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European Retail Guide Shopping Centres
March 2012
These challenging markets for retail property present a special opportunity to be well positioned for the recovery that will come. We at DTZ are now well placed to help our clients throughout Europe and the rest of the world.
We see huge potential to invest in quality retail property, for retailers to expand in new markets and for preparation for new development. Good asset management, including selective refurbishment and redevelopment, a deep understanding of markets backed by high quality research and access to the best opportunities are our commitment to our clients.
DTZ and our clients are involved in all aspects of retail property, but we have a special passion for shopping centres: we are advising on over 500 throughout Europe. Shopping centres offer a special place to do business and are a great opportunity to add value. We think it is timely to prepare this guide and hope it will encourage all those involved in shopping centres to think about their next initiative to take advantage of a unique market opportunity in 2012.
// Introduction
Welcome to our first edition of European Retail Guide - Shopping Centres. This guide provides high-level data on the European shopping centre industry. It is designed as a reference document for comparing shopping centre provision across major cities and identifying hotspots for future areas of development. The information provided is similar for all cities in order to facilitate comparison.
The guide includes:
statistics on the major cities and their respective national economies, including GDP growth, earnings and retail sales figures
information on shopping centre provision, including number of existing schemes, as well as those in the pipeline
information on rents, lease structures and legal aspects
a list of the five largest schemes in operation in each city, as well as a map locating them
The uncertain economic climate of recent months has led to muted consumer spending in many European markets. This economic slowdown, as well as growing difficulties in securing financing and governmental permits in many countries is limiting new shopping centre development. Consequently, demand for shopping centres is focused mainly on established schemes where retailers are still seeing opportunities, despite the challenging conditions. In this new guide we assess socio-economic trends, as well as trends in the retail market in order to provide our view on the adequacy of current levels of shopping centre provision and identify main hotspots for future opportunities.
We hope you enjoy this publication!
Martyn ChaseEuropean Retail
Sector Head
Karine WoodfordHead of
OccupierResearch
Magali MartonHead of CEMEA
Research
European Retail Guide - Shopping Centres | 03
// Table of content
Belgium ____________________________
Brussels 10
CZR _______________________________
Prague 12
Denmark ___________________________
Copenhagen 14
Estonia _____________________________
Tallinn 16
Finland _____________________________
Helsinki 18
France _____________________________
Lille 20Lyon 22Marseille 24Paris 26Germany ___________________________
Berlin 28Cologne 30Dusseldorf 32Frankfurt 34Hamburg 36Leipzig 38Munich 40Stuttgart 42
Hungary ____________________________
Budapest 44
Ireland _____________________________
Dublin 46
Italy ________________________________
Milan 48Rome 50
Latvia ______________________________
Riga 52
Lithuania ___________________________
Vilnius 54
Netherlands ________________________
Amsterdam 56Rotterdam 58
Poland _____________________________
Warsaw 60
Portugal ____________________________
Lisbon 62
Spain ______________________________
Barcelona 64
Madrid 66
Sweden ____________________________
Stockholm 68
Turkey _____________________________
Istanbul 70
United Kingdom _____________________
Birmingham 72Bristol 74Cardiff 76Edinburgh 78Glasgow 80Leeds 82London 84Manchester 86
Ukraine ____________________________
Kyiv 88
DTZ RetailEMEA key statistics 2011
We are involved in some 500 shopping centres advising 150 owners in EMEA.
The total floor area is over 10m sq m (107m sq ft).
We are involved in many more high street shops and retail warehouse projects.
Our key clients include Unibail Rodamco, ING, Henderson, La Salle, Hammerson, Westfield, Klepierre and Corio.
Our shopping centres are best in class: Westfield London, Westfield Stratford City, Bullring Birmingham, Zlote Tarasy Warsaw and MyZeil Frankfurt are examples.
We are market leader in UK, Netherlands and Poland.
We are market leader for shopping centre management: over 200 shopping centres in EMEA.
500
10m
200
"High street
shops"
"Key clients"
"Best in class"
"Market leader"
04 | European Retail Guide - Shopping Centres
A testing market but opportunities remain
The European economy is still struggling. The ongoing sovereign debt crisis has brought about strict austerity measures, low wage growth and rising unemployment across most of Europe. This is feeding through to lower confidence levels for both consumers and retailers, which in turn is impacting on overall spending levels.
Despite a weakening outlook, demand for shopping centre space is holding up, particularly in prime schemes where opportunities remain for retailers wanting to expand. Secondary centres, on the other hand, are bearing the brunt of the downturn, with falling demand and increasing vacancy. This is reinforcing polarisation in many markets.
Shopping centre development and supply per capita vary greatly by country and city. Compared to the European average of 382 sq m, Stockholm has the largest stock per inhabitant in Europe, whilst Vilnius has the lowest. The lack of shopping centre development in some markets can be due to a cultural preference for other retail formats (i.e. Vilnius) or to difficulties in obtaining government permits (i.e. Brussels, Milan).
As a result of the economic slowdown, development activity is declining and the number of openings is expected to be below average in the coming years. The most dramatic increases in modern shopping centre space will take place in the less developed CEE cities and Istanbul, where the relative undersupply of space is being addressed. Whilst in more mature markets, the focus will be on extensions, upgrades and regenerations rather than on new developments (i.e. Copenhagen, Prague).
Our new European retail guide on shopping centres assesses the socio-economic dynamics, as well as the strength of current shopping centre provision across 40 cities in order to form a view on future growth prospects both for existing schemes, as well as potential new developments.
We have identified the future hotspots as being those cities which offer strong economic growth and which are currently undersupplied in shopping centre stock. These include Vilnius, London, Hamburg, Birmingham and Manchester.
// European Retail Guide - Shopping Centres
European Retail Guide - Shopping Centres | 05
ECONOMY
Despite a weakening short-term economic outlook in the euro-zone, retail sales are forecast to rise in the medium to longer term - although there are considerable differences between cities.
The European economy is weakening. The ongoing sovereign debt crisis has brought about higher unemployment, low wage growth and generally diminished growth prospects for 2012 across Europe. This is feeding through to lower confidence levels for both consumers and retailers, which in turn is impacting on overall spending levels.
Despite this, GDP growth is forecast to be positive for the medium to longer term. Marked differences between cities exist with only modest growth forecast in most markets.
Central & Eastern European (CEE) cities, the Baltic capitals and Istanbul are forecast to show the strongest GDP growth over the next five years. Vilnius is forecast to show growth of 6.7%pa, followed by Kyiv, where growth of 5.5%pa is forecast. The Nordic cities of Helsinki and Stockholm are forecast to show slightly above average growth over the same time period, of 3.3%pa and 3.1%pa respectively (Figure 1).
On the other hand, the southern European cities of Milan, Lisbon and Rome, as well as Lille in France are forecast to significantly underperform the European average over the next five years, with growth below 1%pa forecast.
Whilst retail sales growth is expected to be more positive for the medium to longer term, it is still modest and big differences between regions are apparent (Figure 2). The European average for retail sales growth forecasts for 2012-2016 is 2%pa. Higher than average growth is expected in the Nordics, as well as the CEE countries. The strongest growth is forecast in Vilnius at 7.3%pa, following by Riga at 6.4%pa (Figure 2).
Vilnius, Riga, Warsaw, Istanbul and Tallin display the strongest economic performance over the forecast period. Unsurprisingly, the cities with lowest growth are all located in peripheral euro-zone economies. In Lisbon, retail sales are forecast to fall by 1.2%pa, while in Milan they are forecast to drop by 0.3%pa.
06 | European Retail Guide - Shopping Centres
// European Retail Guide - Shopping Centres
0% 1% 2% 3% 4% 5% 6% 7% 8%
MilanLille
LisbonRome
BarcelonaBerlin
DusseldorfLeipzig
FrankfurtMarseilleStuttgart
BirminghamMadridCardiff
ParisLyon
CologneRotterdam
GlasgowLeeds
EdinburghCopenhagen
AmsterdamBristol
BrusselsManchester
European averageDublin
PragueBudapest
MunichHamburg
LondonStockholm
HelsinkiTallinn
IstanbulRiga
WarsawKyiv
Vilnius
-2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8%
LisbonMilan
DublinDusseldorf
BrusselsStuttgart
RomeBerlin
BarcelonaLille
FrankfurtMadrid
RotterdamLeipzig
CopenhagenMunich
AmsterdamLyonParis
MarseilleBudapest
European averageCologne
CardiffBirmingham
LeedsEdinburgh
BristolManchester
GlasgowStockholm
London Prague
HamburgHelsinki
TallinnIstanbulWarsaw
RigaVilnius
Figure 1GDP growth forecasts in selected European cities (2012-16)
Figure 2Retail sales growth forecasts in selected European cities (growth 2012-16)
Source DTZ Research
European Retail Guide - Shopping Centres | 07
0 100 200 300 400 500 600 700 800 900 1000
VilniusStuttgart
RotterdamParis
CologneDusseldorf
MilanMunich
LilleAmsterdam
IstanbulRome
BrusselsBarcelona
MarseilleKyiv
LyonBirmingham
London Leeds
HamburgLeipzig
BerlinManchester
European averageEdinburghBudapest
CardiffMadridLisbon
HelsinkiFrankfurtGlasgow
DublinBristol
PragueCopenhagen
WarsawTallinn
RigaStockholm
Shopping centre floor space per 1,000 population (sq m)
SHOPPING CENTRE PROvISION
Uncertain market conditions are creating subdued and highly selective occupier demand, reinforcing polarisation between prime and secondary schemes in a number of cities.
