Mapic 2017 news 1 by RX REAL ESTATE SHOWS

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Wednesday 15 November 2017 116_UNIBAIL_N1_PIC

WELCOME TO MAPIC 2017

MAPIC attendees enjoyed their first chance to network at last night’s Welcome Reception at the Majestic

OUTLET SUMMIT

New for 2017, the MAPIC Outlet Summit brought together leading retailers, brands and developers

FOCUS ON F&B

The growing importance of F&B in the retail sector is reflected in Cannes with a host of dedicated events and sessions

www.mapic.com

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CONTENTS NEWS

The MAPIC Newsroom is located on Riviera 7, Aisle B

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The official MAPIC daily newspaper Wednesday 15 November 2017

6 Welcome Reception pictures; Designer Outlet Summit; CapitaLand; Mall of Switzerland; The Lotus Group; Sonae Sierra; ECE; Hines Europe; OSU; and more...

Director of Publications Paul Zilk EDITORIAL DEPARTMENT Editor in Chief Mark Faithfull News Editor Graham Parker Sub Editors Julian Newby, Neil Churchman Proof Reader Debbie Lincoln Reporters Ben Cooper, Liz Morrell, John Ryan 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

FEATURES

PRODUCTION DEPARTMENT Publishing Director Martin Screpel Publishing co-ordinator Yovana Filipovic Printer Riccobono Imprimeurs, Le Muy (France).

39 F &B F&B brings refreshing ideas to retail

ADVERTISING CONTACT IN CANNES Luigia De Ianni 07 77 69 34 65 - luigia.deianni@reedmidem.com Reed MIDEM, a joint stock company (SAS), with a capital of €310.000, 662 003 557 R.C.S. NANTERRE, having offices located at 27-33 Quai Alphonse Le Gallo - 92100 BOULOGNE-BILLANCOURT (FRANCE), VAT number FR91 662 003 557. Contents © 2017, Reed MIDEM Market Publications. Publication registered 4th quarter 2017. Printed on FSC certified paper.

43 U SA Store closures on main street don’t tell the complete story

PROJECT NEWS

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45 A selection of new and upcoming developments and redevelopments from around the world

RIDERS from the King’s Cross Cycle to MAPIC event in front of the Palais des Festivales yesterday afternoon, after completing a grueling 700-km charity ride to Cannes. The team of 54 riders set off five days ago from Girona in Spain on the ride which has already raised more than £50,000 for Coram, a charity which cares for and rehouses vulnerable children. Team Peleton, which is supported by a number of big names from the real estate industry, organises a host of charity initiatives, including the annual ride to Cannes as part of the MIPIM exhibition in March.

138_BRUXELLES CITY HALL_N1a3_PIC ADVERTISEMENT

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NEWS

Welcome to MAPIC The Majestic hotel was once again the location for the MAPIC Welcome Reception, sponsored by Thor Equities. Delegates took the opportunity to network and relax before getting down to business on the first day of MAPIC in the Palais today

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…and connect, socialise, find inspiration, have new experiences, shop, eat, have fun and spend time the way they want – this is what we want our centres to be. What do you think is the best place to meet? Come and share with us at MAPIC Riviera Hall, stand R7.E38

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NEWS

Laurence Karsenti (left) and Melissa Gliatta of MAPIC sponsor Thor Equities, with MAPIC director Nathalie Depetro

Enrique Miravet Gonzalez (left) and Teresa Verdugo of Immochan Spain with Jordi Vallverdu of Tailor & Co

Jose Robles (left), Amna Redzepagic and Lucia Riva, Sonae Sierra, Italy

Lydia Las Casas (left), Szu Ying Lu and Anne Lucas, from Broadway Malyan offices in Portugal, Spain and the UK respectively

Ganna Koryagina (left), Yulia Musevych, Nuzane Mamedi and Vitali Boiko, NAI, Ukraine MAPIC sponsor Thor Equitiesâ&#x20AC;&#x2122; team at the MAPIC Welcome Reception

4 Temps, La Defense Mall, France

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Malls Live, Meadowhall, UK

Malls Live XL, Festival Place, UK

A leading global Out of Home media company with retail expertise

We work with brands & property partners to create compelling advertising experiences that inspire shoppers & drive sales.

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NEWS

Millennial shoppers help to fuel designer outlet sector

The outlet sector is fast-growing with many new opportunities to come, and millennials are at the heart of that growth. Liz Morrell and John Ryan report on the first MAPIC Outlet Summit

The first MAPIC Outlet Summit was a packed affair

HE OPPORTUNITIES in the outlet sector remain many, especially as retailers engage the millennial consumer through such formats, a panel of experts told a packed room of delegates at the first MAPIC Outlet Summit yesterday afternoon. The event, which attracted more than 150 retailers, developers and other experts in the outlet centre industry, heard about the current challenges and opportunities the industry faces. Guy Perry, vice-president, urban

planning and design for McKinsey & Company, revealed the challenges of attracting consumers who can, on average, spend around eight hours per day online while Lisa Wagner, principal of the Outlet Resource Group revealed the opportunities of a new generation of shoppers. “Millennials are the fastest growing segment of outlet shoppers and the most frequent shoppers,” Wagner said. “We believe they grew up going to outlet centres and it is a very important demographic. Their demands and be-

haviours are causing us as developers to modify our approach,” she added. There are particular opportunities around the fact that there is a 6.8-year delay on this generation passing key milestones such as earning more, marrying and buying homes which will, in turn, have exciting repercussions in the retail market in the coming years, said the experts. China is a particularly fertile market. Lois Lu Yi, vice-president of Beijing Capital Grand, said the company originally had plans for

20 centres to take it to a leading position. The business now has bigger ambitions thanks to the country’s rapid adoption of the outlet centre format. “That ambition now would mean if we only did 20 now we would be one of the smallest operators,” she said. Ken Gunn, managing director of consultant FSP Retail, said that in Europe there were now more than 200 outlet centres with sales of more than €17bn. “Outlet centres have really been vibrant, attractive, dynamic true successes Continued on page 12

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GLOBAL REACH COMPLETE CARE

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VIADUC VILLAGE

MEGAPOLIS OUTLETS PANAMA

A new generation of outlet shopping in the South of France

Ample opportunity in the heart of the action

• Montpellier, France • 7,500 sqm, 45 shops • Located along the Grands Causses Nature Park • Opening July 2018 • In collaboration with IDEC INVEST

• Panama City, Panama • Located in the vibrant tourism center of Central America • Adjacent to the World-Famous Hard Rock Hotel and Casino • 56,835 sqm, 3.8 million catchment • Over 2.1 million tourists per annum

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THE VILLAGE in VILLEFONTAINE Modern charm paired with exclusive luxury brands

• Lyon, France • 22,000 sqm, 90 shops • Exclusive partnerships with ski resorts, airports, hotels, & more • Opening April 2018 • In collaboration with Freeport Retail and La Compagnie de Phalsbourg

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NEWS

The MAPIC Outlet Summit panel: Landsec’s Jack Busby (left); Beijing Capital Grand’s Lois Lu Yi; Fashion House Group’s Brendon O’Reilly; Neinver’s Sebastian Sommer; The Outlet Resource Group’s Lisa Wagner; McArthurGlen’s Pieter Van Voorst Vader; and FSP Retail Business Consultants’ Ken Gunn Continued from page 10

for the retail industry and the sector has more opportunities to come,” he said. Sebastian Sommer, business development director Europe and country head Germany for Neinver, said expansion for his business comes from the guidance of tenants. “We have 15 centres and four more in the pipeline and are quite happy with that. We want to understand what our brands and tenants tell us as to where to go and where to grow,” he said. Pieter Van Voorst Vader, development director at McArthurGlenn Group, said that he saw opportunity for expansion of existing centres as well as expansion in markets such as Spain and Germany. Physical outlet centres continue to offer brand experiences that can’t be matched online, according to Brendon O’Reilly, CEO of Fashion House Group, which is pursuing expansion in Russia. “Brands online have the same issue as bricks-and-mortar centres in that you would never have an outlet beside a flagship on the high street — and if you put an outlet online effectively you are

next to your flagship,” he said. Wagner referenced a consumer study that continues to prove that outlets are a gateway to brands that consumers otherwise may not experience. “They expose people to brands they may not have had a comfort level with before. It’s an opportunity to reach out to new consumers,” she said. Making the outlet format work for brands however relies on close relationships, according to Jack Busby, portfolio director for Land Securities. “The brands that have succeeded [with us] have engaged and understood the centre and what works, he said.

and the nascent outlet village close to Prague airport that is developer Neinver’s handiwork — demonstrate how this is a sector that defies proscription. But there are things in common. Michael Harrison, chief operating officer and co-founder of Gravity, purveyor of trampoline parks, said: “It’s all about the footfall.” It’s a view that is echoed by Brian Johnston, international managing director at Wagamama, who sees outlet centres as fertile ground for retailers and food and beverage operators: “The best outlets [that we operate in] are on a par with the large regional malls, such as Westfield,” he said. He warned however that in the current market there is “a finite capacity” and that for those looking at leases in outlet centres, it’s a matter of being selective and not looking at an endless roll out. Outlet centres also have a somewhat more mundane role to play in the market: keeping things tidy. This was the view put forward by Chris Littrell, Nike’s senior director global real estate, who said: “Outlets play a vital

Outlet centres are as diverse in location and the ways in which they attract their shoppers as any other segment of retail — possibly contrary to popular opinion, panelists agreed at the Summit. Two centres currently in the pipeline — The Outlet Resource Group, leasing the 16,500 sq m Viaduc Village scheme, near the sparsely populated area close to the Viaduc de Millau (through which millions of tourists pass)

role in keeping the market clean. Anything that doesn’t sell goes into an outlet centre.” He added: “We do segment our customer, of course, but a Nike consumer who is passionate about the brand will shop across our channels.” And like all other areas of retail, the demands being placed on retailers operating in outlet centres are becoming ever challenging. “The consumer has never wanted things faster, they’ve never wanted things fresher,” said Littrell, who added that in the future “membership” — or being part of — a brand, will be as important to outlet shoppers as to those frequenting mega-stores such as London’s Niketown. All of the speakers were buoyant about this area of retail that has sometimes appeared to be in the shadow of high streets and the biggest shopping centres. Choice, it seems, is at the heart of the outlet sector and with the next two years seeing new schemes being offered to retailers from St Petersburg to southern France, Amsterdam to Milan, it appears that there is much to play for.

