MAPIC 2023 NEWS 2

RITUALS

BIG MAMMA

CARMILA

Talking retail with Raymond Cloosterman, CEO and founder of Rituals, a keynote speaker today

Restaurant group CEO Tigrane Seydoux delivers a keynote today on the drivers of success

Managing director Marie Cheval discusses re-aligning the Carmila portfolio and introducing mixed-use

WEDNESDAY 29 NOVEMBER WWW.MAPIC.COM

NEWS 2

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CONTENTS 06

News

Day two of

22

Features LEISURE We talk to some of the new players expanding the world of leisure and entertainment

REGENERATION Urban retail is re-defining and re-shaping many of Europe’s inner-city areas

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Conferences Today’s packed agenda includes keynotes from Big Mamma and Rituals, MAPIC Outlet Summit, Retail In The City Summit and the Leisure Summit, plus the MAPIC Academy finalists pitch

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MAPIC 2023

Rituals; Entrecampos; CBRE IM; Greggs; Unibail-Rodamco-Westfield; Momentum Leisure; American Dream; NEPI Rockcastle; Turkish Brands; Big Mamma; Carmila; Time Out Market; and more...

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Martijn van Rheenen, owner and director of Momentum Leisure

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LIFE AQUA PARK WILL CARRY THE SPIRIT OF TOMORROWLAND LIFE, a new aqua park resort concept that is being developed by Momentum Leisure in partnership with the Tomorrowland festival organisers, is being showcased at MAPIC this week.

The first location for the project — which could also be used as a festival venue as it includes hotel rooms — will be in Kownaty, Poland, 30km from the border of Germany and next to Majaland, an existing theme park owned by Momentum Leisure. It comprises a 6,000 sq m indoor area set in 20 ha of open space.

The destination will encapsulate the spirit of the Tomorrowland music festival thanks to the strength of the Tomorrowland IP, said Martijn van Rheenen, owner and director of Momentum Leisure.

“It’s an unusual combination but it makes total sense because of their enormous fanbase,” he said.

He said the company believed there was room in the market for a second location for a concept similar to the Life concept and was open to discussions with any large retail operators or investors who might be interested in co-creating.

Rituals sets out ambitious plan to double in size in Europe RITUALS CEO and founder Raymond Cloosterman, who presents a keynote address at MAPIC today, said that the brand currently has “momentum across Europe” and that he has dreams to take both the Rituals brand and the business to the next level over the next five to 10 years, and become the number-one wellbeing brand.

Rituals is currently opening between four to five stores a week across Europe and will have 1,200 standalone stores by the end of the year. It also operates in 3,000 locations in luxury and department stores, has a strong travel-retail presence and 25% of its turnover is digital. “We are a truly omnichannel brand,” he said.

From a business perspective Cloosterman said Rituals sees the opportunity to almost double in size in Europe.

Around 500 new stores are planned across the continent in the next four to five years, with a particular focus on France, Germany and the UK. Rituals has also recently opened in Poland and Italy where Cloosterman described the

brand as “being on fire”. He hopes to open around 100 stores in those markets over the next two to three years.

Asia is also a huge target with plans to build a similar presence as in Europe. The first 20 or so Asian stores opened this year, including Singapore, Kuala Lumpa, Hong Kong and Shanghai, with Bangkok and Toyko due in the next three months.

Cloosterman said Rituals would look to quickly move to between 2030 stores in such Asian cities once the company knew it had the right

footprint. “It’s early days but people are reacting very positively. They like the amazing fragrances, elegant stores, innovative products and the price points,” he said.

Cloosterman said that constant innovation was a key element of the success of Rituals with launches of 200 new products a year. But there’s wider innovation too, including Mind Oasis, a sanctuary for mental relaxation, the most recent of which opened on the first floor of its Champs Élysées store earlier this month.

Raymond Cloosterman, CEO and founder of Rituals

Scheme will revive vast area of Lisbon ENTRECAMPOS, a large urban-regeneration scheme in Lisbon, Portugal was unveiled to an international audience at MAPIC yesterday. “The spine of the project will be retail. It will be connecting the project from one end to the other,” said Miguel

Fidelidade’s Miguel Paiva Couceiro (left) and Entrecampos’ Michael Purefoy

Paiva Couceiro, head of project management, Fidelidade Property, owner and investor in the scheme.

“It’s in part of the city that’s been stalled for 20 years. With this project we will, in a very subtle way, fill the gap that’s existing in the city, and

create a very exciting and vibrant location. Not only for the city but for the entire population of the surrounding areas. It will be a magnet for everyone around it.”

Michael Purefoy, head of asset management, Entrecampos, said another key aspect of the scheme is its outdoor space. “One of the central themes of the project is that it has a huge amount of green area too. So although it’s a large project in its own right, we have something like 17,000 sq m of green space and public space that runs throughout the project. So the retail will be very much a sort of indoor/outdoor experience as well.”

Entrecampos will also feature one of the largest geothermal projects in Portugal which will supply energy to the office and retail buildings.

Don’t be tempted to ‘buy cheap’ CBRE’s Decouvelaere warns

IT MAY take another nine months to a year before full stability returns to the real estate investment market, a

a tough challenge for the sector, and for real estate as a whole, one of the effects has been a redressing of problems that were being created before COVID. He said: “Polarisation has cleaned the market of products that had become pointless. There was too much retail space. We had moved away from the fundamentals of location, proposition and execution.

“COVID was like the wake-up with a hangover. We had moved away from some important ideas. We were totally supply-led and now we’re becoming demand-led.”

He also warned that as transactions begin to return, there will be a temptation for investors to go for the first deals available, and to buy lesser quality assets at the low prices likely to be seen in the near future.

“Don’t be tempted to buy cheap,” he said.

Food-on-the-go giant Greggs is seeking to grow internationally GREGGS is on the hunt for international partners at MAPIC to expand the brand outside of its UK homeland where it has more than 2,400 locations.

“We are looking to test international markets and my role is to find someone to test our brand by looking for strategic operational partners,” said Nigel Simpson, head of international at Greggs.

He said the brand is looking at Europe, particularly central and eastern Europe, and that Greggs was seeking to establish a significant presence internationally. “We are looking to grow to a sizeable scale, we are not looking to just plant flags,” he said.