Despite the weakening economic conditions across the region, demand for shopping centre space is holding up. However, retailers remain cautious, favouring prime space in prime schemes. As a result, secondary shopping centres are lagging behind with increasing vacancy rates. This reinforces the polarisation between prime and secondary centres, a trend which is apparent throughout much of the region.
As at the beginning of 2012, total shopping centre stock across Europe approached 150 million sq m. The UK, France, Italy, Germany and Spain have the largest shopping centre stock, accounting for 60% of the overall European provision. Although Western Europe accounts for the largest share of existing stock, development activity has been largely concentrated in the CEE countries and Turkey in recent years.
There are marked differences in provision at city level. Compared to the European average of 382 sq m, Stockholm and the Baltic cities of Riga and Tallinn seem largely over-supplied with stock in excess of 800 sq m. At the other end of the scale, Vilnius, Stuttgart, Cologne and Dusseldorf, as well as Rotterdam all have underdeveloped markets.
There are a number of reasons why cities may be undersupplied. In some markets, high street retail is still the favoured format ( i.e. Vilnius), whilst in others the difficulty in obtaining building permits severely restricts development. It is worth noting also that in some cities all of the shopping centre provision is found in out of town locations rather than in the city itself (i.e. Paris).
CEE cities account for the largest share of the European pipeline. Turkey is also witnessing strong growth, with most of the activity focused in Istanbul, where 28 schemes are planned. The largest of these is Marmara Park, a 100,000 sq m scheme scheduled for completion later this year. Other cities to have large pipelines are Kyiv, Warsaw and Budapest. Interestingly, whilst Stockholm is already relatively oversupplied, there are a further 15 schemes planned to come on stream. In the more mature markets, the focus will be on extensions and upgrades rather than expansions, as investors refocus on maintaining and strengthening existing assets in the current weak economic environment.
Figure 3Total shopping centre* stock per 000 population in selected European cities (2012)
// European Retail Guide - Shopping Centres
Source DTZ Research
*Shopping centre: Defined as a grouping of shops and services with a minimum GLA of 5,000 sq m, conceived, built and managed as one entity.
// European Retail Guide - Shopping Centres Statistics
08 | European Retail Guide - Shopping Centres
Country CityTotal SC
floorspace (sq m)
Total SCs per '000
population
Number of schemes in the
pipeline
Belgium Brussels 255 316 233 1
Czech Republic Prague 854 535 687 1
Denmark Copenhagen 500 867 750 0
Estonia Tallinn 426 460 808 3
Finland Helsinki 680 000 472 2
France
Lille 460 500 179 3
Lyon 447 764 260 4
Marseille 507 832 252 6
Paris 316 240 141 10
Germany
Berlin 1 276 000 369 4
Cologne 157 300 157 0
Dusseldorf 80 900 138 0
Frankfurt 326 602 491 2
Hamburg 587 790 327 2
Leipzig 182 329 351 1
Munich 236 900 174 0
Stuttgart 80 000 133 1
Hungary Budapest 700 000 410 12
Ireland Dublin 703 290 595 0
ItalyMilan 695 000 176 4
Rome 947 921 228 4
Latvia Riga 615 000 876 0
Country CityTotal SC
floorspace (sq m)
Total SCs per '000
population
Number of schemes in the
pipeline
Lithuania Vilnius 429 000 130 2
NetherlandsAmsterdam 237 441 189 2
Rotterdam 185 800 136 1
Poland Warsaw 1 350 000 785 15
Portugal Lisbon 960 000 472 n/a
SpainBarcelona 1 319 286 243 2
Madrid 2 884 338 451 4
Sweden Stockholm 1 805 000 879 15
Turkey Istanbul 2 982 284 220 28
United Kingdom
Birmingham 298 000 286 0
Bristol 291 000 653 2
Cardiff 195 000 415 0
Edinburgh 198 000 404 1
Glasgow 352 000 591 0
Leeds 247 000 306 1
London 904 000 291 2
Manchester 536 000 367 1
Ukraine Kyiv 720 800 257 16
European City figures 26 933 495 382 152 Source : DTZ Research
Figure 4 - Shopping Centre Statistics in selected European cities (as at Feb 2012)
// European Retail Guide - Shopping Centres
SHOPPING CENTRE FUTURE HOTSPOTS
We define those cities which offer the greatest potential for future growth as our future hotspots. These include Vilnius, London and Hamburg.
The chart across gives an indication of how developed European cities are in terms of shopping centre development, as well as how dynamic their economies are. Plotted together this allows us to identify cities which offer good future growth prospects both for existing schemes and new developments.
In the stable category we have markets which have above average shopping centre provision and above average forecast retail sales growth. These are stable markets; whilst existing provision will benefit from strong retail sales growth over the forecast period, these cities are displaying signs of market saturation. This could potentially limit future development. Cities in this category include Stockholm and Warsaw.
The stagnant markets are cities which display high shopping centre provision per capita but below average retail sales growth forecasts. The performance of existing schemes or future growth prospects will be hampered by stalling economies. These include Dublin, Frankfurt and Madrid, with the worst case being Lisbon.
Emerging markets, whilst offering potential as they are under-supplied in terms of shopping centre provision, display weak retail sales growth forecast figures. The short to medium term outlook is one of muted growth. Cities in this category include those in the Benelux, France and Germany.
The future HOTSPOTS (i.e. cities which offer the greatest potential for future growth) are those situated in the strong category. These are currently undersupplied but offer strong economic growth in the medium term, which will boost retail sales. This will benefit existing schemes and also provide considerable opportunity for new development. In this category we have Vilnius, London, Hamburg and Birmingham.
FIGURE 5
European Retail Guide - Shopping Centres | 09
Brussels
Prague
Copenhagen
Helsinki
Berlin
Dusseldorf
Frankfurt
Hamburg
Munich
Stuttgart
Budapest
Milan
Rome
Amsterdam
Rotterdam
Lisbon
Barcelona
Madrid
Stockholm
Birmingham Bristol
London Manchester
Riga
Vilnius
Tallinn
Warsaw
Paris
Lyon
Lille
Marseille
Dublin
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
0 100 200 300 400 500 600 700 800 900 1 000
Location based retail sales growth, 2012-2016
Shopping centre floor space per 1,000 population
Europeanaverage
STR
ON
G
STA
BLE
STA
GN
AN
T
EM
ER
GIN
G
Figure 5: Current shopping centre floorspace per ooo population and retail sales growth (2012-2016) in major European cities
10 | European Retail Guide - Shopping Centres
// Key Local Indicators Brussels Belgium Europe Population 2011, (in 000) 1 094 10 899 502 711 Population growth, 2012-2016 (annual %) 0,5 0,3 0,2 Age structure, 15-64 (%) 66 66 66 GDP growth, 2007-2011 (%pa) 0,8 1,1 0,5 GDP growth forecasts, 2012-2016 (%pa) 2,2 1,8 2,2
Location based retail sales growth, 2007-2011 (%pa) 0,0 0,7 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,3 1,1 1,4 CPI 2011 (%) n/a 3,5 0,3 ILO unemployment rate 2011 (%) 14,8 7,0 9,4 Consumer expenditure per capita, 2011 15 006 15 379 13 070 Average earnings 17 374 17 942 18 825 Car ownership (cars per 1 000 inhabitants) n/a 476 473
// Retail Provision and Market Conditions Number of shopping centres in operation 17 63 5 128 Number of shopping centres in the pipeline 1 18 626 Total shopping centre floorspace (sq m) 255 316 1 018 521 117 383 310 Total shopping centre floorspace (per 000 population) 233 93 326 Prime shopping centre rents (units of 2,000 sq m) 1 500 1 500 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Retail lease contract (1951 law)
Typical lease length 9 years Typical incentives Rent free period (usually 1 year of gratuity) Statutory rights to renew the lease Yes for both parties
Frequency of rent reviews9 years; review possible every 3 years if market condi-tions have changed significantly (+15% or - 15% of the initial rent)
Frequency and basis of indexation of rent Annually if agreed in the leasing contract. Indexation is calculated on the Belgian Health Index
Difficulties in securing financing and governmental permits are limiting shopping centre development. No shopping centres larger than 8,000 sq m are expected to open between now and 2013.
Brussels
Brussels, Belgium
Pop. growth + Retail sales growth --
GDP growth -
Overall city score
Brussels
European Retail Guide - Shopping Centres | 11
1
2
4
35
Brussels, Belgium
// Major shopping centres in operation in Brussels (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 City 2 1978 renova-ted in 1999 51 000 AG Real Estate 105 15 659 n/a n/a
Key tenants: Fnac; carrefour, Zara; Sports World
2The "W" Shopping (Woluwe Shopping Centre)
1968 renova-ted in 2004
42 677
SA L'Investissement Fon-cier Woluwe Shopping Center (Certificat Fortis RE)
136 8 412 n/a n/a
Key tenants: Galeria Inno; Habitat; Match; H&M
3 Westland Shopping Center
1972 renova-ted in 2000
37 450
Investissement foncier Westaldn Shopping Center SA (Fortis RE + Redevco)
126 7 732 n/a n/a
Key tenants: C&A; Delhaize; New Look; Zara
4 Basilix Shopping Center
1984 renova-ted in 2004
16693ImmoBasilix (certificat KBC)
64 3 400 n/a n/a
Key tenants: Brico; Media Markt; Hema; Blokker
5 Galerie Toison d'Or 1961 renova-ted in 2010 12 353 SA Toison d'Or 41 5 000 n/a n/a
Key tenants: Fnac, AS Adventure, Desigual, Maxitoys
Galeries de la Reine- Brussels
12 | European Retail Guide - Shopping Centres
Prague, CZR
PragueThe limited availability of bank financing is causing a restriction of new retail space. As such, shopping centre development has been struggling with the focus moving towards refurbishments of existing schemes.