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PRAGUE THE STYLE OUTLETS

PRAGUE, CZECH REPUBLIC

PLANNED OPENING DATE: APRIL 26TH, 2018 Prague The Style Outlets is set to become the largest outlet centre in the Czech Republic. Located in one of Europe’s top tourist destinations, the centre is less than 5 minutes from Prague’s airport and 25 minutes from the city centre, with a strong catchment area of 4.6 million people. The centre will introduce the Czech market to the unique The Style Outlets experience, bringing together top brands, eclectic food retailers and luxury facilities in a single location that will perfectly reflect the culture and identity of Prague. The first phase will feature close to 20,000 m2 GLA, 118 units and 2,400 parking spaces. Phase 2 will boost the total space to 30,000 m2 of GLA and 190 units. The centre will offer services such as a playground, free Wi-Fi, lounges, and VAT refund.

20,000 SQ M

AMSTERDAM THE STYLE OUTLETS

118 UNITS

2,400 PARKING SPACES

AMSTERDAM, THE NETHERLANDS

PLANNED OPENING DATE: Q2 2019 This ground breaking new Dutch outlet center has a privileged location just 10 minutes away from Amsterdam’s airport and a convenient proximity to the Dutch capital and dense populated areas. Amsterdam The Style Outlets is the first development of an outlet center in the important central Randstad region, with 12 million people living within a 90 minutes’ drive. Inspired by old factory buildings, the entrances and a vertical garden are likely to function as the most eye-catching elements. The centre will feature 18,000 m2 GLA of retail space and around 115 stores, with an exclusive commercial offer that will include approximately 70% international brands and 30% Dutch brands. A further 1,000 m2 is planned for leisure areas, restaurants with terraces, walkways, gardens and even a child friendly zone. The outlet center will also offer 1,950 parking spaces.

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FASHION HOUSE OUTLET CENTRE MOSCOW

MOSCOW, RUSSIA

PLANNED OPENING DATE: ALREADY OPENED (PHASE I: 2013; PHASE II: 2016) FASHION HOUSE Outlet Centre Moscow is the first fully-enclosed outlet centre in Russia. Its exterior reflects the ‘traditional Moscow style’, while the interior brings a great atmosphere of London, Milan and Paris shopping streets. With great accessibility via cars and public transportation, the scheme is located by the highway connecting Moscow and St Petersburg, near the Sheremetyevo International Airport. Its total catchment area is 13.4 million inhabitants within a 90 minutes’ drive time. The scheme’s portfolio includes: Tommy Hilfiger, Furla, Pinko, adidas, Reebok, US Polo, Tom Tailor, Benetton, Nike, Puma, Lacoste, Tru Trussardi, Samsonite, Salomon, Max Mara and others. FASHION HOUSE Outlet Centre Moscow also has one of a kind ‘Red Carpet alley’ – home solely to the best local and international high-end fashion stores.

20,000 SQ M

100 B RANDS/ STORES

FASHION HOUSE OUTLET CENTRE BUCHAREST

1,820 PARKING SPACES

BUCHAREST, ROMANIA

PLANNED OPENING DATE: ALREADY OPENED (2008) FASHION HOUSE Outlet Centre Bucharest is the first and only professional outlet centre in Romania. Strategically located next to Bucharest’s ring road and with direct access from the A1 highway, it boasts a total catchment area of 2.77 million inhabitants within a 90 minutes’ drive time. The scheme’s architectural theme is ‘Bucharest Old Town’. The tenant mix includes: Levi’s, Puma, Adidas, US Polo Assn, Champion, Stefanel, Collective, Desigual, Colin’s, Triumph, Otter, Mango, Tom Tailor, Ecco, Office Shoes, Killtec, Lee Cooper, Sport Vision, Il Passo, Lacost & Gant, BSB and many others. FASHION HOUSE Outlet Centre Bucharest perfectly completes the offer of West Park – one of most popular retail parks in Bucharest.

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15,500 SQ M

55 BRANDS/ STORES

2,150 PARKING SPACES

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NEWS IT’S A RETAILER’S MARKET, SAYS TM LEWIN’S SCOTT

Consultancy aims to inject some fun into the retail experience

TM Lewin’s John Scott

LANDLORDS are thinking more “outside of the box” and considering more flexible agreements with tenants, the international head of a UK menswear brand has said. Speaking to MAPIC News, TM Lewin international director John Scott said that collaborative relationships between brands and mall owners were becoming the norm in global retailing. “It’s a retailer’s market at the moment,” Scott said. “If you look at rents in New York and Hong Kong they have gone significantly down; it’s become a market where retailers and landlords are having to work more closely together than they have before.” Scott was speaking eight weeks after taking over the role at TM Lewin, coming from UK department-store chain Debenhams. He said that he was developing a “multi-model strategy” to guide the brand’s international expansion, which will be built around franchises that it already operates in key markets including in the UAE — as well as company-managed stores and through its wholesale business. Scott said that the company was focusing on key city destinations around the world in which to grow TM Lewin into a “global brand”, rather than thinking “in terms of markets”.

ELEN Barnish, the former head of international development for toys retailer Hamley’s, has set up her own specialist consultancy, Entertaining Retail, which has launched at MAPIC. Barnish, who also previously led international business development for Merlin Entertainment, is targeting malls, retailers and brands looking to engage with consumers through entertainment concepts. She said that the transformation of retail through technology and changing consumer expectations meant that entertainment and experience should be at the heart of retail. “Investors, developers, retailers and professional services companies need to work together as a team to make this happen,” she said. “We need to see both malls and retailers embrace innovative ideas.” Barnish aims to bring her experience working with Hamley’s to new clients internationally. She spent five years with the UK toys retailer, helping the company to expand from 10 to over 100 stores internationally. “Entertainment is at the heart of its concept, which is why Hamley’s has thrived while some others retailers have failed,” she said. “It’s a 250-year-old brand and yet still as relevant as ever.” The consultancy is also working with Paragon Creative, a design, build and fit-out entertainment specialist; Barnish said that she would be looking to use her background to help companies find ways to inject and execute entertainment in their offers.

“There are so many opportunities now, with augmented and mixed reality allowing gamiﬁcation in and out of home, while some of the most successful food and beverage operators are also putting entertainment at the heart of their offer,” she said. “Retail is transforming and I want to help brands and operators develop relevant experiences to attract and keep customers.”

Helen Barnish launches Entertaining Retail at MAPIC

London climbs up the retail rankings LONDON’s New Bond Street has become the third most expensive retail location in the world, as rents increased by more than a third on the previous year to $18,500 per sq m per year according to Cushman & Wakeﬁeld’s annual Main Streets Across the World report. The agent says the increase relative to other global destinations underlines the strength of London’s premium retail offer and strong demand for prime retail space in the West End district. New York’s Upper 5th Avenue remains the most expensive main street in the world, with annual rents averaging $32,300 per sq m, while Hong Kong’s Causeway Bay retains its second-place position despite a 4.7% fall in average annual rents to $29,330.

Another strong performer was Milan’s Via Monte Napoleone, where annual rents rose 12.5% on the year to $15,420 per sq m taking it into fourth place. But the Avenue des Champs Elysees in Paris fell to fifth place after rents stayed static at $15,145 per sq m. Darren Yates, head of EMEA retail research at Cushman & Wakefield, said: “Premium retail destinations are highly sought after by international brands seeking to create engaging retail experiences that offer something new and exciting. The most innovative retailers are combining their online and physical platforms to create a seamless omnichannel experience for the customer, but profile and location play such a crucial role in the premium retail experience.”