The Greggs store format and offer will flex to the market but will retain Greggs’ brand essence, Simpson said. “Greggs wi-

thout sausage rolls and steak bakes wouldn’t be Greggs,” he said.

Simpson said the brand’s scale and success in the UK proved the ability of Greggs to move internationally.

“Our point of difference is snacking and meal occasions throughout the day. It puts us ahead of much of our competition and is coupled with fast and friendly service,” he said. In addition, Simpson said, was the brand’s ability to work within a range of diverse property locations.

In the UK, Greggs is looking to expand to more than 3,000 sites and has opened a net 150 new stores this year.

Its UK expansion includes a greater presence in transport hubs as part of its growth away from the high street, having opened 50 transport hubs in the first half of 2023. Greggs opened

its first airport site at London Gatwick earlier this year and is looking for additional sites at service stations, train stations and airports. It also operates cafés within five Primark stores.

Nigel Simpson, head of international, Greggs

SpaceandPeople’s Nancy Cullen

SPACEANDPEOPLE LOOKS FORWARD WITH A GLOBAL GROWTH STRATEGY A FIRM specialising in the use of temporary physical spaces as incubators and marketing hubs for startup retail brands is at MAPIC looking to boost an international expansion drive.

SpaceandPeople has bases in the UK, where it was founded, and in Germany, but is now in expansion mode with eyes primarily on Europe. The firm, which specialises in creating kiosks and other units in prominent locations within shopping centres, has provided a launch pad for numerous startup and online brands.

SpaceandPeople provides entrepreneurs with brand consultation and training, staffing and marketing assistance to help them realise their business ideas.

It also negotiates with landlords to secure short-term spaces either in a mall concourse or in temporary units.

Nancy Cullen, founder and chief executive of SpaceandPeople, said that many of the companies and people that they are dealing with now are those who had business ideas during COVID. “It’s a flexible model,” Cullen said. “You can pick and choose your service. Flexible space and flexible terms. It’s a win-win.

These are easy set-ups and small fit-outs.”

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Eric Decouvelaere of CBRE Investment Management

leading retail sector expert has said.

CBRE Investment Management head of retail for the EMEA region Eric Decouvelaere said that the current flux in the market due to uncertainty over pricing, interest rates and geopolitical events still needs time to play out before full confidence can return.

Decouvelaere said: “Retail investment has taken three big hits. There’s been COVID, the effects of inflation and interest-rate changes, and political instability around the world.

“And retail itself has been through big structural changes as well as sustainability. When you add all that together in the mixer, it’s been a lot for investors.

“But prices are revising, and rental prices have rebased. A lot has happened but now it’s becoming a really interesting market.”

Decouvelaere said that while the upheaval of the past five years has been

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URW releases new sustainability guidelines for 2030 and 2050

INVESTOR and developer Unibail-Rodamco-Westfield (URW) published new science-based net-zero targets on Scopes 1 and 2 for 2030 and Scopes 1, 2 and 3 by 2050 last month, in a major acceleration of its ambitious sustainability targets initiated almost 15 years ago.

URW has become the first retail real

Meanwhile the Sustainable Retail Index has been created to provide insight into the progress of retailers in their environmental transition and Jeannin stressed that the shopping-centre giant was actively working with its tenants to help improve their own sustainability practices.

He said that it was also important to take a “balanced approach”, with a focus on the pragmatic delivery of changes and to help the industry move forward.

“But we have to take a humble approach,” he said. “We are not a retailer and we can’t tell retailers what to do. But we can contribute to their own practices and we hope that this is our contribution to the journey. It is important for tomorrow that companies have a vision and demonstrate a commitment to improving how they approach sustainability.”

Road Ahead focuses on responsibility THE ROAD Ahead session at the MAPIC Conference Studio, co-organised with Chris Igwe International, explored ways in which the retail industry can develop and grow in a responsible and sustainable way.

Opening the discussion Cindy Andersen, Ingka Centres managing director, said: “We have been focusing on transforming our shopping centres into meeting places. Spaces where people can come together, retail destinations that go beyond shopping.

We are always IKEA-anchored in our meeting places across the globe and for us the topic of responsible growth is dear to our hearts. And for us it is not only a challenge but it is also a fantastic opportunity for all businesses.”

Joanna Fisher, ECE Marketplaces CEO, gave her perspective on responsible growth, repositioning, and how to attract new and existing consumers. “We are creating new facilities around retail — we called it Retail Transformed —

and of course mixed-use, everybody in the world is talking about mixed-use,” she said. “And in some parts of the world it’s the normal way because you have the space to create these kind of assets — in Europe it’s more difficult; because you have smaller spaces you have to rethink the spaces in a new way.”

Alison Rehill-Erguven, Cenomi Centers CEO, talked about the dramatic changes in the retail landscape in

Saudi Arabia since 2018. “It’s an extraordinary journey,” she said. “Because we’re in growth mode we have a very robust pipeline ahead of us, and part of that pipeline is building three flagships for the Kingdom. This type of product doesn’t exist in the Kingdom today. We don’t have luxury shopping-centre destinations so we will be bringing them first. And we’re building LEED certified.”

Chris Igwe of Chris Igwe International (left) with Ingka’s Cindy Andersen, ECE’s Joanna Fisher and Cenomi’s Alison Rehill-Erguven

Carmila managing director Marie Cheval

CARMILA REIMAGINES ITS PORTFOLIO FOR THE FUTURE FRENCH investment fund Carmila is advancing with a long-term strategy to dispose of a tranche of its portfolio and to revitalise and diversify its existing shopping-centre assets.

Carmila managing director Marie Cheval said that the company’s long-term strategy entails a combination of selling off assets no longer generating value for the fund and acquiring new sites in line with its future growth direction.

Cheval said will there will be a “progressive change over a longterm period” as Carmila introduces more social, leisure and health-related elements to its centres.

“Our goal is to match our customers’ expectations,” she added.

“With COVID we experienced a fully online world and we don’t want that now. The shopping centre has a very important social purpose. The way we imagine buildings is changing.”

Carmila, which is a subsidiary of Carrefour, has disposed of 15 shopping centres since 2021, and has plans to sell a further €75m of assets by the end of 2024.

In July the company acquired 52 shopping centres from Galimmo SCA. The bulk of these are in the north east of France.

