECIAL RATE FOR RETAILER

EUR 1.090,-

An event organised by

MAPIC News 1 • 49 • 14 November 2018

33,600 SQ M • 152 STORES • 1,680 PARKING SPACES

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TORRECARDENAS SHOPPING COMPLEX

BARTON SQUARE AT INTU TRAFFORD CENTRE

Presented by Bogaris Planned opening date: 2018

Presented by intu Planned opening date: 2020

ALMERIA, SPAIN

MANCHESTER, UK

TORRECARDENAS is an innovative commercial complex designed by Chapman Taylor International Studio. Located in the largest residential expansion area of the city of Almeria, the scheme offers 62,000 sq m of GLA and more than 3,000 parking spaces. At Torrecardenas, large brands trade alongside key players in groceries, technologies, sports, fashion, local commerce, restaurants and leisure. As a result, Torrecardenas has succeeded in bringing together the main commercial, catering and leisure operators in a single space. Torrecardenas is not only a commercial centre, but also a cultural hub. It offers a state-of-the-art 10-screen cinema, along with a varied programme of performances and activities. The branding of the shopping centre also acknowledges the rich film heritage of Almeria. Elements drawn from the world of cinema, particularly films produced in the Andalusian city, have been incorporated into the architecture.

BARTON Square at intu Trafford Centre is set to gain a stunning glass-domed roof and redesigned interior under intu’s plans to expand and refresh the centre.

Primark has already signed up for an 8,000 sq m store, to join existing anchor tenants Sea Life Manchester, Legoland Discovery Centre and Next Home. In addition, a number of new brands will be joining intu Trafford Centre’s popular retail and leisure mix for the first time once the project completes early in 2020. This will be ahead of the opening of the extension of the Metrolink, which will connect Manchester’s tram network with intu Trafford Centre, providing additional footfall to the already popular retail destination.

36,000 SQ M • 20 STORES • 950 PARKING SPACES 62,000 SQ M • 95 STORES • 3,100 PARKING SPACES

PARK AVENUE NICE BY CITY MALL - NICE, FRANCE MILAN CENTRAL STATION REFURBISHMENT MILAN, ITALY

Presented by Grandi Stazioni Retail Planned opening date: December 2018 – 2020 MILANO Centrale is the second-busiest train station in Italy, located in the fastest growing business district of the city centre and perfectly connected thanks to highspeed trains, traditional trains and an efficient public-transport network. Every year, the station welcomes 150 million visitors with high spending capabilities. The Milan Central Station refurbishment project will enhance the customer journey, improving comfort and extending the offer by 6,100 sq m with the development of two food destinations on each of the station’s lateral wings. At the same time, the Municipality of Milan is upgrading the immediate surroundings, connecting the station to the rest of the city. Internal and external lighting will be redesigned, enhancing the retail offer and the station’s circulation areas. The new interior design will highlight the heritage of one of the city’s most famous historical monuments, while promoting shopping on-the-go through sustainable mobility.

43,100 SQ M • 176 STORES • 44 F&B BRANDS

Presented by City Mall Planned opening date: Q4 2021

PARK Avenue Nice by City Mall is the official name of the new large-scale luxury retail project by the Belgian group City Mall, which will keep ownership of the scheme after completion. Following the acquisition of the former Boscolo Park Hotel in Nice, City Mall is redeveloping a set of luxury boutiques, as well as a five-star hotel for its partner, Paris Inn. After a complete renovation of the iconic building in the heart of Nice, the commercial ground floor will accommodate nine new luxury boutiques totalling 2,875 sq m.

The exceptional location, which serves as a link between the sea and the city, is the perfect setting for premium brands. A pedestrian link will be built through the interior courtyard to link Rue Massena and the Avenue de Suede — two arteries dedicated to high-quality shops. The upper part of the project will house a hotel complex of 140 rooms and suites, a rooftop swimming pool, a sun deck, a bar, a panoramic restaurant, a 600 sq m spa, a fitness area and a conference centre.

2,875 SQ M • 9 STORES • 53 PARKING SPACES

MAPIC News 1 • 50 • 14 November 2018

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LE PREMIER OUTLET PARISIEN 17 000 M2 DE STYLE 11 000 M2 D’ART 4 000 M2 DE FOOD Ouverture printemps 2019 www.paddock-paris.com