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NEWS NEW EPP TEAM WILL FOCUS ON CLIENTS

CapitaLand’s Suzhou mall opens with over 90% of space pre-let Capitaland’s Suzhou Center Mall, designed by Benoy

EPP’s Marek Gladki

POLISH retail asset manager and mall owner EPP has created a specialised leasing and asset-management department. The new team will handle all the portfolio and asset-management functions, including the commercialisation and re-commercialisation of space. The team will also launch a new asset-management system to modernise and improve the tenant mix at EPP’s malls, plus offer financial, technical and administrative support. “At EPP, co-operation with tenants does not end with signing a lease and collecting the rent,” said Marek Gladki, leasing and asset-management department director at EPP. “We want to be a trusted partner who is deeply involved with the clients’ issues; who is interested in their needs and meets their expectations.” Previously director of the shopping centres commercialisation and marketing department at Echo Investment, Gladki joined EPP in September and will lead the new team, which also includes Marta Kusiak, Anna Piotrowska, Jakub Ociepka and Marcin Ziolkowski. EPP (Echo Polska Properties) is a Dutch dual-listed real estate investment company that follows the REIT formula, investing in retail properties throughout Poland, with a portfolio that includes 14 retail projects, six offices, and two retail development sites in Warsaw.

APITALAND has opened its biggestever project — Suzhou Center Mall in Suzhou, eastern China. With 152,000 sq m of GLA, the mall opened with more than 90% pre-let. Designed by Benoy, the sevenstorey Suzhou Center Mall is crowned with the world’s largest free-form monocoque roof at over 36,000 sq m, made up of 6,947 pieces of uniquely-shaped curved glass. The premium urban lifestyle mall is home to over 600 brands. Anchor tenants include Victoria’s

Secret and Forever 21, both from the US, and Danish furniture retailer Hay. H&M and Zara will operate three-level stores in the mall, their biggest outlets in Suzhou. The leisure component includes over 170 food and beverage options, ranging from Szechuan to Spanish cuisines. Key attractions include a Fanpekka children’s theme park, an indoor gaming centre and an Olympic-size ice rink operated by Champion Rink. Suzhou Center Mall is the centrepiece of the 1.13 million sq m Suzhou Center project, masterminded by Suzhou Hengtai Hold-

ing Group, which aims to create a new central business district for the city with four Grade A office towers, two luxury residential towers and the W Suzhou hotel tower in addition to the new mall. CapitaLand CEO Lim Ming Yan said: “The successful opening of Suzhou Center Mall caps a record year for CapitaLand. Close to one million sq m of retail across eight developments turned operational in 2017, marking our largest-ever offering in a single year. Suzhou Center represents a new frontier in our design, development and masterplanning capabilities.”

Changi Terminal 4 open for business SINGAPORE’s Changi Airport has completed its new Terminal 4 which will increase its capacity to 82 million passengers per year. The new terminal houses 62 new shops — pre-let to a host of international brands — and 19 F&B units. About a quarter of the occupiers are making their debut at Changi Airport. In a break from conventional airport design, one of the main attractions at T4 is the Heritage Zone, with its facades of old Singapore shop houses, as well as a row of F&B outlets exuding nostalgia with local cultural themes and old-school furnishings. Tan Lye Teck, Changi Airport Group’s executive vice-president

Stores at Singapore’s Changi Airport are inspired by traditional Peranakan houses

for airport management, said: “After five years in the making, we are very happy to commence operations at T4. The terminal is expected to handle about eight

million passenger movements in its first year of operation. More importantly, we are now able to deliver an even better travel experience to Changi’s passengers.”

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Urban. Unique. Entertaining. The fastest expanding part of Helsinki. Over 200 leasable units in the urban heart of one of the fastest growing cities in Europe. Over 120 already leased out. Welcome to the fastest expanding and most densely populated neighbourhood in the entire Helsinki region. • 60.000 m² of retail premises • 1.1 million consumers with €22.4 billion in purchasing power within a 30-minute drive from REDI • 1.1 million customers transported by metro that stops 500 times a day at REDI shopping centre • 100.000 cars passing along every day • 12 million visitors expected to visit REDI in its first full year of operation

Contact us: Kristina Bäckmark Specialist, Leasing +358 44 712 9232 kristina.backmark@srv.fi Anu Hautala Specialist, Leasing +358 40 656 5051 anu.hautala@srv.fi Pepe Singo-Mäkinen Specialist, Leasing +358 40 572 9394 pepe.singomakinen@srv.fi Pia Svensk Commercial Director REDI Shopping Centre +358 50 389 0569 pia.svensk@srv.fi Jonna Majanen Leasing Manager +358 45 110 8802 jonna.majanen@srv.fi

REDI SHOPPING CENTRE. HELSINKI. AUTUMN 2018. redi.fi/en 55166_SRV_REDI_B2B_MapicNews_240x330.indd 1

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Room 2 Palais-1

Opening Speech

Moderator: Şelale Kadak

Sinan Öncel

Hikmet Tanrıverdi

Chairman Of Board BMD

Chairman of Board İHKİB

Columnist, Sabah Newspaper

Nihan Atik Gedikli Board Member, Avva

Saygın Emeksiz

Head of International Sales, Colin’s

Serkan Şen

International Markets Director, Doğtaş Kelebek

Hakan Sahillioğlu General Manager, İnci Deri

(Turkuvaz Communication and Publishing Inc.)

Co-organiser: Gökhan Başman Secretary General, Kiğılı

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Morris Erginbaş

International Sales & Marketing Director, Orka Holding

Özer Arslan

Business & Sales Development Director, Network

Dilek Sarı

Retail Stores Coordinator, Roman

07/11/2017 12:51

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NEWS LONDON’S OXFORD ST HEADS EUROPEAN FOOTFALL LEAGUE OXFORD Street in London’s West End enjoys the strongest pedestrian flow in Europe at 13,560 pedestrians per hour, with major centres in Germany, Spain and France making up the rest of the top-five, in research compiled by BNP Paribas Real Estate (BNPPRE). Munich’s Kaufingerstrasse came second with 12,832 pedestrians per hour followed by Madrid’s Calle de Preciados at 10,292 and Frankfurt’s Zeil at 10,280. Paris’ Avenue des Champs Elysees has around 10,277 pedestrians per hour. BNPPRE found that cities with a single retail core, focused on two or three prime streets, tend to generate higher footfall numbers but these can be outstripped by London, Berlin and Paris — cities with very large catchment areas where shoppers are spread across multiple retail clusters.

NEW CENTRE WILL DRIVE LILLE REGENERATION VICITY has started work on the new Lillenium shopping centre in Lille. With its distinctive design, the new venue will act as a driving force for regeneration in Lille’s southern districts. Situated on rue du Faubourg des Postes, Lillenium will comprise 30,000 sq m GLA of shops ranged around a central atrium, as well as an 11,000sq m hypermarket, 4,900 sq m of office space, a 6,300-sq m Shon hotel and 1,100 underground parking spaces. Funded by the National Urban Renewal Agency ANRU, Caisse des Depots et Consignations and Fonciere de l’Erable, principal contractor Sogea aims to complete the project at the end of 2019.

Groupe IDEC outlet scheme close to Millau Viaduct breaks ground

ROUPE IDEC Invest, the real estate investment arm of Groupe IDEC, has held the groundbreaking event for outlet village Viaduc Village in La Cavalerie, next to the Millau Viaduct in the South of France. The project will be overseen by local architect Eve Olivet and Bertrand Faillie. Montpellier-based Sequabat, the engineering subsidiary of Groupe IDEC, will be in charge of the construction. The roll out of the 7,500 sq m first phase is scheduled for summer 2018. Viaduc Village is the first outlet project undertaken by Groupe IDEC Invest and is located on the A75 motorway between Paris and Barcelona, less than one hour from Montpellier. With 45 stores, the project will offer a selection of international brands plus a range of high-end Made in France products. In addition, its food and beverage offer will be developed in collaboration with well-known local chefs. Leasing is at 40%, with UGG

Outlet village Viaduc Village in La Cavalerie

Australia, French brand Anne Delaigle; clothing brands including American Vintage and a number of sports and outdoor brands have already signed. Lionel Mary, general manager, Groupe IDEC Invest, said: “Our centre is at the heart of a national park and Millau Viaduct is one of France’s most popular tourist destinations, with three million people visiting the area annually. So we have a strong catchment

and we have integrated the design in keeping with the natural surroundings.” Construction of the second phase of the project will start after completion of the first phase, to open in spring 2020. The second phase will include around 60 additional stores, bringing the total to over 16,000 sq m. US-based The Outlet Resource Group (TORG) is in charge of leasing and future management.

LaSalle takes stake in Chapelfield centre LASALLE Investment Management has bought a 50% stake in the Intu Chapelfield shopping centre in Norwich, eastern England, forming a new joint venture with existing owner Intu Properties, which will continue to manage the property. Acting on behalf of Greater Manchester Pension Fund and West Yorkshire Pension Fund, LaSalle paid £148m (€167m) for the stake, which represents a net initial yield of 5.0%. The centre contains 90 units and includes key retailers such as House of Fraser, Apple, Zara, River Island, H&M and Boots. Since opening in 2005, Intu Chapelfield has firmly established itself as the prime retail destination in the East Anglia region and it currently attracts an

The Intu Chapelfield shopping centre in Norwich

annual footfall of 12 million. LaSalle fund manager Tom Rose said: “This is an acquisition that we believe will provide long-term value. It is a quality asset in an affluent catchment area, well-

aligned with our strategy for UK investments.” Intu Properties said it will use the proceeds to pay down debt and reinvest in its development programme.