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Unibail-Rodamco-Westfield group director of sustainability Clément Jeannin

estate company in the EU and sixth CAC 40 company to obtain SBTi1 approval of net-zero targets and has issued what URW group director of sustainability Clément Jeannin called a “comprehensive and fully funded climate plan to reduce Scope 1 and 2 emissions by 90% by 2030.”

Jeannin is speaking about URW’s progress in a session at MAPIC this morning and added: “What we have committed to is expanded environmental targets with a focus on biodiversity, water, waste, climate adaptation and community impact.”

The company has issued new Better Places Certification and Sustainable Retail Index initiatives. Better Places Certification is used to assess and promote the sustainable performance of URW’s retail assets using 94 criteria, including existing certifications, covering all environmental and social dimensions.

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American Dream hits ‘critical

mass’ with wide ranging tenants

NEPI Rockcastle’s Marek Noetzel

M A P I C N E W S DA I LY 2 , N OV E M B E R 2 0 2 3

RETAIL IN CEE GROWS TO MEET MIDDLE CLASSES

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RISING disposable incomes across Central and Eastern European markets are outpacing those in more mature western European economies. It is driving a more dynamic tempo of consumer spending in a region under-supplied with modern retail space, according to Marek Noetzel, chief operating officer, NEPI Rockcastle, a leading owner, operator and developer of shopping centres across CEE. The company is experiencing a robust uplift in net operating income as international and local retailers expand in the region to capture a growing cohort of more affluent consumers and higher margins in these markets.

“We have just closed our Q3 and turnover is almost 14% up compared with last year,” Noetzel told MAPIC News. “Footfall is back where it is supposed to be. Vacancy has dropped to 2%. We have all the reasons to believe that yes, the retail market has its challenges, but actually CEE is a bit different.”

Noetzel said that CEE markets have never been oversupplied and do not have the structural problems that western European markets are facing, “Customer confidence is strong and unemployment is low. So all the macro-economic indicators support our agenda,” he said.

THE HUGE American Dream mall and entertainment centre in New Jersey, US should be 85% let by the end of January 2024, according to Paul Ghermezian, COO, American Dream.

Around 75% of the centre is currently leased.

A number of new stores have opened in November, including Zadig Voltaire, Canada Goose, Rolex, Watches of Switzerland, Cartier and a flagship restaurant from US celebrity chef Marcus Samuelsson.

“We have over 200 retailers open now and around 30 F&B outlets, plus 17 entertainment venues,” Ghermezian said.

“We’ve really hit critical mass now and we believe we are unique in being able to offer from Hermes to Primark and everything in between. On top of that, while you can go to other centres for specific entertainment offers, at American Dream you can do everything.”

Soon to join the centre’s wide array of leisure and entertainment offers will be the first Hasbro themed park and the debut of a Sesame Street-based offer

that will include a Cookie Monster café.

American Dream owner Triple 5 also owns two more mega-malls, the Mall of America in Minneapolis and West Edmonton Mall in Canada. Ghermezian said that they were also refreshing their entertainment parks, with the former set to open an even larger water park than the one at American Dream and

Paul Ghermezian, COO, American Dream

the latter to add a 1,000-room hotel to its complex.

“They are both very mature malls and we like to think of them as our trained athletes, while American Dream is our toddler learning how to walk,” he said of the retail evolution of the newest mall.

Post-COVID American Dream refinanced with a consortium led by JPMorgan Chase, which has provided the business with a “four-year runway” to continue the development of the tenant mix, which is about one year in.

Ghermezian said that would allow the company to then finance again at bond rates more akin to those it achieved for its two other malls, after successfully placing a CA$1.2bn bond in September of this year in an offer that he said was heavily oversubscribed.

“We’re achieving tremendous footfall at American Dream and the scheme is performing really well — being able to demonstrate a strong track record will help with our next round of refinancing,” he said.

Playgrounds an ‘essential part of mix’ CEEPLAY has brought its innovative playground designs to MAPIC as activity areas increasingly become an intrinsic part of shopping malls.

“We like to call ourselves creators of playful landmarks,” CEO and founder Ibrahim Eker told MAPIC News.

“We really want to create something different that belongs to the area, which means a lot for the community as well as, obviously, children,” he added. “By creating different experiences for children through play we would like the community to get together in our projects.”

Eker said that shopping malls have evolved to such an extent in the past 10 years that playgrounds are becoming an essential part of the mix. He said by offering a playground, more often than not without charge, the

shopping mall is creating more of an organic relationship with the visitor.

“Today shopping malls have changed their roles. They’re more like communal spaces,” he said. “When we look at our projects now we see at least 65% in a year is coming from a shopping mall.

As we speak, we are working on a project in Portugal in a shopping mall, and we delivered one at the beginning of this year in Australia.”

Eker said the company’s ideas developed while he was with Nike.

“I used to work for the social compliance programme and sustainability programmes there. We did some community outreach projects developing playgrounds for kids and then measured the social impacts of the playgrounds in underprivileged areas. Seeing how impactful those

projects were on children’s behaviour and the issues they were facing, it told me that was the thing I wanted to do for the rest of my life.”

Ceeplay’s Ibrahim Eker

Turkey well-placed for growth as signs of recovery emerge

THE TURKISH retail market is open for investment with strong signs of recovery and considerable potential for asset acquisition, a leading expert on the country has said.

We will be seeing deals and acquisitions starting again soon. Retail real estate is one of the most attractive things for foreign direct investment into Turkey.”

One of the strengths of the Turkish market, he added, was its gateway location between Europe and Asia, and the fact that some 4.5 billion people live within a four-hour flight.

Turkey benefits from considerable shopping tourism — and, increasingly, health tourism, which Alkaş said is driving interest from international brands looking to set up in the major cities and beyond.

Alkaş is leading a delegation of Turkish retail companies present at MAPIC under the Turkish Brands banner. This year’s delegation of 16 retail brands is larger than at MAPIC 2022, which Alkaş said was a testament to growing confidence and retail performance in the market.

Experts look to a positive future DESPITE the challenges of the last few years retail is in a good place and moving forward, according to panelists at an Expert Insights: Overview And Prospects conference session, co-organised with consultancy Chris Igwe International, at MAPIC yesterday.

“We are seeing much more positive sentiment from investors,” Sandra Ludwig, head of retail capital markets EMEA at JLL, said. Chris Gardener, managing director and head of European retail at CBRE agreed: “Sentiment is hugely positive,” he said.