Pop. growth - Retail sales growth ++
GDP growth +
Overall city score
// Key Local Indicators Prague CZR Europe Population 2011, (in 000) 1 245 10 520 502 711 Population growth, 2012-2016 (annual %) 0,2 0,0 0,2 Age structure, 15-64 (%) 70 70 66 GDP growth, 2007-2011 (%pa) 3,2 1,7 0,5 GDP growth forecasts, 2012-2016 (%pa) 2,6 2,1 2,2
Location based retail sales growth, 2007-2011 (%pa) 2,4 1,9 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 3,0 2,4 1,4 CPI 2011 (%) n/a 1,9 0,3 ILO unemployment rate 2011 (%) 3,6 6,8 9,4 Consumer expenditure per capita, 2011 6 824 5 496 13 070 Average earnings 7 975 6 095 18 825 Car ownership (cars per 1 000 inhabitants) n/a 422 473
// Retail Provision and Market Conditions Number of shopping centres in operation 30 88 5 128 Number of shopping centres in the pipeline 1 4 626 Total shopping centre floorspace (sq m) 854 535 2 116 189 117 383 310 Total shopping centre floorspace (per 000 population) 687 201 326 Prime shopping centre rents (units of 50-100 sq m) 70-80 45-70 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease Agreement
Typical lease length 5 years Typical incentives Rent free period and/or fit-out contribution Statutory rights to renew the lease After 5 years Frequency of rent reviews Annual indexation Frequency and basis of indexation of rent HICP, Czech CPI
Prague
European Retail Guide - Shopping Centres | 13
1
24 3
5
Prague, CZR
// Major shopping centres in operation in Prague (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Tesco Letnany 1999 - 2007 125 000 Tesco Stores 150 n/a n/a n/a
Key tenants: Tesco,C&A, Marks&Spencer, Zara,Palace Cinemas, Aquacentrum Letnany Lagoon
2 Centrum Chodov 2005 57 736 Unibail-Rodamco 213 n/a n/a n/a
Key tenants: Albert, Marks&Spencer, Zara, New Yorker, Hervis, Datart, Bambule, H&M, C&A, BATA, Humanic, Deichman, Armani Jeans, Mac, Rituals, Paul bakery
3 Nov Smchov 2002 55 800 Klpierre 150 n/a n/a n/a
Key tenants: Tesco, H&M, Marks&Spencer, Zara, Palace Cinemas
4 Metropole Zlicn 2002 & 2004 55 000 Commerz Grundbesitz 130 n/a n/a n/a
Key tenants: Marks&Spencer, Interspar, C&A, Kenvelo, Cinema City, Family Fitness
5Centrum Cern Most & CCM Entretainment centre 1997 & 2000 53 320 Unibail-Rodamco 73 n/a n/a n/a
Key tenants: Globus, H&M, C&A, Datart, Bambule, Gigasport, Holmes Place, CineStar
Palac Flora - Prague
14 | European Retail Guide - Shopping Centres
// Key Local Indicators Copenhagen Denmark Europe Population 2011, (in 000) 668 5 552 502 711 Population growth, 2012-2016 (annual %) 0,5 0,2 0,2 Age structure, 15-64 (%) 67 65 66 GDP growth, 2007-2011 (%pa) 0,2 -0,6 0,5 GDP growth forecasts, 2012-2016 (%pa) 2,0 2,0 2,2
Location based retail sales growth, 2007-2011 (%pa) -2,7 -2,5 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 1,6 1,8 1,4 CPI 2011 (%) n/a 2,8 0,3 ILO unemployment rate 2011 (%) n/a 7,5 9,4 Consumer expenditure per capita, 2011 18 823 18 265 13 070 Average earnings 18 248 17 764 18 825 Car ownership (cars per 1 000 inhabitants) n/a 465 473
// Retail Provision and Market Conditions Number of shopping centres in operation 23 108 5 128 Number of shopping centres in the pipeline 0 8 626 Total shopping centre floorspace (sq m) 500 867 1 821 040 117 383 310 Total shopping centre floorspace (per 000 population) 750 328 326 Prime shopping centre rents (units of 200 sq m) 4,000-4,500 2,500-3,000 n/a
Basis of measurement GLA sq m
Unit of measurement DKK/sq m/pa
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease contract
Typical lease length 5 years
Typical incentives Fit-out contribution and rent rebate dependant on centre and location
Statutory rights to renew the lease Automatically renew on rolling break basis Frequency of rent reviews No sooner than 4 years from the last formal review Frequency and basis of indexation of rent Annual - Danish nettoprisindex
CopenhagenGrowth in population and purchasing power is leading to increased polarisation, with large schemes benefitting from increased footfall and modernisations and smaller ones suffering from increased vacancies.
Copenhagen, Denmark
Pop. growth + Retail sales growth --
GDP growth -
Overall city score
Copenhagen
European Retail Guide - Shopping Centres | 15
12
4 3
5
Copenhagen
Copenhagen, Denmark
// Major shopping centres in operation in Copenhagen (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Fields 2004 74 000 Steen & Strm 128 6 800 93 2 750
Key tenants: Bilka, H&M, Elgiganten, Fona, Toys R Us, SportsMaster, Stadium
2 City Two 1975 63 000 Danica 91 3 800 90 1 143
Key tenants: Ftex, H&M, Fona, SportMaster
3 Fisketorvet 2000 39 000 Unibail Rodamco 106 8 200 95 1 514
Key tenants: Ftex, H&M, Elgiganten, Bahne, Stadium, SportsMaster, McDonalds
4 Rdovre Centret 1966 38 200 A/S Rdovre Centrum 119 n/a 100 1 869
Key tenants: Ftex, Irma, Super Best, H&M, Fona, Punkt 1, SportMaster, Stadium
5 Lyngby Store Centre 1973 34 000 Lyngby Storecenter ApS 106 5 900 100 1 794
Key tenants: Ftex, Irma, H&M, Punkt 1, Fona, Expert, SportsMaster, Stadium, Intersport
European shopping centre - Copenhagen
16 | European Retail Guide - Shopping Centres
// Key Local Indicators Tallinn Estonia Europe Population 2011, (in 000) 528 1 337 502 711 Population growth, 2012-2016 (annual %) 0,1 -0,2 0,2 Age structure, 15-64 (%) 68 68 66 GDP growth, 2007-2011 (%pa) -0,4 0,0 0,5 GDP growth forecasts, 2012-2016 (%pa) 4,6 4,1 2,2
Location based retail sales growth, 2007-2011 (%pa) -2,5 -1,8 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 4,8 4,3 1,4 CPI 2011 (%) n/a 5,0 0,3 ILO unemployment rate 2011 (%) n/a 13,0 9,4 Consumer expenditure per capita, 2011 5 965 4 507 13 070 Average earnings 7 263 5 171 18 825 Car ownership (cars per 1 000 inhabitants) n/a 413 473
// Retail Provision and Market Conditions Number of shopping centres in operation 12 n/a 5 128 Number of shopping centres in the pipeline 3 n/a 626 Total shopping centre floorspace (sq m) 426 460 n/a 117 383 310 Total shopping centre floorspace (per 000 population) 808 n/a 326 Prime shopping centre rents (units of 2,000 sq m) 12-45 n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease agreement
Typical lease length 5-10 years Typical incentives Fit-out contribution, temporary discounts Statutory rights to renew the lease After 5 years Frequency of rent reviews Annual indexation Frequency and basis of indexation of rent CPI
Tallinns retail market comprises department stores and shopping centres. Popular schemes include the Viru Centre and Kristiine Centre. No major developments were competed in 2011 but in September the Magistral Centre closed for refurbishment.
Pop. growth - Retail sales growth --
GDP growth ++
Overall city score
Tallinn
Tallinn, Estonia
// Major shopping centres in operation in Tallinn (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Rocca al Mare 1998 53 300 Citycon 165 6 400 100 122m
Key tenants: Prisma, Vero Moda, Jack and Jones, Monton, New Yorker, Marks & Spencer, Lindex, NS Kings
2 Kristiine Keskus 1999 42 500 Citycon 170 7 100 100 102m
Key tenants: Prisma, Marks & Spencer, Zara, New Yorker, Benetton, JYSK, Sportland, Euronics, Prisma
3 Jrve Keskus 2000 41 800 Silikaat Grupp 108 n/a 100 n/a
Key tenants: Selver, Aatrium, Diivanparadiis, Rademar, Huppa, DenimDream
4 Ulemiste Keskus 2004 37 500 Linstow 160 4 800 99 95m
Key tenants: Rimi, Lindex, Monton, Mustang, New Yorker, Promod, Reserved, Seppl, Mobbel Zip
5 viru Keskus 2004 26 300 SRV 100 11 000 99 117m
Key tenants: Kaubamaja, Vero Moda, DenimDream, Rademar, Esprit, Mango, Promode, Terranova
Tallinn
1
2
4
3
5
European Retail Guide - Shopping Centres | 17
Tallinn, Estonia
Viru Keskus - Tallinn
18 | European Retail Guide - Shopping Centres
// Key Local Indicators Helsinki Finland Europe Population 2011, (in 000) 1 440 5 380 502 711 Population growth, 2012-2016 (annual %) 1,0 0,3 0,2 Age structure, 15-64 (%) 67 66 66 GDP growth, 2007-2011 (%pa) 0,9 0,9 0,5 GDP growth forecasts, 2012-2016 (%pa) 3,3 2,5 2,2
Location based retail sales growth, 2007-2011 (%pa) 2,1 1,9 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 3,4 2,9 1,4 CPI 2011 (%) n/a 3,4 0,3 ILO unemployment rate 2011 (%) 6,9 7,9 9,4 Consumer expenditure per capita, 2011 18 014 16 303 13 070 Average earnings 20 444 18 080 18 825 Car ownership (cars per 1 000 inhabitants) n/a 535 473
// Retail Provision and Market Conditions Number of shopping centres in operation 32 74 5 128 Number of shopping centres in the pipeline 2 5 626 Total shopping centre floorspace (sq m) 680 000 1 500 000 117 383 310 Total shopping centre floorspace (per 000 population) 472 279 326 Prime shopping centre rents (units of 2,000 sq m) 20 12 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease agreement
Typical lease length 5 years
Typical incentives Typically none; sometimes fit-out contributions or rent free period for tenants
Statutory rights to renew the lease None Frequency of rent reviews Annual indexation Frequency and basis of indexation of rent Finnish CPI
Future shopping centre development is expected both in the centre of Helsinki as well as in edge of town locations. The latter continue to dominate shopping centre supply.