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NEWS NEW PARIS SUBWAY OFFERS NEW RETAIL OPPORTUNITIES PARIS can look forward to a retail revival on the back of the ambitious Grand Paris Express project, according to research by real estate consultant Savills. Due for completion in 2030, the new rail network will improve connectivity between the suburbs and the city centre with four new Metro lines, 68 stations and more than 120 miles of track. Lydia Brissy, director of European research at Savills, believes each of the new stations has the potential to become a retail hub. “Travelling — and particularly commuting — is now being recorded as one of the peak times for purchasing activity,” she said. “In a fast-moving world, urban consumers are increasingly time-poor and the ability to shop en route is an enormous convenience.” But she said retailers need to be clear on which locations suit their format. “Convenience store retailers should look at station locations in residential areas anticipated to grow fast, such as Saint Denis Pleyel, La Defense, Massy and Versailles,” she said. “And retailers looking for a flagship should focus on stations with strong footfall, notably from tourists coming from Roissy CDG or Orly airports. Stations enjoying strong daily commuter traffic will be ideal locations to open pop-up stores or concept stores.” Christian Nehme, director of retail, Savills France, added: “Some retailers are showing interest in train stations as a gateway to enter the country as opposed to a high-street flagship.”

Construction under way on Colombian open-air centre

ORK has begun on the Jardin Pla za C ucut a shopping centre, Colombia, with the development carried out by the Portuguese company Sonae Sierra and the Colombian company Central Control. The Jardin Plaza Cucuta project has a total investment of more than €52m and a GLA of 43,000 sq m, which will be built on a 12ha site with further space to expand. The shopping centre will include 180 shops and a mix of local, national and international brands. “Jardin Plaza Cucuta will offer a wide range of commercial services, making it one of the main attractions of the city and the region,” said Tiago Eiro, general manager of Sonae Sierra in Colombia. Juan Luis Restrepo, chairman of Central Control, added: “Jardin

Jardin Plaza Cucuta will be the first open-air shopping centre in Norte de Santander

Plaza Cucuta will become an engine for the development of the city, by attracting investment into the capital city of Norte de Santander. It is bringing major brands such as Royal Films cinemas, the Olimpica hypermarket brand, Arkadia and Alkomprar

children’s play centres and Fitness People gymnasiums, brands that will have a presence in the city for the first time.” The shopping centre, opening at the end of 2018, will be singlestorey and the first open-air shopping centre in the city.

Mitiska REIM expanding across Europe MITISKA REIM, a specialist investor in European retail parks, has made its first French acquisition, Retail Parc Val Saint-Clair in Herouville-Saint-Clair near Caen, acquired from Klepierre. The purchase continues Mitiska REIM’s European expansion, having entered both the German and Spanish markets during the past 12 months. Retail Parc Val Saint-Clair comprises 18 units with a GLA of 13,500 sq m and parking for 630 cars. The site is adjacent and linked to a Carrefour hypermarket and tenants include a range of national and international brands including Electro Depot, Action, Sport 2000, KFC, Chaussea and Maxi Zoo. Axel Despriet, CEO of Mitiska REIM, said: “Following our value-add investment approach, we plan to reposition the property as a local convenience shopping

Mitiska REIM’s Retail Parc Val Saint-Clair

hub, by bringing in additional anchor tenants to serve shopper’s daily needs, combined with a new marketing plan to increase the visibility of the centre.” In just four years, Mitiska REIM has built a portfolio of 33 incomeproducing retail parks and 12 retail park development projects, totalling around 360,000 sq m

GLA across Belgium, France, Germany, Spain, Romania, Poland, Czech Republic and Serbia. In December 2016, Mitiska REIM also announced the successful final closing of its second fund, First Retail International 2 (FRI2). At €223m, allowing for gearing, the fund’s gross investment capability is up to €500m.

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VISIT THE BEST OF THE NORDICS

Scandinavians are early adopters, and given a fast growing market we think it is fair to say that any trend you can think of is now evolving fast in the Nordics. So, if you are looking to expand your business, attract new retailers, get inspired by Nordic design, meet new F&B concepts or connect with the Nordic retail property industry at large – come join us at the Nordic Pavilion.

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NEWS GERMAN MARKET’S INVESTMENT SURGE GERMANY’s retail property investment market saw €7.7bn of deals in the third quarter of 2017, up 21% year-on-year, according to new research from Colliers International Deutschland. Overall volumes for the first three quarters of 2017 are 11% up on the five-year average. The largest deal in the quarter involved Patrizia’s €400m purchase of a retail warehouse portfolio from Third Swedish National Pension Fund and PGIM Real Estate. Open-ended real estate funds were the most active investors with €2.1bn of deals, or 28% of the total. Pension funds were the second most active with a 15% market share. Thomas Danzel, head of retail investment at Colliers International Deutschland, said: “Although deal volume has lessened somewhat after an excellent start to the year, transaction activity remains lively. Small-scale retail warehouse portfolios continue to be an investment draw due to the lack of high-volume single assets.”

RUSSIAN BREAKFAST THE RUSSIAN Breakfast, organised by Impress Media, will take place tomorrow at the Salon Diane in the Majestic hotel. The Russian Breakfast at MAPIC is a long-standing tradition, creating an opportunity for those operating in, or interested in opportunities in the Russian retail market to gather to listen to experts and network with peers. With over 250 attendees expected, this year’s event will have a new format, with the session devoted to finding new business in the market. To register, contact l.surina@impressmedia.ru or call +7 499 490 0479.

Lotus Group’s redeveloped Outlet Village boosts footfall and sales

HE LOTUS Group, which acquired The Outlet Village in Banbridge last year, has completed a new mall covering as part of the group’s £4m investment plan to redevelop the centre as Northern Ireland’s only outlet mall. The company has also submitted a planning application to redevelop The Junction — currently another outlet centre — as a mixed big box and mall scheme, with a proposed investment of up to £25m to create nearly 56,000 sq m of retail space. Alastair Coulson, director, The Lotus Group, said the proposals reflect a desire to move away from two outlet centres in Northern Ireland and to differentiate and reinvigorate both retail schemes. “The changes at The Outlet Village have already seen footfall up 22% and retail sales up around 20%. Significant investment is being made to enhance the centre’s customer experience, includ-

The Boulevard at The Outlet Village

ing new signage into the site from major access points, enhanced lighting and a dedicated food and leisure area. These developments follow the introduction last year of a new Omniplex eight-screen cinema and a 24-hour McDonald’s restaurant.” Current tenants include Nike, Gap, M&S, Next, LK Bennett and Paul Costelloe, while The Beauty Outlet and Jack Jones will open this month and Ulster

Weavers before Christmas. Coulson said: “Installing the new mall covering over the centre was an important milestone in our ongoing project to continue developing and refurbishing the centre. Last year at MAPIC was all about reintroducing the two schemes, after we acquired them in August 2016, and it went fantastically well. This year we’ll be showcasing our plans and what we’ve achieved so far.”

ECE’s Loom centre up and running

LOOM shopping centre opened its doors in Bielefeld, Germany, last month following a two-year construction period, with the 26,000 sq m shopping centre, developed by ECE, comprising 110 shops, food services, and service providers, a food court and 550 parking spaces. ECE’s revamped, modern shopping centre, built on the site of former City Passage from the 1970s, is set to revive the city centre as a shopping destination. The architectural concept, like its name, is a reminder of the city’s textile industry tradition. The centre is in Bielefeld’s main pedestrian zone and the main entrance is in Bahnhofstrasse, which is one of the most popular shopping areas in Germany. A footfall count conducted by JLL revealed that Bielefeld’s Bahnhofstrasse has the highest footfall among German cities with up to

Loom replaced City Passage in Bielefeld

500,000 inhabitants. Dr Volker Kraft, managing director of ECE Real Estate Partners, which acquired the shopping centre for the ECE European Prime Shopping Centre Fund in 2011, said: “With our investment of approximately €135m we managed to revive a traditional shopping destination. Its premium design and the modern concept make Loom the new attraction in downtown Bielefeld. Because of

the large catchment area, Loom will attract additional purchasing power to the city.” “Loom will not only set new trends in terms of urban development and architecture. Visitors can look forward to unique retail concepts with many digital and innovative services. In the heart of the city we have created a central leisure destination for the people of Bielefeld and their guests,” said Alexander Otto, CEO of ECE.