Sally Bruer, head of EMEA logistics at Cushman & Wakefield, said the future was looking good from an occupier perspective, but that needs are changing. “Retailers are looking for real estate that fits the right model for what they are trying to achieve — but that’s not the same as pre-COVID,” she said.

The panel emphasised the impact of the physical environment for shoppers, but as part of a cohesive offer

that meets changing consumer expectations. There are also greater expectations of landlords from tenants, Bruer said. “There is a real focus [from tenants] on quality. They are considering what the right portfolio looks like and how the space is adaptable to their strategy.” That requires working closely with landlords to flex space and other requirements in line with changing consumer needs and to create value for all. She added: “It is a real dialogue between landlord and tenant.”

Bruer urged landlords to work on a

JLL’s Sandra Ludwig (left) with Cushman & Wakefield’s Sally Bruer and CBRE’s Chris Gardener

more individual basis with occupiers to create valuable and stickier relationships longer-term. “Tenants would say there could be more dialogue and less of a cookie-cutter approach.”

One of the biggest challenges for retailers remains aligning stores with online, as well as consumer expectancy of immediate fulfilment of product instore. “It’s a challenge to understand what their omnichannel strategy needs to be. We as shoppers are demanding children,” Bruer said. “It’s a big challenge that continues to evolve.”

WhiteSpace’s Jonathan Doughty

F&B AND LEISURE ARE MOVING AHEAD OF RETAIL THE MOOD is more serious and more business-like at this year’s MAPIC after a period of post-COVID re-engagement, according to Jonathan Doughty, chairman (non-exec) at F&B advisors WhiteSpace Partners.

“We know the game is changing with retail, we know that retail is taking up less of the square meterage. Obviously, the natural winner of that is food and beverage, and leisure,” he said.

“The difficult part about that is the challenging spaces,” Doughty said. “What we’re finding is where the vacancies are, they tend not to be small shop units, they tend to be larger ones — things like department stores. The bigger spaces mean we can plan bigger projects and deliver bigger impacts on our properties.

“It does require a bit of investment but more importantly it requires creative thinking. The one advantage we do have is that the rent levels on those sorts of buildings are never that high so you can play a little bit more creatively. The challenge is getting the right operators into the space and getting them to sit with other operators in the same box.”

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Avi Alkaş, chairman of Alkaş

Avi Alkaş, chairman of Turkish retail real estate company Alkaş, has said that the country’s location as a fulcrum point between Asia, Europe and Africa, combined with a strong showing of retail brands and retail property, makes the country ideally placed to grow as markets recover.

Speaking to MAPIC News, Alkaş acknowledged that Turkey has suffered from the same negative trends that have affected markets throughout Europe, but that there were positive signs for the coming months.

He said: “The Turkish retail market has been adversely affected in recent years, especially by the pandemic and rising inflation and interest rates. But I believe we are coming to the end of that. I’m very hopeful that we are coming to the end of the negative period.

“I believe there is good potential for Turkey to grow in the coming years.

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WEDNESDAY 29 NOVEMBER

CONFERENCE PROGRAMME MAPIC

MAPIC INNOVATION FORUM

LEISURUP

THE HAPPETITE

INNOVATION STAGE (Riviera 7)

ARENA (Palais -1)

STUDIO (Palais -1)

MORNING 09.30 - 10.00

10.30 - 11.00

URW’s project to drive sustainability in retail and retail property

Repurpose with purpose

11.30 - 12.45

FRANCE FORUM

11.30 - 12.15

12.15 - 12.45

Challenges & opportunities of the French market

A deep dive into the French leisure market

09.30 - 10.00

10.00 - 10.30

11.00 - 11.30

12.00 - 12.30

FOOD OPENING SESSION

Food keynote

The International Development Challenge in F&B

Tigrane Seydoux Big Mamma

Good brands, great brands, what’s the difference?

Sustainability in F&B

09.30 - 10.00

10.30 - 11.00

11.30 - 12.30

Retail security: are we doing enough?

Making an impact with sustainable innovation

Innovation pitch

ARENA (Palais -1)

STUDIO (Palais -1)

AFTERNOON 14.00 - 14.30

15.00 - 15.30

16.00 - 16.30

17.00 - 18.30

Retail keynote

Growth concepts: fit for the future

ESG: from cost to opportunity

Italy Forum

Raymond Cloosterman Rituals Cosmetics

14.00 - 15.00

15.30 - 16.30

17.00 - 17.30

Leisure pitch contest - Live vote

Italian Retail pitch contest - Live vote

Mapic Academy finalists pitch

Live vote

INNOVATION STAGE (Riviera 7)

The commitment of the Shopping Centers Industry to ensure a sustainable future

Live vote

14.00 - 14.30

15.00 - 15.30

16.00 - 17.00

17.30 - 18.00

Artificial intelligence (AI) - we have more data than ever available and connected...

New designs on innovation: whole life thinking

Innovation pitch

Revealing innovation and deploying it at scale…..

PREMIUM NETWORKING EVENTS (by invitation only)

VERRIÈRE GRAND AUDITORIUM (Palais 1)

08.00 - 10.00

11.00 - 13.00

16.30 - 18.30

ECSP Retail & Leasing Group Annual Meeting

Outlet Summit

Leisure Summit

Meeting and work-group of pan-European retailers and leasing organizations discussing current market topics, creating commendations and proposals for common solutions and networking.

Our annual focus on the dynamic and expanding designer outlet sector.

Get insights on the latest trends in leisure, discover new leisure concepts and key projects integrating leisure in lifestyle destinations and network with a targeted audience.

14.00 - 16.00

Retail in the City Summit How cities can reinvent themselves to remain attractive for retailers and how the centre and the suburbs can be revived.

