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Global Update
ERNEST HAHN
CREATIVITYCONVICTION
COMMITTMENT
STUART HORNERY
MARKET SHARE
“Dare to be different.”
“Challenge the
conventional order.”
REAL GDP GROWTH
YEAR-OVER-YEAR GDP GROWTH (%)
LATIN AMERICA
Real Estate Investment
Market
Professional
Management
CapitalInvestment ReturnOpportunity
- Macro Economy
- Government Policy
- Consumer Purchase Power
- Capital Commitment
- Cost of Capital
- Risk
- Strategy
- Tactics
- Risk Mitigation
- Velocity of capital
- Investment Benchmarks
Source: JLL
Global Retail Real Estate Investment Activity
2004-2006 2020 Projection
Source: Cushman & Wakefield Retail Research & CoStar Group
CHINA SHOPPING CENTER GROWTH (MILLION SQ.M) ASIA (EXCL CHINA) SHOPPING CENTER GLA CURRENT & EXPECTED
(MILLION SQ.M)
EUROPEAN SHOPPING CENTER GROWTH
(MILLION SQ.M) U.S. SHOPPING CENTER GROWTH (MILLION SQ.M)
RETAIL SALES GROWTH2013 vs. 2014
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Arg
en
tin
a
Au
stra
lia
Bra
zil
Ca
na
da
Ch
ina
De
nm
ark
Fra
nce
Ge
rma
ny
Gre
ece
Ho
ng
Ko
ng
Hu
ng
ary
Ind
ia
Ind
on
esi
a
Ire
lan
d
Isra
el
Ita
ly
Jap
an
Ke
nya
Ma
lays
ia
Me
xico
Ne
the
rla
nd
s
Nig
eri
a
No
rwa
y
Po
lan
d
Po
rtu
ga
l
Ro
ma
nia
Ru
ssia
Sau
di A
rab
ia
Sin
ga
po
re
Sou
th A
fric
a
Sou
th K
ore
a
Spa
in
Swe
de
n
Swit
zerl
an
d
Th
aila
nd
Tu
rke
y
Un
ite
d A
rab
Em
ira
tes
Un
ite
d K
ing
do
m
USA
Source: PriceWaterhouseCoopers – Retail Sales Per Capita
Shifting Demographics
$21 Trillion (today)
Global Middle Class Spending Projections
$56 trillion (2030)
Demography Reshapes Our World
Source: E&Y Research
95%of the next 2 billion
people will live in
developing countries
50%of world population
now living in urban
areas vs…2% in 1800 !
36of the world’s largest
44 cities in 2015 will
be in emerging
markets
17,7% in 2010
12,1% in 2050
(% world population living in
developed countries)
CONSUMPTION
Demographics Psychographics
Shopping with the wife…..
Buckhead Atlanta
0
50
100
150
200
250
300
350
400
US UK China Japan Germany France South Korea Brazil Australia Russia
2013
2018
Top 10 Largest Online Retail MarketsAll figures are in US$ bn, values in box represent CAGR (%), 2013-2018
8.2%
10.2%
42.0%
11.3%12.1%
7.5%9.8% 21.6%
6.3%22.6%
Source: Conlumino Global Online Retailing, 2013-2018
16.6%
10.4%9.0% 8.1%
6.9% 6.7% 6.2%5.0% 4.6% 4.1%
US UK South Korea Germany France Australia Japan China Brazil Russia
12.2%
7.9% 7.6%
5.5% 5.5% 5.1%4.0%
2.2% 1.9% 1.6%
US UK South Korea France Germany Australia Japan Brazil Russia China
Online share of retail sales for top 10 countries 2013
Source: Conlumino Global Online Retailing, 2013-2018
Online share of retail sales for top 10 countries 2018
MOBILE BEHAVIOR
INSTANT GRATIFICATION
CONVERGENCE
Athleta Bonobos
Warby ParkereBay Digital Storefront
+ + =
O2O
GLOBAL INSTABILITY
IT’S BEST TO LEARN AS WE GO
NOT GO AS WE HAVE LEARNED
- Leslie Jean Sahler
THANK YOU