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S T R O N G F O O T F A L L D R I V E R W I T H M O R E T H A N 17 0 S T O R E S Søstrene Grene’s expansion strategy involves growing its network of stores at a rapid yet sustainable pace. Søstrene Grene expects to grow 40 percent in annual turnover in 2017. Whenever Søstrene Grene is opening a new store, nearby concepts will increase turnover of up to 30% due to the increased footfall that Søstrene Grene is attracting. 171 stores across 12 countries and many more to come. Danish homeware retailer Søstrene Grene is expanding heavily throughout Europe and Japan these years, and the expansion has not gone unnoticed. As so, the organisation has just been nominated as Best Retail Global Expansion concept at MAPIC 2017 as one of four finalists. “We are honoured to have been nominated for the MAPIC Awards. I believe that the successful expansion of Søstrene Grene is due to our unique store concept where we strive to create a wonderful shopping experience every time. We continue to successfully attract a large footfall in our stores as well as a long dwell time in the stores. With the nomination at the MAPIC Awards in the Best Retail Global Expansion category we hope to be able to show all relevant stakeholders that physical retail has a bright future,” CEO of Søstrene Grene Mikkel Grene says. A U N I Q U E S H O PP I N G E X PE R I E N C E I S T H E K E Y Søstrene Grene was founded in Aarhus, Denmark, in 1973, and the family-owned company has now grown to hold 171 stores across 12 countries, and two more countries will follow before Christmas. Søstrene Grene started its expansion of stores in 1989, and in recent years the rate of new store openings has skyrocketed with new stores opening weekly across Europe. The expansion of the company is a result of the positive customer response to the unique retail concept across markets. Søstrene Grene specialises in home accessories, kitchenware, gift wrap, DIY articles, stationery and small furniture. The brand represents feminine, Scandinavian design aesthetics with a multitude of products for decorating the home, while always keeping the prices affordable. The product selection is

everchanging, giving the customers a new experience each time. A key aspect of the success is the unique shopping experience created in the stores. Every single store is designed to give customers a break from their busy everyday lives as they search the shelves for new, wonderful finds. The store layouts are like labyrinths, and the colourful products are neatly displayed in pleasant subdued lighting and reachable from wooden crates, making it possible to feel and examine each product with your own hands, all the while enjoying the classical music from the store speakers and the aromas of the wooden crates and loose leaf tea. S T R O N G A N D R A PI D E X PA N S I O N Søstrene Grene’s expansion strategy involves growing its network of stores at a rapid yet sustainable pace. Søstrene Grene expects to grow 40 percent in annual turnover in 2017. Market entries and expansion are conducted through franchising and joint ventures. Søstrene Grene exists of physical stores only, located in both shopping centres and street locations. Online shopping is as such not a part of the concept, and yet the brand is very active digitally, following a distinct social media strategy that currently has resulted in more than 2 million loyal followers in total across social media platforms. To a large extent, Søstrene Grene’s concept is not adjusted to individual markets or regions. The strategy is to create as uniform a concept and shopping experience as possible. When a customer visits a Søstrene Grene store in Germany, the feeling will be the same as in a store in France. The customers will listen to the same classical music, walk in the same labyrinth, experience the same concept. The only market adaption made is according to national and local registration and regulations. Store sizes vary according to availability in the markets too.

NEWS OSU makes a splash with Stefani fronts Westfield Oslo waterfront project festive marketing drive

HE R ENAISSA NCE brands to Oslo,” he said. of Oslo’s waterfront is OSU is showcasing the Bispeopening up new opportu- vika project, which will provide nities for retailers as part 15,000 sq m of retail space, at of the Bjorvika mixed- MAPIC. Construction is under use project. On completion in way and the first shops will open 2030, the 166,000 sq m district in late 2018/early 2019. Thorsen will house 10,000 residents and said leasing has begun, targeting 20,000 workers and is expected international brands as well as to draw six million visitors a high-quality F&B operators. “It’s year. To serve them 65,000 sq m a great opportunity for retailers of retail space is planned. to make a statement,” he said. Early phases, including the landmark Barcode development which includes the Norwegian headquarters of Microsoft and PwC, are already proving attractive with 2017 retail turnover growing by 50% on the previous year. Rolf Thorsen, chief executive at developer OSU, pointed out that the Lonely Planet guide has described Oslo as one of the 10 hottest destinations in the world. “The growth The Bispevika project on Oslo’s waterfront in117_GOULSTON tourists is attracting luxury will include 15,000 sq m of retail & STORRS_N1_PIC

K SHOPPING destination Westfield is featuring pop icon Gwen Stefani in its Christmas marketing campaign for 2017, which will include above the line, digital and in-centre advertising. “I’m excited to be a part of Westfield’s Christmas campaign this year,” said Stefani. “London is an amazing city all year round but there’s something magical about London during the festive season.” Myf Ryan, Westfield UK and Europe’s chief marketing officer, said: “We are delighted to collaborate with Gwen Stefani, to front Westfield’s Christmas campaign for 2017. Last year we had over 13 million shoppers across both Westfield centres over the festive period and we want to continue to provide unique fes-

tive experiences that visitors enjoy and love.”

Gwen Stefani is the star of Westfield’s Christmas marketing campaign

the USA?

Thinking about expanding into

Visit us in the USA Pavilion at stand P-1.B58 The USA is one of the most dynamic and competitive retail markets in the world – and the decisions confronting any retailer contemplating USA expansion are many: n Where should you open? n Should you test the market with a catalog or online presence first? n Does an omnichannel strategy make sense? n How do you tailor your products to the unique needs of the American consumer? When you consider the complex legal, regulatory and tax implications of USA expansion, you need trusted advisors that know the USA retail landscape inside and out.

Clients We’ve Helped with USA Expansion:

Drop Your Business Card at Stand P-1.B58. Enter for a chance to Win a $500 Gift Certificate from each of these retailers.

Our retail lawyers will be in the USA Pavilion at stand P-1.B58 where they will be sharing their experience compiled from years of working with international retailers who have successfully expanded their businesses to the USA.

goulstonstorrs.com

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Mall of Switzerland is test bed for retail ideas of the future

ALL OF Switzerland, at 65,000 sq m the largest shopping and leisure centre in central Switzerland, opened at the beginning of November — developed by global investor Freo, funded by The Abu Dhabi Investment Authority and asset managed by CBRE. The development opened 80% pre-let, and it has succeeded in attracting international brands with Original Penguin, Bijou Brigitte, O Bag, Vivo Barefoot and Hotic making their Swiss debuts. In addition, Bershka, Terra Nova and Muller Drogerie have opened their first branches in Central Switzerland. Freo’s marketing director Nikolas Loehr said pop-up shops are a key part of the mix, allowing international brands to test the Swiss market without a long-term 090_MANYAVAR_N1_PIC

The 65,000-sq m Mall of Switzerland opened earlier this month

tractions are the anchor of the future,” said Loehr. “Our most important visitor group is young families.” The mall also features an interactive augmented reality LED wall. “The industry’s seeing the Mall of Switzerland as a beta test for concepts that will be adopted in other malls,” said Loehr.

commitment. The four-level mall, with an additional seven levels of parking, has 30% of its GLA devoted to leisure uses, anchored by a 1,600sq m Kaleidoscope indoor adventure park and 16 restaurants and cafes. These will be joined next year by a surf wave, an IMAX cinema and a gym. “Leisure at-

A GOOD YEAR FOR NEW BARCELONA OUTLET CENTRE THE VILDECANS outlet centre, in Spain’s greater Barcelona area, has welcomed 2.6 million visitors in its first year. Vildecans The Style Outlets, owned by Spanish outlet operator Neinver, opened in October 2016, since when 18 new brands have signed up. Visitors include tourists from Europe, Russia and Latin America, the company said. The outlet was the site of a number of retailer firsts, including the first European G by Guess store, and Spanish debuts for footwear brand Lodi, Italian watchmaker Luxury Zone, and Dutch denim chain Garcia Jeans. Neinver operates outlets throughout Europe, with 24 retail sites under management totaling 614,000 sq m and further sites in the pipeline.

NEWS REDEVCO SEES PRAGUE AS FUTURE-PROOF

Dom Jablkowskich project a mix of ancient and modern

DUTCH retail real estate investment and management N HISTORIC departcompany Redevco has ment store in Warsaw, acquired City Palais in the Poland, is to be redeGolden Cross district of central veloped into a 5,000 Prague for over €40m from a sq m, four-floor retail group of private investors. The and food destination. six-floor building, in an area that The former Dom Jablkowskich attracts a daily footfall of department store will be com150,000 people, is in the bined with a neighbouring buildneo-renaissance and secession ing to create the new offer, which style and is “suitable for a retail will also see the creation of a new brand to create a flagship walkway between the two buildexperience”, according to ings and a glass covered courtyard Redevco. CEO Andrew Vaughan with restaurants and coffee shops. said: “[This is] our first Food and gastronomy operators investment in Prague. There will be sought for the basement aren’t many locations in the and ground floor, while the upper historic centre that beat this one, floors will be targeting independmaking us very comfortable ent lifestyle and fashion retailers. about its long-term prospects.” Plans for the development have Leisure, cultural and historic sites been drawn up by British archimake Prague one of the top tects Broadway Malyan and have already had the concept approved cities in Redevco’s City by the local conservation office. Attractiveness ranking.REUNIDOS SERVICIOS 112_PARQUES CENTRALES_N1_PIC

Original stained-glass windows will be preserved in the Dom Jablkowskich redevelopment

A building permit will be sought early in the new year with hopes that construction could begin by the end of 2018. Poland-based Broadway Malyan director Robert Kaminski said the idea is to retain as much of the early modernist building’s structure and features as possible, including the store’s historic stained-glass win-

dows, and to create an open environment for tenants. “With the new development we want to refer back to the history but with a modern twist. There is an atmosphere inside we would like to keep and enhance in the new development. It won’t be a pure department store as it was in the past but will be a collection of individual tenants,” he said.