Helsinki
Helsinki, Finland
Pop. growth ++ Retail sales growth ++
GDP growth ++
Overall city score
Helsinki
European Retail Guide - Shopping Centres | 19
12
4
3
5
Helsinki, Finland
// Major shopping centres in operation in Helsinki (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Itkeskus 1984 117 131 Wereldhave N.V./Kesko/City of Helsinki 265 20 100 98 451 mn
Key tenants: Stockmann, H&M, Kesko, Bestseller, Nordea Bank
2 Sello 2003 102 000KEVA, Etera Mutual Pen-sion Insurance Company, Pension Fennia
172 21 900 98 357 mn
Key tenants: S-Group, Kesko, Halonen
3 Jumbo 1998 85 000 Rodamco, Pension Fen-nia, HOK-Elanto, Kesko 121 8 700 98 414 mn
Key tenants: Stockmann, Kesko, S-Group, H&M, Marimekko
4 Iso Omena 2001 60 500 Citycon Oyj, GIC Real Estate 100 8 800 98 237 mn
Key tenants: Kesko, S-Group, Finnkino, Library, H&M
5 Kamppi 2006 44 429 Cornerstone Nordic Retail Fund 120 34 000 98 231 mn
Key tenants: Calvin Klein, Companies, Marc O Polo, Esprit, Guess, Nike Store, Moda, Kesko
Shopping centre - Helsinki
20 | European Retail Guide - Shopping Centres
// Key Local Indicators Lille France Europe Population 2011, (in 000) 2 569 65 182 502 711 Population growth, 2012-2016 (annual %) 0,2 0,4 0,2 Age structure, 15-64 (%) 65 64 66 GDP growth, 2007-2011 (%pa) 0,2 0,5 0,5 GDP growth forecasts, 2012-2016 (%pa) 0,8 1,8 2,2
Location based retail sales growth, 2007-2011 (%pa) 1,7 2,1 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,8 2,0 1,4 CPI 2011 (%) n/a 2,0 3,0 ILO unemployment rate 2011 (%) 13,3 9,6 9,4 Consumer expenditure per capita, 2011 14 172 15 587 13 070 Average earnings 16 497 18 589 12 347 Car ownership (cars per 1 000 inhabitants) n/a 482 473
// Retail Provision and Market Conditions Number of shopping centres in operation 16 597 5 128 Number of shopping centres in the pipeline 3 73 626 Total shopping centre floorspace (sq m) 460 500 14 807 100 117 383 310 Total shopping centre floorspace (per 000 population) 179 227 326 Prime shopping centre rents (units of 150-200 sq m) 750/850 400/600 n/a Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions None
// Lease Structures and Legal Aspects Standard lease document Commercial lease Typical lease length 10-12 years
Typical incentivesMature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of services charges for MSU
Statutory rights to renew the lease Yes Frequency of rent reviews Lease expiry
Frequency and basis of indexation of rent Annual, with ILC
Lilles shopping centre market is dominated by Euralille, home to 140 retailers and anchored by a Carrefour hypermarket. A new scheme Lillenium is due to open in 2014 to the south of the city.
Lille
Lille, France
Pop. growth - Retail sales growth --
GDP growth --
Overall city score
Roubaix
Lille
European Retail Guide - Shopping Centres | 21
1 2
4
3
5
Lille, France
// Major shopping centres in operation in Lille (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Eurallile 1994 66 700 Unibail-Rodamco 112 12 000 n/a 5,072/ sq m/year
Key tenants: Carrefour, Go Sport, H&M, Zara
2 villeneuve 2 1977 51 300 Unibail-Rodamco 140 12 000 n/a 6,868/ sq m/year
Key tenants: Auchan, C&A, H&M, Bershka
3 Auchan Les Gants 1974 47 200 Immochan 78 n/a n/a 6,163 sq m/year
Key tenants: Auchan, Auchan Drive, Le Furet du Nord, Zara,
4 Espace Grand'Rue 2002 36 600 Altara 50 5 400 n/a n/a
Key tenants: Gant Casino, H&M, Le Furet du Nord, Kiabi
5 Auchan 1994 36 000 Immochan 60 n/a n/a n/a
Key tenants: Auchan, Auchan Drive, Douglas
Euralille - Lille
22 | European Retail Guide - Shopping Centres
Continued uncertainty surrounding the economic outlook has led to restrictive development in recent years. A new retail project Up in Lyon is expected to bring 20,000 sq m of new retail space to the city.
Lyon
Lyon, France
Pop. growth + Retail sales growth -
GDP growth -
Overall city score
// Key Local Indicators Lyon France Europe Population 2011, (in 000) 1 725 65 182 502 711 Population growth, 2012-2016 (annual %) 0,7 0,4 0,2 Age structure, 15-64 (%) 64 64 66 GDP growth, 2007-2011 (%pa) 0,3 0,5 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,7 1,8 2,2
Location based retail sales growth, 2007-2011 (%pa) 2,2 2,1 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 1,8 2,0 1,4 CPI 2011 (%) n/a 2,0 3,0 ILO unemployment rate 2011 (%) 8,5 9,6 9,4 Consumer expenditure per capita, 2011 16 512 15 587 13 070 Average earnings 19 952 18 589 12 347 Car ownership (cars per 1 000 inhabitants) n/a 482 473
// Retail Provision and Market Conditions Number of shopping centres in operation 12 597 5 128 Number of shopping centres in the pipeline 4 73 626 Total shopping centre floorspace (sq m) 447 764 14 807 117 117 383 310 Total shopping centre floorspace (per 000 population) 260 227 326 Prime shopping centre rents (units of 150-200 sq m) 1500 - 1600 400-600 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Commercial lease
Typical lease length 10-12 years
Typical incentivesMature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of service charges for MSU
Statutory rights to renew the lease Yes Frequency of rent reviews Lease expiry
Frequency and basis of indexation of rent Annual, with ILC
Lyon
European Retail Guide - Shopping Centres | 23
1 2
4
3
5
Lyon, France
// Major shopping centres in operation in Lyon (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 La Part-Dieu 1975 126 460 Unibail-Rodamco 241 32 000 n/a 8,782/ sq m/ year
Key tenants: Carrefour Hypermarket, Galeries Lafayette, Decathlon, Fnac
2 Carr de Soie 2009 75 292 Altara 60 5 500 n/a n/a
Key tenants: Jardiland, Castorama, Saturn, Go Sport
3 Ecully Grand Ouest 1972 46 078 Klpierre 88 7 500 100 7,771 / sq m/year
Key tenants: Carrefour Planet, Decitre, Camaeu, Sephora
4 Sept Chemins 1988 36 000 Klpierre 45 2 900 100 n/a
Key tenants: Carrefour hypermarket, Jennyfer, Marionnaud
5 Porte des Alpes 1981 35 000 Immochan 60 n/a n/a n/a
Key tenants: Auchan hypermarket, Nocib, Sephora
La Part-Dieu - Lyon
24 | European Retail Guide - Shopping Centres
// Key Local Indicators Marseille France Europe Population 2011, (in 000) 2 015 65 182 502 711 Population growth, 2012-2016 (annual %) 0,6 0,4 0,2 Age structure, 15-64 (%) 63 64 66 GDP growth, 2007-2011 (%pa) 0,4 0,5 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,5 1,8 2,2
Location based retail sales growth, 2007-2011 (%pa) 2,5 2,1 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 2,0 2,0 1,4 CPI 2011 (%) n/a 2,0 3,0 ILO unemployment rate 2011 (%) 10,3 9,6 9,4 Consumer expenditure per capita, 2011 15 591 15 587 13 070 Average earnings 18 569 18 589 12 347 Car ownership (cars per 1 000 inhabitants) n/a 482 473
// Retail Provision and Market Conditions Number of shopping centres in operation 15 597 5 128 Number of shopping centres in the pipeline 6 73 626 Total shopping centre floorspace (sq m) 507 832 14 807 117 117 383 310 Total shopping centre floorspace (per 000 population) 252 227 326 Prime shopping centre rents (units of 150-200 sq m) 1000-1100 400-600 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Commercial lease
Typical lease length 10-12 years
Typical incentivesMature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of service charges for MSU
Statutory rights to renew the lease Yes Frequency of rent reviews Lease expiry Frequency and basis of indexation of rent Annual, with ILC
Marseilles city centre is witnessing a boom in shopping centre activity, with some large schemes expected to open in 2013/2014. These include La Capelette and Les Terrasses du Port.