More details on www.mapic.com

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Hear them speak today at MAPIC

Clément Jeannin

François Agache

Marie Cheval

Raymond Cloosterman

Group Director of Sustainability UNIBAIL-RODAMCO-WESTFIELD

Managing Director of Operations and Development APSYS

Chair & Chief Executive Officer CARMILA

Founder & CEO RITUALS COSMETICS

Clémentine Pacitti

Tigrane Seydoux

Thomas Reichenauer

Stephen Yalof

Chief sustainability Officer KLÉPIERRE

Founder & CEO BIG MAMMA GROUP

Co-Founder and Managing Director ROS RETAIL OUTLET SHOPPING

President and CEO TANGER

Emmanuel Le Roch

Alejandro Gomez Montanari

Tobias Karlsson

Rana Edwards

Délegué Général PROCOS

Store & Business Development Franchise KIABI

Global Real Estate Director KIKO

CoFounder/VP I LOVE POKE

Roland Mangelmans

Filomena Conceição

David Grover

Director Real Estate APG ASSET MANAGEMENT

Global Head of Business Development NHOOD

Group Chief Executive Officer ROSHN

GLOBAL SPONSORS

SPONSORS

PARTNERS

NEW LIVING MOOD

GLOBAL PARTNER

And many more…

Check the full conference programme

Cities take to the stage to showcase opportunities

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THE CITY Pitch at the Arena on Tuesday — co-organised with CMCV — offered delegates the chance to discover new potential locations for investment, for retail and F&B outlets, and leisure attractions. Representatives from cities in France, Belgium and Luxembourg were given the opportunity to take their moment on

stage to make their case.

Each of the speakers were given a few minutes to explain why their city would be the right choice as a location for retail and outline investment opportunities. The range of cities covered in the session included Brussels, Mons, Charleroi, Namur, Montpellier, Mulhouse, Troyes and Esch-sur-Alzette.

Happetite opens with the story of the growth of Big Mamma Group

Tigrane Seydoux, founder and CEO of Big Mamma Group

FRENCH-owned Italian restaurant chain Big Mamma Group co-founder and CEO Tigrane Seydoux will open the Happetite Forum at MAPIC today with a keynote address for the brand which is expanding in Europe, as well as further afield.

The company currently operates 24 restaurants of between 500 to 1,000 sq m across five countries — France, Italy, UK, Spain and Germany. Each restau-

Jean-Luc Calonger pitches Charleroi to delegates

rant has its own individual name and design, with Big Mamma Group the umbrella company, however Seydoux said there is a link between all the sites.

“There is a common DNA. You can feel from one restaurant to another that it’s part of the same values,” he said.

Expansion in Europe will continue with a new site in Milan opening this week and plans for around four to 10 new restaurants a year. “We value every project on an opportunistic basis.

We don’t need to put flags on a map but will grow at a pace that the opportunity brings,” Seydoux said.

Big Mamma Group will also open in Dubai from next year, and in the US in two to three years. “We’ve expanded quite fast in the last five or six years and are excited about the future,” he said.

He said that the aim was simple: “The mission is to bring top-notch quality product at affordable prices served with a smile and good service,” he said.

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STARTCONCEPT Outlet Management is presenting TOM at MAPIC. Tubize Outlet Mall (TOM), will be Brussels’ firstever outlet mall, and only the second in Belgium.

The 15,000 sq m centre is located on the site of a former forge. Tubize Outlet Mall will comprise 80 units targeted at premium brands, including fashion, and is due to open at the end of 2024. In addition to the retail space, the Tubize Outlet Mall also includes 6,000 sq m of attached leisure space.

TOM — Tubize Outet Mall, the first outlet mall for Brussels, Belgium

“Brussels is the last major European city without an outlet mall so expectations are high,” said Thomas Troupel, marketing director at Startconcept Outlet Management. Building work on the centre, which will be rated as BREEAM Excellent, is already under way having begun two years ago and sustainability is a key target for the development.

Startconcept Outlet Management is a company that has been formed to manage the project, and includes experts in the outlet centre market, said Troupel.

Industry is turning on to tech ADOPTION of proptech is accelerating as retail owners and managers embrace the potential to increase value in their assets, the founder of a French technology firm has said.

Wishibam chief executive Charlotte Journo-Baur said that the industry has been on a journey of discovery since she founded the company in 2015, leading to greater interest in harnessing the power of tech tools.

“The industry is starting to realise the potential of tech,” she said. “We’re now seeing a real acceleration of our business. We’re doing deals much quicker than we used to, and we’re working with over 250 great brands.”

Wishibam provides a range of tech services to both retailers and retail property owners, including an online platform to

Wishibam founder and chief executive Charlotte Journo-Baur

enable shoppers to research and buy the products available in retail spaces.

Journo-Baur said that among the benefits of Wishibam technology was greater visibility of brands’ success or failure at a site and how well customers were engaging with individual retailers.

“We help clients to identify brands that will work in their markets. A brand that works in France might not work in the UK,” she said.

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Startconcept brings TOM to the market

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Buoyant prospects across India drive Bhutani Infra into retail

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Coniq’s Ben Chesser

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PROPTECH IS BETTER FROM A ‘BEST-IN-CLASS’ PROVIDER PROPERTY developers have been overspending on technology and proptech for too long and creating unnecessary cost by trying to build in-house systems from the ground up, according to the founder of Coniq, a firm specialising in digital-loyalty schemes.

Ben Chesser, chief executive and founder of the company, said that real estate owners and managers have only recently started to catch on to the potential value-adding power of tech that a “best-inclass provider” can bring.

“They have been overspending on tech, and the larger they are probably the more they are overspending,” Chesser said. “My advice to owners is don’t try to build it yourself.

Use a provider.”

Chesser said that UK-based Coniq, which provides a spectrum of proptech services, has “been on a journey” over the past few years, where it has spent time in the US working with shopping-centre owners.

He said that the company’s experiences there have provided new insights into serving a customer base with high expectations, and into how to upscale to a far higher level than is generally known in Europe.

AN INDIAN property development firm has taken the strategic decision to shift from offices to retail, driven by the huge levels of demand for new shopping space in its domestic market.

Bhutani Infra is at MAPIC to meet with potential joint-venture partners, find retail brands seeking to enter the Indian market and to showcase a number of commercial-retail developments currently under way in India.

The first of these, due for completion in the next six to eight months, will be its first mall development after moving away from its historic core focus of offices.

Bhutani Infra chief experiential officer Priti Chaudhary said: “This is a good time for us to enter the commercial retail market. In India there is an emerging retail market.

I believe India has great potential — the purchasing power of Indians has changed.

“We want to reach out to brands looking to enter India. We want to

act as an intermediary to brands that want to establish a presence in India,” she added.

The company, established in 1996, has so far completed 18 commercial projects in India, all in the office sector. But now the firm has eight retail projects under way as part of a strategic move to satisfy underserved demand for shopping centres in Indian cities, many of which have no malls at all.