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Key CBRE trends report maps out brave new world for retail

UTOMATION, customisation and big data are poised to transform the retail industry according to a major piece of research being launched at MAPIC by CBRE. The report, entitled The Future of Retail 2030, identiﬁes 40 key trends and Andrew Phipps, CBRE’s head of UK & EMEA retail research, will unveil the ﬁrst eight in Cannes. “Our aim is to open a conversation,” he said. “These trends will affect different retailers and investors in different ways.” First is the power of prediction. “Retailers will be able to predict what we want, freeing us to spend our time doing more interesting stuff,” Phipps said. He also expects to see a rise in tailored retail as brands make more money from fewer people through hyper-loyalty. CBRE forecasts a massive reduction in the personal ownership of cars, freeing up space in city centres for pedestrianisation. This trend is already apparent in cities like London and Paris. The boundary between online and physical retail will disappear, according to Phipps. “By 2030 all mainstream pure-play retailers will have opened stores and they’ll be big owners and occupiers of real estate,” he said. Physical stores will become showrooms, focussing on the brand experience, but at the same time au-

CBRE’s Andrew Phipps: aiming to open a conversation

tomation and robotics will take away as much as 70% of retail jobs. Visual recognition apps are already entering the customer arena, and Phipps believes that by 2030 they will allow us to “shop for anything, anywhere simply by pointing our phones at them.” Another trend already emerging is the increasing competition for consumers’ spending power. “Competition for spend will increase exponentially from things other than retail,” Phipps concluded.

Strategic growth for McArthurGlen

MCARTHURGLEN, Europe’s leading owner, developer and manager of designer outlets, has added 85,000 sq m of new retail space to its 24-centre portfolio in the past 12 months. And the pace of growth is not easing with a string of new schemes to come. Mike Natas, McArthurGlen’s joint managing director of development, said: “Building on a record year of expansion, we have an active development pipeline of approximately 150,000 sq m of new retail space in six strategic locations, which will see around 700 new stores join the portfolio.” Construction work has just begun on the first phase of the 30,000 sq m McArthurGlen Designer Outlet Malaga which is due to open in autumn 2018. It will be southern Spain’s first designer outlet and marks McArthurGlen’s entry in to the Spanish market through a JV with Sonae Sierra. And work on the 26,505 sq m scheme in Cannock, UK, will begin in the first quarter of 2018. Joint managing director of development, Gary Bond said the scheme will dominate the

OUTLETS ‘MUST RECOGNISE THE VALUE OF DATA’ RETAILERS and shopping centres — especially those in the outlet sector — must put data at the heart of their businesses, according to Ben Chesser, CEO of UK-based CRM and loyalty provider Coniq. Chesser, who is speaking at the Innovation Forum on Thursday, also presented the first MAPIC Outlet Summit yesterday. He said there were particular advantages for collecting and building data in the outlet sector because from a retailer side brands are more willing to share data and experiment than they are in full-price retail. The impulse nature of outlet shopping — a ‘buy it now or it will be gone’ philosophy — also means that shoppers are more willing to adopt loyalty schemes in the outlet sector, he said. Chesser said many centres are embracing the value of data. “For some it drives every decision. For others it’s about beginning to understand the value of that data,” he said. But centres don’t have to have finalised their future plans around data before they start collecting it, he said. “Start collecting data to better understand your customers and in parallel work out what your strategy will be,” he said. Coniq revealed a European roll out of the Fashion Club programme — a loyalty scheme development with VIA Outlet, across VIA Outlet’s 11 centres — at MAPIC. The scheme is already live in three centres.

Mike Natas (left) and Gary Bond, McArthurGlen’s joint managing directors of development

West Midlands, a regional market currently underserved by outlets. Several other UK schemes will be upgraded, most notably the Ashford Designer Outlet in Kent where a second phase will take the scheme to 26,300 sq m. “Our strategy is to make our schemes regionally dominant by widening the catchment, and to do that you have to have over 20,000 sq m,” Bond said.

Ben Chesser, CEO of Coniq, says data must be at the heart of retail

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NEWS OXFORD ST TO BECOME ONE OF WORLD’S ‘FINEST PUBLIC SPACES’ LONDON’s iconic West End shopping hub Oxford Street is to be partly pedestrianised in time for the opening of a new line on the capital’s underground network. Announcing the plans earlier this month, London Mayor Sadiq Khan said that Oxford Street would be “transformed” by the work, which will see a section of the West End street altered for pedestrian use, from Oxford Circus, on the junction with Regent Street, west to Orchard Street. He said: “This is a hugely exciting moment for the capital. Whether you’re a local resident, a business or shop in some of the area’s famous stores, our plans will make the area substantially cleaner and safer for everyone, creating one of the finest public spaces in the world.” The work is scheduled to be completed in time for the opening of the Crossrail underground and overground train line, which will operate as the Elizabeth Line when it is up-and-running in December 2018. Speaking to MAPIC News, Jace Tyrrell, chief executive of the New West End Company said: “We want to do something quite radical in terms of traffic reduction in the area. Crossrail is having a transformative effect.”

The proposed pedestrianised zone in Oxford Street, in London’s West End

Hines targets high streets in tier-two cities across Europe

EAL estate investor Hines Europe remains enthusiastic about European high-street retail and opportunistic shopping-centre acquisitions, with Dutch and Greek high-street properties likely to be added to its portfolio in the coming year. CEO Lars Huber said that he hoped to establish a presence in the Netherlands and in Greece — probably in the capital Athens — and also to expand the investor’s holdings in the Nordics, with Helsinki the most likely addition to Copenhagen and Oslo. Shopping-centre investment has focused on the UK, Ireland and Germany, with smaller centres the predominant target. Huber said: “We like neighbourhood centres rather than competing for the larger shopping centres in Germany and it has worked very well for us.” In the UK, the company stopped making purchases in London late in 2014 and has instead focused on cities including Edinburgh, Glasgow, Manchester and Birmingham. In Ireland the company is seeking permission for a new 195,100 sq m plan for a mixed-use development called Cherrywood Town Centre, with

Hines Europe’s Lars Huber: “We like neighbourhood centres”

a large residential component that will comprise 1,269 buildto-rent apartments, as well as 54,350 sq m of retail and leisure outlets. “While we have a mixed portfolio of high streets, we never compromise on location,” Huber said. “We are, however, prepared to look at different degrees of value, from straightforward income man-

agement to major redevelopment.” Retail remains the company’s second-largest category after office space and the company continues to expand its holdings. “We have been quite active in the last couple of years. In our pan-European core fund, high-street retail has increased from 10-20% of our holdings three years ago to more like 50% today,” he said.

Centre closures will hit the US hard VAST disparities in retail space between the US, Europe and the UK mean that continuing mass closures will characterise the picture across the Atlantic, according to a report from JLL. The US looks set to see mass shoppingcentre closures as part of structural adjustments in a way that will not be the case on the other side of the Atlantic. Practically, the US has 1,274 sq m of retail space per 1,000 people, while in the UK the figure stands at 295 sq m and in

continental Europe the average is 216 sq m. In part this is the outcome of a far greater reliance on shopping centres in the US, while mixed-use retail and leisure are more integrated in town and city centres in Europe, placing natural constraints on the availability of space. JLL blamed a “laissez-faire” attitude to planning for the oversupply of space in the US, in sharp contrast to the prevailing ethos in Europe. In the US, departmentstore space will continue to di-

minish — the sector accounts for 46% of GLA in larger centres — with some of the freed square metres remaining vacant. The report also said that Europe is more “progressed in its response to structural change”. JLL said that Europe and the UK in particular are now “further along the curve” as far as restructuring in the face of online retail is concerned, and that click and collect will continue to play an important role in ensuring the viability of the store.

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FEATURE USA

Store closures on main street don’t tell the complete story An apparent slump in bricks-andmortar retail across North America is bringing new opportunities to the sector. Debra Hazel reports

H&M Miami: finding success in a difficult market

ETAIL observers have routinely used the term ‘apocalypse’ to refer to the record number of store closures and bankruptcies announced this year. At first glance the numbers do seem to suggest a bloodbath: as of early November, global think tank FGRT (Fung Global Retail & Technology) had reported a 228% year-on-year increase in store closures — a total of 6,636. On the positive side, the number of announced store openings is up 51% to 3,405. While most cite the growing encroachment of e-commerce, a 2017 CBRE report says that e-commerce accounts for less than 9% of total sales, and is forecast not to exceed 15% in the next five years. And more than half of e-commerce sales were by brick-and-mortar brands. Overall brand strategies are increasingly driving storelocation decisions and national retailers are culling under-performing stores to focus on further strengthening the performance of prime locations, according to John Ragland, managing director at TH Real Estate, based in Charlotte, NC. The massive oversupply of retail in the US may simply be down to bad guesses about population growth according to Helen Thompson, head of global strategy, real estate banking and insurance of ESRI, Los Angeles. “People were speculating as to where homes were going to be built,” she says. But there is now an opportunity for new retailers, both domestic and foreign, to take advantage of vacancies among all property types as established retailers “rightsize” their store count. And this is occurring even as landlords are transitioning their own properties.