Marseille
Marseille, France
Pop. growth + Retail sales growth ++
GDP growth -
Overall city score
Marseille
European Retail Guide - Shopping Centres | 25
1
24
35
Marseille, France
// Major shopping centres in operation in Marseille (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Marseille Grand Littoral
1996 119 644 Corio 211 12 000 n/a n/a
Key tenants: Carrefour, Leroy Merlin, Go Sport, Babou
2 Grand vitrolles 1970 61 111 Klpierre 79 12 500 100% 7,419/ sq m/year
Key tenants: Carrefour, Castorama, Saturn
3 Auchan Barnoud 1980 48 566 Immochan 70 n/a n/a na
Key tenants: Auchan, Parfumerie Trupheme, Courir
4 La Pioline 1973 32 617 Klpierre 34 5 800 87% na
Key tenants: Carrefour, Marionnaud
5 valentine Grand Centre
1970 renovated in
201132 564 Mercialys 66 2 700 n/a n/a
Key tenants: Gant Casino, Nocib, Courir
Grand Littoral - Marseille
26 | European Retail Guide - Shopping Centres
// Key Local Indicators Paris France Europe Population 2011, (in 000) 2 248 65 182 502 711 Population growth, 2012-2016 (annual %) 0,5 0,4 0,2 Age structure, 15-64 (%) 67 64 66 GDP growth, 2007-2011 (%pa) 1,6 0,5 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,7 1,8 2,2
Location based retail sales growth, 2007-2011 (%pa) 3,1 2,1 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 1,9 2,0 1,4 CPI 2011 (%) n/a 2,0 3,0 ILO unemployment rate 2011 (%) 8,1 9,6 9,4 Consumer expenditure per capita, 2011 26 694 15 587 13 070 Average earnings 25 710 18 589 18 825 Car ownership (cars per 1 000 inhabitants) n/a 482 473
// Retail Provision and Market Conditions Number of shopping centres in operation 14 597 5 128 Number of shopping centres in the pipeline 10 73 626 Total shopping centre floorspace (sq m) 316 240 14 807 117 117 383 310 Total shopping centre floorspace (per 000 population) 141 227 326 Prime shopping centre rents (units of 150-200 sq m) 2000-2200 400-600 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Commercial lease
Typical lease length 10-12 years
Typical incentivesMature = none, except for medium size units (MSU): maximum of service charges. For new centres, step rents and cap of service charges for MSU
Statutory rights to renew the lease Yes Frequency of rent reviews Lease expiry Frequency and basis of indexation of rent Annual, with ILC
Despite muted consumer spending, a number of existing shopping centres are undergoing extensions and a number of projects are in the pipeline.
Pop. growth + Retail sales growth --
GDP growth -
Overall city score
Paris
Paris, France
Paris
European Retail Guide - Shopping Centres | 27
1
2
4 3 5
Paris, France
// Major shopping centres in operation in Paris (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Les Quatre Temps 1981/2007 129 996 Unibail-Rodamco 235 33 000 n/a 11,177 sq m/year
Key tenants: Auchan Hypermarket, C&A, Darty, Virgin
2 Forum des Halles 1979/1996 59 998 Unibail-Rodamco/AXA Group 180 42 000 n/a9,968
sq m/year
Key tenants: Esprit, New Look, Fnac, Etam, Darty
3 Italie 2 1976/2001 56 698 Hammerson 130 14 700 n/a 8,003 sq m/year
Key tenants: Fnac, Go Sport, Champion, Printemps
4 Maine Montparnasse 1973 35 433 n/a 68 n/a n/a 4,119 sq m/year
Key tenants: Galeries Lafayette, C&A, Marionnaud
5 Bercy village 1998 26 518 Altara 31 12 000 n/a 7775 sq m/year
Key tenants: Monop Store, Board Riders, Sephora
Forum des Halles - Paris
28 | European Retail Guide - Shopping Centres
// Key Local Indicators Berlin Germany Europe Population 2011, (in 000) 3 458 81 716 502 711 Population growth, 2012-2016 (annual %) 0,4 -0,1 0,2 Age structure, 15-64 (%) 69 66 66 GDP growth, 2007-2011 (%pa) 2,3 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,1 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) -1,0 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,5 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 11,7 6,0 9,4 Consumer expenditure per capita, 2011 13 863 16 182 13 070 Average earnings 16 207 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 42 457 5 128 Number of shopping centres in the pipeline 4 74 626 Total shopping centre floorspace (sq m) 1 276 000 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 369 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contract
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
As growing tourism continues to boost Berlins retail market, several new shopping centres are in the pipeline. Among the most prominent is Boule-vard Berlin, a large inner-city retail centre in southern Berlin due for 2013.
Berlin
Berlin, Germany
Pop. growth - Retail sales growth --
GDP growth --
Overall city score
Berlin
European Retail Guide - Shopping Centres | 29
1
2
43
5
Berlin, Germany
// Major shopping centres in operation in Berlin (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Gropius Passagen 1997 80 000H.F.S. Immobilienfonds Deutschland 11 GmbH & Co. KG
160 55 000 n/a n/a
Key tenants: Kaufland, Media Markt, Galeria Kaufhof, P&C, H&M
2 Alexa Shopping-und Freizeitcenter
2007 56 200Union Investment Real Estate/Sonae Sierra
180 30 000-100 000 n/a n/a
Key tenants: Media Markt, Reichelt, Zara, H&M, LOXX
3 Ring-Center 1995 54 240 Schliebe GmbH & Co. KG /Wieland GmbH & Co. KG 113 50 000 n/a n/a
Key tenants: Galeria Kaufhof, Kaiser's, real, H&M, MediMax
4 Potzdamer Platz Arkaden
1998 48 000SEB c/o PPMG Potsda-mer Platz Management GmbH
127 55 000 n/a n/a
Key tenants: Whrl, Saturn, Hugendubel, Zara
5 Hallen am Borsigturm 1999 46 652 W2005/W2007 Vernal Asset 2 B.V. 103 20 000 n/a n/a
Key tenants: Netto, Media Markt, TK maxx, Rewe, H&M
Friedrichstrasse - Berlin
30 | European Retail Guide - Shopping Centres
// Key Local Indicators Cologne Germany Europe Population 2011, (in 000) 1 002 81 716 502 711 Population growth, 2012-2016 (annual %) 0,3 -0,1 0,2 Age structure, 15-64 (%) 67 66 66 GDP growth, 2007-2011 (%pa) 0,1 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,8 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) -1,5 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 2,1 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 6,2 6,0 9,4 Consumer expenditure per capita, 2011 16 712 16 182 13 070 Average earnings 20 476 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 6 457 5 128 Number of shopping centres in the pipeline 0 74 626 Total shopping centre floorspace (sq m) 157 300 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 157 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
For a long time, supply of retail space in Colognes prime retail streets has failed to meet demand. As a result, international and national retailers are looking outside these prime areas in order to expand their footprint.
Pop. growth - Retail sales growth ++
GDP growth -
Overall city score
Cologne
Cologne, Germany
Cologne
European Retail Guide - Shopping Centres | 31
1
2
4 35
Cologne, Germany
// Major shopping centres in operation in Cologne (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Rhein-Center Kln-Weiden
1972 48 000 KG Alster 189 25 000 n/a n/a
Key tenants: Galeria Kaufhof, P&C, Saturn, Rewe, Zara, H&M, Anson's
2 City-Center Kln-Chorweiler
1976 33 000Prime Commercial proper-ties management Ltd.
100 30 000 n/a n/a
Key tenants: C&A, Wehmeyer, H&M, Kaiser's, Netto
3 Kln Arcaden 2005 27 600 Union Investment Real Estate gmbH 119 17 000 n/a n/a
Key tenants: Media Markt, C&A, toom, H&M, Mller
4 DuMont-Carr 2001 19 100Immobilienfonds Wohn- und Geschftshaus Kln Breite Strae GbR
48 n/a n/a n/a
Key tenants: Kult/Planet, ProMarkt, Standa Supermercato, Buffet Chang
5 Neumarkt Galerie Kln
1998 16 800Neumarkt Galerie Immobiliengesellschaft mbH & Co. KG
42 n/a n/a n/a
Key tenants: Karstadt Sport, Mayersche Buchhandlung
Kln Arcaden - Cologne
32 | European Retail Guide - Shopping Centres
// Key Local Indicators Dusseldorf Poland Europe Population 2011, (in 000) 587 81 716 502 711 Population growth, 2012-2016 (annual %) 0,2 -0,1 0,2 Age structure, 15-64 (%) 66 66 66 GDP growth, 2007-2011 (%pa) 3,2 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,2 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) 0,5 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,2 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 6,6 6,0 9,4 Consumer expenditure per capita, 2011 18 481 16 182 13 070 Average earnings 23 222 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 4 457 5 128 Number of shopping centres in the pipeline 0 74 626 Total shopping centre floorspace (sq m) 80 900 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 138 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Some exciting new schemes are set to come on stream in Germanys fashion capital over the next few years, as developers respond to conti-nued strong demand and a lack of supply.
Pop. growth - Retail sales growth --
GDP growth --
Overall city score
Dusseldorf
Dusseldorf, Germany
Dusseldorf
European Retail Guide - Shopping Centres | 33
1
2
4
3
Dusseldorf, Germany
// Major shopping centres in operation in Dusseldorf (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 K Galerie City Center
1986 24 000ECE Projektmanagment/ Merrill Lynch
90 40 000 n/a n/a
Key tenants: Jil Sander, Frankonia Jagd, Muji
2 Dsseldorf Arkaden 2008 24 000 Ivanhoe Cambridge c/o mfi AG 116 25 000 n/a n/a
Key tenants: C&A, Media Markt, Aldi Sd, Just Fit Premium
3 Schadow Arkaden 1994 17 400 Schadow Arkaden Betriebsgesellschaft 68 23 500 n/a n/a
Key tenants: Anson's, H&M, Esprit, Fitness First, Habitat
4 Sevens 2000 15 500 Sevens GmbH & Co. KG 35 15 000 n/a n/a
Key tenants: Saturn, Strenesse, joop!, Parfmerie Schnitzler
K Galerie -Dusseldorf
34 | European Retail Guide - Shopping Centres
Major retailers continue to flock to this important retail location. Space remains limited but the injection of some prestigious projects, including Goetheplaza, will help ease this.