Among the projects Bhutani is in

Cannes to showcase is the City Centre 150 development in Noida, in the state of Uttar Pradesh. Once complete the major new scheme will deliver a mix of uses including retail, dining, wellness and leisure.

Bhutani chief executive for retail and commercial Surender Pal said that there was great appetite for development opportunities in India on the international markets, reflected by a strong level of interest the company has attracted at MAPIC.

Bhutani Infra’s Priti Chaudhary (left) and Surender Pal

KCC builds on its X-Lab concept KCC ENTERTAINMENT Design is back at MAPIC for its 16th year, and on the lookout for partners for a new ready-to-go challenge entertainment concept called X-Lab. The concept, which requires a minimum 400 sq m of space, has been developed in conjunction with entertainment-centre operator SpeedPark. It offers an interactive and immersive team-based experience that allows participants to undertake a series of challenges within rooms in the attraction.

These challenges range from mental to intellectual and physical with players able to adjust the difficulty if required, said Reinhart Viane, business development director at KCC Entertainment Design.

“It’s an off-the-shelf solution that

is ready to go,” he said. Fully automated and requiring only one fulltime member of staff, the attraction appeals to both the B2B and B2C markets, he added.

The first of the concepts opened in August in Jaux, near Paris, under the banner of Experimental Park, the name by which the concept will be known in France and western Europe, and is already performing well, he said. Three more French sites — in Lille, Vannes and La Val — have already been signed with SpeedPark as the partner. In the rest of the world and eastern Europe the concept will be known as X-Lab and KCC is open for discussion with prospective partners to rollout X-Lab in these markets.

Viane said that previously centres did not always know what entertain-

ment could do for them, and now he had seen “tremendous progress” — many now realising “that entertainment can be a saviour of the mall”.

Reinhart Viane, business development direct at KCC Entertainment Design

The recently-opened Time Out Market, Cape Town

INTERNATIONAL food-hall concept Time Out Market has opened its latest site in Cape Town, South Africa at the V&A Waterfront, becoming the first Time Out Market to open in Africa.

The Time Out Market portfolio currently comprises seven open markets in Lisbon, New York, Boston, Chicago, Montreal, Dubai and

Cape Town, with a further eight signed and due to open between 2024 and 2027 in Porto, Barcelona, Bahrain, Vancouver, Abu Dhabi, Osaka, Prague and Riyadh.

Several new sites are also in negotiation and once all the currently signed markets are open, the portfolio will more than double in size, with over 250 kitchens across all sites.

Time Out Market offers a variety of models, from owned and operated to management agreements.

The sites currently open and in development are Time Out Market flagships, however the company is developing more formats including The Edit by Time Out Market, suitable as a neighbourhood food hall, plus a travel-hub model, The Hall by Time Out Market, for airports and train stations.

“I’m proud to say that Time Out Market now is a truly global brand with sites across four continents,” Chris Ohlund, CEO of Time Out Group said. “At a time when people are increasingly spending time on digital channels, they still want to socialise in real life and that is one reason why food halls continue to be so popular. We capture these trends through our unique combination of Time Out Market in real-life experiences and Time Out Media’s global digital channels, catering to the entire going-out experience from inspiring to enabling consumers to experience the best of the city.”

Neptune wins top sustainability rating NEINVER and Nuveen Real Estate have received the highest five-star rating in the Global Real Estate Sustainability Benchmark (GRESB) Report, 2023, for the fourth consecutive year — for Neptune, the joint venture between Neinver and Neveen’s parent company TIAA. The joint-venture portfolio includes 13 outlet centres and two retail and leisure parks and has been placed in the top three in the Southern Europe retail centres category in terms of overall ESG performance.

One of Neptune’s main 2022 initiatives was the roll out of its new Zero

“We are convinced that sustainability and business development must go hand-in-hand” Daniel Losantos Neinver

Waste policy, thanks to which 94% of the assets were able to obtain Zero Waste certification.

Almost all the centres are BREEAM In-use certified with either an Excellent or higher rating in both the asset performance and building management categories.

Neinver CEO Daniel Losantos, said: “As a company, we are convinced that sustainability and business development must go hand-in-hand and GRESB reminds us that we must continue to adopt a high level of social and environmental responsibility in our daily work and management.”

BEVERLY HILLS POLO CLUB OPENS CONCEPT STORE IN NEW DELHI LUXURY clothing brand Beverly Hills Polo Club has opened a new concept store in the Indian capital New Delhi as part of a wider expansion drive. The retailer has opened a store at the Select Citywalk mall, Pushp Vihar, offering its full range of men’s and women’s fashion and accessories.

Beverly Hills Polo Club is operated by Apparel Group India and the new addition follows a number of openings in India this year, bringing its store total to over 20 outlets, while it is also located in Turkey, the UAE and Egypt.

SAVILLS ACQUIRES NASH BOND TO BOOST RETAIL BUSINESS SAVILLS UK has acquired London-based retail agency and lease consultancy Nash Bond in a move it said will help to strengthen its existing retail business to take advantage of the recovering retail market.

Recent deals include Uniqlo and Footasylum on Oxford Street, Gucci on Bond Street for Derwent London, Norges and Trophaeum respectively.

Nash Bond was founded in 2003 by joint managing directors Mark Nash and Andrew Bond, comprises 11 directors and specialises in retail, F&B and leisure. Its clients include London Estates including Cadogan, Crown and Portman, as well as developers and REITs including Shaftesbury Capital, British Land, Crosstree, Great Portland Estates, Argent, Land Securities and Lendlease.

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Time Out’s global ambitions grow with first site in Africa

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Investors in retail show caution despite recovery for the sector said: “In a lot of locations, sales densities are already back to 2019 levels — sometimes higher. We are also seeing lots of retail expansion at the moment. Most shopping-centre landlords are happy. But for investors prices are not matching the retail sales and occupancy, and there is a mismatch between interest rates and prices.”

JLL’s research shows that investor confidence remains highest in prime retail locations and retail parks. The research cites markedly more attractive weighted prime yields in these two asset classes than in European offices and industrial assets.

Ludwig said that a key trend for 2023 was the much higher proportion than usual of volumes being accounted for by retailers. Much of this, she said, was down to retailers, in particular large grocery groups, making strategic investments into the assets they occupy.