“The retail product mix must be adaptable. There is a blurring of the lines between various types of retail as the retail mix is curated. Power centre developers are dealing with the closure of many big-box concepts by leasing to grocers and restaurants,” Ragland says. “Urban centres are being developed to accommodate the needs of the viable big boxes which need to tap the urbanisation movement being fueled by millennials. Regional centres are experiencing the loss of department stores and the entry of sporting goods operators, health clubs, restaurants and grocery stores. Community centres are adding urgent care facilities and other professional uses.” After acquiring a 50% stake in Westfield Montgomery Mall in 2011, TH Real Estate and Westfield worked closely on a $106m renovation and redevelopment to add eight restaurants and a 16-screen cinema, upgrade the common areas and expand the food court to appeal to a more leisure-oriented guest. The result has increased sales per sq m by 17%, and the property is 90% leased. In fact, the current situation presents a rare opportunity for retailers to enter the North American market relatively affordably. “You’ll pay good rents, but you’ll also get good incentives,” Thomas J. Phillips, a partner and chairman of the Real Estate Group of Boston-based law firm Brown Rudnick says. “Though terms might be the same as in previous years, tenant allowances might be more generous, and sales breaks are available.” “Generally, the spaces are in good shape,” Lee Block, executive vice-president of New York City-based Winick Realty says. “And those retailers looking to enter a new market will do so on a global platform.” Typically, the newcomers occupy the former space of a similar category — it’s much easier and more affordable to retrofit a fashion store into yet another clothing retailer than to convert it to a food vendor, for example. “The opportunities are everywhere,” Phillips says. But a more amenable environment is no excuse not to do homework. Philips recommends that foreign retailers find a US partner to ease expansion and test a concept carefully. What works on Oxford Street might not on Madison Avenue or Newbury Street, he says. And the current US trend of opening pop-up stores on major retail thoroughfares to test locations and concepts may be prohibitively expensive. “A better way to dip a toe [into the US market] is through a concession, a pop-up within a department store, or a license,” he says. ESRI’s Thompson also recommends that retailers carefully examine not just current demographics, but future trends before committing to a lengthy lease. “So much retail was tied to where people were, not where people are today. Your stores need to change over time as your demographic changes over time,” she says. “People lock in a 10-year lease for a one-year demographic.” And keep an eye on tertiary markets. “High streets and traditional main streets are going through a renaissance with franchises and local brands,” she says. “I see that going to secondary cities, for example Austin, Texas.”

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PROJECT NEWS

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A SELECTION OF PROJECTS SHOWCASED AT MAPIC 2017 REDI SHOPPING CENTRE

LES 3 FONTAINES EXTENSION

City: Helsinki, Finland Developer: SRV Redi, the most experiential shopping centre in Helsinki, will open in September 2018. It will revolutionise the traditional concept of a shopping centre with 60,000 sq m of retail space featuring shops, experiences, entertainment and a world of restaurants. Leasing is now under way. Redi is located at Kalasatama at the intersection of three major thoroughfares with 100,000 cars passing every day. The metro transports approximately 1.1 million customers through Redi each year and stops at the shopping centre 500 times a day. 1.1 million consumers live within a 30-minute drive from Redi with a combined purchasing power of €22.4bn. In its first full year of operation, Redi is expected to reach 12 million visitors. More than 2,000 people will live in the Redi residential towers. Redi, with its diverse services, in the urban and fashionable Kalasatama, is designed to attract shoppers to come and stay for long periods of time.

City: Cergy, France Developer: Hammerson Les 3 Fontaines is improving its retail offer with an ambitious extension project which forms part of the wider regeneration of Cergy-Pontoise, to the north west of Paris. A high-quality retail offer with over 60 new retail units as well as a food court featuring 12 restaurants will complement the current offer. The planned opening date is 2021, at which point the centre will have reached 33,000 sq m, housing 72 stores supported by 3,700 parking spaces.

UBERSEEQUARTIER

City: Hamburg, Germany Developer: Unibail-Rodamco Unibail-Rodamco Germany will create an exceptional destination in a unique cultural and touristic area on the banks of the Elbe river. The project will include retail, restaurants, a multi-screen cinema, a cruise terminal, offices, housing and three-to-four hotels, covering a total of 260,000 sq m of which around half will be dedicated to leisure and retail. The project will represent an investment of €977m. The opening of the retail and entertainment components of the project is targeted for the second half of 2021. Fully accessible with an existing dedicated metro station and 2,950 parking places, Uberseequartier will offer customers an innovative retail experience with approximately 200 shops, including many new international premium retailers. Unibail-Rodamco will deploy its latest leading initiatives such as the 4-Star label, iconic shopfronts, the Designer Gallery and the Dining Experience to create new standards of shopping and to set the benchmark for future retail and leisure environments. The project will also include new-generation offices. The Uberseequartier project has a strategic location in the heart of Germany’s second-largest city with a growing population, currently at 1.7 million inhabitants. A low unemployment rate, currently 7.1%, and a GDP per capita above the German average, makes the region of Hamburg one of the wealthiest and most dynamic in Europe. With 1 million inhabitants living in a 20-minute radius, Uberseequartier also attracts numerous tourists.

NEYRPIC

City: Saint-Martin-d’Heres, Grenoble, France Developer: Apsys Planned opening date: 2020 On the site of the old factories to which it owes its name, Neyrpic will be a vibrant, diverse place where shopping, leisure, sport, culture and nature will be intrinsically linked. Neyrpic’s architecture, designed by Edouard Francois, will resurrect materials and turbines from the former factory and industrial containers in a raw, ultra-inventive style. The centre will have 49,950 sq m of GLA housing 98 stores and 20 restaurants. At the heart of the project, a long green space will accommodate events, seasonal activities, happenings, terrace cafes and restaurants. Fully respectful of its environment, Neyrpic will generate part of the energy required to run it using 20,000 sq m of solar panels on the roof.

PROJECT NEWS CITYLIFE SHOPPING DISTRICT

CONCORDIA

City: Milan, Italy Developer: Sonae Sierra/Generali Real Estate Right at the heart of CityLlife, one of the largest urban redevelopment and mixed-use projects in Europe, the CityLife Shopping District will be a unique, innovative and premium retail destination in Milan. Due to open on November 30 this year, it will consist of three interconnected areas: a two-storey mall designed by Zaha Hadid Architects, a large central square by One Works and an open-air mall designed by Studio Mauro Galantino. With a catchment area of 700,000 inhabitants and 32,000 sq m of GLA, it will offer an innovative tenant mix with 100 units devoted to shopping, restaurants, services, leisure and entertainment. The centre will include a gourmet supermarket, a multiplex cinema with 1,200 seats and a fitness & wellness area. The location is well served by public transport, with the new Tre Torri station on the M5 Milan Metro line and easy access to buses and trams. It will also have 1,700 underground parking spaces.

City: Sesto San Giovanni, Milan, Italy Developer: Falcon Malls MilanoSesto is the largest post-industrial redevelopment project currently in progress in Europe. The former Falck area in Sesto San Giovanni is being completely redesigned and an entire new city will replace the abandoned steelworks. Falcon Malls is an essential part of this project and in the Concordia area it will be building a shopping centre, a leisure and entertainment area and a mixed residential/retail area, with a total commercial GLA of 131,320 sq m. Planned to open in 2022, the Falcon Malls project consists of two main areas: one exclusively retail and the other mixed-use with residential buildings, offices and a retail boulevard. In total the shopping centre area will have a GLA of 103,600 sq m, with 244 shops including 57 bars and restaurants and 3,500 car spaces, with 13 million yearly visits expected. The mixed-use area will include new residential buildings, offices and a retail boulevard with a GLA of about 27,720 sq m, which will host 131 retail units and approximately 1,000 car spaces. Concordia â&#x20AC;&#x201C; Sesto San Giovanni will be one of the largest shopping centres in the catchment area.

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ELEKTROWNIA POWISLE

INTU COSTA DEL SOL

City: Warsaw, Poland Developer: Tristan Capital Partners, White Star Real Estate The redevelopment of Elektrownia Powisle is one of the most interesting and longawaited projects in Warsaw. The multifunctional project includes the revitalisation of an historic power plant which will be turned into retail space; the development of three new Class A office buildings, an exceptional food and beverage offer, luxury apartments and a boutique hotel. In total the complex of buildings will amount to 50,000 sq m including 15,500 sq m designated for retail with 100 stores. This new, multifunctional project approaches retail space from another perspective. In the heart of Powisle, on the site of an historical power plant, there will be space for the best Polish and international boutiques, concept stores and pop-up stores. People will also find well-known brands in new formats. Planned to open in 2018/2019, the retail space in Power Plant Powisle will not be similar to a typical shopping mall; it will be much more than that — a place where retail, leisure and entertainment complement each other.

City: Torremolinos, Malaga, Spain Developer: Intu Properties On completion in 2021, Intu Costa del Sol is set to redefine the model of shopping centres in Europe, providing compelling experiences together with the highest quality offer. Leisure attractions will include open-air skiing, a theme park and aquarium, along with a hotel, conference centre and creative retail units and it is expected to serve 29 million visitors per year. The completed project will cover 237,000 sq m with 450 stores. There has been strong interest from both Spanish retailers and international operators looking for a presence in a destination with an international catchment. The development team is progressing the necessary planning consents — the plans have been successfully incorporated into the general plan for Torremolinos and are now awaiting ratification by the regional government of Andulucia.