Pop. growth - Retail sales growth +
GDP growth -
Overall city score
Frankfurt
Frankfurt, Germany
// Key Local Indicators Frankfurt Germany Europe Population 2011, (in 000) 666 81 716 502 711 Population growth, 2012-2016 (annual %) 0,2 -0,1 0,2 Age structure, 15-64 (%) 67 66 66 GDP growth, 2007-2011 (%pa) 1,8 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,4 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) 0,3 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,9 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 4,9 6,0 9,4 Consumer expenditure per capita, 2011 16 468 16 182 13 070 Average earnings 20 104 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 5 457 5 128 Number of shopping centres in the pipeline 2 74 626 Total shopping centre floorspace (sq m) 326 602 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 491 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Frankfurt
European Retail Guide - Shopping Centres | 35
1
24
3
5
Frankfurt, Germany
// Major shopping centres in operation in Frankfurt (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 NordWestZentrum 1968 118 900 KG Nordtrakt 142 n/a n/a n/a
Key tenants: Galeria Kaufhof, Toom, Media Markt, Primark
2 Main-Taunus-Zen-trum
1964 109 200Main-Tanus-Zentrum, Wieland KG
170 40 000 n/a n/a
Key tenants: Hollister, Apple, Karstadt, Galeria Kaufhof, Breuninger, Media Markt, C&A
3 HessenCenter 1971 45 600 KG Farmsen mbH & Co. 115 25 000 n/a n/a
Key tenants: Galeria Kaufhof, Toom, H&M, Peek&Cloppenburg
4 MyZeil 2009 41 752 Palais Quartier GmbH & Co. KG 82 40 000 n/a n/a
Key tenants: Hollister, Saturn, Rewe, Anson's
5 Zeilgalerie 1992 11 150 IFM Immobilien AG 54 n/a n/a n/a
Key tenants: United Colors of Benetton, H&M, Pizza Hut
MyZeil - Frankfurt
36 | European Retail Guide - Shopping Centres
Work continues apace on HafenCity, a prominent city centre waterfront development project which will increase the size of Hamburgs city centre by 40% by 2025.
Pop. growth ++ Retail sales growth ++
GDP growth +
Overall city score
Hamburg
Hamburg, Germany
// Key Local Indicators Hamburg Germany Europe Population 2011, (in 000) 1 825 81 716 502 711 Population growth, 2012-2016 (annual %) 1,1 -0,1 0,2 Age structure, 15-64 (%) 69 66 66 GDP growth, 2007-2011 (%pa) 1,1 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 3,0 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) -0,4 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 3,3 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 5,9 6,0 9,4 Consumer expenditure per capita, 2011 19 178 16 182 13 070 Average earnings 24 303 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 23 457 5 128 Number of shopping centres in the pipeline 2 74 626 Total shopping centre floorspace (sq m) 587 790 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 327 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Hamburg
European Retail Guide - Shopping Centres | 37
1
2
4
35
Hamburg, Germany
// Major shopping centres in operation in Hamburg (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Alstertal Einkaufs-Zentrum
1970 70 800 KG Klosterstern 254 40 000 n/a n/a
Key tenants: Galeria Kaufhof, P&C, Apple Store, AppelrathCppers, Zara, Anson's, H&M, Thalia
2 Hamburger Meile 1970 60 000 Real I.S. 150 30 000 n/a n/a
Key tenants: TK maxx, MediMax, H&M, Rewe
3 Elbe Einkaufszentrum 1966 51 600 Immobilien KG Schliebe & Co. 170 30 000 n/a n/a
Key tenants: toom, P&C, C&A, Anson's, Zara, H&M
4 Billstedt-Center 1977 48 000 Dt. Euroshop AG 112 45 000 n/a n/a
Key tenants: Karstadt Warenhaus, toom, Media Markt, H&M, TK maxx
5 Quarree Wandsbek Markt
1988 36 400Union Investement Real Estate GmbH
91 40 000 n/a n/a
Key tenants: Karstadt Sport, C&A, H&M, MediMax, Anson's
Hamburger Meile - Hamburg
38 | European Retail Guide - Shopping Centres
Leipzigs retail market is undergoing an upgrade in an attempt to improve the attractiveness of the inner city shopping area, which has suffered at the hands of competition from peripheral shopping centres.
Pop. growth + Retail sales growth --
GDP growth -
Overall city score
Leipzig
Leipzig, Germany
// Key Local Indicators Leipzig Germany Europe Population 2011, (in 000) 0,5 -0,1 0,2 Population growth, 2012-2016 (annual %) 66 66 66 Age structure, 15-64 (%) 0,1 1,2 0,5 GDP growth, 2007-2011 (%pa) 1,4 1,7 2,2 GDP growth forecasts, 2012-2016 (%pa) -0,8 -0,4 2,4
Location based retail sales growth, 2007-2011 (%pa) 1,4 1,3 1,4
Location based retail sales growth forecasts, 2012-2016 (%) 5,7 4,1 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 10,5 6,0 9,4 Consumer expenditure per capita, 2011 13 851 16 182 13 070 Average earnings 16 188 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 4 370 5 128 Number of shopping centres in the pipeline 1 130 626 Total shopping centre floorspace (sq m) 182 329 8 140 000 117 383 310 Total shopping centre floorspace (per 000 population) 351 213 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Leipzig
European Retail Guide - Shopping Centres | 39
1
2
4 3
Leipzig, Germany
// Major shopping centres in operation in Leipzig (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Paunsdorf Center 1994 119 947Leipzig-Paunsdorf Center GmbH & Co. KG c/o mfi AG
117 42 000 n/a n/a
Key tenants: Mller, H&M, Kaufland, C&A, Media Markt
2 Allee-Center Leipzig 1996 28 800Horizon Way Group Limited Craigmuir Cham-bers
118 25 000 NA n/a
Key tenants: Saturn, Adler, H&M, Aldi Nord, real
3 Petersbgen Leipzig 2001 18 700Petersbogen Immobi-liengesellschaft mbH & Co. KG
39 13 000 n/a n/a
Key tenants: Desigual, Lidl, s.Oliver, CineStar
4 Marktgalerie Leipzig 2006 14 882 Rreef 10 n/a n/a n/a
Key tenants: Breuninger Warenhaus, Leiser, Weltbild plus
Paunsdorf Center - Leipzig
40 | European Retail Guide - Shopping Centres
Work has started on the development and refurbishment of the mixed-use project Hofstatt which will bring a further 14,000 sq m of retail space to the city centre.
Pop. growth ++ Retail sales growth +
GDP growth +
Overall city score
Munich
Munich, Germany
// Key Local Indicators Munich Germany Europe Population 2011, (in 000) 1 364 81 716 502 711 Population growth, 2012-2016 (annual %) 1,3 -0,1 0,2 Age structure, 15-64 (%) 67 66 66 GDP growth, 2007-2011 (%pa) 0,8 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 2,8 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) -0,7 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 1,7 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 2,9 6,0 9,4 Consumer expenditure per capita, 2011 19 185 16 182 13 070 Average earnings 24 299 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 6 457 5 128 Number of shopping centres in the pipeline 0 74 626 Total shopping centre floorspace (sq m) 236 900 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 174 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Munich
European Retail Guide - Shopping Centres | 41
1
2
4
35
Munich, Germany
// Major shopping centres in operation in Munich (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Olympia-Einkaufs zentrum
1972 67 200 Dr. Rhl KG 137 50 000 n/a n/a
Key tenants: Galeria Kaufhof, Karstadt Warenhaus, C&A, Whrl, Edeka
2 PEP Einkaufs-Center Mnchen-Neuperlach
1981 60 000 TIAA-CREF 121 60 000 n/a n/a
Key tenants: P&C, Whrl, C&A, Saturn, Kaufland
3 Riem Arcaden 2004 48 600 Union Investment Real Estate GmbH, c/o mfi AG 116 25 000 n/a n/a
Key tenants: Saturn, E-Center, SinnLeffers, C&A, H&M
4 MIRA Einkaufscenter 2008 21 700GEPRO Wohn- und Gewerbebau GmbH & Co. Zwanzigste Immobilien KG
60 n/a n/a n/a
Key tenants: Rewe, Aldi Nord, C&A, H&M, Expert
5 Pasing Arcaden (1st construction stage)
2011 21 000 mfi AG 100 n/a n/a n/a
Key tenants: H&M, Esprit, s.Oliver, C&A, Aldi, dm
Olympia Einkaufs Zentrum - Munich
42 | European Retail Guide - Shopping Centres
Sustained demand from retailers and low vacancy are driving further shopping centre development in Stuttgart. The Das Gerber and Mila-neo are expected to open in 2014 and 2015.