Citynove breathes new life into Annecy CITYNOVE, the real estate development arm of the Galeries Lafayette Group, has completed a transformative retail-led regeneration project in the French Alpine city of Annecy.

The mixed-use Nouvelles Galeries Annecy project has entailed a significant 10,000 sq m extension around the existing Galeries Lafayette department store in the city, constituting a new urban district for Annecy.

As well as providing new city space for multiple uses, the Nouvelles Galeries Annecy project has added 30 new retail units to the space surrounding the department store.

And in the past week two retailers, Uniqlo and Ekosport, have opened their doors in the new spaces.

Other new uses, reflecting changing occupier trends, are a raft of restaurants and culinary concepts, local

services such as a post office, and a 1,000 sq m sports area.

The project is the culmination of a strategic move by Citynove to revitalise the space around the existing Galeries Lafayette, for which French architect Manuelle Gautrand and Danish designer David Thulstrup were appointed.

The design and architecture team was tasked with regenerating the physical environment around the store, and bringing the space into

Citynove’s Nouvelles Galeries Annecy

line with modern consumer demands and lifestyle tastes.

Citynove is also engaged with another major regeneration scheme, in the city of Lyon, in partnership with Keys REIM. The regeneration and repositioning works in and around the Galeries Lafayette Lyon Bron site are due for completion in 2026, by which time some 27,500 sq m of space on the edge of the city’s 8th arrondissement will have been transformed.

EUROCOMMERCIAL SHOWS OVERALL GROWTH FOR 2023 EUROCOMMERCIAL Properties’ third quarter results show a strong like-for-like rental growth of 8.3% supported by rental indexation, turnover rent and the lease renewal and reletting programme during the 12-month period to the end of September.

Retail sales increased by 7.2% for the nine-month period to September 30, 2023, compared with the same period last year. The board of management said all retail sectors continued to show positive sales growth, with the outstanding performers being services (19.9%), F&B (18.2%), sport (10.7%), health & beauty (10.2%) and home goods (9.8%).

The fashion and shoe sector also reported positive growth (3.7%) despite the unusually warm month of September in Europe which affected sales of the autumn collection. Overall, footfall across the portfolio increased by 4.2% for the nine months to September 30, 2023.

During Q3 Eurocommercial completed the negotiations on several anchor stores at Woluwe shopping centre in Brussels in order to provide them with the right space to accommodate their latest concepts. Zara will lease the former C&A store, taking an enlarged central mall unit of around 3,300 sq m.

Meanwhile C&A will trade from a reduced 360 sq m temporary store and will return to the new 1,455 sq m unit previously occupied by Zara. INNO will also shortly commence the complete refurbishment of its three-level department store.

M A P I C N E W S DA I LY 2 , N OV E M B E R 2 0 2 3

JLL’s Sandra Ludwig

INVESTORS are maintaining a cautious stance towards deals, driven in part by a mismatch between the performances of retailers and the value of the assets they occupy, JLL head of retail capital markets for the EMEA region, Sandra Ludwig, said.

She added that a disconnect between retail performance in prime locations and the value of retail assets, is behind muted volumes across Europe.

JLL’s own research, published earlier this month, shows that European retail transaction volumes were down by 39% in the first three quarters of 2023 compared with the same period last year. However, the figure for overall real estate investments was down by 52%.

And Ludwig said that there was much besides this to be optimistic about in the market, evidenced by the resilience of retailing as a whole, and healthy occupancy rates.

Speaking to MAPIC News, Ludwig

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M A P I C N E W S DA I LY 2 , N OV E M B E R 2 0 2 3 22

Choosing the right leisure offer is key to success The dividing lines between screens, physical space, retail and leisure are blurring and destinations need to understand how to introduce the right leisure offer for their location. Mark Faithfull reports !"# $%&"'(%# )*+),-./# )*+.0+1,# .*#203,4/056#0+#7*.8#.6-,#9+2#/)9:,;# 54*<# )*<-9).# .*# :94=,>/)9:,# .8,<,# 9..49).0*+/;# 1+2,4/.9+20+=# .8,# 4*:,# *5#:,0/14,#?0.80+#9#4,.90:#2,/.0+9.0*+# 89/#+,3,4#7,,+#<*4,#0<-*4.9+.@ A!B&C# 89/# 41+# :,0/14,# ,3,+./# 9:*+=/02,#4,.90:#9+2#DEF#5*4#9#+1> <7,4# *5# 6,94/# 9+2# $,0/14'-# 89/# 7,)*<,#9+#,3,+.#2,20)9.,2#.*#9)),> :,49.0+=# :*)9.0*+>79/,2# 9..49).0*+/# ?0.80+# :05,/.6:,# 2,/.0+9.0*+/# 0+):1> 20+=#4,.90:#/0.,/;#1479+#94,9/;#.49+/> -*4.#817/;#9+2#.493,:#2,/.0+9.0*+/@ !8,92# *5# .8,# ,3,+.;# A!B&C# 9+2# :,0/14,# /-,)09:0/.# $,0/14,# G,3,> :*-<,+.# B94.+,4/# H$GBI# )4,9.,2# .8,#?80.,-9-,4#".,--0+=#".*+,/#.*# !22# %+.,4.90+<,+.# J,+9+./# K# &/# J8,4,# 9+# %+.,4.90+<,+.# D*4<1> :9L;# ,M-:*40+=# .8,# <9N*4# )*+/02,> 49.0*+/# 5*4# 9220+=# ,+.,4.90+<,+.# .,+9+./#.*#4,.90:#:*)9.0*+/@ J8,# -17:0)9.0*+# 0/# 9# )*::97*49> .0*+# ?0.8# -40<946# 4,/,94)8# 504<# !# G055,4,+.# O0,?;# 9+2# 249?/# *+# $GBP/# ,M-,40,+),# 9//0/.0+=# /8*->

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“The addition of entertainment to a shopping centre helps to expand reach and attract new visitors”

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Merlin-operated Legoland in Florida

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Netflix has taken its Stranger Things: The Encounter concept to Singapore

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How retail has led city regeneration When it comes to the regeneration of a city the retail offer can be as powerful as the landmarks the city may be famous for. With urban retail a major focus of MAPIC this year, Liz Morrell speaks to some of those regenerating cities through retail-led projects CITIES across the world are being reinvented, particularly post-COVID, with regeneration projects that are underpinned by their retail offer and designed to appeal to their rather unique customer bases, usually incorporating a mix of domestic visitors, local workers and international tourists.