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THE NEW ♥ OF HELSINKI

Come and meet us at the Nordic Pavilion (NCSC) stand R7.C18 at MAPIC 2017 250 stores

Grand opening in 2019 85,000 m² of retail space

Over 50% of spaces already leased

25% of Finns live within 30 minutes

PROJECT NEWS AEON MALL

ZENATA

City: Miyazaki, Japan Developer: Aeon Mall Opened in 2005, Aeon Mall Miyazaki, located in the south of Japan, has achieved a dominant share of the market as the most productive mall in the region with 180 retailers. The current renovation due to complete in the second quarter of 2018 will increase the floor area by 30%, with 70 additional specialty shops. It will include an artificial lawn-covered courtyard terrace with a fountain and a large slide. Beside the terrace, a new food court will allow adults to enjoy dining in the tropical atmosphere of Miyazaki. At the same time Aeon Mall will renovate the existing food court for families and add new child-centred cuisine elements. This project will enhance urban lifestyles, creating an environment to comfortably spend time. It will elevate the mall — already No.1 in sales and size in Miyazaki — to one of the largest shopping malls in Kyushu, a top-class mall in Japan with a GLA of 74,000 sq m and 310 stores drawing 13 million visitors per year.

City: Casablanca, Morocco Developer: Sonae Sierra Zenata shopping centre, a €100m investment located in Mohammedia, close to Casablanca, will be developed by Sonae Sierra, the international shopping-centre specialist, in a partnership with Marjane, Al Futtaim and Groupe CDG subsidiary Societe d’Amenagement de Zenata. Zenata shopping centre will have 85,000 sq m of GLA with 250 shops served by approximately 3,650 parking spaces. The centre will have 18 anchor shops, including IKEA and a 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 which is expected to generate 20 million visits per year. 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. Zenata shopping centre will create 4,500 jobs for the local community, in a newly developed area with modern facilities including a university, a hospital, a TGV station, hotels, residential, an exhibition centre and a business district.

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CREATING THE WOW FACTOR!

2017 DIRECTORY

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TM Design is an award-winning international architectural and interior design consultancy with proven expertise in architecture, interior, and graphic design. Our rich design experience in the commercial retail and hospitality sectors will lead to project success. We follow our design methodology to combine aesthetic beauty and innovative space utilization ideas to create exceptional value for the project and the surrounding area. TM Design provides creative and budget sensitive solutions to develop vibrant and grand places that focus on the visitors’ experience. Starting from the architecture design phase we like to develop spatial characteristics and interior moods that combine efficient function and stimulating atmospheric environments. The end-user’s experience is very important as we create design solutions. We have rich design expertise but we are still constantly listening to feedback in order to continually grow and be able lead projects to successful completion by exceeding expectations. Contact Email: yuan.thompson@tmdesign.com.cn

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HOOG CATHARIJNE

City: Utrecht, Netherlands Developer: Klepierre Hoog Catharijne is one of the Klepierre Group’s major properties in the Netherlands. Not only does it form the geographic axis between the old city centre and Utrecht’s Central Station, it is the retail heart of the Netherlands. With more than 26 million visitors a year, Hoog Catharijne is the most frequently visited shopping centre in the Netherlands. But there’s more to experience under one roof: relaxation and recreation go hand-in-hand with the VredeNourg concert hall and the Hoog Catharijne cinema close by. On April 6, 2017, Klepierre officially opened phase 1 of the project with 16,000 sq m of new retail space. New stores were added to the shopping centre’s offering: in the fashion segment, Zara, Bershka, Stradivarius, Nike, WE and Men At Work; in food & beverage, Five Guys, Vapiano, Exki, McDonald’s new concept, among others; and in health and beauty, Yves Rocher, MAC and Rituals. Since the opening, Hoog Catharijne’s footfall has increased by 6%. When completed in 2019, Hoog Catharijne will be the largest mall in the Netherlands at 78,000 sq m and 180 stores. It will be among the top five in Europe in terms of visitor traffic, offering international brands flagship-store opportunities in a stateof-the-art setting with Klepierre’s latest Clubstore standards.

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DREAM ISLAND

City: Moscow Russia Developer: Regions Group Dream Island, due to be completed in Moscow in 2018, is the first city resort in Russia and the biggest indoor theme park in the world, and is expected to attract 50 million visitors per year. The total development area is approximately 100 ha, of which the amusement park is to occupy 300,000 sq m. Dream Island will have 10 themed areas with 40 different activities for adults and children, 27 of which will be modern and unique rides that will allow visitors to immerse themselves in the magical worlds of their favourite animated films. In addition to the themed area of the park, Dream Island will also include 31.9 ha of landscape park with children’s areas and sport zones, an open-air cinema, a dance floor, pavilions for master classes and an artificial pool with fountains. A multi-purpose concert hall will have a capacity of 3,500 while a multiplex cinema will house 17 auditoriums, including an IMAX theatre. The city promenade will lead to a central square the size of 1.5 football stadiums, with a glass dome and replicas of world landmarks.

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PROJECT NEWS OKERN SENTRUM

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MALL OF SOUSSE

City: Oslo, Norway Developer: Steen & Strom/Klepierre The population of Oslo, which is one of Europe’s fastest growing cities, is expected to grow by 28% by 2030. Situated at only 3 km from the city centre, Okern is one of the major development areas of the Norwegian capital. Steen & Strom is one of the key investors in the placemaking of the Okern area which includes a water park, cinema, residential area, offices and culture, in addition to Oslo’s largest shopping centre. This development will transform the whole area into an urban and vibrant city centre, with an area of 163,000 sq m. A completely new development that will set new standards in planning and retail design in Norway, Okern Sentrum is the most vibrant and unique shopping destination currently being planned in Norway. With 155 shops totalling 60,000 sq m GLA, when it opens in 2022 the new shopping destination will be an international landmark both in terms of design, architecture and retail mix. The new Okern Sentrum will offer an open and inviting urban structure with spacious outdoor areas and a bustling square with beautiful landscaping that creates a welcoming atmosphere.

City: Sousse, Tunisia Developer: Malls of Tunisia/Concept Developpement Mall of Sousse will be one of the main trade and entertainment hubs in Sousse and the Sahel, bringing world-renowned brands alongside a cinema multiplex and a children’s playground. Mall of Sousse presents an innovative architectural and decorative concept inspired by modern resort design. The project covers an area of 65,000 sq m, comprising about 130 shops with a majority of international brands and a hypermarket with a floorspace of approximately 10,000 sq m. The opening is planned for March 2019.

WANDA MALL OF QINGDAO MOVIE METROPOLIS

City: Qingdao, China Developer: Wanda Group Wanda Mall of Qingdao Movie Metropolis is located in Qingdao, a unique and liveable coastal city, with outstanding tourist attractions and a pleasant climate. The gross regional domestic product of Qingdao exceeds RMB 1trn (€130bn). Qingdao Oriental Metropolis is an exclusive, integrated development combining commercial property, culture and tourism with a total GLA of 5.4 million sq m including the 330,000 sq m Wanda Mall which will open on April 28, 2018. In addition, the development will feature an indoor theme park, an indoor movie park, an indoor children’s playground, international cinemas, large supermarkets, a video games city, an international standard, indoor ice rink and an indoor commercial pedestrian street. Qingdao is the home of China’s movie industry and local attractions include Wanguo street, the Wanguo Xinhe landscape belt, Bar Street, the international showground and the grand theatre. At the seafront the yacht trading centre is the focal point for a high-end residential area with sea-view villas. Property giant Wanda has already developed an international hospital, an international school and the Wanda Soho apartment complex in the city.

AL ARAIMI BOULEVARD

City: Oman Developer: Al Raid Group of Companies Al Raid Group’s Al Araimi Boulevard (ABLVD) is intended to be the most intimate family destination in Oman, providing a fun-filled shopping and leisure experience with a touch of nature when it opens in September 2018. Construction of Al Araimi Boulevard began in May 2016 on a plot of 86,000 sq m in a central location with excellent accessibility from Muscat International airport, the Almouj development and many shopping centres in the vicinity. With a gross built area of 155,427 sq m split over two levels and a leasable area of 70,500 sq m with over 3,000 car parking spaces, the destination shopping mall will also offer 170 retail shops including a hypermarket, 10 anchor stores, a family entertainment centre, a 10-screen cinema complex, a food court with a 1,200-seat dining hall and 21 F&B outlets and 16 restaurants with outdoor seating on the boulevard walk overlooking a breathtaking landscape garden with a dancing fountain. With the grand opening planned for September 2018, ABLVD will be an iconic destination for seekers of quality shopping, fine dining, leisure and entertainment.

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Benoy, now in its 70th year, is a global family of design specialists committed to delivering world-class solutions for the built environment. Balancing creative vision with commercial viability, we work with clients to create iconic destinations that enrich peopleâ&#x20AC;&#x2122;s lives, strengthen communities, enhance nature, and deliver lasting economic value. We specialise principally in masterplanning, architecture and interiors. To find out more, please visit us at Stand P-1.K12 or contact amy.cartledge@benoy.com to arrange a meeting with the team benoy.com

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OUVERTURE ÉTÉ 2018 / OPENING SUMMER 2018