Pop. growth - Retail sales growth --
GDP growth -
Overall city score
Stuttgart
Stuttgart, Germany
// Key Local Indicators Stuttgart Germany Europe Population 2011, (in 000) 601 81 716 502 711 Population growth, 2012-2016 (annual %) 0,2 -0,1 0,2 Age structure, 15-64 (%) 66 66 66 GDP growth, 2007-2011 (%pa) 0,1 1,2 0,5 GDP growth forecasts, 2012-2016 (%pa) 1,6 1,7 2,2
Location based retail sales growth, 2007-2011 (%pa) -0,5 -0,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,3 1,3 1,4 CPI 2011 (%) n/a 2,3 0,3 ILO unemployment rate 2011 (%) 4,1 6,0 9,4 Consumer expenditure per capita, 2011 18 742 16 182 13 070 Average earnings 23 632 19 710 18 825 Car ownership (cars per 1 000 inhabitants) n/a 518 473
// Retail Provision and Market Conditions Number of shopping centres in operation 3 457 5 128 Number of shopping centres in the pipeline 1 74 626 Total shopping centre floorspace (sq m) 80 000 14 294 020 117 383 310 Total shopping centre floorspace (per 000 population) 133 175 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Yes on tenant and landlord side
Typical lease length 5 years + 5 years Typical incentives Rent free period (0-6 months), fit-out contribution
Statutory rights to renew the lease No, but anchor tenants often have an option to prolong their contracts
Frequency of rent reviews Rare
Frequency and basis of indexation of rent Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract
Stutgartt
European Retail Guide - Shopping Centres | 43
1
2
3
Stuttgart, Germany
// Major shopping centres in operation in Stuttgart (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Knigsbau Passagen Stuttgart
2006 27 500 Seleno GmbH 82 33 000 n/a n/a
Key tenants: Saturn, Deutsche Post, Olymp & Hades, Vapiano
2 Schwaben Galerie 2004 26 600DCSF Immobilien Verwaltungsgesellschaft Nr. 4 mbH & Co. Objekt Stuttgart-Vaillingen KG
51 15 000 n/a n/a
Key tenants : Kaufland, Modepark Rther, Media Markt, Aldi Sd
3 Canstatter Carr 2006 25 885 LaSalle Investment Mana-gement LaSalle GmbH 40 17 000 n/a n/a
Key tenants : Kaufland, Mller, H&M, Lidl, C&A
Knigsbau Passagen - Stuttgart
44 | European Retail Guide - Shopping Centres
Despite some recent shopping centre openings, demand from international retailers remains focused on existing schemes, such as the well known rkd centre which is currently undergoing an expansion of 20,000 sq m.
Pop. growth -- Retail sales growth ++
GDP growth +
Overall city score
Budapest
Budapest, Hungary
// Key Local Indicators Budapest Hungary Europe Population 2011, (in 000) 1 706 9 989 502 711 Population growth, 2012-2016 (annual %) -0,1 -0,2 0,2 Age structure, 15-64 (%) 68 68 66 GDP growth, 2007-2011 (%pa) 0,0 -0,6 0,5 GDP growth forecasts, 2012-2016 (%pa) 2,7 2,1 2,2
Location based retail sales growth, 2007-2011 (%pa) -1,9 -2,3 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 2,0 1,1 1,4 CPI 2011 (%) n/a 3,8 0,3 ILO unemployment rate 2011 (%) 8,5 10,7 9,4 Consumer expenditure per capita, 2011 6 203 4 357 13 070 Average earnings 7 362 4 776 18 825 Car ownership (cars per 1 000 inhabitants) n/a 302 473
// Retail Provision and Market Conditions Number of shopping centres in operation 16 43 5 128 Number of shopping centres in the pipeline 12 16 626 Total shopping centre floorspace (sq m) 700 000 1 240 000 117 383 310 Total shopping centre floorspace (per 000 population) 410 124 326 Prime shopping centre rents (units of 2,000 sq m) 17-22 13-19 n/a Prime shopping centre rents (units of 200 sq m) 70-100 35-60 n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease agreement
Typical lease length 5 years Typical incentives Fit-out contribution for anchors, stepped rental. Statutory rights to renew the lease After 5 years Frequency of rent reviews Annual indexation Frequency and basis of indexation of rent HICP
Budapest
European Retail Guide - Shopping Centres | 45
12 4
3
5
Budapest, Hungary
// Major shopping centres in operation in Budapest (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Arna Plaza 2007 68 000 Lanebridge 220 n/a n/a n/a
Key tenants: C&A, Cinema City, H&M, Hervis, Inditex Group, NewYorker, Peak&Cloppenburg, Saturn, Tesco
2 Mammut 1998 & 2001 62 000 Mammut zlethz Kft. 330 n/a n/a n/a
Key tenants: Cinema City, Deichman, E-Digital, Hervis, Libri, Marks&Spencer, Match
3 KKI Terminl 2011 58 000 R-Co 200 n/a n/a n/a
Key tenants: C&A, H&M, Euronics, Hervis, Mller, NewYorker, OBI, Tesco
4 Westend 1999 53 000 Trigrnit 400 n/a n/a n/a
Key tenants: C&A Debenhams, H&M, Mango, Marks&Spencer, Match, Media Markt, NewYorker, Palace Cinemas
5 rkd 2002 42 000 ECE 170 n/a n/a n/a
Key tenants: C&A, H&M, Hervis, Humanic, Interspar, Libri, Zara
Mammut - Budapest
46 | European Retail Guide - Shopping Centres
Having witnessed significant development in the last 15 years, Dublin shopping centre stock per capita is amongst the highest in Europe. De-mand remains mixed, with secondary schemes bearing the brunt of wea-kening demand.
Pop. growth -- Retail sales growth --
GDP growth +
Overall city score
Dublin
Dublin, Ireland
// Key Local Indicators Dublin Ireland Europe Population 2011, (in 000) 1 182 4 469 502 711 Population growth, 2012-2016 (annual %) -1,1 0,2 0,2 Age structure, 15-64 (%) 50 66 66 GDP growth, 2007-2011 (%pa) -1,2 -0,8 0,5 GDP growth forecasts, 2012-2016 (%pa) 2,5 2,9 2,2
Location based retail sales growth, 2007-2011 (%pa) -1,9 -0,6 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0 0,8 1,4 CPI 2011 (%) n/a 2,6 0,3 ILO unemployment rate 2011 (%) 14,2 14,4 9,4 Consumer expenditure per capita, 2011 17 760 16 146 13 070 Average earnings 20 820 18 462 18 825 Car ownership (cars per 1 000 inhabitants) n/a 437 473
// Retail Provision and Market Conditions Number of shopping centres in operation 39 n/a 5 128 Number of shopping centres in the pipeline 0 n/a 626 Total shopping centre floorspace (sq m) 703 290 n/a 117 383 310 Total shopping centre floorspace (per 000 population) 595 n/a 326 Prime shopping centre rents (units of 2,000 sq m) 625-750 n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/quarter
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease agreement
Typical lease length 10 years Typical incentives 12-24 months of free rent Statutory rights to renew the lease Possible after 5 years in occupation Frequency of rent reviews Every 5 years Frequency and basis of indexation of rent Not applicable
Dublin
European Retail Guide - Shopping Centres | 47
1
2
4
3
5
Dublin, Ireland
// Major shopping centres in operation in Dublin (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figuresOccupancy
ratio (%)Turnover
1 Dundrum Town Centre
2005 85 307 n/a 10070 000 since
openingn/a n/a
Key tenants: Gap, H&M, Esprit, Bershka, Hollister, Tommy Hilfiger, Hugo Boss, Massimo Dutti, Marks & Spencer, Timberland, L'Occitane, Kiehl's
2 The Blanchardstown Centre
1996 59 287 n/a 180 n/a n/a n/a
Key tenants: Marks & Spencer, Debenhams, Dunnes Stores, Zara, Penneys, H&M, Timberland, Bershka
3 Liffey valley, Lucan 1998 46 605 n/a 99 200 000/300 000 per week n/a n/a
Key tenants: Marks & Spencer, Diesel, Dunnes Stores, Boots, Next, New Look, Republic, Tommy Hilfiger, Moss Bros
4 The Square, Tallaght 1990 46 226 n/a 117 n/a n/a n/a
Key tenants: Tesco, Dunnes Stores, Debenhams, Ms Moneypenny, Koko, New Look, River Island, Foot Locker, 3 Stores, Game, HSV
5 The Pavillions Shopping Centre
2001 41 140 n/a 87 n/a n/a n/a
Key tenants: 3 Store, Benetton, Boots,Diesel, Dunnes Stores, Footlocker, HMV, Imaginarium, Mango, River Island, The Body, Maxx, Tommy Hilfiger, Zara
Mammut - Budapest
48 | European Retail Guide - Shopping Centres
MilanRestrictive development regulations have limited the amount of prominent shopping centres and as a result, high street retail dominates the retail offer. Despite this, a number of schemes are expected in the near future.