The retail trend, and its importance as a factor in city regeneration, will be explored in a Retail In The City Summit session, co-organised with Younicom, in Cannes at 14.00 today.

“Retail is fundamentally important to regeneration planning if you genuinely want to create a community and a neighbourhood,” says James Rayner, head of retail at Related Argent, who leads the 100-store strong retail offer at Coal Drops Yard, part of the Kings Cross regeneration project in London.

“If you want to create long-term stewardship of a place and an on-

going community in the neighbourhood then the ground-floor retail area is where you drive that.”

It’s a view shared by François Agache, managing director development and operations at Apsys, which is working on the Canopia urban transformation project in Bordeaux, France. “Retail is a fundamental function of cities and an essential ingredient for quality of life, economic dynamism and sociability in general,” he says.

But, Agache adds, it means connecting with your audience. “We are convinced that places of commerce have a bright future ahead of them if they know how to reinvent themselves and meet the expectations and new uses of all the city’s stakeholders.”

Generally, retail is a powerful way to do this, emotionally engaging visitors as well as creating a more cohesive offer. “Future retail destinations will be places of living and exchange in the heart of the city with different

Lisbon’s Entrecampos project

functions — housing, offices, hotels, etc. — that will anchor them as local players in their neighbourhood,” Agache says. “In this spirit, retail in the city must offer an experience which involves the creation of a global, omnichannel place, but also an emotional experience.”

Linking into that emotional experience is particularly important for landmark cities that can play on the heritage of their sites as part of the regeneration process. Kings Cross is one such example, but elsewhere in London retail is the centrepiece of a wider 42-acre regeneration project based around Battersea Power Station, on the south side of the River Thames.

The power station re-opened its doors in October 2022, 40 years after being decommissioned and after an eight-year restoration.

The iconic building, which is now home to more than 100 shops, bars and restaurants, has attracted 11 million visitors in its first year.

“Retail is a crucial ingredient,” head of asset management at Battersea Power Station Development Company, Sam Cotton, says. “As an estate, we are 50:50 commercial to residential and retail is a really

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Battersea Power Station, on the River Thames in London

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key component of that as it is retail that creates the place,” he says. “For us retail has given us the reason to bring this building back to life and to enjoy what is a London landmark that needed to be open.”

In Lisbon, meanwhile, the Entrecampos project, a partnership between Fosun and Fidelidade, will see the creation of a new mixed-use project across four hectares that will include 32,000 sq m of retail on the grounds of the iconic Feira Popular de Lisboa, which closed in 2003.

“There are a lot of memories from everybody in the city and a lot of tradition but it [the site] was sitting there for a long time due to numerous problems,” says Miguel Paiva Couceiro, head of project management at Fidelidade Property Europe, which acquired the site at the end of 2018. He says the project will have important regenerative factors for the city by tying into the emotions of the past to bring the city together.

“It’s like a wound that is here, but our idea is to make a project that will blend the entire area; it will feel like it was always there,” he says.

But it will also help to reinvent retail in the city on a more fundamental scale by bringing retail formats not seen in the city before.

“The spin, or the glue that’s going to bind the entire project together is the retail,” says Michael Purefoy, head of asset management, Entrecampos. “The Portuguese retail market at the moment is a little less mature than some of the other European centres. It’s either old-fashioned, individually-owned high-street retail without a single landlord that’s able to curate and manage an integrated offering for the retail market, or you have large internal shopping centres,” he says.

The Entrecampos project will instead adopt a hybrid approach that mixes both high-street and shopping-centre concepts and delivers a concept that Purefoy likens to the Kings Cross development. “All of our shops have individual entrances from the outside so each one is individually accessible — but it’s all part of a master plan. We really do have the ingredients to deliver something that will become a new talking point within the city,” he says.

Regeneration can’t happen in isolation to the needs of the customer

however, and identifying the target audience in a city that can have a wide catchment draw can be a challenge, especially with the balance often changing since the pandemic.

“When we launched, we had a tenant mix that landlords would have been falling over themselves for.

But 18 months later COVID hit and we’ve seen customer behaviour rebalance post-COVID,” Related Argent’s Rayner says about Kings Cross. But that has brought with it

At Battersea Power Station, the original concept focused on the 80% of retail spend that was leaving the London borough before opening.

“We spent a lot of time understanding the gap in the market before we started building and leasing and knew we had an opportunity there, so creating something for our immediate local customer base was step number one,” Cotton says. “Our new residents that are moving in are also crucial.”

Control Room B at Battersea Power Station

a new opportunity to bring in new tenants, with three new lettings including two fashion retailers and one F&B, due to be announced in the new year in the remaining 1,858 sq m that is still to be let at the Kings Cross development.

“The worker/tourist/visitor patterns have changed, and those three user groups are now almost the same in size,” Rayner says. “That gives us a broader customer base.” As the Kings Cross regeneration concludes next year, Rayner says he’s confident the team now have the offer correct for all the audiences that Kings Cross, as an iconic destination, now attracts. “It’s delivering on what the intent was at the beginning — the best of the British high street and the best of the side streets.”

But Cotton says more than a quarter of visitors are London day trippers and the numbers rise each quarter.

He believes part of this is the emotional attachment visitors already have with Battersea. “The power station does resonate with people in the UK. They’ve seen it in movies and publications, and we’ve seen a real growth in that area,” he says.

Creating a destination draw that taps into the needs of locals and tourists is essential in the retail offer. Those who are doing it well are creating destination retail and experiences, underpinned by a great hospitality offering and an active events calendar that is breathing new life into the cities in which they are based and proving the power of retail in regeneration.

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MAPIC ACADEMY’S FINALISTS! THEY ARE EXHIBITING IN THE RETAIL VILLAGE MAPIC ACADEMY CHALLENGE FINALISTS PITCH Wednesday, November 29th - 17.00 - 17.30, MAPIC Arena The final step to select the winner of the MAPIC Academy Challenge. Join us!

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W.O.P - World of Pop France W.O.P World Of Pop, is a concept store that goes beyond the children’s and adult lines, committed to creating a fun and affordable fashion brand for cool families.

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Our garments eliminate greenhouse gases, viruses and bacteria.

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