Pop. growth -- Retail sales growth --
GDP growth --
Overall city scoreMilan, Italy
// Key Local Indicators Milan Italy Europe Population 2011, (in 000) 3 952 60 394 502 711 Population growth, 2012-2016 (annual %) -0,2 0,0 0,2 Age structure, 15-64 (%) 65 65,41 66 GDP growth, 2007-2011 (%pa) -1,5 -0,7 0,5 GDP growth forecasts, 2012-2016 (%pa) 0,5 0,6 2,2
Location based retail sales growth, 2007-2011 (%pa) -1,6 -1,0 2,4
Location based retail sales growth forecasts, 2012-2016 (%) -0,3 0,2 1,4 CPI 2011 (%) n/a 2,8 0,03 ILO unemployment rate 2011 (%) 5,4 8,2 9,4 Consumer expenditure per capita, 2011 16 418 14 124 13 070 Average earnings 19 001 15 804 12 347 Car ownership (cars per 1 000 inhabitants) n/a 602 473
// Retail Provision and Market Conditions Number of shopping centres in operation 39 822 5 128 Number of shopping centres in the pipeline 4 34 626 Total shopping centre floorspace (sq m) 695 000 14 070 114 117 383 310 Total shopping centre floorspace (per 000 population) 176 233 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions n/a
// Lease Structures and Legal Aspects
Standard lease document Standard contract (Contratto di Locazione) or SC speci-fic (Contratto di Affito di Ramo dAzzienda)
Typical lease length Most typical 6+6 years for standard lease; or 5 to 7 years for contratto di affito (business lease)
Typical incentives Stepped rent
Statutory rights to renew the lease Tenants have certain rights at lease expiry in standard contract. If not accepted, compensation guaranteed
Frequency of rent reviews Not common
Frequency and basis of indexation of rentStandard lease: indexation is limited to 75% of the (ISTAT) cost of living index; SC lease: 100% indexation permitted
Milan
European Retail Guide - Shopping Centres | 49
1
24
3
5
Milan, Italy
// Major shopping centres in operation in Milan (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Carosello 1972 52 622 Schroeders International Property Funds 80 n/a n/a n/a
Key tenants: Carrefour, Saturn, Zara, Hollister, Oviesse
2 Centro vulcano 2006 50 000 Caltagirone 168 n/a n/a n/a
Key tenants: Il Gigante, Okaidi-Obaibi, Euronics, CGV Moda, US Fashion Store
3 Milanofiori 2007 47 522 Klpierre 103 n/a n/a n/a
Key tenants: Conbipel OVS Industry, Saturn, Scarpe&Scarpe, Zara
4 Cinisello Balsamo 2007 45 846 n/a 109 n/a n/a n/a
Key tenants: Auchan, Darty, H&M, Scarpe&Scarpe
5 Acquario 2002 42 077 Klepierre/Gruppo Finim 56 n/a n/a n/a
Key tenants: Ipercoop, C&A, Media World, Benetton, Brek, Sonny Bono, US Fashion Store
Emanuele II shopping gallery - Milan
50 | European Retail Guide - Shopping Centres
The demand for shopping centres in Rome is focused on established centres. New developments are scarce and regarded as high risk under-takings in the current economic climate.
Pop. growth - Retail sales growth +
GDP growth --
Overall city score
Rome
Rome, Italy
// Key Local Indicators Rome Italy Europe Population 2011, (in 000) 4 160 60 394 502 711 Population growth, 2012-2016 (annual %) 0,2 0,0 0,2 Age structure, 15-64 (%) 66 65,41 66 GDP growth, 2007-2011 (%pa) -0,1 -0,7 0,5 GDP growth forecasts, 2012-2016 (%pa) 0,9 0,6 2,2
Location based retail sales growth, 2007-2011 (%pa) -0,7 -1,0 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 0,4 0,2 1,4 CPI 2011 (%) n/a 2,8 0,03 ILO unemployment rate 2011 (%) 9,0 8,2 9,4 Consumer expenditure per capita, 2011 15 548 14 124 13 070 Average earnings 17 734 15 804 12 347 Car ownership (cars per 1 000 inhabitants) n/a 602 473
// Retail Provision and Market Conditions Number of shopping centres in operation 43 822 5 128 Number of shopping centres in the pipeline 4 34 626 Total shopping centre floorspace (sq m) 947 921 14 070 114 117 383 310 Total shopping centre floorspace (per 000 population) 228 233 326 Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/year
Inclusions n/a
// Lease Structures and Legal Aspects
Standard lease document Standard contract (Contratto di Locazione) or SC speci-fic (Contratto di Affito di Ramo dAzzienda)
Typical lease length Most typical 6+6 years for standard lease; or 5 to 7 years for contratto di affito (business lease)
Typical incentives Stepped rent
Statutory rights to renew the lease Tenants have certain rights at lease expiry in standard contract. If not accepted, compensation guaranteed
Frequency of rent reviews Not common
Frequency and basis of indexation of rentStandard lease: indexation is limited to 75% of the (ISTAT) cost of living index; SC lease: 100% indexation permitted
Rome
European Retail Guide - Shopping Centres | 51
1
2
43
5
Rome, Italy
// Major shopping centres in operation in Rome (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Roma Est 2007 98 000 ING Real Estate 211 n/a n/a n/a
Key tenants: Panorama,Saturn, H&M, Foot Locker, Oviesse, OVS Kids, Benetton, CO Import, Kasanova
2 Porta Di Roma 2007 96 390 Gallerie Commerciali Auchan/Gruppo Lamaro 230 n/a n/a n/a
Key tenants: Auchan, Ikea, Leroy Merlin, Decathlon, H&M, Zara, Media World, Coin, Fnac, Adidas
3 Parco Leonardo 2005 61 083 Gruppo Leonardo Calta-girone 214 n/a n/a n/a
Key tenants: Auchan, Max&Co, Zara, Bershka, Scarpe&Scarpe, Oviesse, Timberland, Saturn
4 Euroma 2 2008 52 000 Lsgii/Ipercoop 260 n/a n/a n/a
Key tenants: Ipercoop, H&M, Okaidi Obaibi, Massimo Dutti, Zara, Foot Locker, Bershka, Tommy Hilfiger, Timberland, Mango, Hollister, Conbipel, Kasanova
5 Etra Tiburtino 2009 43 172 IGD 124 n/a n/a n/a
Key tenants: Unicoop Tirenno, Obi, H&M, Euronics, Factory Store, Bata, Tally Weijl, Kasanova
Porta di Roma - Rome
52 | European Retail Guide - Shopping Centres
2011 was a promising year for Rigas retail market; occupancy increased, vacancy declined and new leases are in negotiation. Several new projects are planned over the next few years, including phase II-IV of the Imanta Retail Park (100,000 sq m).
Pop. growth -- Retail sales growth ++
GDP growth ++
Overall city scoreRiga, Latvia
Riga
// Key Local Indicators Riga Latvia Europe Population 2011, (in 000) 702 2 234 502 711 Population growth, 2012-2016 (annual %) -0,5 -0,4 0,2 Age structure, 15-64 (%) 69 69 66 GDP growth, 2007-2011 (%pa) -2,1 -1,4 0,5 GDP growth forecasts, 2012-2016 (%pa) 5,4 5,0 2,2
Location based retail sales growth, 2007-2011 (%pa) -5,8 -3,4 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 6,4 5,6 1,4 CPI 2011 (%) n/a 4,4 0,3 ILO unemployment rate 2011 (%) n/a 15,9 9,4 Consumer expenditure per capita, 2011 2 766 3 732 13 070 Average earnings 2 461 3 604 18 825 Car ownership (cars per 1 000 inhabitants) n/a 285 473
// Retail Provision and Market Conditions Number of shopping centres in operation 16 n/a 5 128 Number of shopping centres in the pipeline 0 n/a 626 Total shopping centre floorspace (sq m) 615 000 n/a 117 383 310 Total shopping centre floorspace (per 000 population) 876 n/a 326 Prime shopping centre rents (units of 2,000 sq m) 15-40 n/a n/a
Basis of measurement GLA sq m
Unit of measurement /sq m/month
Inclusions None
// Lease Structures and Legal Aspects
Standard lease document Lease agreement
Typical lease length 5-10 years
Typical incentives Fit-out contribution, temporary discounts Statutory rights to renew the lease After 5 years Frequency of rent reviews Annual indexation Frequency and basis of indexation of rent CPI
Riga
European Retail Guide - Shopping Centres | 53
1
24
3
5
Riga, Latvia
// Major shopping centres in operation in Riga (by size)
Shopping centre nameOpening
dateGLA size
(sq m)Owner
N of stores
Footfall figures (000)
Occupancy ratio (%)
Turnover
1 Alfa, Retail park 2001 56 500 ACTA Fund 212 9 000 100 n/a
Key tenants: Rimi, Cin/amon, Zara, Jysk, Mango, Cubus, Apranga, Lindex, Seppala
2 Spice 2001 41 112 E.L.L. Kinnisvara/Trsitafan 156 7 660 100 95m (2011)
Key tenants: Rimi, Jysk, Zara, NewYorker, Seppala, Lindex, Douglas, Dania
3 Domina Shopping 2003 42 000 KanAm Grund Kapitalan-lagegesellschaft mbH 170 n/a 98 n/a
Key tenants: Prisma, Apranga, VeroMode, NewYorker, Lindex, Cubus, UnitedColours of Benetton, Marks & Spencer
4 Riga Plaza 2009 47 000 New Century Holding/ Plaza Centers NV 115 n/a 97 n/a
Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Zara, Lindex, Douglas
5 Mols 1998/2002 33 000 ACTA Fund 123 5 940 100 n/a
Key tenants: Rimi, Dressmann, Cubus, Reserved, Rito, Jysk
Riga Plaza - Riga
54 | European Retail Guide - Shopping Centres
// Key Local Indicators Vilnius Lithuania Europe Population 2011, (in 000) 846 3 310 502 711 Population growth, 2012-2016 (annual %) 0,0 -0,3 0,2 Age structure, 15-64 (%) 69 69,21 66 GDP growth, 2007-2011 (%pa) 1,4 1,1 0,5 GDP growth forecasts, 2012-2016 (%pa) 6,7 5,3 2,2
Location based retail sales growth, 2007-2011 (%pa) -0,7 -0,8 2,4
Location based retail sales growth forecasts, 2012-2016 (%) 7,3 6,2 1,4 CPI 2011 (%) n/a 4,1 0,3 ILO unemployment rate 2011 (%) n/a 15,2 9,4 Consumer expenditure per capita, 2011 5 929 4 470 13 070 Average earnings 6 830 4 835 18 825 Car ownership (cars per 1 000 inhabitants) n/a 511 473
// Retail Provision and Market Conditions Number of shopping centres in operation 20 n/a 5 128 Number of shopping centres in the pipeline 2 n/a